[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
August 28, 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 Financing
Invincible Investment Corporation announces that the new borrowing (hereinafter, the “NewBorrowing”), which was announced in the press release titled “Notice concerning Debt Financing”
dated August 21, 2015, has been completed today.
[Reference]
1. Overview of the New Borrowing
Term Loan (A)LenderBorrowing
Date

BorrowingAmount(mn JPY)

Interest Rate(per annum)

Principal
Maturity
Date

0.65%
Mizuho Bank, Ltd.

August 28,
2015

3,682

Variable

August 28,

interest rate2019(Note 1) (Note 2)

Borrowing
MethodUnsecured /nonguarantee(Note 1) Interest rate applicable for the period from August 28, 2015 to September 29, 2015
(Note 2) One-month JPY TIBOR + spread (0.5%)
The interest rate applicable for the first interest calculation period only will be two-month JPY TIBOR (Base Rate) + spread(0.5%).

This English language notice is a translation of the Japanese-language notice released on August 28, 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.

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2.

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)

ChangeTotal debt

88,33892,0203,682

Appraisal value (Note 1)

182,488

189,928

7,440

47.6

47.7

0.1

LTV based on appraisal value(%) (Note 2)(Note 1) With regard to appraisal value, the appraisal values of 94 properties held as of the end of June 2015 are the values as ofsuch date, the appraisal values of 11 hotels and three residential properties acquired on July 16, 2015 are as of May 1,
2015. Furthermore, “Flexstay Inn Ekoda” one of the three hotels scheduled to be acquired as of August 28, 2015 is thevalue as of August 10, 2015, and the other two hotels are as of July 31, 2015.
(Note 2) LTV (appraisal value basis) is calculated using the following formula;
LTV based on appraisal value = interest-bearing debt (excluding JPY 1,401 million borrowings corresponding to the
expected consumption tax refund, which is included in New Syndicate Loan (E)) / appraisal value x 100(Note 3) The amount is rounded down to JPY million, and the percentage is rounded to the nearest first decimal place.

This English language notice is a translation of the Japanese-language notice released on August 28, 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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