[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
September 12, 2023
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)
Invincible Investment Corporation (“INV”) has determined today to obtain new debt financing to refinanceexisting debt.

Details are as follows.

1. Reason for borrowing
INV has decided and executed JPY 3,000 million of a new loan agreement (the "New Borrowing") today
in order to repay the existing borrowing of JPY 3,000 million.
2. Details of the New Borrowing (anticipated)< Term Loan (016) >4-Year Loan
(1) Lender:

Sumitomo Mitsui Banking Corporation(2) Borrowing amount:JPY 3,000 million(3) Interest rate, etc.

:

3-month JPY TIBOR (Base Rate) + spread (0.400%)
Floating interest rate (Note 1)(4) Borrowing method:(5) Agreement date:

Borrowing based on separate term loan agreement dated
September 12, 2023
Unsecured / with no guarantee
September 12, 2023

(6) Anticipated borrowing date:

September 14, 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

(Note 1) Base rate applicable to each interest calculation period for the interests to be paid on the relevant interest payment
date shall be the 3-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, twoJapanese business days prior to the borrowing date).
This English language notice is a translation of the Japanese-language notice released on September 12, 2023 and was prepared solely for the convenience of, andreference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions basedon their own 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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(Note 2) JPY TIBOR announced by the Japanese Bankers Association is available at its website(https://www.jbatibor.or.jp/english/).
(Note 3) 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 3,000 million(2) Use of proceeds
The proceeds will be used for the repayment of the Term Loan (006).
(3) Scheduled timing of disbursement
September 14, 2023
4. Details of loan to be repaid
Term Loan (006)

LenderBorrowingDate

Sumitomo Mitsui
Banking Corporation

Sep. 14,2022

Balance
Repayment
beforeAmount
Repayment(JPY million)(JPY million)

Balanceafter
Repayment(JPY million)

3,000－

3,000

InterestRate(annual)0.29545%(Note 1)Maturity
Date

Borrowing
MethodSep. 14,2023

Unsecured/nonguaranteed(Note 1) The interest rate applicable as of September 12, 2023 is shown.
(Note 2) For details of the Term Loan (006), please refer to the press release “Notice concerning Debt Financing (Refinance)”
dated September 12, 2022.

5. Future outlook
The impact of the New Borrowing on financial results is minimal.
6. Other matters necessary for investors’ appropriate understanding/judgment of concerned information
With respect to the risks associated with the New Borrowing, please refer to the content of “InvestmentRisks” stated in the securities report for the fiscal period ended December 2022 (from July 1, 2022 toDecember 31, 2022) (available in Japanese only) filed on March 27, 2023 and ”Part II Reference
Information II Supplemental Information to the Reference Documents 5. Investment Risks” of thesecurities registration statement (available in Japanese only) filed on July 19, 2023.
Website of INV: https://www.invincible-inv.co.jp/en/

This English language notice is a translation of the Japanese-language notice released on September 12, 2023 and was prepared solely for the convenience of, andreference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions basedon their own 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.

2[For reference only]■ Change in balance of interest-bearing liabilities (anticipated)(Unit：JPY million)

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) (%)

Before the New Borrowing(As of September 12, 2023)
255,646

After the New Borrowing(As of September 14, 2023)
255,646

Increase(Decrease)－

13,40013,400－269,046

269,046－618,350

618,350

－

43.0

43.0

－

(Note 1) Based on the 134 properties owned by INV as of today (including preferred equity interest in the TMK which holds Sheraton
Grande Tokyo Bay Hotel and the overseas real estate assets (“The Westin Grand Cayman Seven Mile Beach Resort & Spa”
and “Sunshine Suites Resort”)). The appraisal values for the 127 properties (excluding preferred equity interest in the TMK)
held as of June 30, 2023 are based on figures stated in the appraisal reports on the valuation date of June 30, 2023.
Appraisal value for the six properties acquired on August 1, 2023 are based on figures stated in the appraisal reports on thevaluation date of June 1, 2023. For the preferred equity interest in the TMK which holds Sheraton Grande Tokyo Bay Hotelas an underlying asset, the acquisition price (INV’s investment amount) of such preferred equity interest, JPY 17,845 million,
is deemed as the appraisal value. For the appraisal value of overseas real estate assets, the exchange rate of 1 USD =110.45 JPY is used under the foreign exchange forward entered into on July 26, 2018 and executed on 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) ÷
Total appraisal 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) 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)(Total)JPY

269,046
millionMizuho Bank

21.8%

Nishi-Nippon City Bank

0.7%

MUFG

16.8%

Aeon Bank

0.6%

SMBC

16.5%

Fukuoka Bank

0.6%

SMTB

14.8%

Ogaki Kyoritsu Bank

0.4%

SBI Shinsei Bank

4.7%

Kiraboshi Bank

0.4%

DBJ

4.3%

Momiji Bank

0.4%

Citibank

2.8%

Yamaguchi Bank

0.4%Tokyo Star Bank

2.3%

The Chukyo Bank

0.4%

Aozora Bank

2.0%

Kagawa Bank

0.2%

Resona Bank

1.9%

Tochigi Bank

0.2%

San ju San Bank

1.2%

Kiyo Bank

0.2%

Nomura TB

1.0%

REIT Bond

5.0%

Shizuoka Bank

0.9%

This English language notice is a translation of the Japanese-language notice released on September 12, 2023 and was prepared solely for the convenience of, andreference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions basedon their own 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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