[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
November 25, 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 theTerm Loan (G) due on November 29, 2021.
(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” dated May 25, 2017, “Notice concerning Loan Transfer” dated
November 21, 2017 and “Notice concerning Prepayment of Loans” dated January 20, 2021.

2. Details of the New Borrowing (anticipated)< Term Loan (Z) >1-Year Loan
(1) Lender:

Mizuho Bank, Ltd.

(2) Borrowing amount:JPY 4,321 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
November 25, 2021
Unsecured / with no guarantee(5) Agreement date:November 25, 2021

(6) Anticipated borrowing date:November 29, 2021

(7) Interest payment date:(i) The last Japanese business day of each month before theprincipal maturity date, beginning with December 31, 2021, and(ii) the principal maturity dateThis English language notice is a translation of the Japanese-language notice released on November 25, 2021 and was prepared solely for the convenience of, andreference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions basedon their own 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(8) Principal repayment method:

Lump-sum repayment on the principal maturity date

(9) Principal maturity date:November 29, 2022

(Note)

・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 twoJapanese business days prior to the immediately preceding interest payment date (in case of the initialinterest 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 4,321 million(2) Use of proceeds
Together with cash on hand, the proceeds will be appropriated for the repayment of the TermLoan (G)(3) Scheduled timing of disbursement
November 29, 2021
4. Details of loan to be repaid
Term Loan (G)LenderBorrowing
Date

Balance
Repayment
beforeAmountRepayment(JPY million)(JPY million)

Balanceafter
Repayment(JPY million)

InterestRate(annual)Maturity
Date

Borrowing
MethodNov. 29,2021

Unsecured/nonguaranteed

Mizuho Bank, Ltd.
The Dai-ichi Life
Insurance Company,
LimitedMay 29,
2017

7,164

7,164

(Note 1)－0.62545%(Note 2)

(Note 1) For repayment, INV plans to allocate JPY 2,843 million of cash on hand in addition to the New Borrowing.
(Note 2) The interest rate applicable as of November 25, 2021 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 June 2021 (from January 1, 2021 to June30, 2021) (available in Japanese only) filed on September 24, 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 November 25, 2021 and was prepared solely for the convenience of, andreference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions basedon their own 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.

2[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 November 25, 2021)
240,158

After the New Borrowing(As of November 29, 2021)
237,315

Increase(Decrease)-2,843

8,200

8,200

－

248,358

245,515-2,843546,687546,687

－

45.4

44.9

-0.5

(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 June 30, 2021. For the preferred equity interestin the TMK which holds Sheraton Grande Tokyo Bay Hotel as an underlying asset, the acquisition price (INV’s investmentamount) of such preferred equity interest, JPY 17,845 million, is deemed as the appraisal value. For the appraisal value ofoverseas real estate assets, the exchange rate of 1 USD = 110.45 JPY is used under the foreign exchange forward enteredinto 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 November 25, 2021 and was prepared solely for the convenience of, andreference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions basedon their own 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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