[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
April 30, 2024
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Name of Representative:
Naoki Fukuda, Executive Director(Securities code: 8963)
Asset Manager:
Consonant Investment Management Co., Ltd.
Naoki Fukuda, President & CEO
Contact: Jun Komo
General Manager of Planning Department(Tel. +81-3-5411-2731)

Notice concerning Prepayment of Loan
Invincible Investment Corporation (“INV”) today implemented the prepayment (the“Prepayment”) of its short-term consumption tax loan that constitutes a portion of the New
Syndicate Loan (010), which was announced in the press release “Notice concerning Debt
Financing” on July 19, 2023.
1. Details and Reasons for the Prepayment
The entire amount of INV’s outstanding short-term consumption tax loan (in the amount of JPY
3,086 million) has been prepaid today upon the refund of consumption tax relating to asset
acquisitions in accordance with the terms of the relevant loan agreement.
LoanNew Syndicate Loan(010)Prepayment
Amount(JPY million)
3,086

Prepayment Date

Source of Funds for Prepayment

April 30, 2024

Refund of consumption tax with respect to asset
acquisitions on August 1, 2023 and cash onhandThis English language notice is a translation of the Japanese-language notice released on April 30, 2024 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 their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven 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2. Status of Loans after the Prepayment

New Syndicate Loan (010)(as of April 30, 2024)

LenderMizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Sumitomo Mitsui Trust
Bank, Limited
Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui BankingCorporationSumitomo Mitsui Trust
Bank, Limited
The Tokyo Star Bank, Ltd.
Aozora Bank, Ltd.
Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Sumitomo Mitsui Trust
Bank, Limited
Development Bank ofJapan, Inc.
The Tokyo Star Bank, Ltd.
Aozora Bank, Ltd.
The Ogaki Kyoritsu Bank,Ltd.
Total

Borrowing
Date

BorrowingAmount
Before thePrepayment(JPY million)

Prepayment
Amount(JPY million)

BorrowingAmountAfter thePrepayment(JPY million)

August 1,
2023

3,086

3,086-

August 1,
2023

9,195.7-

9,195.7

Interest Rate
(Annual Rate)

Maturity
Date-

August 1,
2024

0.69100%(Note 1)

July 16,2026

Borrowing
MethodUnsecured/ with noguarantee

August 1,2023

17,574.3-17,574.3

29,856

3,086

26,7701.06900%(Note 1)

July 14,2028(Note 1) Figures are shown as virtually fixed interest rates because interest rates are fixed by interest rate swap agreements while
they are borrowings with floating interest rates. For details of the interest rate swap agreements, please refer to “Noticeconcerning Execution of Interest Rate Swap Agreements” on December 20, 2023.
(Note 2) For details of the loans, please refer to “Notice concerning Debt Financing” on July 19, 2023.

This English language notice is a translation of the Japanese-language notice released on April 30, 2024 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 their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven 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

3. Change in Balance of Interest-bearing Liabilities, etc.
(Unit：million yen)
Before the Prepayment(As of April 29, 2024)

After the Prepayment(As of April 30, 2024)

Increase(Decrease)

Total Loans

253,340

250,254(3,086)

Total Investment
Corporation Bonds

20,90020,900－274,240

271,154(3,086)629,696629,696－

43.1

43.1

－

Total Interest-bearing Liabilities
Total Appraisal Value of Assets
Owned by INV (Note 1)
LTV (Based on Appraisal Value)(%) (Note 2)(Note 1) Based on the 134 properties owned by INV as of today (including preferred equity interest in the TMK which holds Sheraton
Grande Tokyo Bay Hotel and the overseas real estate assets (“The Westin Grand Cayman Seven Mile Beach Resort & Spa”
and “Sunshine Suites Resort”)). The appraisal values for the 133 properties (excluding preferred equity interest in the TMK)
are based on figures stated in the appraisal reports on the valuation date of December 31, 2023. For the preferred equity
interest in 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. For the appraisal
value of overseas real estate assets, the exchange rate of 1 USD = 110.45 JPY is used under the foreign exchange forward
entered into on July 26, 2018 and executed on September 26, 2018.
(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 decimal place.

4. Future Outlook
The impact of the Prepayment to financial results is minimal.
Website of INV: https://www.invincible-inv.co.jp/en/

This English language notice is a translation of the Japanese-language notice released on April 30, 2024 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 their owninvestigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven 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