[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
March 12, 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 with Green Loan and Others)
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 7,114 million of new loan agreements in total (the "New Borrowing")
today in order to repay the existing borrowings totaling the same amount.

A portion of the New Borrowing

will be executed as a green loan based on the Green Finance Framework (Note 1) established in August2023.
(Note 1) For the details of the green finance framework, please refer to the INV’s website below.
https://www.invincible-inv.co.jp/en/upd/framework_202308_ENG.pdf

2. Details of the New Borrowing (anticipated)< New Syndicate Loan (013) >6-Year Loan (green loan)(1) Lenders:

Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui Trust Bank, LimitedDevelopment Bank of Japan, Inc.

(2) Borrowing amount:JPY 1,029 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 March12, 2024
Unsecured / with no guarantee
March 12, 2024

(6) Anticipated borrowing date:

March 14, 2024

This English language notice is a translation of the Japanese-language notice released on March 12, 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.

1(7) Interest payment date:(i) The last Japanese business day of March, June, September,and December before the principal maturity date, beginning with
March 31, 2024, and (ii) the principal maturity date

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:

March 14, 2030

(1) Lenders:

The Nomura Trust and Banking Co., Ltd.

(2) Borrowing amount:JPY 350 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 March12, 2024
Unsecured / with no guarantee
March 12, 2024

(6) Anticipated borrowing date:

March 14, 2024

(7) Interest payment date:(i) The last Japanese business day of March, June, September,and December before the principal maturity date, beginning with
March 31, 2024, and (ii) the principal maturity date

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:

March 14, 2029

(1) Lenders:

Aozora Bank, Ltd.
The Tochigi Bank, Ltd.

(2) Borrowing amount:JPY 1,401 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 March12, 2024
Unsecured / with no guarantee
March 12, 2024

(6) Anticipated borrowing date:

March 29, 2024

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

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:

March 14, 2029

(1) Lenders:

The Nomura Trust and Banking Co., Ltd.

(2) Borrowing amount:JPY 350million(3) Interest rate, etc.

:

3-month JPY TIBOR (Base Rate) + spread (0.400%)
Floating interest rate (Note 1)

5-Year Loan

5-Year Loan

4-Year Loan

This English language notice is a translation of the Japanese-language notice released on March 12, 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(4) Borrowing method:(5) Agreement date:

Borrowing based on separate term loan agreement dated March12, 2024
Unsecured / with no guarantee
March 12, 2024

(6) Anticipated borrowing date:

March 14, 2024

(7) Interest payment date:(i) The last Japanese business day of March, June, September,and December before the principal maturity date, beginning with
March 31, 2024, and (ii) the principal maturity date

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:

March 14, 2028

(1) Lenders:

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

(2) Borrowing amount:JPY 1,746 million(3) Interest rate, etc.

:

3-month JPY TIBOR (Base Rate) + spread (0.300%)
Floating interest rate (Note 1)(4) Borrowing method:(5) Agreement date:

Borrowing based on separate term loan agreement dated March12, 2024
Unsecured / with no guarantee
March 12, 2024

(6) Anticipated borrowing date:

March 14, 2024

(7) Interest payment date:(i) The last Japanese business day of March, June, September,and December before the principal maturity date, beginning with
March 31, 2024, and (ii) the principal maturity date

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:

March 14, 2027

(1) Lender:

Aozora Bank, Ltd.
The Nishi-Nippon City Bank, Ltd.

(2) Borrowing amount:JPY 1,000 million(3) Interest rate, etc.

:

3-month JPY TIBOR (Base Rate) + spread (0.300%)
Floating interest rate (Note 1)(4) Borrowing method:(5) Agreement date:

Borrowing based on separate term loan agreement dated March12, 2024
Unsecured / with no guarantee
March 12, 2024

(6) Anticipated borrowing date:

March 29, 2024

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

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:

March 14, 2027

3-Year Loan

3-Year Loan

This English language notice is a translation of the Japanese-language notice released on March 12, 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.

32-Year Loan
(1) Lender:

The Shizuoka Bank, Ltd.
The Bank of Fukuoka, Ltd.

(2) Borrowing amount:JPY 1,238 million(3) Interest rate, etc.

:

3-month JPY TIBOR (Base Rate) + spread (0.200%)
Floating interest rate (Note 1)(4) Borrowing method:(5) Agreement date:

Borrowing based on separate term loan agreement dated March12, 2024
Unsecured / with no guarantee
March 12, 2024

(6) Anticipated borrowing date:

March 14, 2024

(7) Interest payment date:(i) The last Japanese business day of March, June, September,and December before the principal maturity date, beginning with
March 31, 2024, and (ii) the principal maturity date

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:

March 14, 2026

(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).

3. Loan proceeds, use of proceeds and scheduled timing of disbursement(1) Loan proceeds
JPY 7,114 million(2) Use of proceeds
The proceeds will be used for the repayment of a portion of the New Syndicate Loan (007) and aportion of the New Syndicate Loan (K).
Of the loan proceeds, the 6-Year Loan tranche of the New Syndicate Loan (013) will be procured
as a green loan which will be used to repay the borrowing (including the refinance executedonwards) for the acquisition of Hotel Epinard Nasu (rated three stars “ ★ ★ ★ ” in BELScertification), a green building which satisfies the eligible criteria of the Green Finance Framework.
(3) Scheduled timing of disbursement
March 14, 2024 for the repayment of a portion of the New Syndicate Loan (007)
March 29, 2024 for the repayment of a portion of the New Syndicate Loan (K)This English language notice is a translation of the Japanese-language notice released on March 12, 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.

44. Details of loans to be repaid
New Syndicate Loan (007)

Lenders

Borrowing
Date

Balance
Repayment
beforeAmountRepayment(JPY million)(JPY million)

Balanceafter
Repayment(JPY million)

4,519－Mizuho Bank, Ltd.
MUFG Bank, Ltd.
Sumitomo Mitsui Trust
Bank, Limited
SBI Shinsei Bank,
LimitedMar. 14,Development Bank of2023
Japan, Inc.
The Nomura Trust andBanking Co., Ltd.
The Shizuoka Bank, Ltd.
The Bank of Fukuoka,
Ltd.

4,519

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

Mar. 14,2023

7,521－

7,521

MUFG Bank, Ltd.
The Chiba Bank, Ltd.

Mar. 16,2023

1,746

－

1,746

MUFG Bank, Ltd.
Sumitomo Mitsui Trust
Bank, Limited

Mar. 16,2023

194

194

－

13,980

4,713

9,267

Balance
Repayment
beforeAmountRepayment(JPY million)(JPY million)

Balanceafter
Repayment(JPY million)

2,401

－

Total

InterestRate(annual)

0.30455%(Note 1)Maturity
Date

Borrowing
MethodMar. 14,2024

Unsecured/nonguaranteed
0.71200%(Note 2)0.70700%(Note 2)0.30455%(Note 1)Mar. 14,2026

Mar. 14,2026
Mar. 14,2024

New Syndicate Loan (K)Lenders

Aozora Bank, Ltd.
The Nishi-Nippon City
Bank, Ltd.
The Tochigi Bank, Ltd.

Borrowing
Date

2,401

InterestRate(annual)0.59400%(Note 2)

Maturity
DateMar. 29,2024

Mar. 29,2019

Kiraboshi Bank, Ltd.

961

－961

Total

3,362

2,401

961

0.85455%(Note 1)Mar. 29,
2029

Borrowing
MethodUnsecured/nonguaranteed(Note 1) The interest rate applicable as of March 12, 2024 is shown

This English language notice is a translation of the Japanese-language notice released on March 12, 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.

5(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” dated December 20, 2023 for theNew Syndicate Loan (007); “Notice concerning Execution of Interest Rate Swap Agreements” dated March 27, 2019 for
the New Syndicate Loan (K).

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 “InvestmentRisks” stated in the securities report for the fiscal period ended June 2023 (from January 1, 2023 to June30, 2023) (available in Japanese only) filed on September 26, 2023.
Website of INV: https://www.invincible-inv.co.jp/en/[For reference only]■ Change in balance of interest-bearing liabilities (anticipated)(Unit：JPY million)

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) (%)

Before the New Borrowing(As of March 12, 2024)
253,340

After the New Borrowing(As of March 29, 2024)
253,340

Increase(Decrease)－－

20,90020,900274,240

274,240－

629,696629,696

－

43.1

43.1

－

(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’sinvestment amount) of such preferred equity interest, JPY 17,845 million, is deemed as the appraisal value. For the appraisalvalue 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.

This English language notice is a translation of the Japanese-language notice released on March 12, 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.

6

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

274,240
millionMizuho Bank

21.4%

Nishi-Nippon City Bank

0.5%

MUFG

16.5%

Fukuoka Bank

0.5%

SMBC

16.2%

Ogaki Kyoritsu Bank0.4%

SMTB

14.2%

The Chiba Bank

0.4%

SBI Shinsei Bank

4.6%

Kiraboshi Bank

0.4%

DBJ

4.2%

Momiji Bank

0.4%

Tokyo Star Bank

3.8%

Yamaguchi Bank

0.4%

Aozora Bank

1.9%

The Chukyo Bank

0.4%

Resona Bank

1.8%

Tochigi Bank

0.3%

San ju San Bank

1.2%

Aeon Bank

0.3%

Nomura TB

0.9%

Kagawa Bank

0.2%

Shizuoka Bank

0.8%

Kiyo Bank

0.2%

Citibank

0.5%

REIT Bond

7.6%

This English language notice is a translation of the Japanese-language notice released on March 12, 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.

7