[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
July 16, 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 Implementation of Debt Financingand Prepayment of Existing Borrowings
Invincible Investment Corporation announces that the new borrowing (hereinafter, the “NewBorrowing”) and prepayment of existing borrowings (hereinafter, the “Prepayment”, the “NewBorrowing” and the “Prepayment” hereinafter collectively the “Refinancing”), which was announced
in the press release titled “Notice concerning Debt Financing and Prepayment of Existing
Borrowings” dated June 25, 2015, has been completed today.
[Reference]
1. Overview of the New Borrowing
New Syndicate Loan (E)Lender(Note 1)

Borrowing
DateBorrowing
Amount(mn JPY)

InterestRate(per annum)(Note 2)

PrincipalMaturity
Date

0.53％

Sumitomo Mitsui Banking
Corporation

July 16,

The Bank of Tokyo-Mitsubishi

2015

28,979Variable

July 16,

interest rate

2018

UFJ, Ltd.

(Note 3)

Mizuho Bank, Ltd.

0.63％

Shinsei Bank, Limited

July 16,

Citibank Japan Ltd.

2015

28,979Sumitomo Mitsui Trust Bank,

Variable

July 16,

interest rate

2019

(Note 4)

Borrowing
MethodUnsecured /nonguarantee
Unsecured /nonguarantee

This English language notice is a translation of the Japanese-language notice released on July 16, 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
based on their own investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, andno 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.

1LenderBorrowing
Date(Note 1)

BorrowingAmount(mn JPY)

LimitedInterestRate(per annum)(Note 2)

PrincipalMaturity
Date

0.73％

Resona Bank, Limited

July 16,

Mitsubishi UFJ Trust and2015

28,979Banking Corporation

The Bank of Tokyo-Mitsubishi
UFJ, Ltd.

July 16,

interest rate

2020

(Note 5)

Sumitomo Mitsui Banking
Corporation

Variable

0.33％
July 16,
2015

1,401

Variable

May 16,

interest rate

2016

(Note 6)

Mizuho Bank, Ltd.
Total

Borrowing
MethodUnsecured /nonguarantee

Unsecured /nonguarantee

88,338(Note 1) Formation of “Bank syndicate comprising Sumitomo Mitsui Banking Corporation, The Bank ofTokyo-Mitsubishi UFJ, Ltd., and Mizuho Bank, Ltd., etc.” which was described in the “Notice concerning Debt
Financing and Prepayment of Existing Borrowings” dated June 25, 2015, was finalized as the loan agreement
was duly signed by related parties(Note 2) Interest rate applicable for the period from July 16, 2015 to July 30, 2015
(Note 3) One-month JPY TIBOR + spread (0.4%)(Note 4) One-month JPY TIBOR + spread (0.5%)(Note 5) One-month JPY TIBOR + spread (0.6%)(Note 6) One-month JPY TIBOR + spread (0.2%)

2.

Overview of the Prepayment
New Syndicate Loan (C)LenderBorrowing
Date

Prepayment
Amount(mn JPY)

InterestRate(per annum)(Note 1)

Principal
Maturity
Date

Borrowing
MethodSumitomo Mitsui Banking
Corporation
The Bank of Tokyo-Mitsubishi
UFJ, Ltd.

0.93％

Mizuho Bank, Ltd.

July 17,

Citibank Japan Ltd.

2014

56,100Shinsei Bank, Limited

Variable

July 14,interest rate

2017

(Note 2)

Secured /nonguarantee

Sumitomo Mitsui Trust Bank,
LimitedResona Bank, Limited(Note 1) Interest rate applicable for the period from June 30, 2015 to July 30, 2015
(Note 2) One-month JPY TIBOR + spread (0.8%)

This English language notice is a translation of the Japanese-language notice released on July 16, 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
based on their own investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, andno 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New Syndicate Loan (D)Borrowing
Date

LenderInterestRate

Prepayment
Amount(per annum)(Note 1)(mn JPY)

Principal
Maturity
Date

Borrowing
MethodFebruary 6,
2018Secured /nonguarantee

Sumitomo Mitsui Banking
Corporation
The Bank of Tokyo-Mitsubishi
UFJ, Ltd.
Mizuho Bank, Ltd.

February 6,
2015

Citibank Japan Ltd.

0.93％
Variableinterest rate

6,241

(Note 2)

Shinsei Bank, Limited
Sumitomo Mitsui Trust Bank,Limited
Resona Bank, Limited(Note 1) Interest rate applicable for the period from June 30, 2015 to July 30, 2015
(Note 2) One-month JPY TIBOR + spread (0.8%);

Prudential LPS Loan B
Borrowing
Date

LenderFirst

September

lending

28, 2012

Mortgage Asset

SecondSeptember

Holdings 1

lending

28, 2012

Investment

Third

September

Limitedlending

28, 2012

FourthSeptember

lending

28, 2012

Prepayment
Amount(mn JPY)

(per annum)

1.90％
2,700

Fixed
interest rate

Prudential

1.90％
2,860

Fixed
interest rate

Japan

1.90％
1,830

Fixed
interest rate

Partnership

1.90％
2,570

Fixed
interest rate

Total

3.

Interest Rate

PrincipalMaturity
Date
March 31,2018
March 31,2019
March 31,2020
March 31,
2019

Borrowing
MethodSecured /nonguarantee
Secured /nonguarantee
Secured /nonguarantee
Secured /nonguarantee

9,960

Borrowing Amount Outstanding(Units: mn JPY, figures rounded down to the nearest mn JPY)
Before Refinancing(As of June 30, 2015)

After Refinancing(As of July 16, 2015)

ChangeShort-term debt

-1,401+1,401Long-term debt

72,30186,937+14,636

Total debt

72,301

88,338+16,037

This English language notice is a translation of the Japanese-language notice released on July 16, 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
based on their own investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, andno warranties or assurances are given regarding the accuracy or completeness of this English translation. Readers are advised to read the originalJapanese-language notice. In the event of any discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

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