[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
July 11, 2024
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, President & CEO
Contact: 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 to refinanceexisting debt.

Details are as follows.

1. Reason for borrowing
INV has decided and executed JPY 15,862 million of a new loan agreement (the "New Borrowing") today
in order to repay the existing borrowing of JPY 22,244 million.

INV plans to allocate funds procured fromthe issuance of the Invincible Investment Corporation 11th series unsecured bonds (with pari passu
conditions among investment corporation bonds) (nickname : INV Hotel Bonds) (Note 1) dated February 9,2024 and cash on hand for the repayment of a part of the existing borrowing aforementioned with the aim
to keep LTV at an appropriate level.
(Note 1) For the details of the Invincible Investment Corporation 11th series unsecured bonds (with pari passu conditions among
investment corporation bonds) (nickname : INV Hotel Bonds), please refer to the press release “Notice concerning
Issuance of Investment Corporation Bonds” dated January 26, 2024.

This English language notice is a translation of the Japanese-language notice released on July 11, 2024 and was prepared solely for the convenience of, and reference by,
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 are
given 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. Details of the New Borrowing (anticipated)< New Syndicate Loan (014) >7-Year Loan
(1) Lenders:

Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Trust Bank, Limited
Development Bank of Japan, Inc.

(2) Borrowing amount:

JPY 5,079 million(3) Interest rate, etc.

:

3-month JPY TIBOR (Base Rate) + spread (0.700%)
Floating interest rate (Note 1)(4) Borrowing method:(5) Agreement date:

Borrowing based on separate term loan agreement dated July 11,2024
Unsecured / with no guarantee
July 11, 2024

(6) Anticipated borrowing date:July 16, 2024

(7) Interest payment date:(i) The last Japanese business day of March, June, September,and December before the principal maturity date, beginning with
September 30, 2024, and (ii) the principal maturity date

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:July 16, 2031

(1) Lenders:

Mizuho Bank, Ltd.
SBI Shinsei Bank, Limited
MUFG Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Aozora Bank, Ltd.
Sumitomo Mitsui Trust Bank, Limited(2) Borrowing amount:JPY 2,791 million(3) Interest rate, etc.

:

3-month JPY TIBOR (Base Rate) + spread (0.600%)
Floating interest rate (Note 1)(4) Borrowing method:(5) Agreement date:

Borrowing based on separate term loan agreement dated July 11,2024
Unsecured / with no guarantee
July 11, 2024

(6) Anticipated borrowing date:July 16, 2024

(7) Interest payment date:(i) The last Japanese business day of March, June, September,and December before the principal maturity date, beginning with
September 30, 2024, and (ii) the principal maturity date

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:July 16, 2030

6-Year Loan

This English language notice is a translation of the Japanese-language notice released on July 11, 2024 and was prepared solely for the convenience of, and reference by,
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 are
given 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5-Year Loan
(1) Lenders:

Mizuho Bank, Ltd.
SBI Shinsei Bank, Limited
MUFG Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Trust Bank, Limited
The Nomura Trust and Banking Co., Ltd.

(2) Borrowing amount:JPY 4,692 million(3) Interest rate, etc.

:

3-month JPY TIBOR (Base Rate) + spread (0.500%)
Floating interest rate (Note 1)(4) Borrowing method:(5) Agreement date:

Borrowing based on separate term loan agreement dated July 11,2024
Unsecured / with no guarantee
July 11, 2024

(6) Anticipated borrowing date:July 16, 2024

(7) Interest payment date:(i) The last Japanese business day of March, June, September,and December before the principal maturity date, beginning with
September 30, 2024, and (ii) the principal maturity date

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:July 16, 2029

(1) Lenders:

SBI Shinsei Bank, Limited
The Bank of Fukuoka, Ltd.

(2) Borrowing amount:JPY 3,300 million(3) Interest rate, etc.

:

3-month JPY TIBOR (Base Rate) + spread (0.400%)
Floating interest rate (Note 1)(4) Borrowing method:(5) Agreement date:

Borrowing based on separate term loan agreement dated July 11,2024
Unsecured / with no guarantee
July 11, 2024

(6) Anticipated borrowing date:July 16, 2024

(7) Interest payment date:(i) The last Japanese business day of March, June, September,and December before the principal maturity date, beginning with
September 30, 2024, and (ii) the principal maturity date

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:July 14, 2028

4-Year Loan

(Note 1) Base rate applicable to each interest calculation period for the interests to be paid on the relevant interest payment
date shall be the 3-month JPY TIBOR announced by Japanese Bankers Association two Japanese business days
prior to the immediately preceding interest payment date (in case of the initial interest calculation period, twoJapanese business days prior to the borrowing date).
(Note 2) JPY TIBOR announced by the Japanese Bankers Association is available at its website(https://www.jbatibor.or.jp/english/).
(Note 3) Details of our debt financing is available at the “Borrowings & Investment Corporation Bonds” page of INV’s website(https://www.invincible-inv.co.jp/en/finance/loan.html).

This English language notice is a translation of the Japanese-language notice released on July 11, 2024 and was prepared solely for the convenience of, and reference by,
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 are
given 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3. Loan proceeds, use of proceeds and scheduled timing of disbursement(1) Loan proceeds
JPY 15,862 million(2) Use of proceeds
The proceeds will be used for the repayment of a portion of New Syndicate Loan (L), New
Syndicate Loan (M), New Syndicate Loan (009), and New Syndicate Loan (011), as well as Term
Loan (W).
(3) Scheduled timing of disbursement
July 16, 2024 and July 20, 2024
4. Details of the loan to be repaid
New Syndicate Loan (L)Lenders

Mizuho Bank, Ltd.
Sumitomo Mitsui
Banking Corporation
MUFG Bank, Ltd.
Sumitomo Mitsui Trust
Bank, Limited
Citibank, N.A., Tokyo
BranchDevelopment Bank ofJapan, Inc.
AEON Bank, Ltd.
Aozora Bank, Ltd.
The Nomura Trust andBanking Co., Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui
Banking Corporation
MUFG Bank, Ltd.
Sumitomo Mitsui Trust
Bank, Limited
Development Bank ofJapan, Inc.
AEON Bank, Ltd.
Aozora Bank, Ltd.

Borrowing
Date

Balance
Repayment
beforeAmountRepayment(JPY million)(JPY million)

4,943

4,943

(Note 1)

Balanceafter
Repayment(JPY million)－

InterestRate(annual)0.57984%(Note 2)

Maturity
Date

Borrowing
MethodJul. 16,
2024

Unsecured/nonguaranteed

Jul. 19,
2019
4,943

－

4,943

4,942

－

4,942

14,828

4,943

9,885

0.74545%(Note 3)0.89545%(Note 3)Jan. 16,2025

Jul. 16,2025

The Nomura Trust andBanking Co., Ltd.
Total

This English language notice is a translation of the Japanese-language notice released on July 11, 2024 and was prepared solely for the convenience of, and reference by,
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 are
given 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.

4New Syndicate Loan (M)Lenders

Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui
Banking Corporation
Sumitomo Mitsui Trust
Bank, Limited
SBI Shinsei Bank,
Limited
Citibank, N.A., Tokyo
BranchMizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui
Banking Corporation
Sumitomo Mitsui Trust
Bank, Limited
SBI Shinsei Bank,
Limited
Total

Borrowing
Date

Balance
Repayment
beforeAmountRepayment(JPY million)(JPY million)

5,796

5,796

(Note 1)

Balanceafter
Repayment(JPY million)－

InterestRate(annual)0.56310%(Note 2)

Maturity
Date

Borrowing
MethodJul. 16,
2024

Unsecured/nonguaranteed

Jul. 16,
2019
5,796

－

5,796

5,795

－

5,795

17,387

5,796

11,5910.74545%(Note 3)0.89545%(Note 3)Jan. 16,2025

Jul. 16,2025

This English language notice is a translation of the Japanese-language notice released on July 11, 2024 and was prepared solely for the convenience of, and reference by,
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 are
given 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.

5New Syndicate Loan (009)

Lenders

Borrowing
Date

SBI Shinsei Bank,
LimitedMizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui
Banking Corporation
Sumitomo Mitsui Trust
Bank, Limited

Jul. 14,2023

SBI Shinsei Bank,
LimitedResona Bank, Limited
Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui
Banking Corporation
Sumitomo Mitsui Trust
Bank, Limited
Development Bank ofJapan, Inc.
Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui
Banking Corporation
Sumitomo Mitsui Trust
Bank, Limited
Development Bank ofJapan, Inc.
Ogaki Kyoritsu Bank
Total

Balance
Repayment
beforeAmountRepayment(JPY million)(JPY million)

Balanceafter
Repayment(JPY million)

1,110

1,110

－

951.6

－

951.6

3,774.5－

3,774.5

3,774.5－

3,774.5

6,848

6,848

(Note 1)－

5,168.4－

5,168.4

18,858－18,85818,858－18,85859,343

7,958

51,385InterestRate(annual)0.39545%(Note 3)0.49545%(Note 3)0.69100%(Note 2)

1.39500%(Note 2)0.39545%(Note 3)0.49545%(Note 3)Maturity
Date

Borrowing
MethodJul. 16,2024
Jul. 16,2026
Jul. 16,2026
Jul. 14,2028
Jul. 16,2024

Jul. 16,2026

Unsecured/nonguaranteed

Jul. 19,2023
0.69600%(Note 2)

1.39500%(Note 2)

Jul. 16,2026

Jul. 14,2028

This English language notice is a translation of the Japanese-language notice released on July 11, 2024 and was prepared solely for the convenience of, and reference by,
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 are
given 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.

6New Syndicate Loan (011)

Lenders

Borrowing
Date

Balance
Repayment
beforeAmountRepayment(JPY million)(JPY million)

Balanceafter
Repayment(JPY million)

Resona Bank, Limited
The Bank of Fukuoka,
Ltd.

1,965

SBI Shinsei Bank,
Limited

3,197

－

3,197

24,333.25－

24,333.25

Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui
Banking Corporation
Sumitomo Mitsui Trust
Bank, Limited
Development Bank ofJapan, Inc.
The Nomura Trust andBanking Co., Ltd.

Sep. 26,2023－

0.39545%(Note 3)0.69100%(Note 2)0.89400%(Note 2)

Maturity
Date

Borrowing
MethodJul. 16,2024
Jul. 16,2026

Jul. 16,
2027
Unsecured/nonguaranteed

Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui
Banking Corporation
Sumitomo Mitsui Trust
Bank, Limited
Development Bank ofJapan, Inc.
Mizuho Bank, Ltd.
Sumitomo Mitsui
Banking Corporation
Sumitomo Mitsui Trust
Bank, Limited

1,965(Note 1)

InterestRate(annual)Oct. 13,
2023

Total

10,104.75－

10,104.75

2,495.5－

2,495.5

1,069.5－

1,069.5

43,165

1,965

41,200

Balance
Repayment
beforeAmountRepayment(JPY million)(JPY million)

Balanceafter
Repayment(JPY million)

0.79727%(Note 3)0.87900%(Note 2)

0.79727%(Note 3)

Jul. 16,
2028

Jul. 16,2027
Jul. 16,
2028

Term Loan (W)LenderBorrowing
Date

The Tokyo Star Bank,
Limited.

Jul. 20,2021(Note 1)

1,582

1,582

(Note 1)－

InterestRate(annual)0.54545%(Note 3)Maturity
Date

Borrowing
MethodJul. 20,2024

Unsecured/nonguaranteed

INV plans to allocate JPY 6,000 million from the funds procured from the issuance of the Invincible Investment
Corporation 11th series unsecured bonds (with pari passu conditions among investment corporation bonds)(nickname : INV Hotel Bonds) and cash on hand for the repayment in addition to the JPY 15,862 million from the New
Borrowing.

This English language notice is a translation of the Japanese-language notice released on July 11, 2024 and was prepared solely for the convenience of, and reference by,
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 are
given 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.

7

(Note 2) These are borrowings with floating interest rates, but the interest rates are fixed through interest rate swap agreements.
Therefore, the effective fixed rate is shown. For details of the interest swap agreements, please refer to the followingpress releases: “Notice concerning Execution of Interest Rate Swap Agreements” as well as “(Correction) Noticeconcerning Execution of Interest Rate Swap Agreements” dated July 17, 2019 for the New Syndicate Loan (L); “Noticeconcerning Debt Financing (Refinance) and Execution of Interest Rate Swap Agreement” dated July 11, 2019 for the
New Syndicate Loan (M); “Notice concerning Execution of Interest Rate Swap Agreements” dated December 20, 2023
as well as “Notice concerning Execution of Interest Rate Swap Agreements” dated May 31, 2024 for the New Syndicate
Loan (009); “Notice concerning Execution of Interest Rate Swap Agreements” dated December 20, 2023 for the New
Syndicate Loan (011).
(Note 3) The interest rate applicable as of July 11, 2024 is shown

5. Future outlook
The impact of the New Borrowing on financial results is minimal.
6. Other matters necessary for investors’ appropriate understanding/judgment of 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 2023 (from July 1, 2023 to
December 31, 2023) (available in Japanese only) filed on March 27, 2024.
Website of INV: https://www.invincible-inv.co.jp/en/

This English language notice is a translation of the Japanese-language notice released on July 11, 2024 and was prepared solely for the convenience of, and reference by,
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 are
given 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.

8[For reference only]■ Change in balance of interest-bearing liabilities (anticipated)(Unit：JPY million)

Total loans
Total investment
corporation bonds
Total interest-bearing liabilities(The amount excluding short-term
consumption tax loan)
Total appraisal value of assets
owned by INV (Note 1)
LTV (based on appraisal value)(Note 2) (%)

Before the New Borrowing(As of July 11, 2024)
250,254

After the New Borrowing(As of July 20, 2024)
243,872

Increase(Decrease)-6,382

20,90020,900－271,154(271,154)

264,772(264,772)-6,382(-6,382)629,696629,696

－

43.1

42.0

-1.1

(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’s
investment 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.

■ Lender formation after the New Borrowing (anticipated)(Total)JPY

264,772
millionMizuho Bank

21.8%

Fukuoka Bank

0.6%

MUFG

16.8%

Ogaki Kyoritsu Bank

0.4%

SMBC

16.5%

The Chiba Bank

0.4%

SMTB

14.4%

Kiraboshi Bank

0.4%

SBI Shinsei Bank

4.8%

Momiji Bank

0.4%

DBJ

4.3%

Yamaguchi Bank

0.4%

Tokyo Star Bank

3.3%

The Chukyo Bank

0.4%

Aozora Bank

2.0%

Tochigi Bank

0.3%

San ju San Bank

1.3%

Aeon Bank

0.2%

Nomura TB

1.0%

Kagawa Bank

0.2%

Shizuoka Bank

0.9%

Kiyo Bank

0.2%

Resona Bank

0.8%

Nishi-Nippon City Bank

0.6%

REIT Bond

7.9%

This English language notice is a translation of the Japanese-language notice released on July 11, 2024 and was prepared solely for the convenience of, and reference by,
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 are
given 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.

9