[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
March 31, 2016
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: Masayuki Inagaki,
General 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 March 31, 2016, has been completed today. In the press release titled “Notice concerning
Debt Financing” dated March 10, 2016, we have announced that 2-month JPY TIBOR will beapplied as the base rate for the first interest calculation period. However, we hereby correct andannounce that 1-month JPY TIBOR will be applied as the base rate for the first interest calculation
period, as well.
[Reference]
1. Overview of the New Borrowing
New Syndicate Loan (F)LenderMizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank,
LimitedThe Bank of Tokyo-Mitsubishi
UFJ, Ltd.
Mitsubishi UFJ Trust andBanking Corporation
Shinsei Bank, Limited
Resona Bank, Limited
Development Bank of Japan,
Inc.
The Bank of Fukuoka, Ltd.
The Shizuoka Bank, Ltd.

Borrowing
date
March 31,2016

Borrowingamount(mn JPY)
11,434

Interest rate
(per annum)

Maturity
date

Security/
guarantee

0.47364%
VariableInterest Rate

March 30,
2019

Unsecured/nonguarantee

March 30,
2020

Unsecured/nonguarantee

March 30,
2021

Unsecured/nonguarantee(Note 2)

March 31,2016

10,4330. 57364%
VariableInterest Rate(Note 3)

March 31,2016

10,4330. 67364%
VariableInterest Rate(Note 4)This English language notice is a translation of the Japanese-language notice released on March 31, 2016 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

The Nomura Trust and Banking
Company, Limited

March 31,2016

0. 27364%
VariableInterest Rate

2,118

March 30,
2017

Unsecured/nonguarantee(Note 5)(Note 1) Interest rate applicable for the period from March 31, 2016 to April 27, 2016.
(Note 2) One-month JPY TIBOR + spread (0.4%)(Note 3) One-month JPY TIBOR + spread (0.5%)(Note 4) One-month JPY TIBOR + spread (0.6%)(Note 5) One-month JPY TIBOR + spread (0.2%)(Note 6) Borrowing amount is rounded down to the nearest mn JPY.

2.

Borrowing Amount Outstanding and Loan to Value Ratio (LTV) before/after the New Borrowing
Before New Borrowing(As of March 10, 2016)

After New Borrowing(As of March 31, 2016)

ChangeTotal debt (mn JPY)

100,697

135,115

34,418

Appraisal value (mn JPY) (Note 1)

225,262

292,562

67,300

LTV based on appraisal value

44.0

44.90.9(Note 3)(Note 4)(%) (Note 2)(Note 1) Regarding the appraisal value of INV’s properties, those excluding properties acquired after the end of the 25th Period arebased on the appraisal value and research value as of the end of December 2015, and properties acquired after the end of the25th Period are based on the appraisal value as of November 20, 2015, January 1, 2016 or January 31, 2016, respectively.
(Note 2)

“LTV (Based on Appraisal Value)” in the above table is calculated according to the following formula:(Note 3)

Short-term consumption tax loan of JPY 1,080 million included in New Syndicate Loan (E) and that of JPY 498 million included

LTV (Based on Appraisal Value)＝Total Borrowings ÷ Appraisal Value × 100
in Term Loan (B) are excluded.
(Note 4)

Short-term consumption tax loan of JPY 1,080 million included in New Syndicate Loan (E), that of JPY 498 million included inTerm Loan (B) and that of JPY 2,118 million included in New Syndicate Loan (F) are excluded.

(Note 5)The amount is rounded down to the nearest million JPY, and ratio is rounded to the first decimal place.

This English language notice is a translation of the Japanese-language notice released on March 31, 2016 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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