[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
July 18, 2019
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Fukuda, Executive Director(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 (Refinance)

Invincible Investment Corporation (“INV”) has determined today to obtain new debt financing torefinance existing debt. Details are as follows.
1. Reason for Borrowing
INV has decided to execute a new loan agreement (the "New Borrowing") today in order to repay
borrowings in the amount of JPY 700 million due on July 20, 2019, which is one of the tranches of
the Term Loan (E) (Note) with a total outstanding amount of JPY 4,000 million.
(Note)For details of the Term Loan (E), please refer to “4. Details of Loan to be Repaid” below and the press release entitled“Notice concerning Loan Transfer and New Loan” dated July 15, 2016. Since the maturity date (July 20, 2019) is anon-business day, as per the provisions of the contract, the repayment date will be adjusted to the following business day(July 22, 2019).

2. Details of the New Borrowing (anticipated)< Term Loan (L) >6-Year Loan
(1) Lender(2) Borrowing amount(3) Interest rate, etc.

::

(4) Borrowing method::

The Tokyo Star Bank, Limited
JPY 700 million
1-month JPY TIBOR (Base Rate) + spread (0.70000%)
Variable interest rate (Note)
Borrowing based on separate term loan agreement dated
July 18, 2019
Unsecured / with no guarantee

This English language notice is a translation of the Japanese-language notice released on July 18, 2019 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(5) Agreement date(6) Anticipated borrowing date(7) Interest payment date:::

(8) Principal repayment method(9) Principal maturity date::July 18, 2019
July 22, 2019(1) The last Japanese business day of each month before theprincipal maturity date, beginning with July 31, 2019, and (2)the principal maturity dateLump-sum repayment on the principal maturity dateJuly 16, 2025

・Base rate applicable to each interest calculation period for the interests to be paid on the relevant interest
payment date shall be the 1-month JPY TIBOR announced by Japanese Bankers Association two Japanesebusiness days prior to the immediately preceding interest payment date (in case of the initial interest calculation
period, two Japanese business days prior to the borrowing date).
・JPY TIBOR announced by the Japanese Bankers Association 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)

3. Loan proceeds, use of proceeds and scheduled timing of disbursement(1) Loan proceeds
JPY 700 million(2) Use of proceeds
To be appropriated for the repayment of a tranche of Term Loan (E)(3) Scheduled timing of disbursement
July 22, 2019
4. Details of Loan to be Repaid
Term Loan (E)BalancebeforeRepayment(JPY million)

Repayment
Amount(JPY million)

Balance after
Repayment(JPY million)

Interest Rate(annual)

Maturity

Borrowing

Date

MethodJuly 20,2016

700700－0.46909%(Note)

July 20,2019

July 20,2016

1,600－

1,6000.56909%(Note)

July 20,
2020

July 20,2016

1,700－

1,7000.66909%(Note)

July 20,2021

4,000700

3,300

Borrowing
LenderDate

The Tokyo StarBank, Limited

Total(Note)

Unsecured/non-guaranteed

The interest rates applicable as of July 18, 2019 are shown.

5. Future outlook
The impact of the New Borrowing on financial results is minimal and therefore no changes arerequired for the forecasts of financial results for the fiscal period ended June 2019 (from January 1,2019 to June 30, 2019) and fiscal period ending December 2019 (from July 1, 2019 to December 31,2019).
This English language notice is a translation of the Japanese-language notice released on July 18, 2019 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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6. Other matters necessary for investors’ appropriate understanding/judgment of the concerned
information
With respect to the risks associated with the New Borrowing, please refer to the content of“Investment Risks” stated in the securities report for the fiscal period ended December 2018 (fromJuly 1, 2018 to December 31, 2018) (available in Japanese only) filed on March 26, 2019 and “PartII Reference Information II Supplemental Information to the Reference Documents 5. Investment
Risks” of the securities registration statement (available in Japanese only) filed on July 1, 2019.

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 18, 2019 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[For reference only]■Change in balance of interest-bearing liabilities (anticipated)(Unit：JPY million)
Before the New Borrowing

After the New Borrowing

Increase(As of July 22, 2019)(As of July 22, 2019)(Decrease)

Total loans
Total investment
corporation bonds
Total interest-bearing liabilities
Total appraisal value of assets
owned by INV (Note 1)
LTV (based on appraisal value)(Note 2) (%)

252,174

252,174－4,000

4,000－

256,174

256,174－

570,107570,107

－

44.5

44.5

－

(Note 1) As to “Total appraisal value of assets owned by INV”, among the 148 properties to be owned by INV as of the shown date(including preferred equity interest in the TMK which holds Sheraton Grande Tokyo Bay Hotel as an underlying asset and theoverseas real estate assets (which are “The Westin Grand Cayman Seven Mile Beach Resort & Spa” and “Sunshine SuitesResort”)), the appraisal value for the 127 properties (excluding preferred equity interest in the TMK, two the overseas realestate assets and the 18 domestic hotel properties to be acquired on July 19, 2019 (for more details, please refer to the press
release entitled “Notice concerning Acquisition and Lease of Domestic Trust Beneficiary Interests” dated July 1, 2019)) isbased on the appraisal value stated in the appraisal reports on the valuation date of December 31, 2018, and for the twooverseas real estate assets and for the 18 domestic hotel properties is based on the valuation date of April 1, 2019. For thepreferred equity interest in the TMK which holds Sheraton Grande Tokyo Bay Hotel as an underlying asset, the acquisition
price (INV’s investment amount) of such preferred equity interest, JPY 17,845 million, is deemed as the appraisal value andincluded. The appraisal value of overseas real estate assets is translated into JPY based on the exchange rate of 1
USD=110.45 JPY which is the foreign exchange forward rate under the foreign exchange forward agreement which weentered into on July 26, 2018 and became effective as of 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) “Before the New Borrowing” and “After the New Borrowing” in the above table show the situation after the implementation of
the New Syndicate Loan (L) (with the total borrowing amount of JPY 27,400 million) to be implemented on July 19, 2019 andthe acquisition of the 18 domestic hotel properties to be completed on July 19, 2019.
(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 18, 2019 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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■Lender formation after the New Borrowing (anticipated)

This English language notice is a translation of the Japanese-language notice released on July 18, 2019 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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