[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
September 12, 2022
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 a new loan agreement (the "New Borrowing") today in order to repay theTerm Loan (X) in the amount of JPY 3,000 million due on September 14, 2022.
(Note)For details of the borrowings to be repaid, please refer to “4. Details of loan to be repaid” below, as well as the followingpress releases: “Notice concerning Debt Financing (Refinance)” dated September 10, 2021 for the Term Loan (X).

2. Details of the New Borrowing (anticipated)< Term Loan (006) >1-Year Loan
(1) Lender:

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

1-month JPY TIBOR (Base Rate) + spread (0.25000%)
Variable interest rate (Note)
Borrowing based on separate term loan agreement dated
September 12, 2022
Unsecured / with no guarantee(5) Agreement date:

September 12, 2022

(6) Anticipated borrowing date:

September 14, 2022

(7) Interest payment date:(i) The last Japanese business day of each month before theprincipal maturity date, beginning with September 30, 2022, and(ii) the principal maturity date(8) Principal repayment method:Lump-sum repayment on the principal maturity dateThis English language notice is a translation of the Japanese-language notice released on September 12, 2022 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.

1(9) Principal maturity date(Note):

September 14, 2023

・Base rate applicable to each interest calculation period for the interests to be paid on the relevant interest
payment date shall be the 1-month JPY TIBOR announced by Japanese Bankers Association two Japanesebusiness days prior to the immediately preceding interest payment date (in case of the initial interest calculation
period, two Japanese business days prior to the borrowing date).
・JPY TIBOR announced by the Japanese Bankers Association is available at its website(https://www.jbatibor.or.jp/english/).
・Details of our debt financing is available at the “Borrowings & Investment Corporation Bonds” page of INV’swebsite (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 appropriated for the repayment of the Term Loan (X).
(3) Scheduled timing of disbursement
September 14, 2022
4. Details of loan to be repaid
Term Loan (X)LenderBorrowing
Date

Sumitomo Mitsui
Banking Corporation

Sep. 14,2021

Balance
Repayment
beforeAmountRepayment(JPY million)(JPY million)

Balanceafter
Repayment(JPY million)

3,000－

3,000

InterestRate(annual)
0.32091%(Note)

Maturity
Date

Borrowing
MethodSep. 14,2022

Unsecured/nonguaranteed(Note) The interest rate applicable as of September 12, 2022 is shown.

5. Future outlook
The impact of the New Borrowing on financial results is minimal.

Moreover, the forecast of financial

results and DPU for the fiscal period ending December 2022 will be announced at a later date, once wehave a clearer outlook.
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 2021 (from July 1, 2021 toDecember 31, 2021) (available in Japanese only) filed on March 25, 2022.
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, 2022 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, 2022)
233,172

After the New Borrowing(As of September 14, 2022)
233,172

Increase(Decrease)
－

8,200

8,200－

241,372

241,372－

537,738

537,738

－

44.9

44.9

－

(Note 1) Based on the 128 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)
are based on figures stated in the appraisal reports on the valuation date of June 30, 2022. As announced in “Noticeconcerning Acquisition of Domestic Real Estate (Additional Acquisition)” dated September 9, 2022, INV acquired a land
adjacent to Hotel Epinard Nasu on September 9, 2022, and the above total appraisal value includes the appraisal value ofthe land in the amount of JPY 27 million (valuation date: June 21, 2022). For the preferred equity interest in the TMK whichholds Sheraton Grande Tokyo Bay Hotel as an underlying asset, the acquisition price (INV’s investment amount) of suchpreferred equity interest, JPY 17,845 million, is deemed as the appraisal value. For the appraisal value of overseas realestate 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)

This English language notice is a translation of the Japanese-language notice released on September 12, 2022 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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