[For Information Purpose Only]
November 30, 2015
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Name of representative:
Naoki Fukuda, Executive Director
Roppongi Hills Mori Tower
6-10-1 Roppongi, Minato-ku, Tokyo, Japan(Securities code: 8963)
Asset manager:
Consonant Investment Management Co., Ltd.
Naoki Fukuda, CEOContact: Akiko Watanabe
Manager of Planning Department(Tel. +81-3-5411-2731)

Notice Concerning Partial Prepayment of Debt Financing
Invincible Investment Corporation (INV) announced that the partial prepayment (the “PartialPrepayment”) of debt financing (New Syndicate Loan (E)), as announced in the press release titled“Notice concerning Debt Financing and Prepayment of Existing Borrowings” dated June 25, 2015,
was completed today.
1. Details and reasons for the Partial Prepayment
Partial Prepayment of New Syndicate Loan (E) (in the amount of JPY 321 million) was madetoday, on the first interest payment date after the refund of consumption tax, in accordance withthe term loan agreement dated July 1, 2015 corresponding to the refund of consumption tax INV
has paid pertaining to the acquisition of 3 hotel properties (acquired on February 6, 2015).

2. Status of New Syndicate Loan (E) after the Partial Prepayment
New Syndicate Loan (E)LenderSumitomo Mitsui Banking
Corporation
The Bank ofTokyo-Mitsubishi
UFJ, Ltd.
Mizuho Bank, Ltd.
Shinsei Bank, Limited
Citibank Japan Ltd.

Borrowingdate

July 16,
2015

July 16,2015(as of November 30, 2015)

PartialPrepayment(mn JPY)

Borrowingamountafter theprepayment

Interest rate(Note)

Maturity
date

Secured/guarantee－

28,9790.53%

May 16,2018

Unsecured/ with no
guarantee－

28,9790.63%

May 16,2019Unsecured/ with noguarantee

This English language notice is a translation of the Japanese-language notice released on November 30, 2015 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Borrowing
dateLender
Sumitomo Mitsui TrustBank, Limited
Resona Bank, Limited.
Mitsubishi UFJ Trust andBanking Corporation
Sumitomo Mitsui Banking
Corporation
The Bank ofTokyo-Mitsubishi UFJ,Ltd.
Mizuho Bank, Ltd.

July 16,
2015

July 16,2015

Total(Note)

PartialPrepayment(mn JPY)

Borrowingamountafter theprepayment

Interest rate(Note)

Maturity
date

Secured/guarantee－28,979

0.73%

May 16,2020Unsecured/ with noguarantee

321

1,080

0.33%

May 16,2016

Unsecured/ with noguarantee

321

88,017The interest rate is applicable for the period from November 30, 2015 to December 29, 2015.

3. Balance of Outstanding Loans(JPY million, rounded down to the nearest amount)

Before the prepayment

After the prepayment(as of November 29, 2015)(as of November 30, 2015)

BalanceLong-term debt

90,61990,619－Short-term debt

1,401

1,080

ᇞ321

Total debt

92,02091,699

ᇞ321

4. Future Outlook
The Partial Repayment has been taken into consideration for the financial forecasts for the 25thFiscal Period ending December 31, 2015 (from July 1, 2015 to December 31, 2015), for the 26th
Fiscal Period ending June 30, 2016 (from January 1, 2016 to June 30, 2016) and for the 27th
Fiscal Period ending December 31, 2016(from July 1, 2016 to December 31, 2016). Therefore,
there are no revisions to the forecasts.

EndThis English language notice is a translation of the Japanese-language notice released on November 30, 2015 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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