[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
September 10, 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 Debt Financing (Partial Amendments to the Loan Agreement)
Invincible Investment Corporation (“INV”) has executed an agreement to partially amend the loanagreement with regard to the borrowings (the “Borrowing”) announced in the “Notice concerning Debt
Financing” dated July 17, 2018 and “Notice concerning Debt Financing (Execution of Loan Agreement) ”
dated July 31, 2018. Details of partial amendments to the loan agreement are as follows.
1. The Reason of Partial Amendments to the Loan Agreement
Acquisition of TK Interest in connection with two overseas hotels as underlying assets is anticipatedto be completed on September 27, 2018 (Note 1). Therefore, INV has executed an agreement topartially amend the loan agreement in order to change the anticipated borrowing date and othermatters. There are no changes to the Borrowing in the amount of JPY 3,458 million, which has
already been implemented on August 2, 2018 (Note 2).
(Note 1)

Anticipated acquisition date is an estimate as of today and is subject to change.

(Note 2)(i) 3-year tranche (borrowing amount: JPY 2,359 million, lenders: Mizuho Bank, Ltd., Sumitomo Mitsui BankingCorporation, MUFG Bank, Ltd., Shinsei Bank, Limited, Citibank, N.A., Tokyo Branch, The Nomura Trust andBanking Co., Ltd. and AEON Bank, Ltd.) and (ii) short-term consumption tax loan (borrowing amount: JPY 1,099
million, lenders: Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation and MUFG Bank, Ltd.)This English language notice is a translation of the Japanese-language notice released on September 10, 2018 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 Partial Amendments to the Loan Agreement(Shows only the Borrowings that have been changed from “Notice concerning Debt Financing(Execution of Loan Agreement)” dated July 31, 2018 and underlined part shows the changes.)<New Syndicate Loan (J)>
5 Years Tranche(1) Lenders(2) Borrowing amount(3) Interest rate, etc.

: Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
Shinsei Bank, Limited
Citibank, N.A., Tokyo Branch
Development Bank of Japan, Inc.
Resona Bank, Limited.
The Nomura Trust and Banking Co., Ltd.
AEON Bank, Ltd.
: JPY 13,119 million: 1-month JPY TIBOR (Base Rate) + spread (0.50%)(Only in first calculation period, 2-month JPY TIBOR (Base Rate) + spread(0.50%))(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 entered intoon July 31, 2018 and agreement to amend separate term loanagreement entered into on September 10, 2018
Unsecured / with no guarantee
July 31, 2018 (Agreement date on amendment : September 10,2018)
September 26, 2018 (Note 2)(i) The last Japanese business day of each month before theprincipal maturity date, beginning on October 31, 2018, and (ii)the principal maturity date (Note 2)
Lump-sum repayment on the principal maturity date
September 26, 2023 (Note 2)

4 Years Tranche(1) Lenders: Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
Shinsei Bank, Limited
Citibank, N.A., Tokyo Branch
Development Bank of Japan, Inc.
Resona Bank, Limited.
The Nomura Trust and Banking Co., Ltd.

This English language notice is a translation of the Japanese-language notice released on September 10, 2018 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(2) Borrowing amount(3) Interest rate, etc.

AEON Bank, Ltd.
: JPY 13,120 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 entered intoon July 31, 2018 and agreement to amend separate term loan
agreement entered into on September 10, 2018
Unsecured / with no guarantee
July 31, 2018 (Agreement date on amendment : September 10,2018)
September 26, 2018 (Note 2)(i) The last Japanese business day of each month before theprincipal maturity date, beginning on October 31, 2018, and (ii)the principal maturity date (Note 2)
Lump-sum repayment on the principal maturity date
September 26, 2022 (Note 2)

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

: Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited
Shinsei Bank, Limited
Citibank, N.A., Tokyo Branch
Development Bank of Japan, Inc.
Resona Bank, Limited.
The Nomura Trust and Banking Co., Ltd.
AEON Bank, Ltd.
: JPY 10,761 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::Variable interest rate
Borrowing based on separate term loan agreement entered intoon July 31, 2018 and agreement to amend separate term loanagreement entered into on September 10, 2018
Unsecured / with no guarantee
July 31, 2018 (Agreement date on amendment : September 10,2018)
September 26, 2018 (Note 2)(i) The last Japanese business day of each month before theprincipal maturity date, beginning on October 31, 2018, and (ii)This English language notice is a translation of the Japanese-language notice released on September 10, 2018 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(8) Principal repayment method(9) Principal maturity date

the principal maturity date (Note 2): Lump-sum repayment on the principal maturity date
: September 26, 2021 (Note 2)(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 JBA TIBOR Administration two Japanese business days prior to
the immediately preceding interest payment date.
・JPY TIBOR announced by the JBA TIBOR Administration 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).
(Note 2)

Anticipated borrowing date, interest payment date and principal maturity date are subject to change. Please see“4. Amount and use of proceeds and scheduled timing of disbursement (3) Scheduled timing of expenditure”
below.

3. Future outlook
The impact of the partial amendments is minimal and therefore forecasted financial results anddistributions for the fiscal period ending December 2018 (from July 1, 2018 to December 31, 2018)has not been changed from those stated in the “Financial Summary for the June 2018 Fiscal Period(from January 1, 2018 to June 30, 2018)” dated August 22, 2018.
4. Amount and use of proceeds and scheduled timing of disbursement(1) Loan proceeds
JPY 40,458 million (Of these, JPY 3,458 million was already procured as of August 2, 2018)(2) Use of proceeds
The borrowing of JPY 3,458 million procured on August 2, 2018 was appropriated for a portion of
the acquisition price and related expenses of four domestic hotel properties (in the form of trust
beneficiary interests) (the “Four Domestic Hotel Properties”) which were acquired on August 2,
2018. The borrowing of JPY 37,000 million anticipated to be procured on September 26, 2018
will be appropriated for a portion of the acquisition price and related expenses of TK Interest inconnection with two overseas hotels (the “Overseas Real Estate TK Interest”) (Note 1)
scheduled to be acquired on one preceding business day of the day when underlying assets ofOverseas Real Estate TK Interest are to be acquired by October 31, 2018 or an earlier date
which will be agreed upon with the sellers.
(3) Scheduled timing of expenditure
August 2, 2018 (acquisition of the Four Domestic Hotel Properties)
September 27, 2018 (acquisition of the Overseas Real Estate TK Interest) (Note 2)(Note 1) For details on the Four Domestic Hotel Properties and Overseas Real Estate TK Interest, please refer to the press release
entitled “Notice concerning Acquisition and Lease of Domestic Trust Beneficiary Interests” and “Notice Concerning
Acquisition of TK Interest with Overseas Real Estate as Underlying Assets” dated July 17, 2018.
(Note 2) The anticipated acquisition date of the Overseas Real Estate TK Interest is subject to change, depending on the progressof obtaining consents from Cayman Islands Government and other regulatory approval, etc., in which case the loan
This English language notice is a translation of the Japanese-language notice released on September 10, 2018 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agreement with respect to anticipated borrowing date, interest payment date and principal maturity date may be amended
accordingly.

5. Other matters necessary for investors’ appropriate understanding/judgment of the concerned
information with respect to the risks associated with the Borrowing, please refer to “Investment Risks”
stated in the semi-annual securities report (yuka shoken hokokusho) for the fiscal period ended
December 2017 (from July 1, 2017 to December 31, 2017) (Japanese only) filed as of March 26,
2018 and “Part II, Reference Information II Supplemental Information to the Reference Documents 5.
Investment Risks” of the securities registration statement (Japanese only) filed on July 17, 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 September 10, 2018 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[For reference only]< Change in balance of interest-bearing debt (anticipated)>

Before the Borrowing

Unit: million yen
After the Borrowing
Increase(As of July 31, 2018)
Total loans(Decrease)

187,415

227,873＋40,458

2,000

2,000－

189,415

229,873＋40,458

429,387

515,151＋85,764

44.1

44.4

＋0.3

Total investment
corporation bonds
Total interest-bearing debt(Note 3)

Total appraisal value ofproperties owned by INV (andAnticipated Acquisitions)(Note 1)
LTV (based on appraisalvalue)(Note 2) (%)(Note 1) As to “Total appraisal value of properties owned by INV (and Anticipated Acquisitions)”, for “Before theBorrowing”, the 126 properties owned by INV before the Borrowing (including preferred equity interest in theTMK which holds Sheraton Grande Tokyo Bay Hotel as an underlying asset) are based on the appraisal value
stated in the appraisal reports on the valuation date of June 30, 2018.

However, for the preferred equity interestin the TMK which holds Sheraton Grande Tokyo Bay Hotel as an underlying asset, the acquisition price (INV’sinvestment amount) of such preferred equity interest, JPY 17,845 million, is deemed as the appraisal value andincluded.

For “After the Borrowing”, the Four Domestic Hotel Properties acquired are based on the appraisalvalue stated in the appraisal reports on the valuation date of June 1, 2018.

However, for the Overseas Real

Estate TK Interest the underlying assets of which are “The Westin Grand Cayman Seven Mile Beach Resort &Spa” and “Sunshine Suites Resort”, the anticipated acquisition price (INV’s anticipated TK investment amount) ofsuch TK interest, USD 339,836 thousand (JPY 37,534 million, converted into JPY amount via the forward
exchange rate of USD 1=JPY 110.45 based on the foreign exchange forward contract entered into on July 26,2018), 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 debt (excluding short-term consumption tax loan)÷Total appraisal value of properties owned by INV (and Anticipated Acquisition) × 100“Total interest-bearing debt” does not include the interest-bearing debt of the TMK which holds Sheraton GrandeTokyo Bay Hotel as an underlying asset.
(Note 3) “After the Borrowing” in the above table is the date when INV has executed the Borrowing and makes investmentin the Overseas Real Estate TK Interest.

INV’s investment in the TK interest will be made on one precedingbusiness day of the day when underlying assets of Overseas Real Estate TK Interest are to be acquired by theSPC, the deadline of which is October 31, 2018 or an earlier date which will be agreed upon with the sellers.
For details, please refer to “Notice concerning Acquisition of TK Interest with Overseas Real Estate as
Underlying Assets” dated July 17, 2018.
(Note 4) 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 September 10, 2018 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■Lender formation after the Borrowing (anticipated)

This English language notice is a translation of the Japanese-language notice released on September 10, 2018 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