[For Information Purpose Only.

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

September 22, 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 refinance existing 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 borrowing in the amount of JPY 10,761 million due on September 26, 2021, which is one of the tranches of the New Syndicate Loan (J) with a total outstanding amount of JPY 37,000 million, (ii) the borrowing in the amount of JPY 1,867 million due on October 13, 2021, which is one of the tranches of the New Syndicate Loan (H) with a total outstanding amount of JPY 14,357 million, (iii) the New Syndicate Loan (S) in the amount of JPY 1,539.5 million due on October 13, 2021, and (iv) the Term Loan (Q) in the amount of JPY 328.5 million due on October 13, 2021.

At the time of the New Borrowing (Refinance), INV intends to reduce interest-bearing debt by JPY 750 million and maintain an appropriate LTV ratio, using a part of the sales proceeds of the one retail facility sold on July 2, 2021. In addition, INV will borrow the New Syndicate Loan (X) from the major lenders of INV.

(Note)

For details of the borrowings to be repaid, please refer to "4. Details of loan to be repaid" below, as well as the following

press releases: "Notice concerning Debt Financing" dated July 17, 2018, "Notice concerning Debt Financing (Execution

of Loan Agreement)" dated July 31, 2018, "Notice concerning Debt Financing (Partial Amendments to the Loan

Agreement)" dated September 10, 2018 and "Notice concerning Prepayment of Loan" dated May 31, 2019 for the New

Syndicate Loan (J); "Notice concerning Debt Financing" dated September 21, 2017 and "Notice concerning Prepayment

of Loan" dated May 31, 2018 for the New Syndicate Loan (H); and "Notice concerning Debt Financing (Refinance)" dated

October 9, 2020 for the New Syndicate Loan (S) and the Term Loan (Q). Moreover, since the maturity date (September

26, 2021) of the New Syndicate Loan (J) is a non-business day, as per the provisions of the contract, the repayment date

will be adjusted to the following business day (September 27, 2021).

This English language notice is a translation of the Japanese-language notice released on September 22, 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.

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2. Details of the New Borrowing (anticipated) < New Syndicate Loan (W) >

1-Year Loan

(1)

Lender

:

Mizuho Bank, Ltd.

MUFG Bank, Ltd.

Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui Trust Bank, Limited

Shinsei Bank, Limited

Development Bank of Japan, Inc.

The Nomura Trust and Banking Co., Ltd.

(2)

Borrowing amount

:

JPY 9,497 million

(3)

Interest rate, etc.

:

1-month JPY TIBOR (Base Rate) + spread (0.25000%)

Variable interest rate (Note)

(4)

Borrowing method

:

Borrowing based on separate term loan agreement dated

September 22, 2021

Unsecured / with no guarantee

(5)

Agreement date

:

September 22, 2021

(6)

Anticipated borrowing date

:

September 27, 2021

(7)

Interest payment date

: (i) The last Japanese business day of each month before the

principal maturity date, beginning with September 30, 2021, and

(ii) the principal maturity date

(8)

Principal repayment method

: Lump-sum repayment on the principal maturity date

(9)

Principal maturity date

:

September 27, 2022

1-Year Loan

(1)

Lender

:

Mizuho Bank, Ltd.

Sumitomo Mitsui Trust Bank, Limited

Shinsei Bank, Limited

Resona Bank, Limited

The Nomura Trust and Banking Co., Ltd.

The Bank of Fukuoka, Ltd.

(2)

Borrowing amount

:

JPY 2,354 million

(3)

Interest rate, etc.

:

1-month JPY TIBOR (Base Rate) + spread (0.25000%)

Variable interest rate (Note)

(4)

Borrowing method

:

Borrowing based on separate term loan agreement dated

September 22, 2021

Unsecured / with no guarantee

(5)

Agreement date

:

September 22, 2021

(6)

Anticipated borrowing date

:

October 13, 2021

(7)

Interest payment date

: (i) The last Japanese business day of each month before the

principal maturity date, beginning with October 29, 2021, and (ii)

the principal maturity date

(8)

Principal repayment method

: Lump-sum repayment on the principal maturity date

(9)

Principal maturity date

:

September 27, 2022

This English language notice is a translation of the Japanese-language notice released on September 22, 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.

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  • New Syndicate Loan (X) > 1-Year Loan

(1)

Lender

:

Mizuho Bank, Ltd.

MUFG Bank, Ltd.

Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui Trust Bank, Limited

Development Bank of Japan, Inc.

(2)

Borrowing amount

:

JPY 639 million

(3)

Interest rate, etc.

:

1-month JPY TIBOR (Base Rate) + spread (0.25000%)

Variable interest rate (Note)

(4)

Borrowing method

:

Borrowing based on separate term loan agreement dated

September 22, 2021

Unsecured / with no guarantee

(5)

Agreement date

:

September 22, 2021

(6)

Anticipated borrowing date

:

October 13, 2021

(7)

Interest payment date

: (i) The last Japanese business day of each month before the

principal maturity date, beginning with October 29, 2021, and (ii)

the principal maturity date

(8)

Principal repayment method

: Lump-sum repayment on the principal maturity date

(9)

Principal maturity date

:

September 27, 2022

  • Term Loan (Y) > 1-Year Loan

(1)

Lender

: Citibank, N.A., Tokyo Branch

(2)

Borrowing amount

:

JPY 1,256 million

(3)

Interest rate, etc.

:

1-month JPY TIBOR (Base Rate) + spread (0.25000%)

Variable interest rate (Note)

(4)

Borrowing method

:

Borrowing based on separate term loan agreement dated

September 22, 2021

Unsecured / with no guarantee

(5)

Agreement date

:

September 22, 2021

(6)

Anticipated borrowing date

:

October 13, 2021

(7)

Interest payment date

: (i) The last Japanese business day of each month before the

principal maturity date, beginning with October 29, 2021, and (ii)

the principal maturity date

(8)

Principal repayment method

: Lump-sum repayment on the principal maturity date

(9)

Principal maturity date

:

September 27, 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 two Japanese business 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).

This English language notice is a translation of the Japanese-language notice released on September 22, 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.

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  1. Loan proceeds, use of proceeds and scheduled timing of disbursement
    1. Loan proceeds JPY 13,746 million
    2. Use of proceeds
      Together with cash on hand, the proceeds will be appropriated for the repayment of one of the tranches of the New Syndicate Loan (J), one of the tranches of the New Syndicate Loan (H), the New Syndicate Loan (S) and the Term Loan (Q)
    3. Scheduled timing of disbursement
      September 27, 2021 for the repayment of the New Syndicate Loan (J)
      October 13, 2021 for the repayment of the New Syndicate Loan (H), the New Syndicate Loan (S) and the Term Loan (Q)
  3. Details of loan to be repaid
    New Syndicate Loan (J)

Balance

Repayment

Balance

Interest

Borrowing

before

after

Maturity

Borrowing

Lender

Amount

Rate

Date

Repayment

Repayment

Date

Method

(JPY million)

(annual)

(JPY million)

(JPY million)

Mizuho Bank, Ltd.

Sumitomo Mitsui

0.38545%

Sep. 26,

Banking Corporation

10,761

10,761

－

(Note 1)

2021

MUFG Bank, Ltd.

Sumitomo Mitsui Trust

Bank, Limited

Shinsei Bank, Limited

Sep. 26,

0.48545%

Sep. 26,

Unsecured/

Citibank, N.A., Tokyo

13,120

－

13,120

non-

2018

(Note 1)

2022

Branch

guaranteed

Development Bank of

Japan, Inc.

Resona Bank, Limited

0.58545%

Sep. 26,

The Nomura Trust and

13,119

－

13,119

(Note 1)

2023

Banking Co., Ltd.

AEON Bank, Ltd.

Total

37,000

10,761

26,239

This English language notice is a translation of the Japanese-language notice released on September 22, 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.

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New Syndicate Loan (H)

Balance

Repayment

Balance

Interest

Borrowing

before

after

Maturity

Borrowing

Lender

Amount

Rate

Date

Repayment

Repayment

Date

Method

(JPY million)

(annual)

(JPY million)

(JPY million)

Shinsei Bank, Limited

Citibank, N.A.,Tokyo

Branch

Resona Bank, Limited

0.48545%

Oct. 13,

The Bank of Fukuoka, Ltd.

1,867

1,867

－

(Note 1)

2021

AEON Bank, Ltd.

The Nomura Trust and

Banking Co., Ltd.

The Hiroshima Bank, Ltd.

Mizuho Bank, Ltd.

Sumitomo Mitsui

Banking Corporation

Sumitomo Mitsui Trust

Bank, Limited

Shinsei Bank, Limited

Citibank, N.A., Tokyo

Oct. 13,

Unsecured/

Branch

non-

2017

Resona Bank, Limited

guaranteed

0.68545%

Oct. 13,

Development Bank of

5,365

－

5,365

(Note 1)

2022

Japan, Inc.

The Bank of Fukuoka, Ltd.

AEON Bank, Ltd.

The Nomura Trust and

Banking Co., Ltd.

The Hiroshima Bank, Ltd.

The Dai-ichi Life

Insurance Company,

Limited

Mizuho Bank, Ltd.

3,565

－

3,565

0.78545%

Oct. 13,

Sumitomo Mitsui Trust

(Note 1)

2023

Bank, Limited

0.88545%

Oct. 11,

Sumitomo Mitsui

3,560

－

3,560

Banking Corporation

(Note 1)

2024

Total

14,357

1,867

12,490

This English language notice is a translation of the Japanese-language notice released on September 22, 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.

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Invincible Investment Corporation published this content on 22 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 September 2021 06:01:12 UTC.