[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
September 21, 2017
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: Jun Komo
General Manager of Planning Department(Tel. +81-3-5411-2731)

Notice concerning Debt Financing
Invincible Investment Corporation (“INV”) has determined to obtain new debt financing. Details are as
follows.
1. Reason for Borrowing
INV has decided to execute and has executed an agreement for new borrowings (the “Borrowing”) inorder to pay a portion of the acquisition price and related expenses of four hotel properties (in the form oftrust beneficiary interests) (the “Four Hotels”) (Note) scheduled to be acquired on October 13, 2017.
The Borrowing is borrowed from a syndicate of lenders arranged by Mizuho Bank, Ltd. as an arranger
and Sumitomo Mitsui Banking Corporation as a co-arranger. INV continues to be supported by theexisting lenders and the solid bank formation will be further strengthened by the 22 existing lenders.
(Note) For details on the acquisition of the Four Hotels, please refer to the press release entitled “Notice concerning Acquisition ofAssets and Entering into Leasing Contract” as of today.

This English language notice is a translation of the Japanese-language notice released on September 21, 2017 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2. Details of the Borrowing (anticipated)<New Syndicate Loan (H)>
7 Years Tranche(1) Lenders(2) Borrowing amount(3) Interest rate, etc.

: Mizuho Bank, Ltd., Sumitomo Mitsui Trust Bank, Limited andSumitomo Mitsui Banking Corporation: JPY 3,560 million: 1-month JPY TIBOR (Base Rate) + spread (0.80%)(Only in first calculation period, 2-month JPY TIBOR (Base Rate) + spread(0.80%))(4) Borrowing method(5) Agreement date(6) Anticipated borrowing date(7) Interest payment date

(8) Principal repayment method(9) Principal maturity date

(Note1)

Variable interest rate
: Borrowing based on separate term loan agreement dated
September 21, 2017
Unsecured / with no guarantee: September 21, 2017: October 13, 2017
: (1) The last Japanese business day of each month before theprincipal maturity date, beginning with November 30, 2017, and(2) the principal maturity date
: Lump-sum repayment on the principal maturity date
: October 11, 2024

6 Years Tranche(1) Lenders(2) Borrowing amount(3) Interest rate, etc.

: Mizuho Bank, Ltd., Sumitomo Mitsui Trust Bank, Limited andSumitomo Mitsui Banking Corporation: JPY 3,565 million: 1-month JPY TIBOR (Base Rate) + spread (0.70%)(Only in first calculation period, 2-month JPY TIBOR (Base Rate) + spread(0.70%)) (Note 1)(4) Borrowing method:(5) Agreement date(6) Anticipated borrowing date(7) Interest payment date:::

(8) Principal repayment method(9) Principal maturity date::

Variable interest rate
Borrowing based on separate term loan agreement dated
September 21, 2017
Unsecured / with no guarantee
September 21, 2017
October 13, 2017
(1) The last Japanese business day of each month before theprincipal maturity date, beginning with November 30, 2017, and(2) the principal maturity dateLump-sum repayment on the principal maturity date
October 13, 2023

This English language notice is a translation of the Japanese-language notice released on September 21, 2017 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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5 years Tranche(1) Lenders(2) Borrowing amount(3) Interest rate, etc.

: Mizuho Bank, Ltd., Sumitomo Mitsui Trust Bank, Limited,
Sumitomo Mitsui Banking Corporation, Shinsei Bank, Limited,
Citibank, N.A.,Tokyo Branch, Resona Bank, Limited,
Development Bank of Japan Inc., The Bank of Fukuoka, Ltd.,AEON Bank, Ltd., The Nomura Trust and Banking Co., Ltd., The
Hiroshima Bank, Ltd. and The Dai-ichi Life Insurance Company,
Limited: JPY 5,365 million: 1-month JPY TIBOR (Base Rate) + spread (0.60%)(Only in first calculation period, 2-month JPY TIBOR (Base Rate) + spread(0.60%)) (Note 1)(4) Borrowing method(5) Agreement date(6) Anticipated borrowing date(7) Interest payment date

(8) Principal repayment method(9) Principal maturity date

Variable interest rate
: Borrowing based on separate term loan agreement dated
September 21, 2017
Unsecured / with no guarantee: September 21, 2017: October 13, 2017
: (1) The last Japanese business day of each month before theprincipal maturity date, beginning with November 30, 2017, and(2) the principal maturity date
: Lump-sum repayment on the principal maturity date
: October 13, 2022

4 Years Tranche(1) Lender(2) Borrowing amount(3) Interest rate, etc.

: Shinsei Bank, Limited, Citibank, N.A.,Tokyo Branch, Resona
Bank, Limited, The Bank of Fukuoka, Ltd., AEON Bank, Ltd.,The Nomura Trust and Banking Co., Ltd. and The Hiroshima
Bank, Ltd.
: JPY 1,867 million: 1-month JPY TIBOR (Base Rate) + spread (0.40%)(Only in first calculation period, 2-month JPY TIBOR (Base Rate) + spread(0.40%)) (Note 1)(4) Borrowing method:(5) Agreement date(6) Anticipated borrowing date(7) Interest payment date:::

(8) Principal repayment method(9) Principal maturity date::

Variable interest rate
Borrowing based on separate term loan agreement dated
September 21, 2017
Unsecured / with no guarantee
September 21, 2017
October 13, 2017
(1) The last Japanese business day of each month before theprincipal maturity date, beginning with November 30, 2017, and(2) the principal maturity dateLump-sum repayment on the principal maturity date
October 13, 2021

This English language notice is a translation of the Japanese-language notice released on September 21, 2017 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.

33 Years Tranche(1) Lender(2) Borrowing amount(3) Interest rate, etc.

: Shinsei Bank, Limited, Citibank, N.A.,Tokyo Branch, Resona
Bank, Limited, The Bank of Fukuoka, Ltd., AEON Bank, Ltd.,The Nomura Trust and Banking Co., Ltd. and The Hiroshima
Bank, Ltd.
: JPY 1,868 million: 1-month JPY TIBOR (Base Rate) + spread (0.30%)(Only in first calculation period, 2-month JPY TIBOR (Base Rate) + spread(0.30%)) (Note 1)(4) Borrowing method:(5) Agreement date(6) Anticipated borrowing date(7) Interest payment date:::

(8) Principal repayment method(9) Principal maturity date::

Variable interest rate
Borrowing based on separate term loan agreement dated
September 21, 2017
Unsecured / with no guarantee
September 21, 2017
October 13, 2017
(1) The last Japanese business day of each month before theprincipal maturity date, beginning with November 30, 2017, and(2) the principal maturity dateLump-sum repayment on the principal maturity date
October 13, 2020

2 Years Tranche(1) Lender(2) Borrowing amount(3) Interest rate, etc.

: Mizuho Bank, Ltd. and Sumitomo Mitsui Banking Corporation: JPY 3,700 million: 1-month JPY TIBOR (Base Rate) + spread (0.25%)(Only in first calculation period, 2-month JPY TIBOR (Base Rate) + spread(0.25%)) (Note 1)(4) Borrowing method:(5) Agreement date(6) Anticipated borrowing date(7) Interest payment date:::

(8) Principal repayment method(9) Principal maturity date::

Variable interest rate
Borrowing based on separate term loan agreement dated
September 21, 2017
Unsecured / with no guarantee
September 21, 2017
October 13, 2017
(1) The last Japanese business day of each month before theprincipal maturity date, beginning with November 30, 2017, and(2) the principal maturity dateLump-sum repayment on the principal maturity date
October 13, 2019

This English language notice is a translation of the Japanese-language notice released on September 21, 2017 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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1 Year Tranche(1) Lender(2) Borrowing amount(3) Interest rate, etc.

: Mizuho Bank, Ltd., Sumitomo Mitsui Trust Bank, Limited andSumitomo Mitsui Banking Corporation: JPY 2,000 million: 1-month JPY TIBOR (Base Rate) + spread (0.20%)(Only in first calculation period, 2-month JPY TIBOR (Base Rate) + spread(0.20%)) (Note 1)(4) Borrowing method:(5) Agreement date(6) Anticipated borrowing date(7) Interest payment date:::

(8) Principal repayment method(9) Principal maturity date::

Variable interest rate
Borrowing based on separate term loan agreement dated
September 21, 2017
Unsecured / with no guarantee
September 21, 2017
October 13, 2017
(1) The last Japanese business day of each month before theprincipal maturity date, beginning with November 30, 2017, and(2) the principal maturity dateLump-sum repayment on the principal maturity date
October 13, 2018

Short-term consumption tax loan (Note 2)(1) Lender(2) Borrowing amount(3) Interest rate, etc.

: Mizuho Bank, Ltd., Sumitomo Mitsui Trust Bank, Limited andSumitomo Mitsui Banking Corporation: JPY 1,068 million: 1-month JPY TIBOR (Base Rate) + spread (0.20%)(Only in first calculation period, 2-month JPY TIBOR (Base Rate) + spread(0.20%)) (Note 1)(4) Borrowing method(5) Agreement date(6) Anticipated borrowing date(7) Interest payment date

(8) Principal repayment method(9) Principal maturity date

Variable interest rate
: Borrowing based on separate term loan agreement dated
September 21, 2017
Unsecured / with no guarantee: September 21, 2017: October 13, 2017
: (1) The last Japanese business day of each month before theprincipal maturity date, beginning with November 30, 2017, and(2) the principal maturity date
: Lump-sum repayment on the principal maturity date
: October 13, 2018 (Note 3)(Note 1) ・Base rate applicable to the interest calculation period for interests to be paid on the relevant interest payment dateshall be the 1-month JPY TIBOR announced by Japanese Bankers Association two Japanese business days prior
to the immediately preceding interest payment date.
・JPY TIBOR announced by the Japanese Bankers Association is available at its website(http://www.jbatibor.or.jp/english/).
・Details of our debt financing is available at the “Borrowings & Investment Corporation Bonds” page of INV’s
website (http://www.invincible-inv.co.jp/eng/cms/loan.html).
This English language notice is a translation of the Japanese-language notice released on September 21, 2017 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.

5(Note 2)

Short-term consumption tax loan is a loan which is to be repaid before maturity date with refund of consumption
taxes and regional consumption taxes on an acquisition of an asset. The same shall apply hereinafter.

(Note 3)

Short-term consumption tax loan will be prepaid before maturity date once INV receives the refund of
consumption taxes and regional consumption taxes on the acquisition of properties through New Syndicate Loan
(H).

This English language notice is a translation of the Japanese-language notice released on September 21, 2017 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.

63. Future outlook
For revision of the forecasted financial results and distributions in relation to the Borrowing
for the fiscal period ending December 2017 (from July 1, 2017 to December 31, 2017),
please refer to the press release entitled “Notice concerning Revision of Forecast of
Financial Results and Distribution for the 29th Fiscal Period Ending December 2017” dated
as of today.
4. Loan proceeds, use of proceeds and scheduled timing of disbursement(1) Loan proceeds
JPY 22,993 million(2) Use of proceeds
To be appropriated for a portion of the acquisition price and related expenses of theFour Hotels(3) Scheduled timing of expenditure
October 13, 2017
5. Other matters necessary for investors’ appropriate understanding/judgment of theconcerned information
With respect to the risks associated with the Borrowing, please refer to the content of“Investment Risks” stated in the securities report for the fiscal period ended June 2017(from January 1, 2017 to June 30, 2017) (Japanese only) filed as of today and “Part II,
Reference Information II Supplemental Information to the Reference Documents 5.
Investment Risks” of the securities registration statement (Japanese only) filed as of today.
Website of INV: http://www.invincible-inv.co.jp/eng/

This English language notice is a translation of the Japanese-language notice released on September 21, 2017 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.

7[For reference only]<LTV (Based on Appraisal Value) and average interest rate (Note)>(Note)LTV (Based on Appraisal Value) at the end of each period is calculated according to the following formula:
LTV (Based on Appraisal Value) at the end of each period = Total interest bearing debt at the end of each period ÷Aggregate appraisal value of existing properties at the end of each period
LTV (Based on Appraisal Value) upon completion of the acquisition of the properties to be acquired is calculated
according to the following formula:
LTV (Based on Appraisal Value) after completion of the acquisition of the properties to be acquired = The sum of totalinterest bearing debt at the end of the fiscal period ended June 2017 and the anticipated amount of the Borrowing ÷
Aggregate appraisal value of existing properties at the end of the fiscal period ended June 2017 and aggregate appraisal
value of the properties to be acquired
However, as the preferred equity interest in a special purpose company acquiring the Sheraton Grande Tokyo Bay Hotelis a preferred equity interest issued by special purpose company and there is no appraisal value, the calculation above isbased on the anticipated acquisition price instead of appraisal value.
“The sum of total interest bearing debt at the end of the fiscal period ended June 2017 and the anticipated amount of the
Borrowing” does not include the interest bearing debt of the Kingdom Special Purpose Company and short-term
consumption tax loan of JPY 1,068 million included in the Borrowing.
Furthermore, we expect our anticipated LTV ratio calculated with excluding the acquisition price of the preferred equity
interest in the TMK acquiring Sheraton Grande Tokyo Bay Hotel from the aggregate appraisal value of the anticipatedacquisition properties will be 45.9%.
The average interest rate is calculated by dividing the product of total loan amount outstanding at the end of each fiscal
period or after the Borrowings and applicable interest rate at the end of each fiscal period for each loans (fixed based on
the swap agreement. As for “After the Acquisition”, calculated assuming 1 month JPY TIBOR prevailing on August 29,
2017 is applicable) by the loan amount outstanding at the end of each fiscal period or after the Borrowing.

This English language notice is a translation of the Japanese-language notice released on September 21, 2017 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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■Lender formation after the Borrowing (anticipated)(Note)

Including the short-term consumption tax loan (JPY 1,068 million)

This English language notice is a translation of the Japanese-language notice released on September 21, 2017 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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