[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
September 26, 2018
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, CEOContact: Jun Komo
General Manager of Planning Department(Tel. +81-3-5411-2731)

Notice concerning Determination of Anticipated Acquisition Date of TK Interest withOverseas Real Estate as Underlying Assets and Implementation of Debt Financing
1. Determination of Anticipated Acquisition Date
Invincible Investment Corporation (“INV”) hereby announces that the anticipated acquisition date of theTK interest with regard to overseas real estate (“Westin Grand Cayman Seven Mile Beach Resort & SPA”
and “Sunshine Suites Resort”) as underlying assets (the “Overseas Real Estate TK Interest”) has been
determined to be September 28, 2018 (Cayman Island local time) and that the anticipated acquisition
date of underlying assets by the TK operator (Cayman SPC) has been agreed to be the same dateamong the relevant parties. Previously, the anticipated acquisition date of the Overseas Real Estate TK
Interest was set forth and disclosed as “one business day prior to the acquisition date of the underlying
assets, which is expected to close by October 31, 2018 or the date separately agreed” in the press
release “Notice concerning Acquisition of TK Interest with Overseas Real Estate as Underlying Assets”
dated July 17, 2018, but the anticipated acquisition dates of the underlying assets and the TK interest
have been determined as above.
2. Implementation of Borrowing of Funds and Foreign Exchange Forward
Today INV implemented the borrowings according to the schedule, as announced in the press releases“Notice concerning Debt Financing” dated July 17, 2018, “Notice concerning Debt Financing (ExecutionThis English language notice is a translation of the Japanese-language notice released on September 26, 2018 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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of Loan Agreement)” dated July 31, 2018, and “Notice concerning Debt Financing (Partial Amendment tothe Loan Agreement)” dated September 10, 2018, in order to fund the acquisition price (investmentamount) and related expenses of the above mentioned Overseas Real Estate TK Interest. In addition,
INV also implemented the foreign exchange forward today as announced in “Notice concerning
Acquisition of TK Interest with Overseas Real Estate as Underlying Assets (Continued)” dated July 26,
2018, and completed the procurement of the entire anticipated investment amount for the Overseas Real
Estate TK Interest in US Dollar denomination.

This English language notice is a translation of the Japanese-language notice released on September 26, 2018 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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