[For Information Purpose Only]
June 25, 2018
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Name of representative:
Naoki Fukuda, Executive Director
Roppongi Hills Mori Tower
6-10-1 Roppongi, Minato-ku, Tokyo, Japan(Securities code: 8963)
Asset manager:
Consonant Investment Management Co., Ltd.
Naoki Fukuda, CEOContact: Jun Komo,
General Manager of Planning Department(Tel. +81-3-5411-2731)

Notice concerning Execution of Interest Rate Swap Agreement
Invincible Investment Corporation (INV) has executed an interest rate swap agreement todaywith regards to its new borrowings (Note 1) that INV has decided today to implement, as set
forth below.
(Note1) For details on the borrowings, please refer to the press release entitled “Notice concerning Debt
Financing” as of today.

1. Reason for Executing Interest Rate Swap Agreements
In order to hedge the risk of interest rate fluctuation
2. Details of the Interest Rate Swap Agreements

Counterparty

Notional
Principal(¥ Mn)

NomuraSecurities Co.,Ltd.

1,500(Note1)

Interest Rate
（upper：fixed rate
payable）(lower: floating ratereceivable)

Agreement
Date

Applicable Period

Interest
Payment DateJune 25,2018

From June 27, 2018
to June 27, 2023

The last Japanesebusiness day of eachmonth and the last dayof the agreement period

0.74950%
One-month JPY
TIBOR + 0.60%(Note1) Equivalent to the amount of borrowings by Term Loan (H) to be implemented on June 27, 2018. Due tothe interest swap agreement, the interest rate of Term Loan (H) will be fixed, in effect, at 0.74950%.
(Note2) The initial interest calculation period is from June 27, 2018 (inclusive of the date) to July 30, 2018 (oneday prior), and the interest calculation period thereafter will be from the immediately preceding interest
payment date (inclusive of the date) to the interest payment date (one day prior).

This English language notice is a translation of the Japanese-language notice released on June 25, 2018 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on theirown investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties orassurances are given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In theevent of any discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

13. Future outlook
The impact to the INV’s financial results by this execution of the interest rate swap
agreement is minimal. For information on the revision of INV’s forecasts for financial results
and distribution for the fiscal period ending June 2018 (January 1, 2018 to June 30, 2018)and December 2018 (July 1, 2018 to December 31, 2018), please refer to “Noticeconcerning Revision of Forecast of Financial Results and Distribution for the 30th Fiscal
Period Ending June 2018 and the 31st Fiscal Period Ending December 2018” dated as oftoday.
4. Other matters necessary for appropriate understanding and decision by investors
The execution of the interest rate swap agreements above will not result in any materialchange to the “Investment Risks” (toshi risuku) in the semi-annual securities report (yukashoken hokokusho) of INV for the fiscal period ended December 2017 (June 1, 2017 –December 31, 2017) (available in Japanese only), filed on March 26, 2018.

This English language notice is a translation of the Japanese-language notice released on June 25, 2018 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on theirown investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties orassurances are given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In theevent of any discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

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