For Information Purpose Only.
The Japanese language press release should be referred to as the original.
March 10, 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)
Notice concerning Execution of Foreign Exchange Forward
Invincible Investment Corporation (“INV”) announces today that it has decided to enter into a series of foreignexchange forward contracts (the “Contracts”) in order to hedge the foreign currency risk of USD based revenue
from the Westin Grand Cayman Seven Mile Beach Resort & SPA and the Sunshine Suites Resort (the“Cayman Hotels”).
INV believes the Contracts benefit INV to help hedge against any USD-JPY fluctuation from January 1, 2024
through December 31, 2024.

INV is hedging USD 27 million in total, approximately 90% of the estimated net

cash flow amount from the Cayman Hotels from January 1, 2024 through December 31, 2024.
1.

Overview of the foreign exchange forward(1) Counterparty(2) Contract amount(3) Forward exchange rate(4) Agreement date(5) Delivery date

SMBC Nikko Securities Co., Ltd.
USD 12,000,000 (Note1)
1 USD = 127.96 JPY
March 10, 2023
April 25, 2024

(1) Counterparty(2) Contract amount(3) Forward exchange rate(4) Agreement date(5) Delivery date

SMBC Nikko Securities Co., Ltd.
USD 6,000,000 (Note1)
1 USD = 126.40 JPY
March 10, 2023
July 25, 2024

(1) Counterparty(2) Contract amount

SMBC Nikko Securities Co., Ltd.
USD 1,000,000 (Note1)

This English language notice is a translation of the Japanese-language notice released on March 10, 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(3) Forward exchange rate(4) Agreement date(5) Delivery date1 USD = 125.00 JPY
March 10, 2023
October 25, 2024

(1) Counterparty(2) Contract amount(3) Forward exchange rate(4) Agreement date(5) Delivery date

SMBC Nikko Securities Co., Ltd.
USD 8,000,000 (Note1)
1 USD = 123.65 JPY
March 10, 2023
January 27, 2025

(Note 1)

In order to convert USD into JPY every three months, INV will enter into contracts regarding the revenue for each quarterof (1) January 1, 2024 to March 31, 2024, (2) April 1, 2024 to June 30, 2024, (3) July 1, 2024 to September 30, 2024
and (4) October 1, 2024 to December 31, 2024. In order to avoid over-hedging, the total contract amount isapproximately 90% of the estimated net cash flow amount for the twelve months from January 1, 2024 to December 31,
2024. Since the estimated net cash flow amount is an estimate as of today, there is a possibility that the actual net
cash flow amount will fall short of the estimated net cash flow amount and thus an over-hedge could occur.

2. Future Outlook
The impact to INV’s financial results by the execution of the Contracts is minor.
Website of INV: https://www.invincible-inv.co.jp/en

This English language notice is a translation of the Japanese-language notice released on March 10, 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