[For Information Purpose Only]
May 31, 2018
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 Prepayment of Loan
Invincible Investment Corporation (“INV”) decided today to prepay (the “Prepayment”) its
short-term consumption tax loan in the New Syndicate Loan (H), as announced in the release“Notice concerning Debt Financing” on September 21, 2017.
1. Details and Reasons for the Prepayment
All of INV’s outstanding short-term consumption tax loan (in the amount of JPY 1,068 million)
has been prepaid today from the refund of consumption tax concerning asset acquisitions andcash on hand in accordance with the terms of the relevant loan agreement.
Loan

New Syndicate Loan (H)Prepayment
Amount(JPY million)

Prepayment Date

Source of Funds for Prepayment

1,068

May 31, 2018

Refund of consumption tax with respect toasset acquisitions on October 13, 2017 andcash on handThis English language notice is a translation of the Japanese-language notice released on May 31, 2018 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on theirown 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. Status of Loans after the Prepayment(1) New Syndicate Loan (H)(as of May 31, 2018)

LenderMizuho Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Sumitomo Mitsui Trust
Bank, Limited
Citibank, N.A.,Tokyo
BranchShinsei Bank, Limited
Resona Bank, Limited
Development Bank ofJapan, Inc.
AEON Bank, Ltd.
The Bank of Fukuoka, Ltd.
The Dai-ichi LifeInsurance Company,
LimitedThe Nomura Trust andBanking Co., Ltd.
The Hiroshima Bank, Ltd.

Borrowing
Date

BorrowingAmount
Before thePrepayment(JPY million)

Prepayment
Amount(JPY million)

BorrowingAmountAfter thePrepayment(JPY million)

October 13,
2017

1,068

1,068－

October 13,
2017

2,000－

October 13,
2017

3,700

October 13,
2017

Interest Rate
(Annual Rate)

Maturity
Date－

October
13, 2018

2,000

0.25364%(Note1)

October
13, 2018－

3,700

0.30364%(Note1)

October
13, 2019

1,868－

1,868

0.35364%(Note1)

October
13, 2020

October 13,
2017

1,867－

1,867

0.45364%(Note1)

October
13, 2021

October 13,
2017

5,365

－

5,365

0.65364%(Note1)

October
13, 2022

October 13,
2017

3,565

－

3,565

0.75364%(Note1)

October
13, 2023

October 13,
2017

3,560

－

3,560

0.85364%(Note1)

October
11, 2024

22,993

1,068

21,925

Total

Borrowing
MethodUnsecured /with noguarantee(Note 1) The interest rates are applicable for the period from May 31, 2018 to June 28, 2018.
(Note 2) For details of the loan, please refer to the press release “Notice concerning Debt Financing” on September
21, 2017.

3. Balance of interest-bearing liabilities(Unit：million yen)
Before the prepayment

After the prepayment

Increase(As of May 30, 2018)(As of May 31, 2018)(Decrease)

Total loans
Total Investment
corporation bonds
Total interest-bearing liabilities
Total Appraisal Value of Assets
Owned by INV1
LTV (Based on AppraisalValue)2 (%)

186,983

185,915(1,068)2,000

2,000－

188,983

187,915(1,068)421,350

421,350－

44.6

44.6－

(Note 1) For the 124 properties owned as of today, the 120 properties held as of December 31, 2017 is based on appraisal value
stated in the appraisal reports on the valuation date of December 31, 2017 and the four properties acquired on February 7,
This English language notice is a translation of the Japanese-language notice released on May 31, 2018 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on theirown 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2018 is based on appraisal value stated in the appraisal reports on the valuation date of January 1, 2018 respectively.
Preferred equity interest in the TMK which holds Sheraton Grande Tokyo Bay Hotel as an underlying asset is counted asone property and the acquisition price of such preferred equity interest, JPY 17,845 million, is deemed as the appraisalvalue and included.
(Note 2) “LTV (Based on Appraisal Value)” in the above table is calculated according to the following formula:
LTV (Based on Appraisal Value) ＝ Total interest-bearing liabilities (excluding short-term consumption tax loan) ÷ Total
Appraisal Value of Assets Owned by INV× 100“Total interest-bearing liabilities” does not include the interest-bearing liabilities of the TMK which holds Sheraton GrandeTokyo Bay Hotel as an underlying asset.
(Note 3) The amounts are rounded down to the nearest million yen. The percentages are rounded to the nearest one decimalplace.

4. Future Outlook
The impact of this prepayment to financial results is minimal and therefore no changed are
required for the forecasts of the financial forecasts for the fiscal periods ending June 2018
(January 1, 2018 to June 30, 2018) and December 2018 (July 1, 2018 to December 31, 2018)as announced in the “Summary of Financial Results for the Fiscal Period Ended December 31,2017” dated February 20, 2018.
Website of INV: http://www.invincible-inv.co.jp/eng

This English language notice is a translation of the Japanese-language notice released on May 31, 2018 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on theirown 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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