[For Information Purpose Only]
April 30, 2015
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: Akiko Watanabe
Manager of Planning Department(Tel. +81-3-5411-2731)

Notice Concerning Partial Prepayment of Debt Financing
Invincible Investment Corporation (INV) announced that the partial prepayment (the “PartialPrepayment”) of debt financing, as announced in the press release titled “Notice concerning Debt
Financing and Prepayment of Existing Borrowings” dated June 23, 2014, was completed today.
1. Details and reasons for the Partial Prepayment
Partial Prepayment of New Syndicate Loan (C) (in the amount of JPY 1,200 million) was madetoday, on the first interest payment date after the refund of consumption tax, in accordance withthe term loan agreement dated June 23, 2014 corresponding to the refund of consumption tax
pertaining to the acquisition of 18 hotel properties (acquired on July 17, 2014).
2. Status of New Syndicate Loan (C) after the Partial Prepayment
New Syndicate Loan (C)Borrowing
Borrowing
Interest rate
Lenderamountdate(mn JPY)
Sumitomo Mitsui BankingCorporation
The Bank of Tokyo-Mitsubishi
0.93000％
UFJ, Ltd.
VariableMizuho Bank, Ltd.
July 17, 2014
56,100
Citibank Japan Ltd.
Rate
Shinsei Bank, Limited(Note 1)
Sumitomo Mitsui Trust Bank,Limited
Resona Bank, Limited(Note 1)

(as of April 30, 2015)
Maturity dateJuly 14,2017

Secured/guarantee

Secured /with noguarantee

One-month JPY TIBOR + spread (0.8%)
The interest rate is applicable for the period from April 30, 2015 to May 28, 2015.

This English language notice is a translation of the Japanese-language notice released on April 30, 2015 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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3. Balance of Outstanding Loans(JPY million, rounded down to the nearest amount)
Before the prepayment

After the prepayment(as of April 29, 2015)(as of April 30, 2015)

BalanceLong-term debt

73,501

72,301

ᇞ1,200Total debt

73,501

72,301

ᇞ1,200Appraisal value (Note 1)

140,018

140,018

－52.5

51.6

ᇞ0.9

Loan to Value Ratio (LTV)
based on appraisal value (%) (Note 2)(Note 1)

(Note 2)

With regard to appraisal value, the appraisal values of 91 properties held as of the end of December 2014 are
as of such date, and the appraisal values of 3 properties acquired on February 6, 2015 are as of December 1,
2014.
LTV based on appraisal value is calculated using the following formula;
LTV based on the appraisal value = interest-bearing debt / appraisal value x 100

4. Future Outlook
The Partial Repayment has no impact on the financial results for the 24th Fiscal Period ending
June 30, 2015 (from January 1, 2015 to June 30, 2015) and 25th Fiscal Period ending December
31, 2015 (from July 1, 2015 to December 31, 2015), and therefore there are no revisions to theforecasts.

This English language notice is a translation of the Japanese-language notice released on April 30, 2015 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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