[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
July 14, 2021
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 a new loan agreement (the "New Borrowing") today in order to repay (i)the New Syndicate Loan (R) in the amount of JPY 27,429 million due on July 16, 2021, (ii) the borrowing
in the amount of JPY 9,660 million due on July 17, 2021, which is one of the tranches of the New Syndicate
Loan (I) with a total outstanding amount of JPY 28,979 million, (iii) the Term Loan (E) in the amount ofJPY 1,582 million due on July 20, 2021, (iv) the Term Loan (O) in the amount of JPY 666 million due on
July 20, 2021 and (v) the borrowing in the amount of JPY 2,359 million due on August 2, 2021, which isone of the tranches of the New Syndicate Loan (J) with a total outstanding amount of JPY 39,359 million.
(Note)For details of the borrowings to be repaid, please refer to “4. Details of loan to be repaid” below, as well as the followingpress releases: “Notice concerning Debt Financing (Refinance)” dated July 14, 2020 and “Notice concerning Prepaymentof Loans” dated January 20, 2021 for the New Syndicate Loan (R); “Notice concerning Debt Financing (Refinance)” dated
July 12, 2018 for the New Syndicate Loan (I); “Notice concerning Loan Transfer and New Loan” dated July 15, 2016 and“Notice concerning Prepayment of Loans” dated January 20, 2021 for the Term Loan (E); “Notice concerning Debt
Financing (Refinance)” dated July 16, 2020 and “Notice concerning Prepayment of Loans” dated January 20, 2021 forthe Term Loan (O); and “Notice concerning Debt Financing” dated July 17, 2018 and “Notice concerning Debt Financing(Execution of Loan Agreement)” dated July 31, 2018 for the New Syndicate Loan (J). Moreover, since the maturity date(July 17, 2021) of the New Syndicate Loan (I) is a non-business day, as per the provisions of the contract, the repayment
date will be adjusted to the following business day (July 19, 2021).

This English language notice is a translation of the Japanese-language notice released on July 14, 2021 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 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2. Details of the New Borrowing (anticipated)< New Syndicate Loan (V) >1-Year Loan
(1) Lender:

Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Shinsei Bank, Limited
Citibank, N.A., Tokyo Branch
Sumitomo Mitsui Trust Bank, Limited
Resona Bank, Limited(2) Borrowing amount(3) Interest rate, etc.
(4) Borrowing method:::

JPY 27,429 million
1-month JPY TIBOR (Base Rate) + spread (0.25000%)
Variable interest rate (Note)
Borrowing based on separate term loan agreement dated July 14,2021
Unsecured / with no guarantee(5) Agreement date:July 14, 2021

(6) Anticipated borrowing date:July 16, 2021

(7) Interest payment date:(i) The last Japanese business day of each month before theprincipal maturity date, beginning with July 30, 2021, and (ii) theprincipal maturity date

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:July 16, 2022:

Mizuho Bank, Ltd.

1-Year Loan
(1) Lender

MUFG Bank, Ltd.
Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Trust Bank, Limited
Shinsei Bank, Limited
Citibank, N.A., Tokyo Branch(2) Borrowing amount(3) Interest rate, etc.
(4) Borrowing method:::

JPY 9,660 million
1-month JPY TIBOR (Base Rate) + spread (0.25000%)
Variable interest rate (Note)
Borrowing based on separate term loan agreement dated July 14,2021
Unsecured / with no guarantee(5) Agreement date:July 14, 2021

(6) Anticipated borrowing date:July 19, 2021

(7) Interest payment date:(i) The last Japanese business day of each month before theprincipal maturity date, beginning with July 30, 2021, and (ii) theprincipal maturity date

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:July 16, 2022

This English language notice is a translation of the Japanese-language notice released on July 14, 2021 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 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

1-Year Loan
(1) Lender:

Development Bank of Japan, Inc.

(2) Borrowing amount:JPY 666 million(3) Interest rate, etc.
(4) Borrowing method::

1-month JPY TIBOR (Base Rate) + spread (0.25000%)
Variable interest rate (Note)
Borrowing based on separate term loan agreement dated July 14,2021
Unsecured / with no guarantee(5) Agreement date:July 14, 2021

(6) Anticipated borrowing date:July 20, 2021

(7) Interest payment date:(i) The last Japanese business day of each month before theprincipal maturity date, beginning with July 30, 2021, and (ii) theprincipal maturity date

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:July 16, 2022:

Mizuho Bank, Ltd.

1-Year Loan
(1) Lender

Sumitomo Mitsui Banking Corporation
MUFG Bank, Ltd.
Shinsei Bank, Limited
Citibank, N.A., Tokyo Branch(2) Borrowing amount(3) Interest rate, etc.
(4) Borrowing method:::

JPY 2,269 million
1-month JPY TIBOR (Base Rate) + spread (0.25000%)
Variable interest rate (Note)
Borrowing based on separate term loan agreement dated July 14,2021
Unsecured / with no guarantee(5) Agreement date:July 14, 2021

(6) Anticipated borrowing date:August 2, 2021

(7) Interest payment date:(i) The last Japanese business day of each month before theprincipal maturity date, beginning with August 31, 2021, and (ii)the principal maturity date

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:July 16, 2022

(1) Lender:

The Tokyo Star Bank, Limited(2) Borrowing amount:JPY 1,582 million< Term Loan (W) >3-Year Loan

(3) Interest rate, etc.

:

1-month JPY TIBOR (Base Rate) + spread (0.35000%)
Variable interest rate (Note)

This English language notice is a translation of the Japanese-language notice released on July 14, 2021 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(4) Borrowing method:

Borrowing based on separate term loan agreement dated July 14,2021
Unsecured / with no guarantee(5) Agreement date:July 14, 2021

(6) Anticipated borrowing date:July 20, 2021

(7) Interest payment date:(i) The last Japanese business day of each month before theprincipal maturity date, beginning with July 30, 2021, and (ii) theprincipal maturity date

(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:July 20, 2024

(Note)

・Base rate applicable to each interest calculation period for the interests to be paid on the relevant interestpayment 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’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 41,606 million(2) Use of proceeds
Together with cash on hand, the proceeds will be appropriated for the repayment of the New
Syndicate Loan (R), one of the tranches of the New Syndicate Loan (I), the Term Loan (E), theTerm Loan (O) and one of the tranches of the New Syndicate Loan (J).
(3) Scheduled timing of disbursement
July 16, 2021 for the repayment of the New Syndicate Loan (R)July 19, 2021 for the repayment of the New Syndicate Loan (I)July 20, 2021 for the repayment of the Term Loan (E) and the Term Loan (O)August 2, 2021 for the repayment of the New Syndicate Loan (J)This English language notice is a translation of the Japanese-language notice released on July 14, 2021 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 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 loan to be repaid
New Syndicate Loan (R)Borrowing
Date

LenderBalance
Repayment
beforeAmountRepayment(JPY million)(JPY million)

Balanceafter
Repayment(JPY million)

InterestRate(annual)

Maturity
Date

Borrowing
MethodJul. 16,2021

Unsecured/nonguaranteedMaturity
Date

Borrowing
MethodSumitomo MitsuiBanking Corporation
MUFG Bank, Ltd.
Mizuho Bank, Ltd.
Shinsei Bank, Limited
Citibank, N.A., Tokyo
BranchJul. 16,2020

27,42927,429－Balance
Repayment
beforeAmountRepayment(JPY million)(JPY million)

Balanceafter
Repayment(JPY million)

0.33545%(Note 1)

Sumitomo Mitsui Trust
Bank, Limited
Resona Bank, Limited

New Syndicate Loan (I)Borrowing
Date

LenderMizuho Bank, Ltd.

InterestRate(annual)0.38545%

9,660

9,660－

9,660－

9,660

0.48545%

Citibank, N.A., Tokyo
Branch9,659－9,659

0.58545%

Total

28,9799,660

19,319Balance
Repayment
beforeAmountRepayment(JPY million)(JPY million)

Balanceafter
Repayment(JPY million)

MUFG Bank, Ltd.
Sumitomo Mitsui
Banking Corporation
Sumitomo Mitsui Trust
Bank, Limited

Jul. 17,2018

Shinsei Bank, Limited(Note 1)

(Note 1)

(Note 1)

Jul. 17,2021
Jul. 17,2022

Unsecured/nonguaranteed

Jul. 14,2023

Term Loan (E)LenderBorrowing
Date

The Tokyo Star Bank,
LimitedJul. 20,
2016

1,582

1,582

－Interest
Rate(annual)

0.68545%(Note 1)Maturity
Date

Borrowing
MethodJul. 20,2021Unsecured/nonguaranteed

This English language notice is a translation of the Japanese-language notice released on July 14, 2021 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 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Term Loan (O)LenderBorrowing
Date

Development Bank ofJapan, Inc.

Jul. 20,
2020

Balance
Repayment
beforeAmountRepayment(JPY million)(JPY million)

666

Balanceafter
Repayment(JPY million)

666－Balance
Repayment
beforeAmountRepayment(JPY million)(JPY million)

Balanceafter
Repayment(JPY million)

InterestRate(annual)

0.33545%(Note 1)Maturity
Date

Borrowing
MethodJul. 20,2021

Unsecured/nonguaranteed

Maturity
Date

Borrowing
MethodNew Syndicate Loan (J)Borrowing
Date

LenderInterestRate(annual)Mizuho Bank, Ltd.
Sumitomo Mitsui
Banking Corporation
MUFG Bank, Ltd.
Shinsei Bank, Limited
Citibank, N.A., Tokyo
BranchAug. 2,
2018

2,359

2,359

(Note 2)－0.38545%(Note 1)

Aug. 2,
2021

The Nomura Trust andBanking Co., Ltd.
AEON Bank, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui
Banking Corporation

10,761－

10,7610.38545%

13,120－13,1200.48545%

13,119－13,1190.58545%

39,3592,359

37,000MUFG Bank, Ltd.

(Note 1)

Sep. 26,
2021

Unsecured/nonguaranteed

Sumitomo Mitsui Trust
Bank, Limited
Shinsei Bank, Limited
Citibank, N.A., TokyoBranch

Sep. 26,2018(Note 1)

Sep. 26,2022

Development Bank ofJapan, Inc.
Resona Bank, Limited
The Nomura Trust andBanking Co., Ltd.

(Note 1)

Sep. 26,
2023

AEON Bank, Ltd.
Total

(Note 1) The interest rate applicable as of July 14, 2021 is shown.
(Note 2) For repayment, INV plans to allocate JPY 90 million on hand in addition to the New Borrowing.

This English language notice is a translation of the Japanese-language notice released on July 14, 2021 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 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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 December 2020 (from July 1, 2020 toDecember 30, 2020) (available in Japanese only) filed on March 26, 2021.
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 14, 2021 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 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[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 July 14, 2021)
240,998

After the New Borrowing(As of August 2, 2021)
240,908Increase(Decrease)
-90

8,200

8,200－

249,198

249,108-90

547,633

547,633

－45.5

45.5

－(Note 1) Based on the 141 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 140 properties (excluding preferred equity interest in the TMK)
are based on figures stated in the appraisal reports on the valuation date of December 31, 2020. 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 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)

This English language notice is a translation of the Japanese-language notice released on July 14, 2021 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 aregiven regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the event of anydiscrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

8