March 29, 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 Change of Terms of Existing Borrowings
As disclosed in the press release titled “Notice concerning Cancel of Issuance of New Investment
Units by way of Third-Party Allotment and Withdrawal of Security Registration Statement” as ofMarch 23, 2011, Invincible Investment Corporation (“INV”) decided to cancel the issuance of new
investment units by way of third-party allotment and has carried out discussions and negotiations
with the existing lenders to extend the maturity dates of all borrowings of INV’s.
As a result, INV
and the existing lenders have just reached agreements and INV announces today that it has
decided to change part of terms of the existing borrowings as follows.

1. Reasons of change
Based on agreement with the existing lenders, INV has decided to change the part of terms ofborrowings; “Term loan (Shinsei Trust & Banking Co., Ltd.)” (Borrowing based on term loan
agreement (including changes made thereafter) as of March 28, 2007 (the “Securitized Loan”)),“Term loan”, “24 individual credit loan” and “Term loan (D)” disclosed in the press release titled“Notice concerning Change of Terms of Existing Borrowings” dated December 28, 2010.
Details are as follows.

2. Details of borrowings(1) Securitized Loan
Before changea. Lenderb. Borrowing amountc. Interest rate etc.

: Shinsei Trust & Banking Co., Ltd. (Note 1): JPY 16,800 million (Note 2): 3.63375 % (from March 1, 2011 to March 31, 2011)
Variable1

d. Method of borrowings

e. Borrowing datef. Interest payment dateg. Method of repayment
h. Maturity date
(Note 1)

(Note 2)

:Borrowing based on term loan agreement (includingchanges made thereafter) as of March 28, 2007
Mortgage / non guarantee: March 30, 2007
: December 30, 2010, February 28, 2011 and the maturity
date: The borrowing is repaid in full on the maturity date: March 31, 2011

Since loan credit based on the term loan agreement with the former lender, UBS Securities
Japan Ltd., was transferred of trust to Shinsei Trust & Banking Co., Ltd. as of September
21, 2007, the lender of this loan is now Shinsei Trust & Banking Co., Ltd.
JPY 200 million out of this borrowing: JPY 25,800 million was repaid as of August 27, 2007
in accordance with the term loan agreement. Also, JPY 3,440 million of this borrowing
was repaid as of March 25, 2010 as disclosed in the press release titled “Noticeconcerning Repayment of Part of Borrowings” dated March 25, 2010. Furthermore, JPY
5,360 million was repaid as of March 31, 2010 as disclosed in the press release titled“Notice concerning Repayment of Part of Borrowings” dated March 31, 2010.
The “Borrowing amount” above is the figure after these repayments.

After change (only places changed)c. Interest rate etc.
: 2 month JPY LIBOR + 3.5 % (from April 1, 2011 to May 31,2011)
1 month JPY LIBOR + 3.5 % (from June 1, 2011 to June30, 2011)
Interest rate will be announced when decided.
f. Interest payment date : March 31, 2011, May 31, 2011 and the maturity dateh. Maturity date
: June 30, 2011
(2) Term loan
Before changea. Lenderb. Borrowing amountc. Interest rate etc.
d. Method of borrowings

e. Borrowing datef. Interest payment date:Aozora bank, Ltd. (agent)
Tokio Marine & Nichido Fire Insurance Co., Ltd.
Resona Bank, Ltd.
THE NISHI-NIPPON CITY BANK, LTD.
The Musashino Bank, Ltd.
Shinsei Bank, Limited
The Chuo Mitsui Trust and Banking Company, Limited: JPY 11,143 million (Note 1): 2.68000 % (from March 1, 2011 to March 31, 2011)
Variable: Borrowing based on term loan agreement (includingchanges made thereafter) as of November 19, 2009
Mortgage / non guarantee: November 24, 2009
: The first interest repayment date is December 30, 2009
and from this point forward until the maturity date, last2

g. Method of repaymentbusiness dates of every month and the maturity date are
the interest payment dates: Part of borrowing (JPY 35 million (however, March 30,
2010: JPY 31 million, April 30, 2010 and onwards(including April 30, 2010): JPY 29 million)) was repaid, andthe rest of borrowing is repaid in full on the maturity date
(Note 2)h. Maturity date: March 31, 2011
i. Maturity date of partial : The first maturity date of partial repayment is December
repayment
30, 2009 and from this point forward until February 28,
2011 (including February 28, 2011), last business dates ofevery month are the interest payment dates(Note 1)

(Note 2)

Regarding “term loan” above, part of borrowing was repaid on each of the maturity date ofpartial repayment.
JPY 35 million each: December 30, 2009, January 29, 2010 and February 26, 2010
JPY 31 million: March 30, 2010
JPY 29 million each: April 30, 2010, May 31, 2010, June 30, 2010, July 30, 2010, August
31, 2010, September 30, 2010, October 29, 2010, November 30, 2010 and December 30,2010.
Furthermore, based on the term changed below as of March 31, 2011, partial borrowing(JPY 29 million) is scheduled to be repaid on March 31, 2011.
The “Borrowing amount” above is the figure after these repayments as of March 31, 2011
and the figure is rounded down to the indicated unit.
Based on the term changed below, the amounts of the partial repayments from March 31,
2011 are expectations as of today and may decrease due to the term loan agreement.

After change (only places changed)c. Interest rate etc.
: 2.68000 % (from April 1, 2011 to April 28, 2011)
Variableh. Maturity date
: June 30, 2011 (Note)i. Maturity date of partial : The first maturity date of partial repayment is December
repayment
30, 2009 and from this point forward until May 31, 2011
(including May 31, 2011), last business dates of every
month are the interest payment dates(Note)

Based on the term changed above, the maturity date of “Term loan” was extended to June30, 2011, however, as disclosed in the press release titled “Notice concerning Possible
Cause for Forfeiture of Benefit of Time” dated January 4, 2011 and as announced in thefinancial summary (Kessan-Tanshin) dated February 24, 2011, the event of default, upon
lenders’ request at the instructions of a majority of lenders for “Term loan“, was continuouslyestablished.

(3) 24 individual credit loan
Before changea. Lenderb. Borrowing amountc. Interest rate etc.
d. Method of borrowings: Aozora bank, Ltd. (agent): JPY 3,636 million (Note 1): 2.68000 % (from March 1, 2011 to March 31, 2011)
Variable: Borrowing based on term loan individual agreement (243e. Borrowing datef. Interest payment date::g. Method of repayment:

h. Maturity datei. Maturity date of partial
repayment::(Note 1)

(Note 2)individual credit loan) (including changes made thereafter)with the lender above "a." as of November 19, 2009, inaccordance with term loan master agreement as ofNovember 19, 2009
Mortgage / non guarantee
November 24, 2009
The first interest repayment date is December 30, 2009
and from this point forward until the maturity date, lastbusiness dates of every month and the maturity date are
the interest payment dates
Part of borrowing (JPY 9.5 million) is repaid on thematurity date of partial repayment and the rest ofborrowing is repaid in full on the maturity date (Note 2)
March 31, 2011
The first maturity date of partial repayment is December30, 2009 and from this point forward until February 28,
2011 (including February 28, 2011), last business dates ofevery month are the interest payment dates

Regarding “24 individual credit loan”, part of borrowing (JPY 9.5 million each) was repaid
on the maturity dates of partial repayments above.
Furthermore, based on the term changed below as of March 31, 2011, partial borrowing(JPY 9.5 million) is scheduled to be repaid on March 31, 2011.
The “Borrowing amount” above is the figure after these repayments as of December 30,
2010 and the figure is rounded down to the indicated unit.
Based on the term changed below, the amounts of the partial repayments from March 31,
2011 are expectations as of today and may decrease due to the term loan agreement.

After change (only places changed)c. Interest rate etc.
: 2.68000 % (from April 1, 2011 to April 28, 2011)
Variableh. Maturity date
: June 30, 2011 (Note)i. Maturity date of partial: The first maturity date of partial repayment is December
30, 2009 and from this point forward until February 28,
repayment
2011 (including February 28, 2011), last business dates ofevery month are the interest payment dates(Note)

Based on the term changed above, the maturity date of “24 individual credit loan” wasextended to June 30, 2011, however, as disclosed in the press release titled “Noticeconcerning Possible Cause for Forfeiture of Benefit of Time” dated January 4, 2011 and asannounced in the financial summary (Kessan-Tanshin) dated February 24, 2011, the eventof default, upon lenders’ request at the instructions of a majority of lenders for “24 individual
credit loan“, was continuously established.

4(4) Term loan (D)Before changea. Lender:b. Borrowing amountc. Interest rate etc.

::

d. Method of borrowings:

e. Borrowing datef. Interest payment date::g. Method of repayment:

h. Maturity date:i. Maturity date of partial :repayment(Note)The Chuo Mitsui Trust and Banking Company, LimitedAozora Bank, Ltd.
Resona Bank, Ltd.
Mitsubishi UFJ Trust and Banking Corporation
The Musashino Bank, Ltd.
JPY 11,200 million (Note)
1.68000 % (from March 1, 2011 to March 31, 2011)
Variable
Borrowing based on term loan agreement (D) as ofFebruary 1, 2010 (including changes made thereafter)
Mortgage / non guarantee
February 3, 2010
The first interest repayment date is March 3, 2010 andfrom this point forward until the maturity date, lastbusiness dates of every month and the maturity date are
the interest payment dates
Part of borrowing (JPY 23 million) is repaid on the maturity
date of partial repayment and the rest of borrowing isrepaid in full on the maturity date
March 31, 2011
The first maturity date of partial repayment is March 30,
2010 and from this point forward until February 28, 2011
(including February 28, 2011), last business dates ofevery month are the interest payment dates

Regarding “Term loan (D)”, part of borrowing (JPY 23 million each) was repaid on theMaturity dates of partial repayments above.
Furthermore, based on the term changed below as ofMarch 31, 2011, partial borrowing(JPY 23.01 million) is scheduled to be repaid on March 31, 2011.
The “Borrowing amount” above is the figure after these repayments as of March 31, 2011
and the figure is rounded down to the indicated unit.

After change (only places changed)c. Interest rate etc.
: 1.68000 % (from April 1, 2011 to April 28, 2011)
Variableh. Maturity date: June 30, 2011 (Note)i. Maturity date of partial : The first maturity date of partial repayment is March 30,repayment
2010 and from this point forward until March 31, 2011
(including March 31, 2011), last business dates of every
month are the interest payment dates(Note)

Based on the term changed above, the maturity date of “Term loan (D)” was extended toJune 30, 2011, however, as disclosed in the press release titled “Notice concerning Possible
Cause for Forfeiture of Benefit of Time” dated January 4, 2011 and as announced in thefinancial summary (Kessan-Tanshin) dated February 24, 2011, the event of default, uponlenders’ request at the instructions of a majority of lenders for “Term loan (D)“, wascontinuously constituted.

5

3. Future outlook
No impact is being made to the outlook on performance for the fiscal period ending June 2011
(January 1, 2011 to June 30, 2011).

4. Others: for appropriate understanding of investors
Regarding the loan repayment risk, please refer to “(3) Investment Risks” in the financialsummary (Kessan-Tanshin) dated February 24, 2011, as well as to the description of“Investment risks” in the latest securities report (submitted on March 30, 2010) and thesemi-annual report (submitted on September 29, 2010).

5. About future policy
With the realization of this change, the maturity dates of the existing borrowings will be extended
to the end of June, 2011. For the urgent material business issues of INV including theimprovement in its financial status, INV continues to work on “Borrowings from new lenders”,“Repayments of borrowings to the existing lenders”, “Improvement in its borrowing conditions”,“Execution of other capital policies etc.” and “Improvement in its earnings etc.”
An announcement will be made when it has been decided.

[For reference]
Borrowing amount outstanding after the repayment as of March 31, 2011
(Units: mn JPY, figures rounded down to a mn JPY)

Before repayment

After repayment

Short-term debt

26,042

25,980Long-term debt to be
repaid within one year

16,80016,800Long-term debt
Total debt
(Note)－－
42,842

Balance-61－－

42,780-61

Amounts in “After repayment” above are the figures after partial repayments of the borrowings:“Termloan”, “24 individual credit loan” and “Term loan (D)” as of March 31, 2011.

Note: This English language notice is a translation of the Japanese language notice released on March
29, 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.

6