Invincible Investment Corporation (INV) has determined to obtain new debt financing to refinance existing debt. INV has decided and executed JPY 45,065 million of new loan agreements in total (the "New Borrowing") in order to repay the existing borrowing totaling JPY 46,511 million. In addition, INV will use the funds procured from the issuance of the Invincible Investment Corporation 9th series unsecured bonds (with pari passu conditions among specified investment corporation bonds) (green bonds) on September 21, 2023 as part of the repayment funds.

5-Year Loan: Lenders: Mizuho Bank Ltd. MUFG Bank Ltd. Sumitomo Mitsui Banking Corporation Sumitomo Mitsui Trust Bank, Limited Development Bank of Japan Inc.); Borrowing amount: JPY 10,104.75 million; Interest rate, etc.: 3-month JPY TIBOR (Base Rate) + spread (0.500%); Borrowing method: Borrowing based on separate term loan agreement dated September 22, 2023; Unsecured /with no guarantee; Agreement date: September 22, 2023; 5-Year Loan- Lenders: Mizuho Bank Ltd. Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, Limited (2) Borrowing amount: JPY 1,069.5 million; (3) Interest rate, etc.: 3-month JPY TIBOR (Base Rate) + spread (0.500%); Floating interest rate; (4) Borrowing method: Borrowing based on separate term loan agreement dated September 22, 2023; Unsecured /with no guarantee; (5) Agreement date: September 22, 2023; (6) Anticipated borrowing date: October 13, 2023; Interest payment date: (i) The last Japanese business day of March, June, September, and December before the principal maturity date, beginning with December 31, 2023, and (ii) the principal maturity date; (8) Principal repayment method: Lump-sum repayment on the principal maturity date; (9) Principal maturity date: July 16, 2028; 4-Year Loa; (1) Lenders: Mizuho Bank Ltd., MUFG Bank Ltd., Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, Limited, Development Bank of Japan Inc. The Nomura Trust and Banking Co. Ltd.; (2) Borrowing amount: JPY 24,333.25 million; (3) Interest rate, etc.: 3-month JPY TIBOR (Base Rate) + spread (0.400%); Floating interest rate; (4) Borrowing method: Borrowing based on separate term loan agreement dated September 22, 2023 Unsecured /with no guarantee; (5) Agreement date: September 22, 2023; (6) Anticipated borrowing date: September 26, 2023; Interest payment date: (i) The last Japanese business day of March, June, September, and December before the principal maturity date, beginning with December 31, 2023, and (ii) the principal maturity date; (8) Principal repayment method: Lump-sum repayment on the principal maturity date; (9) Principal maturity date: July 16, 2027. 4-Year Loan: (1) Lenders: Mizuho Bank Ltd., Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, Limited; (2) Borrowing amount: JPY 2,495.5 million; (3) Interest rate, etc.: 3-month JPY TIBOR (Base Rate) + spread (0.400%) Floating interest rate; (4) Borrowing method: Borrowing based on separate term loan agreement dated September 22, 2023; Unsecured /with no guarantee; (5) Agreement date: September 22, 2023; (6) Anticipated borrowing date: October 13, 2023; (7) Interest payment date: (i) The last Japanese business day of March, June, September, and December before the principal maturity date, beginning with December 31, 2023, and (ii) the principal maturity date; (8) Principal repayment method: Lump-sum repayment on the principal maturity date; (9) Principal maturity date: July 16, 2027.

3-Year Loan: (1) Lender: SBI Shinsei Bank, Limited; (2) Borrowing amount: JPY 3,197 million; (3) Interest rate, etc.: 3-month JPY TIBOR (Base Rate) + spread (0.300%); Floating interest rate; (4) Borrowing method: Borrowing based on separate term loan agreement dated: September 22, 2023; Unsecured /with no guarantee; (5) Agreement date: September 22, 2023; (6) Anticipated borrowing date: September 26, 2023; (7) Interest payment date: (i) The last Japanese business day of March, June, September, and December before the principal maturity date, beginning with December 31, 2023, and (ii) the principal maturity date. (8) Principal repayment method: Lump-sum repayment on the principal maturity date; (9) Principal maturity date: July 16, 2026; 5-Year Loan: (1) Lender: The Tokyo Star Bank, Limited. (2) Borrowing amount: JPY 1,900 million; (3) Interest rate, etc.: 3-month JPY TIBOR (Base Rate) + spread (0.500%) Floating interest rate; (4) Borrowing method: Borrowing based on separate term loan agreement dated September 22, 2023; Unsecured /with no guarantee; (5) Agreement date: September 22, 2023; (6) Anticipated borrowing date: September 26, 2023; (7) Interest payment date: (i) The last Japanese business day of March, June, September, and December before the principal maturity date, beginning with December 31, 2023, and (ii) the principal maturity date; (8) Principal repayment method: Lump-sum repayment on the principal maturity date; (9) Principal maturity date: July 14, 2028.