October 27, 2011
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Shibatsuji, Executive Director
Nihon-bashi Nishikawa Bldg.
1-5-3 Nihon-bashi, Chuo-ku, Tokyo, Japan(Securities code: 8963)
URL: http://www.invincible-inv.co.jp/eng/
Asset Manager:
Consonant Investment Management Co., Ltd.
Naoki Shibatsuji, CEOContact: Michiko Ishibachi,Manager in charge of Investor Relations(Tel. +81-3-3272-7311)

Notice concerning Additional Debt Financing andRepayment of Borrowing and Determination of Interest Rate
Invincible Investment Corporation (INV) announces that it has today decided to conduct additional
debt financing and repayment of borrowing as stated below. In addition, INV announces that theapplicable interest rate for Term Loan (Syndicate A) (hereinafter, “Syndicated Loan A”) has been
determined today as follows.
1. About additional debt financing(1) Reason for additional debt financing
INV will conduct the additional debt financing (hereinafter, “Additional Borrowing”) for thepartial repayment (JPY 200 million each (Total: JPY 400 million)) both in Term Loan (ShinseiTrust A) (hereinafter, “Shinsei Trust Loan A”) and Term Loan (Shinsei Trust B) (hereinafter,“Shinsei Trust Loan B”) and for the allocation to cash on hand (JPY 500 million) (Note) for thepurpose of future external growth etc. (For the details of each loans, please refer to the press
releases titled “Notice concerning Debt Financing and Repayment of Borrowings, etc. (1)” and“Notice concerning Debt Financing and Repayment of Borrowings, etc. (2)” both dated July 15,
2011, “Notice concerning Execution of Loan Agreements on the New Borrowings andAmendment Loan Agreement regarding Changes of the Borrowing Terms on the Existing
Borrowing and Determination of Interest Rates” and “(Correction) Notice concerning
Execution of Loan Agreements on the New Borrowings and Amendment Loan Agreement
regarding Changes of the Borrowing Terms on the Existing Borrowing and Determination ofInterest Rates” both dated July 28, 2011).
(Note) The specific use of this cash on hand (JPY 500 million) will be disclosed as soon as it is determined.
Furthermore, the funds will be managed in INV’s bank account until payment is implemented.

1(2) Details of Additional Borrowing(a) Lender of additional borrowing:(b) Additional borrowing amount(c) Additional borrowing method::(d) Agreement date of additional borrowing(e) Additional borrowing date::

The Bank of New York Mellon Trust (Japan),Ltd. (Note )JPY 900 million
Borrowing based on the term loan agreement
dated July 27, 2011 after change by theamendment term loan agreement dated today(hereinafter, the “amendment agreement”)
October 27, 2011
October 31, 2011

(Note) The Bank of New York Mellon Trust (Japan), Ltd. is the trustee in the form of a specified money trust andPlatinum CRE Loan Investment Limited Partnership holds beneficiary interests for such trust.

Furthermore, the followings are details of Syndicate Loan A before and after the AdditionalBorrowing.
<Before Additional Borrowing>(a) Lenders(b) Borrowing amount(c) Interest rate, etc.
(d) Borrowing method(e) Borrowing date(f) Interest payment date(g) Principal repayment method(h) Principal repayment date(g) Partial repayment date of principal

Citibank Japan Ltd.
Shinsei Bank, LimitedThe Chuo Mitsui Trust and Banking Company,Limited
Resona Bank, Limited: JPY 10,100 million: 2.44000 % (July 29, 2011 to October 31, 2011)
Variable interest rate
: Borrowing based on the term loan agreement
dated July 27, 2011
Mortgage (Note) / non guarantee: July 29, 2011
: Last business day of every three months before
the principal repayment date, with October 31,
2011 set as the first payment date, and theprincipal repayment date
: Part of the principal (JPY 37.5 million) will be
repaid on the same day as the interest payment
date (every three months), and the rest will be
repaid in full on the principal repayment date
: July 29, 2014
: Same day as the above (f) Interest payment date:(Note) The first pledges was established on trust beneficiary interests in real estate for 19 properties (City House
Tokyo Shinbashi, Winbell Kagurazaka, Nishiwaseda Cresent Mansion, Lexington Square Akebonobashi,Casa Eremitaggio, Towa City Coop Shinotsuka II, Bichsel Musashiseki, Lexel Mansion Ueno Matsugaya,
Towa City Coop Sengencho, Royal Park Omachi, Lexington Square Haginomachi, Visconti Kakuozan,Lexington Square Daitabashi, Lexington Square Honjo Azumabashi, AMS TOWER Minami 6-Jo, Cross
Square NAKANO, Ohki Aoba Building, Lexington Plaza Hachiman and AEON TOWN Sukagawa (former
property name: Loc Town Sukagawa)), and the first mortgages was established on 2 properties (Shinjuku2Island and Stop Parking Kanda-Sudacho). In addition, in accordance with the term loan agreement dated
July 27, 2011, the first pledge was established on trust beneficiary interests in the trust assets for the loan
backed by trust assets to be granted by Prudential Mortgage Asset Holdings 1 Japan Investment
Business Limited Partnership (hereinafter, “Prudential LPS”) on the condition that full repayment of thecredit in the loan backed by trust assets or prior consent by Prudential LPS is required for the execution ofthe pledges.

<After Additional Borrowing> (Changed places only)(a) Lenders: Shinsei Bank, Limited
Citibank Japan Ltd.
The Chuo Mitsui Trust and Banking Company,
LimitedThe Bank of New York Mellon Trust (Japan), Ltd.
Resona Bank, Limited(b) Borrowing amount: JPY 10,962.5 million (Note 1)(c) Interest rate, etc.
: 2.43643 % (November 1, 2011 to January 31,2012)
Variable interest rate(d) Borrowing method: Borrowing based on the term loan agreement
dated July27, 2011 (including changes madethereafter)
Mortgage (Note 2) / non guarantee(Note 1)
(Note 2)

2.

The borrowing amount is the figure after Additional Borrowing (JPY 900 million) and partial repayment ofprincipal (JPY 37.5 million) in the form of scheduled repayment as of October 31, 2011.
There is no change made in the contents of mortgage.

Details of repayments(1) Partial repayment of principal of Shinsei Trust Loan A(a) Lender: Shinsei Trust & Banking Co., Ltd.
(b) Borrowing amount before:
JPY 7,300 million
repayment(c) Repayment amount: JPY 200 million(d) Borrowing amount after:
JPY 7,100 million
repayment(e) Source of repayment: Part (JPY 200 million) of the Additional Borrowing:
JPY 900 million(f) Interest rate etc.
: 8.5 %
Fixed interest rate(g) Borrowing method: Borrowing based on the term loan agreement dated
July 27, 2011(h) Partial repayment date of:October 31, 2011
principal(i) Repayment date of principal: January 30, 2015
(Note) As for the exit fees relating to Shinsei Trust Loan A (the amount obtained by multiplying the principal
amount by 15.0 %), at the beginning, INV intended to pay the exit fees in full in actual cash on the3

repayment date of principal (January 30, 2015), but because of the partial repayment above, part of theexit fees (JPY 30 million) will be paid on the partial repayment date of principal (October 31, 2011) byusing cash on hand.
Furthermore, for accounting purposes, the exit fees will be recorded as accounts payable and then offset
with earned surplus for the 17th Fiscal Period Ending December 31, 2011.
For the details of the exit fees, please refer to the press releases titled “Notice concerning Debt Financing
and Repayment of Borrowings, etc.(1)” and “Notice concerning Revision of Forecasted Financial Results
for the 16th Fiscal Period Ended June 2011 and concerning Forecasted Financial Results and Distribution
per Unit for the 17th Fiscal Period Ending December 2011” both dated July 15, 2011.

(2)

Partial repayment of principal of Shinsei Trust Loan B(a) Lender: Shinsei Trust & Banking Co., Ltd.
(b) Borrowing amount:JPY 2,900 million
before repayment(c) Repayment amount: JPY 200 million(d) Borrowing amount:JPY 2,672 million (Note 2)
after repayment(e) Source of repayment : Part (JPY 200 million) of the Additional Borrowing: JPY 900million(f) Interest rate etc.
: 9.5%
Fixed interest rate(g) Borrowing method: Borrowing based on the term loan agreement dated July 27,2011(h) Partial repayment:
October 31, 2011
date of principal(i) Repayment date of:January 30, 2015
principal(Note 1)

(Note 2)

As for the exit fees relating to Shinsei Trust Loan B (the amount obtained by multiplying the principal
amount by 15.0 %), at the beginning, INV intended to pay the exit fees in full in actual cash on therepayment date of principal (January 30, 2015) but because of the partial repayment above, part of theexit fees (JPY 30 million) will be paid on the partial repayment date of principal (October 31, 2011) byusing cash on hand.
Furthermore, for accounting purposes, the exit fees will be recorded as accounts payable and thenoffset with earned surplus for the 17th Fiscal Period Ending December 31, 2011.
For the details of the exit fees, please refer to the press releases titled “Notice concerning Debt
Financing and Repayment of Borrowings, etc.(2)” and “Notice concerning Revision of Forecasted
Financial Results for the 16th Fiscal Period Ended June 2011 and concerning Forecasted Financial
Results and Distribution per Unit for the 17th Fiscal Period Ending December 2011” both dated July 15,2011.
The borrowing amount after repayment is the figure after the above partial repayment of principal (JPY200 million) and the partial repayment (JPY 28 million) in the form of scheduled repayment as ofOctober 31, 2011.

3. Future Outlook
Since there is a minor impact to the performance on the forecast of results for the 17th Fiscal
Period Ending December 31, 2011 (July 1, 2011 to December 31, 2011) by this matter, nochange being made on the forecast of results for the 17th Fiscal Period Ending December 31,
2011 reported in the financial summary (Kessan-Tanshin).
44. Others: for appropriate understanding of investors
Regarding the risk involving the transfer, there is no important change which can cause bad
effects to the “Investment risks” description in the securities report for the Fiscal Period Ended
June 2011 (January 1, 2011 to June 30, 2011) which INV submitted on September 27, 2011 (inJapanese only).

Note: This English language notice is a translation of the Japanese language notice released on October27, 2011 and was prepared solely for the convenience of, and reference by, non-Japanese investors. No
warranties or assurance are given for its accuracy or completeness of this English translation.

<Reference>
Borrowing amount outstanding as of October 31, 2011
(Units: mn JPY, figures rounded down to a mn JPY)
Before repayment

After repayment

BalanceLong-term debt

31,30031,734434

Total debt

31,30031,734

434

49.1

49.5

0.3

Loan-to-Value (LTV) (%)(Note 1) (Note 2)(Note 1)
(Note 2)

(Note 3)

The figures after repayment are calculated including the partial repayments of principal of Syndicate Loan A and
Shinsei Trust Loan B as of October 31, 2011 in the form of the scheduled repayments.
LTV is calculated using the following formula:
LTV=Interest-bearing debt / (Interest-bearing debt + Unitholders’ capital (including retained earnings onunitholders’ capital)) x 100
Percentages are rounded down to the first decimal place.

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