Invincible Investment : Notice concerning Debt Financing

[For Information Purpose Only.

The Japanese language press release should be referred to as the original.]

September 21, 2017

To All Concerned Parties

Name of REIT Issuer:

Invincible Investment Corporation Name of representative:

Naoki Fukuda, Executive Director Roppongi Hills Mori Tower

6-10-1 Roppongi, Minato-ku, Tokyo, Japan (Securities code:8963)

Asset manager:

Consonant Investment Management Co., Ltd. Naoki Fukuda, CEO

Contact: Jun Komo

General Manager of Planning Department (Tel. +81-3-5411-2731)

Invincible Investment Corporation ("INV") has determined to obtain new debt financing. Details are as follows.

1. Reason for Borrowing

   INV has decided to execute and has executed an agreement for new borrowings (the "Borrowing") in order to pay a portion of the acquisition price and related expenses of four hotel properties (in the form of trust beneficiary interests) (the "Four Hotels") (Note) scheduled to be acquired on October 13, 2017.

   The Borrowing is borrowed from a syndicate of lenders arranged by Mizuho Bank, Ltd. as an arranger and Sumitomo Mitsui Banking Corporation as a co-arranger. INV continues to be supported by the existing lenders and the solid bank formation will be further strengthened by the 22 existing lenders.

   (Note) For details on the acquisition of the Four Hotels, please refer to the press release entitled "Notice concerning Acquisition of Assets and Entering into Leasing Contract" as of today.

2. Details of the Borrowing (anticipated)

   7 Years Tranche

3. Lenders : Mizuho Bank, Ltd., Sumitomo Mitsui Trust Bank, Limited and Sumitomo Mitsui Banking Corporation

4. Borrowing amount : JPY 3,560 million

5. Interest rate, etc. : 1-month JPY TIBOR (Base Rate) + spread (0.80%)

   (Only in first calculation period, 2-month JPY TIBOR (Base Rate) + spread (0.80%)) (Note1)

   Variable interest rate

6. Borrowing method : Borrowing based on separate term loan agreement dated

   September 21, 2017 Unsecured / with no guarantee

7. Agreement date : September 21, 2017

8. Anticipated borrowing date : October 13, 2017

9. Interest payment date : (1) The last Japanese business day of each month before the

   principal maturity date, beginning with November 30, 2017, and

   (2) the principal maturity date

10. Principal repayment method : Lump-sum repayment on the principal maturity date

11. Principal maturity date : October 11, 2024

6 Years Tranche

1. Lenders : Mizuho Bank, Ltd., Sumitomo Mitsui Trust Bank, Limited and Sumitomo Mitsui Banking Corporation

2. Borrowing amount : JPY 3,565 million

3. Interest rate, etc. : 1-month JPY TIBOR (Base Rate) + spread (0.70%)

   (Only in first calculation period, 2-month JPY TIBOR (Base Rate) + spread (0.70%)) (Note 1)

   Variable interest rate

4. Borrowing method : Borrowing based on separate term loan agreement dated

   September 21, 2017 Unsecured / with no guarantee

5. Agreement date : September 21, 2017

6. Anticipated borrowing date : October 13, 2017

7. Interest payment date : (1) The last Japanese business day of each month before the

   principal maturity date, beginning with November 30, 2017, and

   (2) the principal maturity date

8. Principal repayment method : Lump-sum repayment on the principal maturity date

9. Principal maturity date : October 13, 2023

5 years Tranche

1. Lenders : Mizuho Bank, Ltd., Sumitomo Mitsui Trust Bank, Limited, Sumitomo Mitsui Banking Corporation, Shinsei Bank, Limited, Citibank, N.A.,Tokyo Branch, Resona Bank, Limited, Development Bank of Japan Inc., The Bank of Fukuoka, Ltd., AEON Bank, Ltd., The Nomura Trust and Banking Co., Ltd., The Hiroshima Bank, Ltd. and The Dai-ichi Life Insurance Company,

   Limited

2. Borrowing amount : JPY 5,365 million

3. Interest rate, etc. : 1-month JPY TIBOR (Base Rate) + spread (0.60%)

   (Only in first calculation period, 2-month JPY TIBOR (Base Rate) + spread (0.60%)) (Note 1)

   Variable interest rate

4. Borrowing method : Borrowing based on separate term loan agreement dated

   September 21, 2017 Unsecured / with no guarantee

5. Agreement date : September 21, 2017

6. Anticipated borrowing date : October 13, 2017

7. Interest payment date : (1) The last Japanese business day of each month before the

   principal maturity date, beginning with November 30, 2017, and

   (2) the principal maturity date

8. Principal repayment method : Lump-sum repayment on the principal maturity date

9. Principal maturity date : October 13, 2022

4 Years Tranche

1. Lender : Shinsei Bank, Limited, Citibank, N.A.,Tokyo Branch, Resona Bank, Limited, The Bank of Fukuoka, Ltd., AEON Bank, Ltd., The Nomura Trust and Banking Co., Ltd. and The Hiroshima Bank, Ltd.

2. Borrowing amount : JPY 1,867 million

3. Interest rate, etc. : 1-month JPY TIBOR (Base Rate) + spread (0.40%)

   (Only in first calculation period, 2-month JPY TIBOR (Base Rate) + spread (0.40%)) (Note 1)

   Variable interest rate

4. Borrowing method : Borrowing based on separate term loan agreement dated

   September 21, 2017 Unsecured / with no guarantee

5. Agreement date : September 21, 2017

6. Anticipated borrowing date : October 13, 2017

7. Interest payment date : (1) The last Japanese business day of each month before the

   principal maturity date, beginning with November 30, 2017, and

   (2) the principal maturity date

8. Principal repayment method : Lump-sum repayment on the principal maturity date

9. Principal maturity date : October 13, 2021

3 Years Tranche

1. Lender : Shinsei Bank, Limited, Citibank, N.A.,Tokyo Branch, Resona Bank, Limited, The Bank of Fukuoka, Ltd., AEON Bank, Ltd., The Nomura Trust and Banking Co., Ltd. and The Hiroshima Bank, Ltd.

2. Borrowing amount : JPY 1,868 million

3. Interest rate, etc. : 1-month JPY TIBOR (Base Rate) + spread (0.30%)

   (Only in first calculation period, 2-month JPY TIBOR (Base Rate) + spread (0.30%)) (Note 1)

   Variable interest rate

4. Borrowing method : Borrowing based on separate term loan agreement dated

   September 21, 2017 Unsecured / with no guarantee

5. Agreement date : September 21, 2017

6. Anticipated borrowing date : October 13, 2017

7. Interest payment date : (1) The last Japanese business day of each month before the

   principal maturity date, beginning with November 30, 2017, and

   (2) the principal maturity date

8. Principal repayment method : Lump-sum repayment on the principal maturity date

9. Principal maturity date : October 13, 2020

2 Years Tranche

1. Lender : Mizuho Bank, Ltd. and Sumitomo Mitsui Banking Corporation

2. Borrowing amount : JPY 3,700 million

3. Interest rate, etc. : 1-month JPY TIBOR (Base Rate) + spread (0.25%)

   (Only in first calculation period, 2-month JPY TIBOR (Base Rate) + spread (0.25%)) (Note 1)

   Variable interest rate

4. Borrowing method : Borrowing based on separate term loan agreement dated

   September 21, 2017 Unsecured / with no guarantee

5. Agreement date : September 21, 2017

6. Anticipated borrowing date : October 13, 2017

7. Interest payment date : (1) The last Japanese business day of each month before the

   principal maturity date, beginning with November 30, 2017, and

   (2) the principal maturity date

8. Principal repayment method : Lump-sum repayment on the principal maturity date

9. Principal maturity date : October 13, 2019