[For Information Purpose Only
The Japanese language press release should be referred to as the original.]
April 25, 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) Performance Update for February 2023
Invincible Investment Corporation (“INV”) hereby announces corrections to its press release
titled “Performance Update for February 2023” dated March 24, 2023 as follows.
Corrected parts are underlined.
4. Performance<Before Correction>(Omitted)(1) 75 Domestic Hotel Properties3

Occupancy
Rate4
ADR(JPY)5
RevPAR(JPY)6Gross Revenue(JPY million)9

Feb.

Feb.
2023

Feb.
2022

Difference

82.0%

51.1%

+30.9pt

87.9%-5.9pt

76.5%

49.8%

+26.8pt

84.8%-8.3pt10,2086,588 +54.9%

10,021

+1.9%

9,755

6,885 +41.7%

9,414+3.6%

8,374

3,369 +148.6%

8,811

-5.0%

7,466

3,426 +117.9%

7,982

-6.5%

4,3292,125 +103.7%

5,125-15.5%

8,633

4,599 +87.7%

9,962-13.3%

2019

Difference

Jan.-Jun. Jan.-Jun.
Jan.-Jun.
Difference
Difference
2023
2022
2019

(The rest is omitted.)

This English language notice is a translation of the Japanese-language notice released on April 25, 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>(Omitted)(1) 75 Domestic Hotel Properties3

Occupancy
Rate4
ADR(JPY)5
RevPAR(JPY)6Gross Revenue(JPY million)9Feb.

Feb.
2023

Feb.
2022

Difference

82.0%

51.1%

+30.9pt

87.9%-5.9pt

76.5%

49.8%

+26.8pt

84.8%-8.3pt10,2086,588 +54.9%

10,021

+1.9%

9,755

6,885 +41.7%

9,414+3.6%

8,374

3,369 +148.6%

8,811

-5.0%

7,466

3,426 +117.9%

7,982

-6.5%

4,735

2,125 +122.8%

5,125-7.6%

9,040

4,599 +96.5%

9,962

-9.3%

2019

Difference

Jan.-Jun. Jan.-Jun.
Jan.-Jun.
Difference
Difference
2023
2022
2019

(The rest is omitted.)*The corrected press release is posted on INV’s website.

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

This English language notice is a translation of the Japanese-language notice released on April 25, 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.

2