February 1, 2010
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Shibatsuji, Executive Director
Nihon-bashi Nishikawa Bldg.
1-5-3 Nihon-bashi, Chuo-ku, Tokyo, Japan(Securities code: 8963)
URL: http://www.tgr-inv.co.jp/eng/
Asset Management Company:
Consonant Investment Management Co., Ltd.
Naoki Shibatsuji, CEOContact: Yuji Kubo, CFO(Tel. +81-3-3272-7311)

Notice Concerning Debt Financing and Repayment of BorrowingsTGR Investment inc. (TGR) announces the debt financing and the repayment of the existing
borrowings as of February 1, 2010.
1. Reason of borrowings and repayment
The funds will be allocated to the repayment of the existing borrowings due on February 3, 2010.

2. Details of borrowings <Term loan (D)>(1) Debtor bank
: The Chuo Mitsui Trust and Banking Co., Ltd.
Aozora Bank, Ltd.
Resona Bank, Ltd.
Mitsubishi UFJ Trust and Banking Corporation
The Musashino Bank, Ltd.
(2) Borrowing amount: JPY 11,499 million(3) Interest rate
: 1.76000 %(through February 3, 2010 – March 3, 2010)
Variable(4) Method of borrowings: Borrowing based on term loan agreement (D) as ofFebruary 1, 2010
Mortgage (note) /non guarantee(5) Agreement date
: February 1, 2010
(6) Borrowing date
: February 3, 2010
: February 3, 2010(7) Maturity date
: The debt will be repaid fully on March 3, 2010.
(8) Method of repayment

1(note)The first pledges are established on trust beneficiary interests in real estates as follows.
Nisshin Palacestage Daitabashi, Nisshin Palaistage Higashi-Nagasaki, Growth Maison Gotanda, GrowthMaison Kameido, Emerald House, Harmonie Ochanomizu, Suncrest Shakujii Koen, Growth Maison ShinYokohama, Belle Face Ueno Okachimachi, Grand Rire Kameido, Growth Maison Ikebukuro, Growth Maison
Yoga, Route Tachikawa, Shibuya Honmachi Mansion, City Heights Kinuta, Acseeds Tower Kawaguchi
Namiki, Capital Heights Kagurazaka, College Square Machida, Belair Meguro, Wacore Tsunashima Ⅰ, Foros
Nakamurabashi, Growth Maison Kaijin, College Square Machiya, Kindai Kagaku Sha Building
The first mortgage is established on a real estate as follows.
Shinjuku Island

3. Details of repayment <Term loan (C)>(1) Debtor bank: The Chuo Mitsui Trust and Banking Co., Ltd.
Aozora Bank, Ltd.
Resona Bank, Ltd.
Mitsubishi UFJ Trust and Banking Corporation
The Musashino Bank, Ltd.
(2) Borrowing amount beforerepayment: JPY 11,499 million(Initial loan amount): (JPY 11,599 million): JPY 11,499 million(3) Repayment amount(4) Borrowing amountoutstanding after repayment : JPY 0(5) Source of repayment: Term loan (D) (refer to 2. above) and funds on hand(6) Interest rate (note): 2.03455 %(through November 3, 2009 - February 3, 2010)
Variable(7) Method of borrowings: Borrowing based on term loan (C) agreement as ofJuly 30, 2009
Mortgage/non guarantee: August 3, 2009(8) Borrowing date
: February 3, 2010(9) Maturity date

4. Others
Regarding the loan repayment risk, there is no important change to the “Investment risks”
description in the latest securities report submitted on September 16, 2009.

2

[For Reference]
Borrowing amount outstanding after the repayment(Units: mn JPY, figures rounded down to a mn JPY)

Beforerepayment

Long-term debt

Balance

24,35824,358－(12,859)(12,859)(－)－－－

Short-term debt
(of which, long-term debt to berepaid within one year)

After repayment

Total debt

24,35824,358－LTV (Loan-to-Value) (%) (Note 1, 2)

56.0 %

56.0 %－(Note 1) LTV is calculated using the following formula:
LTV = Interest-bearing debt/ (Interest-bearing debt + Unitholders’ Capital) x 100(Note 2) LTV rounded down to the nearest first decimal place.

Note: This English language notice is a translation of the Japanese language notice released onFebruary 1, 2010 and was prepared solely for the convenience of, and reference by, non-Japanese
investors. No warranties or assurance are given for its accuracy or completeness of this English
translation.

3