[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
March 12, 2020
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Fukuda, Executive Director(Securities code:8963)
Asset Manager:
Consonant Investment Management Co., Ltd.
Naoki Fukuda, President & CEO
Contact: Jun Komo
General Manager of Planning Department(Tel. +81-3-5411-2731)

Notice concerning Debt Financing (Refinance) andExecution of Interest Rate Swap Agreement
Invincible Investment Corporation (“INV”) has determined today to obtain new debt financing torefinance existing debt and has executed an interest rate swap agreement (the “Interest Rate SwapAgreement”) today with regards to the new borrowing.
1. Reason for Borrowing
INV has decided to execute a new loan agreement (the "New Borrowing") today in order to repay
borrowings (i) in the amount of JPY 3,250 million due on March 14, 2020, which is one of the tranchesof the New Syndicate Loan (G) (Note 1) with a total outstanding amount of JPY 11,250 million and(ii) in the amount of JPY 10,433 million due on March 30, 2020, which is one of the tranches of theNew Syndicate Loan (F) (Note 2) with a total outstanding amount of JPY 20,866 million.
(Note 1) For details of the New Syndicate Loan (G), please refer to “4. Details of Loan to be Repaid” below and thepress release entitled “Notice concerning Debt Financing” dated February 22, 2017. Since the maturity
date (March 14, 2020) is a non-business day, as per the provisions of the contract, the repayment date will
be adjusted to the following business day (March 16, 2020).
(Note 2) For details of the New Syndicate Loan (F), please refer to “4. Details of Loan to be Repaid” below and thepress releases entitled “Notice concerning Debt Financing” dated March 10, 2016, “Notice Concerning
Implementation of Debt Financing” dated March 31, 2016, “Notice concerning Loan Transfer and NewLoan” dated July 15, 2016, “Notice concerning Loan Transfer” dated July 27, 2016 and December 20,
2016 and “Notice concerning Prepayment of Loan” dated November 30, 2016.

2. Details of the New Borrowing (anticipated)< New Syndicate Loan (Q) >This English language notice is a translation of the Japanese-language notice released on March 12, 2020 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 their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of anydiscrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

15-Year Tranche
Mizuho Bank, Ltd.
Resona Bank, LimitedDevelopment Bank of Japan Inc.
The Bank of Fukuoka, Ltd.
The Nomura Trust and Banking Co., Ltd.
The Shizuoka Bank, Ltd.
The Yamaguchi Bank, Ltd.
JPY 3,250 million
1-month JPY TIBOR (Base Rate) + spread (0.50000%)
Variable interest rate (Note)
Borrowing based on separate term loan agreement dated
March 12, 2020
Unsecured / with no guarantee(1) Lenders:(2) Borrowing amount(3) Interest rate, etc.

::

(4) Borrowing method:(5) Agreement date:

March 12, 2020

(6) Anticipated borrowing date:

March 16, 2020

(7) Interest payment date:(1) The last Japanese business day of each month before theprincipal maturity date, beginning with March 31, 2020, and(2) the principal maturity date

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:

March 16, 2025

(1) Lenders:(2) Borrowing amount(3) Interest rate, etc.

::

(4) Borrowing method:

Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
Shinsei Bank, Limited
Resona Bank, Limited
The Nomura Trust and Banking Co., Ltd.
Aozora Bank, Ltd.
The Shizuoka Bank, Ltd.
The Kagawa Bank, Ltd.
The Yamaguchi Bank, Ltd.
The Chukyo Bank, Ltd.
JPY 6,960 million
1-month JPY TIBOR (Base Rate) + spread (0.50000%)
Variable interest rate (Note)
Borrowing based on separate term loan agreement dated
March 12, 2020
Unsecured / with no guarantee(5) Agreement date:

March 12, 2020

(6) Anticipated borrowing date:

March 30, 2020

5-Year TrancheThis English language notice is a translation of the Japanese-language notice released on March 12, 2020 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 their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

2(7) Interest payment date:(1) The last Japanese business day of each month before theprincipal maturity date, beginning with April 30, 2020, and (2)the principal maturity date

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:

March 16, 2025

(1) Lenders:(2) Borrowing amount(3) Interest rate, etc.

::

(4) Borrowing method:

MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
The Bank of Fukuoka, Ltd.
JPY 2,273 million
1-month JPY TIBOR (Base Rate) + spread (0.30000%)
Variable interest rate (Note)
Borrowing based on separate term loan agreement dated
March 12, 2020
Unsecured / with no guarantee(5) Agreement date:

March 12, 2020

(6) Anticipated borrowing date:

March 30, 2020

(7) Interest payment date:(1) The last Japanese business day of each month before theprincipal maturity date, beginning with April 30, 2020, and (2)the principal maturity date

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:

March 16, 2023

3-Year Tranche(Note)・Base rate applicable to each interest calculation period for the interests to be paid on the relevantinterest payment date shall be the 1-month JPY TIBOR announced by Japanese Bankers
Association two Japanese business days prior to the immediately preceding interest payment
date (in case of the initial interest calculation period, two Japanese business days prior to theborrowing date).
・JPY TIBOR announced by the Japanese Bankers Association is available at its website(http://www.jbatibor.or.jp/english/).
・Details of our debt financing is available at the “Borrowings & Investment Corporation Bonds”
page of INV’s website (https://www.invincible-inv.co.jp/en/finance/loan.html).

3. Loan proceeds, use of proceeds and scheduled timing of disbursement(1) Loan proceeds
JPY 12,483 million(2) Use of proceeds
To be appropriated for the repayment of New Syndicate Loan (G), and the repayment of New
Syndicate Loan (F) in conjunction with the funds raised from the investment corporation
bonds (Note) to be issued on March 13, 2020.
(Note) For details on issuance of the investment corporation bonds, please refer to the press releases entitled “Noticeconcerning Issuance of Investment Corporation Bonds” dated March 6, 2020.

This English language notice is a translation of the Japanese-language notice released on March 12, 2020 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 their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

3(3) Scheduled timing of disbursement
March 16, 2020 and March 30, 2020
4. Details of Loan to be Repaid
New Syndicate Loan (G)BalancebeforeRepayment(JPY million)

Repayment
Amount(JPY million)

Balanceafter
Repayment(JPY million)Interest
Rate(annual)(Note)March 14,
2017

3,250

3,250－

0.46909%

March 14,2020

March 14,2017

3,250－

3,2500.56909%

March 14,2021

March 14,2017

4,750－

4,7500.66909%

March 14,2022

11,250

3,250

8,000

BalancebeforeRepayment(JPY million)

Repayment
Amount(JPY million)(Note 1)

Balanceafter
Repayment(JPY million)

InterestRate(annual)(Note 2)

10,433

10,433－0.56909%

Borrowing
LenderDate
Mizuho Bank, Ltd.
Development Bank of Japan Inc.

Maturity

Borrowing

DateMethod

Resona Bank, Limited
The Bank of Fukuoka, Ltd.
The Nomura Trust and Banking

Unsecured/nonguaranteedCo., Ltd.
The Towa Bank, Ltd.
The Shizuoka Bank, Ltd.

(Note) The interest rates applicable as of March 12, 2020 are shown.

New Syndicate Loan (F)Borrowing
Lender
Date

Maturity

Borrowing

Date

MethodSumitomo Mitsui Trust Bank,Limited
Japan Post Bank Co., Ltd.
Mizuho Bank, Ltd.
MUFG Bank, Ltd.

March 31,2016

March 30,
2020

The Bank of Fukuoka, Ltd.
The Shizuoka Bank, Ltd.
Unsecured/nonguaranteed

Shinsei Bank, Limited
Resona Bank, Limited
Development Bank of Japan Inc.
The Kagawa Bank, Ltd.
The Daishi Bank,Ltd.
The Hyakugo Bank, Ltd.

March 31,2016

10,433－10,433

20,866

10,433

10,4330.66909%

March 30,2021

Hiroshima Bank, Ltd.
The Nomura Trust and Banking
Co., Ltd.

(Note 1) Including the amount to be repaid using the funds raised by the issuance of investment corporation bonds to be issued
on March 13, 2020.
(Note 2) The interest rates applicable as of March 12, 2020 are shown.
This English language notice is a translation of the Japanese-language notice released on March 12, 2020 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 their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

45. Details of the Interest Rate Swap Agreement(1) Reason for Executing the Interest Rate Swap Agreement
In order to hedge the risk of interest rate fluctuations(2) Details of the Interest Rate Swap Agreement
NotionalInterest RatePrincipal(upper：fixed rate payable)

Agreement

Counterparty

Citigroup Global
Markets Japan Inc.

Interest
Applicable Period(JPY(lower: floating ratemillion)

receivable)

3,250(Note 1)

0.48700%
One-month JPY TIBOR +0.50000%

Date

March 12,
2020

Payment Date

From
March 16, 2020
toMarch 16, 2025

The last Japanesebusiness day of eachmonth and the last dayof the applicable period(Note 1) Equivalent to the principal amount of borrowing by the New Syndicate Loan (Q) (5-year tranche) to be implemented on
March 16, 2020. By this Interest Rate Swap Agreement, the interest rate of such 5-year tranche will be fixed, in effect,
at 0.48700%.
(Note 2) The initial interest calculation period is from March 16, 2020 (inclusive of the date) to March 31, 2020 (exclusive of thedate and up to one day prior), and the interest calculation period thereafter will be from the immediately preceding
interest payment date (inclusive of the date) to the relevant interest payment date (exclusive of the date and up to one
day prior).

6. Future outlook
The impact of the New Borrowing and the Interest Rate Swap Agreement on financial results isminimal and therefore no changes are required for the forecasts of financial results for the fiscal
periods ending June 2020 (from January 1, 2020 to June 30, 2020) and December 2020 (fromJuly 1, 2020 to December 31, 2020).
7. Other matters necessary for investors’ appropriate understanding/judgment of the concerned
information
With respect to the risks associated with the New Borrowing and the Interest Rate SwapAgreement, please refer to the content of “Investment Risks” stated in the securities report for
the fiscal period ended June 2019 (from January 1, 2019 to June 30, 2019) (available inJapanese only) filed on September 24, 2019.

Website of INV: https://www.invincible-inv.co.jp/en/

This English language notice is a translation of the Japanese-language notice released on March 12, 2020 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 their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

5[For reference only]■ Change in balance of interest-bearing liabilities (anticipated)(Unit：JPY million)
Before the New Borrowing

After the New Borrowing

Increase(As of March 12, 2020)(Note 3)

(Decrease)

Total loans
Total investment
corporation bonds
Total interest-bearing liabilities
Total appraisal value of assets
owned by INV (Note 1)
LTV (based on appraisal value)(Note 2) (%)

259,154257,954(1,200)

7,000

8,200

+1,200266,154

266,154－588,036

588,036－

44.7

44.7－

(Note 1) As to “Total appraisal value of assets owned by INV”, among the 148 properties owned by INV as of today (including preferred
equity interest in the TMK which holds Sheraton Grande Tokyo Bay Hotel and overseas real estate assets, “The Westin Grand
Cayman Seven Mile Beach Resort & Spa” and “Sunshine Suites Resort”), the appraisal value for the 145 properties held asof December 31, 2019, including the overseas real estate assets, is based on the appraisal value stated in the appraisal
reports on the valuation date of December 31, 2019 and the two properties acquired on January 6, 2020 is based on theappraisal value stated in the appraisal reports on the valuation date of October 1, 2019. For the preferred equity interest in
the TMK which holds Sheraton Grande Tokyo Bay Hotel as an underlying asset, the acquisition price (INV’s investmentamount) of such preferred equity interest, JPY 17,845 million, is deemed as the appraisal value and included. The appraisalvalue of the overseas real estate assets is translated into JPY based on the exchange rate of 1 USD=110.45 JPY which isthe foreign exchange forward rate under the foreign exchange forward agreement which we entered into on July 26, 2018
and became effective as of September 26, 2018.
(Note 2) “LTV (based on appraisal value)” in the above table is calculated according to the following formula:
LTV (based on appraisal value) ＝ Total interest-bearing liabilities (excluding short-term consumption tax loan) ÷ Totalappraisal value of assets owned by INV × 100“Total interest-bearing liabilities” does not include the interest-bearing liabilities of the TMK which holds Sheraton GrandeTokyo Bay Hotel as an underlying asset.
(Note 3) “After the New Borrowing” refers to the time after the issuance of investment corporation bonds on March 13, 2020, and therefinance of New Syndicate Loan (G) on March 16, 2020 and New Syndicate Loan (F) on March 30, 2020.
(Note 4) The amounts are rounded down to the nearest million yen. The percentages are rounded to the nearest one decimal place.

■ Lender formation after the New Borrowing (anticipated)

This English language notice is a translation of the Japanese-language notice released on March 12, 2020 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 their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances are
given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of any
discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

6