[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
June 15, 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 (i)the Term Loan (U) in the amount of JPY 349 million due on June 15, 2022, and (ii) the Term Loan (J) inthe amount of JPY 1,000 million, the Term Loan (K) in the amount of JPY 1,000 million and the TermLoan (M) in the amount of JPY 1,000 million due on June 17, 2022.
The abovementioned Term Loan (U) in the amount of JPY 349 million will be repaid on its maturity dateof June 15, 2022 with cash on hand, prior to the anticipated borrowing date of the New Borrowing on June17, 2022.

This is to refinance the Term Loan (U) together with the Term Loan (J), the Term Loan (K) andthe Term Loan (M).
(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 June 11, 2021 for the Term Loan (U); “Noticeconcerning Debt Financing (Refinance) and Execution of Interest Rate Swap Agreement” dated June 13, 2019 for theTerm Loan (J); “Notice concerning Debt Financing (Refinance) and Execution of Interest Rate Swap Agreement” dated
June 26, 2019 for the Term Loan (K); “Notice concerning Debt Financing (Refinance)” dated June 11, 2020 for the TermLoan (M).

2. Details of the New Borrowing (anticipated)< Term Loan (003) >1-Year Loan
(1) Lender:

Citibank, N.A., Tokyo Branch(2) Borrowing amount:JPY 2,349 million(3) Interest rate, etc.

:

1-month JPY TIBOR (Base Rate) + spread (0.25000%)

This English language notice is a translation of the Japanese-language notice released on June 15, 2022 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.

1Variable interest rate (Note)(4) Borrowing method:

Borrowing based on separate term loan agreement dated June15, 2022
Unsecured / with no guarantee(5) Agreement date:June 15, 2022

(6) Anticipated borrowing date:June 17, 2022

(7) Interest payment date:(i) The last Japanese business day of each month before theprincipal maturity date, beginning with June 30, 2022, and (ii) theprincipal maturity date(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:June 17, 2023

(1) Lender:

Development Bank of Japan, Inc.

(2) Borrowing amount:JPY 1,000 million< Term Loan (004) >1-Year Loan

(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 June15, 2022
Unsecured / with no guarantee(5) Agreement date:June 15, 2022

(6) Anticipated borrowing date:June 17, 2022

(7) Interest payment date:(i) The last Japanese business day of each month before theprincipal maturity date, beginning with June 30, 2022, and (ii) theprincipal maturity date

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:June 17, 2023

(Note)

・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 3,349 million(2) Use of proceeds
The proceeds will be appropriated for (i) the repayment of the Term Loan (J), the Term Loan (K)and the Term Loan (M), and (ii) the replenishment of cash on hand which will decrease due to therepayment of Term Loan (U) on June 15, 2022
(3) Scheduled timing of disbursement
June 17, 2022
This English language notice is a translation of the Japanese-language notice released on June 15, 2022 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.

24. Details of loan to be repaid
Term Loan (J)LenderBorrowing
Date

Citibank, N.A., Tokyo
BranchJun. 17,2019Balance
Repayment
beforeAmountRepayment(JPY million)(JPY million)

Balanceafter
Repayment(JPY million)

1,000

－

Balance
Repayment
beforeAmountRepayment(JPY million)(JPY million)

Balanceafter
Repayment(JPY million)

1,000

－

Balance
Repayment
beforeAmountRepayment(JPY million)(JPY million)

Balanceafter
Repayment(JPY million)

1,000

－

Balance
Repayment
beforeAmountRepayment(JPY million)(JPY million)

Balanceafter
Repayment(JPY million)

349－

1,000

InterestRate(annual)0.34000%(Note 1)Maturity
Date

Borrowing
MethodJun. 17,2022

Unsecured/nonguaranteed

Maturity
Date

Borrowing
MethodJun. 17,2022

Unsecured/nonguaranteed

Maturity
Date

Borrowing
MethodJun. 17,2022

Unsecured/nonguaranteed

Maturity
Date

Borrowing
MethodJun. 15,2022

Unsecured/nonguaranteed

Term Loan (K)LenderBorrowing
Date

Development Bank ofJapan, Inc.

Jun. 28,
2019

1,000

InterestRate(annual)0.33433%(Note 1)

Term Loan (M)LenderBorrowing
Date

Citibank, N.A., Tokyo
BranchJun. 15,
2020

1,000

InterestRate(annual)
0.32182%(Note 2)

Term Loan (U)LenderBorrowing
Date

Citibank, N.A., Tokyo
BranchJun. 15,2021

349

InterestRate(annual)
0.32182%(Note 2)

(Note 1) The Term Loan (J) and the Term Loan (K) are loans with variable interest rates, but the interest rates are fixed by
the interest swap agreements. Therefore, the effective fixed rates are shown. For details of the interest swap
agreements, please refer to the press releases “Notice concerning Debt Financing (Refinance) and Execution ofInterest Rate Swap Agreement” dated June 13, 2019 for the Term Loan (J) and “Notice concerning Debt Financing(Refinance) and Execution of Interest Rate Swap Agreement” dated June 26, 2019 for the Term Loan (K).
(Note 2) The interest rate applicable as of June 15, 2022 is shown.

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 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 June 15, 2022 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.

3[For reference only]■ Change in balance of interest-bearing liabilities (anticipated)(Unit：JPY million)
Before the New Borrowing(Note 3)

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) (%)(As of June 15, 2022)
233,172

After the New Borrowing(As of June 17, 2022)

Increase(Decrease)

233,172－

8,200

8,200－

241,372

241,372－

535,377

535,377

－

45.1

45.1

－

(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 December 31, 2021. For the preferred equity
interest in the TMK which holds Sheraton Grande Tokyo Bay Hotel as an underlying asset, the acquisition price (INV’sinvestment 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) “Before the New Borrowing” means before the repayment of the Term Loan (U) due on June 15, 2022.
(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 June 15, 2022 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.

4