[For Information Purpose Only
The Japanese language press release should be referred to as the original.]
February 22, 2023
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)(Correction) Notice concerning Revision of Forecast of Financial Results andDistribution for the 39th Fiscal Period Ended December 2022, together with Forecast ofFinancial Results and Distribution for the 40th Fiscal Period Ending June 2023 and41st Fiscal Period Ending December 2023
Invincible Investment Corporation (“INV”) hereby announces corrections to its press release
titled “Notice concerning Revision of Forecast of Financial Results and Distribution for the 39thFiscal Period Ended December 2022, together with Forecast of Financial Results andDistribution for the 40th Fiscal Period Ending June 2023 and 41st Fiscal Period Ending
December 2023” dated January 25, 2023 as follows.
Corrected parts are underlined.
4. Overview by segment(1) Domestic hotels(Omitted)<Forecast of KPIs of the 75 domestic hotel portfolio 1 by fiscal period><Before Correction>
Y2022

Occupancy Rate2
ADR (JPY)3
RevPAR (JPY)4
GOP (JPY million)5
NOI (JPY million)6June fiscalperiod(Actual)
61.5%
7,477
4,598
3,177
2,504

Decemberfiscal period(Forecast)
75.9%
10,199
7,744
8,850
7,353

Full-Year(Forecast)
68.8%
8,992
6,184
12,0289,857

June fiscalperiod(Forecast)
78.9%
9,337
7,368
7,549
6,421

Y2023
Decemberfiscal period(Forecast)
85.1%
10,357
8,810
10,701
8,951Full-Year(Forecast)
82.0%
9,870
8,095
18,25015,372This English language notice is a translation of the Japanese-language notice released on February 22, 2023 and was prepared solely for the convenience of, and referenceby, 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 aregiven 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.

1<After Correction>
Y2023

Y2022

Occupancy Rate2
ADR (JPY)3
RevPAR (JPY)4
GOP (JPY million)5
NOI (JPY million)6June fiscalperiod(Actual)
61.5%
7,504
4,614
3,194
2,502

Decemberfiscal period(Forecast)
75.9%
10,199
7,744
8,850
7,353

Full-Year(Forecast)
68.8%
9,004
6,192
12,044
9,856

June fiscalperiod(Forecast)
78.9%
9,337
7,368
7,549
6,421

Decemberfiscal period(Forecast)
85.1%
10,357
8,810
10,701
8,951

Full-Year(Forecast)
82.0%
9,870
8,095
18,25015,372

Website of INV: https://www.invincible-inv.co.jp/en/

This English language notice is a translation of the Japanese-language notice released on February 22, 2023 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their owninvestigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven 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.

2