[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
July 31, 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 (Execution of Loan Agreement)
Invincible Investment Corporation (“INV”) has executed a loan agreement with regard to the newborrowings (the “Borrowing”) announced in the “Notice concerning Debt Financing” dated July 17, 2018.
Details of the Borrowing are as follows.
Importantly, the Borrowing is provided by a syndicate of lenders including all of the three mega-banks ofJapan, namely Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation and MUFG Bank, Ltd. and INV
believes its bank formation will be further strengthened.
1. Details of the Borrowing (Underlined part shows the changes from “Notice concerning Debt
Financing” dated July 17, 2018)<New Syndicate Loan (J)>
5 Years Tranche(1) Lenders: Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Shinsei Bank, Limited
Citibank, N.A., Tokyo BranchDevelopment Bank of Japan, Inc.
The Nomura Trust and Banking Co., Ltd.
AEON Bank, Ltd.

This English language notice is a translation of the Japanese-language notice released on July 31, 2018 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.

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

: 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
Unsecured / with no guarantee
July 31, 2018
September 12, 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 12, 2023 (Note 2)

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

: Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Shinsei Bank, Limited
Citibank, N.A., Tokyo Branch
Development Bank of Japan, Inc.
The Nomura Trust and Banking Co., Ltd.
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
Unsecured / with no guarantee
July 31, 2018
September 12, 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 12, 2022 (Note 2)This English language notice is a translation of the Japanese-language notice released on July 31, 2018 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.

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

: Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Shinsei Bank, Limited
Citibank, N.A., Tokyo Branch
Development Bank of Japan, Inc.
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:::

(8) Principal repayment method(9) Principal maturity date::

Variable interest rate
Borrowing based on separate term loan agreement entered intoon July 31, 2018
Unsecured / with no guarantee
July 31, 2018
September 12, 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 12, 2021 (Note 2)

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

: Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Shinsei Bank, Limited
Citibank, N.A., Tokyo Branch
The Nomura Trust and Banking Co., Ltd.
AEON Bank, Ltd.
: JPY 2,359 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
Unsecured / with no guarantee
July 31, 2018
August 2, 2018(i) The last Japanese business day of each month before theThis English language notice is a translation of the Japanese-language notice released on July 31, 2018 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.

3(8) Principal repayment method(9) Principal maturity dateprincipal maturity date, beginning on September 28, 2018, and(ii) the principal maturity date
: Lump-sum repayment on the principal maturity date
: August 2, 2021

Short-term consumption tax loan (Note 3)(1) Lender(2) Borrowing amount(3) Interest rate, etc.

: Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
: JPY 1,099 million: 1-month JPY TIBOR (Base Rate) + spread (0.20%)(Only in first calculation period, 2-month JPY TIBOR (Base Rate) + spread(0.20%)) (Note 1)(4) Borrowing method:(5) Agreement date(6) Anticipated borrowing date(7) Interest payment date:::

(8) Principal repayment method(9) Principal maturity date::

(Note 1)

Variable interest rate
Borrowing based on separate term loan agreement entered intoon July 31, 2018
Unsecured / with no guarantee
July 31, 2018
August 2, 2018(i) The last Japanese business day of each month before theprincipal maturity date, beginning on September 28, 2018, and(ii) the principal maturity dateLump-sum repayment on the principal maturity dateAugust 2, 2019 (Note 4)・Base rate applicable to the interest calculation period for interests to be paid on the relevant interest payment
date shall 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’swebsite (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“3. Amount and use of proceeds and scheduled timing of disbursement (3) Scheduled timing of expenditure”
below.

(Note 3)

Short-term consumption tax loan is a loan which is to be repaid before maturity date with refund of consumption
taxes and regional consumption taxes on an acquisition of a property. The same shall apply hereinafter.

(Note 4)

Short-term consumption tax loan will be prepaid before maturity date once INV receives the refund ofconsumption taxes and regional consumption taxes on the acquisition of properties through New Syndicate Loan
(J).

This English language notice is a translation of the Japanese-language notice released on July 31, 2018 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.

42. Future outlook
Forecasted financial results and distributions for the fiscal period ended June 2018 (from January 1,2018 to June 30, 2018) and the fiscal period ending December 2018 (from July 1, 2018 to December31, 2018) has not been changed from those announced in the press release entitled “Noticeconcerning Revision of Forecast of Financial Results and Distribution for the 30th Fiscal Period
Ended June 2018 and 31st Fiscal Period Ending December 2018” dated July 17, 2018.
3. Amount and use of proceeds and scheduled timing of disbursement(1) Loan proceeds
JPY 40,458 million(2) Use of proceeds
To be 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”)
scheduled to be acquired on August 2, 2018 and TK Interest in connection with two overseashotels (the “Overseas Real Estate TK Interest”) (along with the acquisition of Four Domestic
Hotel Properties, collectively referred to as “Anticipated Acquisitions”) (Note1) scheduled to beacquired on one preceding business day of the day when underlying assets of Overseas 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 13, 2018 (acquisition of the Overseas Real Estate TK Interest) (Note 2)(Note 1) For details on the Anticipated Acquisitions, please refer to the press release entitled “Notice concerning Acquisition andLease 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, in which case the loan agreementwith respect to anticipated borrowing date, interest payment date and principal maturity date may be amended
accordingly.

4. 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 July 31, 2018 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.

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
Total investment
corporation bonds
Total interest-bearing debt

(Note 3)

(Decrease)

187,415

227,873＋40,458

2,000

2,000－

189,415229,873＋40,458

429,387

515,151＋85,764

44.1

44.4＋0.3

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 to be acquired after the Borrowing, arebased on the appraisal value stated in the appraisal reports on the valuation date of June 1, 2018. However, forthe 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) of such 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 enteredinto 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 July 31, 2018 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.

6

■Lender formation after the Borrowing (anticipated)

This English language notice is a translation of the Japanese-language notice released on July 31, 2018 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.

7