May 18, 2018
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Fukuda, Executive Director
Roppongi Hills Mori Tower, 6-10-1 Roppongi,Minato-ku, Tokyo, Japan(Securities code: 8963)
URL: http: //www.invincible-inv.co.jp/eng/
Asset manager:
Consonant Investment Management Co., Ltd.
Naoki Fukuda, CEOContact: Jun Komo
General Manager of Planning Department(Tel. +81-3-5411-2731)

Notice concerning Issuance of Investment Corporation Bonds
Invincible Investment Corporation (“INV”) hereby announces its decision to issue its investment
corporation bonds (the “Issuance”) today as follows.
1. Summary of the investment corporation bonds(1)

Name: Invincible Investment Corporation 1st series unsecured bonds (withpari passu conditions among specified investment corporation bonds)(“the 1st Series Investment Corporation Bonds”)
Invincible Investment Corporation 2nd series unsecured bonds (withpari passu conditions among specified investment corporation bonds)(“the 2nd Series Investment Corporation Bonds”).
The 1st Series Investment Corporation Bonds and the 2nd Series
Investment Corporation Bonds shall be hereinafter collectively
referred to as the “Investment Corporation Bonds.” In the followingitems, matters common to each series of investment corporation
bonds are not described separately.

(2)

Total issue amount: 2 billion yen
The breakdown is as follows:
The 1st Series Investment Corporation Bonds: 1 billion yen
The 2nd Series Investment Corporation Bonds: 1 billion yen(3)Form of bond certificate: The Act concerning Book-Entry Transfer of Corporate Bonds, Stocks
etc. is applicable to the Investment Corporation Bonds, thus
investment corporation bond certificates will not be issued.

(4)Issue price: ¥100 per ¥100 of each bond(5)

Redemption price: ¥100 per ¥100 of each bondThis English language notice is a translation of the Japanese-language notice released on May 18, 2018 and was prepared solely for theconvenience of, and reference 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, and no 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(6)Interest rate

The 1st Series Investment Corporation Bonds: 0.400% per annum
The 2nd Series Investment Corporation Bonds: 0.800% per annum(7)

Denomination price

100 million yen(8)Offering method

Public offering(9)

Offering period

May 18, 2018(10) Payment date

May 25, 2018(11) Collateral/Guarantee

Neither collateral nor guarantee is applicable, and no assets arespecifically reserved as collateral for the Investment CorporationBonds.

(12) Redemption method anddate

The 1st Series Investment Corporation Bonds: May 25, 2023 (5years)
The 2nd Series Investment Corporation Bonds: May 25, 2028 (10years)
The Investment Corporation Bonds may be purchased and cancelled
at any time after the payment date, except for the case where the laws
and regulations or the Depository otherwise stipulates. If the maturity
date of the Investment Corporation Bonds falls on the bank holiday,
the payment will be moved forward to the previous bank business day.

(13) Interest payment dates

May 25 and November 25 every year (the first interest payment dateis to be November 25, 2018)(14) RatingA (Japan Credit Rating Agency, Ltd.)(15) Financial covenants

Negative pledge among unsecured bonds(16) Depository

Japan Securities Depository Center, Inc.

(17) Fiscal agent, issuing agent,

Sumitomo Mitsui Banking Corporationand paying agent(The 1st Series Investment Corporation Bonds)
Mizuho Bank, Ltd.
(The 2nd Series Investment Corporation Bonds)(18) Underwriting securities
companies

Mizuho Securities Co., Ltd.
SMBC Nikko Securities Inc.
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

2. Reason for bonds issuance
INV is pleased to announce its first corporate bond issuance for the purpose of raising funds forproperty acquisition, as these bonds diversify the financing sources for INV, while at the same time
lowering its financing costs, lengthening the average maturity period of its debt and diversifying thematurity date of its debt.
3. Total amount to be raised, use of funds and scheduled timing of disbursement(1) Total amount to be raised (approximate net proceeds)
1,975 million yen in total

This English language notice is a translation of the Japanese-language notice released on May 18, 2018 and was prepared solely for theconvenience of, and reference 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, and no 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.

2(2) Use of funds and scheduled timing of disbursement
The proceeds will be used to fund property acquisitions in the near future.
4. Future outlook
The impact of the Issuance to financial results is minimal and therefore no changes are required forthe forecasts of the financial results for the fiscal periods ending June 2018 and December 2018(from January 1, 2018 to June 30, 2018 and from July 1, 2018 to December 31, 2018) asannounced in the “Summary of Financial Results for the Fiscal Period Ended December 31, 2017”
dated February 20, 2018.
5. Other matters necessary for investors’ appropriate understanding/judgment of the concerned
Information
With respect to the risks associated with the Issuance, there will be no change that substantiallyaffects the matters stated in “Investment Risks” (toshi risuku) stated in the securities report (yukashoken hokokusho) for the fiscal period ended December 2017 (from July 1, 2017 to December 31,2017) filed on March 26, 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 18, 2018 and was prepared solely for theconvenience of, and reference 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, and no 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.

3[For reference only]
Balance of interest-bearing liabilities (anticipated)(Unit：million yen)

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

Before Issuance(As of May 18, 2018)
186,983

After Issuance(As of May 25, 2018)
186,983

Increase(Decrease)－2,000＋2,000

186,983

188,983＋2,000421,350

421,350－44.1

44.6＋0.5pt－(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 inthe appraisal reports on the valuation date of December 31,2017 and the four properties acquired on February 7, 2018 is basedon appraisal value stated in the appraisal reports on the valuation date of January 1, 2018 respectively. Preferred equity interestin the TMK which holds Sheraton Grande Tokyo Bay Hotel as an underlying asset is counted as one property and theacquisition price of such preferred equity interest, JPY 17,845 million, is deemed as the appraisal value 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 of JPY 1,068million) ÷ 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 Grande TokyoBay 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 decimal place.

This English language notice is a translation of the Japanese-language notice released on May 18, 2018 and was prepared solely for theconvenience of, and reference 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 originalJapanese-language notice is provided for informational purposes only, and no 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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