[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
February 22, 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 entered into loan agreements dated today for new borrowings (the “Borrowing”) inorder to pay a portion of the acquisition price and related expenses of two residential properties(in the form of trust beneficiary interests) (Note) scheduled to be acquired on March 14, 2017.
INV remains supported by the existing lenders, and the bank formation will be further reinforcedby the addition of three new lenders, The Gunma Bank, Ltd., The Dai-ichi Life Insurance
Company, Limited and The Towa Bank, Ltd. The number of lenders will increase to 22 after thetransaction.
(Note) For details on the acquisition of the two residential properties, please refer to the press release entitled“Notice concerning Acquisition of Assets and Entering into Leasing Contract” as of today.

This English language notice is a translation of the Japanese-language notice released on February 22, 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 (G)>Three Years Tranche(1) Lenders: Mizuho Bank, Ltd., Resona Bank, Limited, Development
Bank of Japan Inc., The Bank of Fukuoka, Ltd., TheShizuoka Bank, Ltd., The Nomura Trust and Banking Co.,
Ltd., The Towa Bank, Ltd. and The Gunma Bank, Ltd.
(2) Borrowing amount: JPY 3,250 million(3) Interest rate, etc.
: 1-month JPY TIBOR (Base Rate) + spread (0.40%)1
Variable interest rate(4) Borrowing method: Borrowing based on separate term loan agreement dated
February 22, 2017
Unsecured / with no guarantee(5) Agreement date
: February 22, 2017
(6) Anticipated borrowing date
: March 14, 2017(7) Interest payment date: (1) The last Japanese business day of each month before
the principal maturity date, beginning with March 31, 2017,
and (2) the principal maturity date
(8) Principal repayment method : Lump-sum repayment on the principal maturity date
(9) Principal maturity date
: March 14, 2020

Four Years Tranche(1) Lenders(2) Borrowing amount(3) Interest rate, etc.
(4) Borrowing method(5) Agreement date(6) Anticipated borrowing date(7) Interest payment date

(8) Principal repayment method(9) Principal maturity date: Mizuho Bank, Ltd., Resona Bank, Limited, The Bank ofFukuoka, Ltd., The Shizuoka Bank, Ltd., The Nomura
Trust and Banking Co., Ltd., The Towa Bank, Ltd. and The
Gunma Bank, Ltd.
: JPY 3,250 million: 1-month JPY TIBOR (Base Rate) + spread (0.50%)1
Variable interest rate
: Borrowing based on separate term loan agreement dated
February 22, 2017
Unsecured / with no guarantee: February 22, 2017
: March 14, 2017
: (1) The last Japanese business day of each month before
the principal maturity date, beginning with March 31, 2017,and (2) the principal maturity date
: Lump-sum repayment on the principal maturity date
: March 14, 2021

This English language notice is a translation of the Japanese-language notice released on February 22, 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.

2Five years Tranche(1) Lenders(2) Borrowing amount(3) Interest rate, etc.
(4) Borrowing method(5) Agreement date(6) Anticipated borrowing date(7) Interest payment date

(8) Principal repayment method(9) Principal maturity date: Mizuho Bank, Ltd., Resona Bank, Limited, AEON Bank,Ltd., The Bank of Fukuoka, Ltd., The Shizuoka Bank, Ltd.,The Nomura Trust and Banking Co., Ltd., The Towa Bank,Ltd., The Dai-ichi Life Insurance Company, Limited andThe Gunma Bank, Ltd.
: JPY 4,750 million: 1-month JPY TIBOR (Base Rate) + spread (0.60%)1
Variable interest rate
: Borrowing based on separate term loan agreement dated
February 22, 2017
Unsecured / with no guarantee: February 22, 2017
: March 14, 2017
: (1) The last Japanese business day of each month before
the principal maturity date, beginning with March 31, 2017,and (2) the principal maturity date
: Lump-sum repayment on the principal maturity date
: March 14, 2022

<Term Loan (F)>Three and a Half Years Tranche(1) Lender: Sumitomo Mitsui Banking Corporation(2) Borrowing amount: JPY 3,000 million(3) Interest rate, etc.
: 1-month JPY TIBOR (Base Rate) + spread (0.45%)1
Variable interest rate(4) Borrowing method: Borrowing based on separate term loan agreement dated
February 22, 2017
Unsecured / with no guarantee(5) Agreement date
: February 22, 2017
(6) Anticipated borrowing date
: March 14, 2017(7) Interest payment date: (1) The last Japanese business day of each month before
the principal maturity date, beginning with March 31, 2017,
and (2) the principal maturity date
(8) Principal repayment method : Lump-sum repayment on the principal maturity date
(9) Principal maturity date
: September 14, 2020
(Note)

・Base rate applicable to the interest calculation period for interests to be paid on the relevant interest payment
date shall be 1-month JPY TIBOR announced by Japanese Bankers Associations two Japanese business days
prior to the immediately preceding interest payment date.
・JPY TIBOR announced by the Japanese Bankers Associations 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 February 22, 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. Future outlook
For revision of the forecasted financial results and distributions in relation to the Borrowing
for the fiscal period ending June 2017 (from January 1, 2017 to June 30, 2017) and thefiscal period ending December 2017 (from July 1, 2017 to December 31, 2017), pleaserefer to the press release entitled “Notice concerning Revision of Forecast of Financial
Results and Distribution for the 28th Fiscal Period Ending June 2017 and 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 14,250 million(2) Use of proceeds
To be appropriated for a portion of the acquisition price and related expenses of the two
residential properties(3) Scheduled timing of expenditure
March 14, 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 2016
(from January 1, 2016 to June 30, 2016) (Japanese only) filed on September 26, 2016 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.

This English language notice is a translation of the Japanese-language notice released on February 22, 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.

4[For reference only]■Borrowing amount outstanding (anticipated)
Before Borrowing(As of March 13, 2017)
Total Borrowings(JPY million)
Appraisal Value1(JPY million)
LTV (Based on AppraisalValue)2 (%)(Note 1)After Borrowing(As of March 14, 2017)

Variance

142,419

156,669+14,250

328,192

353,002+24,810

43.4

44.4

+1.0ptAppraisal Value is based on appraisal value stated in the appraisal reports on the valuation date of December 31, 2016
for the 124 properties owned as of December 31, 2016, and the valuation date of December 1, 2016 for the two
residential properties to be acquired, respectively.

(Note 2)

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

The amounts are rounded down to the nearest million JPY. The percentages are rounded to the nearest one decimal

LTV (Based on Appraisal Value)＝Total Borrowings ÷ Appraisal Value × 100
place.

■Lender formation as of March 14, 2017 (anticipated)
Mizuho BankBTMU
SMTB
SMBC
Citibank Japan
Shinsei Bank
Resona Bank
MUTBTokyo Star BankJapan Post BankAeon Bank
DBJ
Fukuoka Bank
Shizuoka Bank
Nomura TB
Kagaw a Bank
Daishi Bank
Hyakugo Bank
Hiroshima Bank
Tow a Bank
Dai-ichi Life Insurance
Gunma Bank

(Total)JPY

156,669
million(Note)

18.5%
13.6%
13.6%
13.4%
7.7%
7.5%
4.3%
3.6%
2.6%
2.6%
2.5%
1.9%
1.9%
1.5%
1.2%
0.6%
0.6%
0.6%
0.6%
0.5%
0.3%
0.3%

Percentages are rounded to the nearest one decimal place.

This English language notice is a translation of the Japanese-language notice released on February 22, 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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