[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]

October 3, 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 GRESB Real Estate Assessment Results
Invincible Investment Corporation (“INV”) announces the 2023 GRESB Real Estate Assessment
as follows.
1. Assessment Results
In the 2023 GRESB Real Estate Assessment, INV received a “3-Star” GRESB Rating, which isbased on overall GRESB scores and its quintile position among participants, and represents arating upgrade from to the “2-Star” GRESB Rating received in 2022. INV was also awarded a“Green Star” designation for the third consecutive year by achieving high performance in boththe “Management Component” that evaluates policies and organizational structure for ESG(Environmental, Social, and Governance) promotion, and the “Performance Component” thatassesses environmental performance and tenant engagement of properties owned.
Further, INV was highly evaluated for its ESG information disclosure efforts and received an“A Level” the highest level for GRESB Public Disclosure for the third consecutive year, whichassesses the breadth of ESG disclosure.

This English language notice is a translation of the Japanese-language notice released on October 3, 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2. Initiatives for Sustainability
INV and Consonant Investment Management Co., Ltd. ("CIM"), the asset manager of INV,
recognize the importance of environmental, social, and governance considerations in real estate
investment management and regard improvement of sustainability as an important management
issue.
INV and CIM believe that the incorporation of ESG considerations into the real estate investment
management business, which is our primary business, is essential to maximizing unitholder
value over the medium to long term and contributes to maximizing INV's investment returns.
INV will continue to recognize its social responsibility to the environment and local communities
as a J-REIT with hotels and residences as our core assets, and will proactively implement ESGfriendly investment management and sustainability initiatives that take advantage of asset
characteristics and carry out social contribution activities.
For the details of INV’s Initiatives for Sustainability, please visit its website:
https://www.invincible-inv.co.jp/en/strategy/sustainability.html(Reference) Overview of the GRESB Real Estate Assessment
GRESB is an annual benchmarking assessment to measure ESG integration of real estatecompanies and funds. It was founded in 2009 by a group of major European pension funds
who played leading roles in launching Principles for Responsible Investment (PRI). Currently,
150 Investor Members use GRESB data for their investment decision-making and engagementwith investees, and several institutions from Japan including Government Pension Investment
Fund (GPIF) utilize GRESB Assessment results.
The GRESB Real Estate Assessment is characterized by evaluating sustainability initiatives ofreal estate companies, REITs, and real estate funds, rather than targeting individual real estate.
In 2023, 2,084 listed or private real estate companies/funds participated in the GRESB Real
Estate Assessment.
For the details of GRESB, please visit its website:

https://gresb.com/

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

This English language notice is a translation of the Japanese-language notice released on October 3, 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.

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