[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
July 11, 2024
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 Conclusion of the Fixed-term Building Lease andProperty Management Agreements (Hotel MyStays Kyoto-Shijo and Other 17 Hotels)
Invincible Investment Corporation (“INV”) announced the decision made today by Consonant Investment
Management Co., Ltd. (“CIM”), the asset manager of INV, to conclude fixed-term building lease and property
management agreements (“Next Agreements”) with MyStays Hotel Management Co., Ltd. (“MHM”) and its
subsidiary (collectively with MHM, the “MHM Group”) for 18 hotels (the “Eighteen Hotels”), as the current fixedterm building lease and property management agreements (“Current Agreements”) expire on July 16, 2024.

The Eighteen Hotels are "Hotel MyStays Kyoto-Shijo", "MyStays Shin-Urayasu Conference Center", "HotelMyStays Maihama", "Hotel MyStays Premier Dojima", "Hotel MyStays Nagoya-Sakae", "Hotel MyStays
Sakaisuji-Honmachi", "Hotel MyStays Yokohama", "Hotel MyStays Nippori", "Hotel MyStays Fukuoka-TenjinMinami", "Flexstay Inn Iidabashi", "Hotel MyStays Ueno Inaricho", "Flexstay Inn Shinagawa", "Flexstay Inn
Tokiwadai", "Flexstay Inn Sugamo", "Hotel MyStays Otemae", "Hotel MyStays Kiyosumi Shirakawa", "Flexstay
Inn Nakanobu P1" and "Flexstay Inn Nakanobu P2", and they are referred to as "Kyoto-Shijo", "Shin-Urayasu","Maihama", "Dojima", "Nagoya-Sakae", "Sakaisuji-Honmachi", "Yokohama", "Nippori", "Fukuoka-TenjinMinami", "Iidabashi", "Ueno Inaricho", "Shinagawa", "Tokiwadai", "Sugamo", "Otemae", "Kiyosumi Shirakawa","Nakanobu P1" and "Nakanobu P2", respectively.
MHM Group has received investments through funds managed by affiliates of the Sponsor, Fortress
Investment Group LLC (“FIG”).
Persons1.

Therefore, CIM has treated MHM Group as equivalent to Sponsor-related

As such, CIM and INV have sincerely deliberated, discussed, and resolved to conclude the Next

Agreements in accordance with the internal rules of CIM to handle the related party transactions.
(Note 1) A Sponsor-related Person is (i) any person who falls under the “Interested Persons, etc.” set forth in the Investment Trust Act
and the Orders for Enforcement of the Act on Investment Trust and Investment Corporations, (ii) all shareholders of CIM and (iii)This English language notice is a translation of the Japanese-language notice released on July 11, 2024 and was prepared solely for theconvenience of, and reference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers toundertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language notice isprovided for informational purposes only, and no warranties or assurances are given regarding the accuracy or completeness of this Englishtranslation. Readers are advised to read the original Japanese-language notice. In the event of any discrepancy between this translation and theJapanese original, the latter shall prevail in all respects.

1special purpose companies (tokubetsu mokuteki kaisha) (a) which delegate their management to persons who fall under (ii)above, or (b) which are invested by or invested through anonymous partnership (tokumei kumiai) by persons who fall under (ii)above. Hereinafter the same.

1. Outline of the Next Agreements
Main items of the Current Agreements / Next Agreements are as follows. For details of the Eighteen Hotels
and the Current Agreements, please refer to the following press release: “Notice concerning Acquisition ofAssets and Entering into Leasing Contract” dated June 23, 2014 and “Part I Fund Information / 1 Status ofFund / 5 Management Status / (2) Investment Assets" of the Securities Report for the 41st fiscal period (fromJuly 1, 2023 to December 31, 2023) filed by INV on March 27, 2024 (available in Japanese only).
Comparison of main items between the Current Agreements and the Next Agreements
Current Agreements
Next Agreements
Contract Period
July 17, 2014 – July 16, 2024
July 17, 2024 – July 16, 2034
（Eighteen Hotels）
Kyoto-Shijo
Annual basis: JPY 190,440,000
Same as Left
Shin-Urayasu Annual basis: JPY 149,640,000
Same as Left
Maihama
Annual basis: JPY 141,480,000
Same as Left
DojimaAnnual basis: JPY 94,560,000
Same as Left
Nagoya-Sakae Annual basis: JPY 133,800,000
Same as Left
SakaisujiAnnual basis: JPY 88,380,000
Same as Left
HonmachiYokohama
Annual basis: JPY 83,160,000
Same as Left
Nippori
Annual basis: JPY 60,000,000
Same as Left
FukuokaAnnual basis: JPY 57,420,000
Same as Left
FixedTenjin-Minami
Rent
Iidabashi
Annual basis: JPY 53,460,000
Same as Left
Ueno Inaricho Annual basis: JPY 42,270,000
Same as Left
Shinagawa
Annual basis: JPY 39,600,000
Same as LeftTokiwadai
Annual basis: JPY 48,540,000
Same as Left
SugamoAnnual basis: JPY 45,000,000
Same as Left
OtemaeAnnual basis: JPY 48,000,000
Same as Left
Kiyosumi
Annual basis: JPY 32,580,000
Same as Left
Shirakawa
Nakanobu P1 Annual basis: JPY 17,700,000
Same as Left
Nakanobu P2 Annual basis: JPY 9,840,000
Same as Left
Calculated on a 3-month basis: Calculated on a 6-month basis:
February - April, May - July, January - June, and July August - October, and November December.
- January.
Variable Rent
(Eighteen Hotels)Management Fees
(Eighteen Hotels)Theamountobtainedbydeducting (i) the total amount ofexpenses, management fees,
and fixed rents of the hotel
property from (ii) the total monthly
sales of the hotel property (if thecalculation results are negative,
the amount shall be JPY 0).
Undisclosed (note1). However,basically the amount obtained byThe
amountobtainedbydeducting (i) the total amount ofexpenses, management fees,
and fixed rents of the hotel
property from (ii) the total monthly
sales of the hotel property (if thecalculation results are negative,
the amount shall be JPY 0).
Same as lLeft(No change)

This English language notice is a translation of the Japanese-language notice released on July 11, 2024 and was prepared solely for theconvenience of, and reference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers toundertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language notice isprovided for informational purposes only, and no warranties or assurances are given 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 theJapanese original, the latter shall prevail in all respects.

2summing (i) the amount equal to
2% of the monthly gross sales; (ii)the amount equal to 0-6% of themonthly sales resulted from theguests referral developed by thehead office sales division of MHM
or via the website managed andoperated by MHM; and (iii) theamount equal to 4-6% of theamount so obtained by deducting
the amounts set forth in (i) and (ii)from the monthly gross sales lessoperating expenses excluding
management fees
(Note 1)

Not disclosed because consent from the tenant has not been obtained.

Moreover, please refer to the press release “Notice concerning Conclusion of the Fixed-term Building
Lease and Property Management Agreements (Hotel MyStays Kanda / Hotel MyStays Asakusa)” for thebackground of the conclusion of the Next Agreements. The background of the conclusion of the Next
Agreements are similar.
2. Outline of MHM Group(1) Tenant and operator of the 17 hotels out of the Eighteen Hotels, and operator of Hotel MyStays Premier
Dojima(i)(ii)

Name(iii)

Title and name ofPresident and CEO, Ryoichi Shirota
representative officer
Business
Hotel and Ryokan (Japanese inn) operation and management
CapitalJPY 100 million (as of the end of March 2024)
Date of establishment
July 8, 1999
Relationship between INV/Asset Manager and the Tenant/Operator

(iv)
(v)
(vi)
(vii)

Location

MyStays Hotel Management Co., Ltd.
Roppongi Hills North Tower 14th Floor, 6-2-31, Roppongi, Minato-ku,Tokyo, Japan

Capital relationships

While there are no capital relationships that should be noted between
INV/CIM and MHM, the parent company of MHM is owned by a fundoperated by affiliates of FIG. FIG is a subsidiary of a company whichindirectly holds 100% of CIM’s outstanding shares.

Personnel relationships

As of today, among the directors of INV and the officers andemployees of CIM, Naoki Fukuda, who is Executive Director of INV
and CEO of CIM, Naoto Ichiki, who is Chairman and Director of CIM,Christopher Reed, who is a part-time director of CIM, and an employeeare seconded from Fortress Investment Group Japan Godo Kaisha, asubsidiary of FIG.

Transactional relationships

As of today, INV has entered into lease agreements (Note 1) with MHM
with respect to 79 hotel properties.

This English language notice is a translation of the Japanese-language notice released on July 11, 2024 and was prepared solely for theconvenience of, and reference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers toundertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language notice isprovided for informational purposes only, and no warranties or assurances are given regarding the accuracy or completeness of this Englishtranslation. Readers are advised to read the original Japanese-language notice. In the event of any discrepancy between this translation and theJapanese original, the latter shall prevail in all respects.

3Whether theTenant/Operator is arelated party(Note 1)

MHM is not a related party of INV/CIM. Further, related persons andaffiliates of MHM are not related parties of INV/CIM. Furthermore,
MHM is not an interested party, etc. of CIM as provided in the Act on
Investment Trusts and Investment Corporations.

Agreements with MHM subsidiaries and management contracts between MHM and tenants are included.

(2) Tenant of Hotel MyStays Premier Dojima
(i)
(ii)
(iii)

NameLocation(iv)

1. Leasing of properties
2. Management of properties
3. All other businesses ancillary to the preceding items
Capital
JPY 9 million (as of the end of March 2024)
Date of establishment
August 17, 2006
Relationship between INV/Asset Manager and the Tenant/Operator

(v)
(vi)
(vii)Title and name ofrepresentative officer
Business

MGH Master Lease Co., Ltd.
6-2-31, Roppongi, Minato-ku, Tokyo, Japan
President and CEO, Ryoichi Shirota

Capital relationships

While there are no capital relationships that should be noted between
INV/CIM and the tenant. MHM, the parent company of the tenant isowned by a fund operated by affiliates of FIG. FIG is a subsidiary of acompany which indirectly holds 100% of CIM’s outstanding shares.

Personnel relationships

As of today, among the directors of INV and the officers andemployees of CIM, Naoki Fukuda, who is Executive Director of INV
and CEO of CIM, Naoto Ichiki, who is Chairman and Director of CIM,
Christopher Reed, who is a part-time director of CIM, and an employee
are seconded from Fortress Investment Group Japan Godo Kaisha, asubsidiary of FIG.

Transactional relationships

As of today, INV has entered into lease agreements with the tenantwith respect to Hotel MyStays Premier Dojima.

Whether theTenant/Operator is arelated party

The tenant is not a related party of INV/CIM. Further, related persons
and affiliates of the tenant are not related parties of INV/CIM.
Furthermore, the tenant is not an interested party, etc. of CIM as
provided in the Act on Investment Trusts and Investment Corporations.

3. Transactions with Interested Persons etc.
MHM Group, tenants and operators, or tenant of the Eighteen Hotels, are not Sponsor-related Persons underthe voluntary rules established by CIM as countermeasures against conflicts of interests in the managementof INV’s investments. However, MHM Group has received investments directly or indirectly through funds
managed by affiliates of the Sponsor, FIG. Therefore, CIM has treated MHM Group as equivalent to Sponsorrelated Persons.
In accordance with Sponsor-Related Person Transaction Rules and Sponsor-Related Person Transaction
Management Manual, which are internal rules of CIM, and following the deliberation and resolution of thecompliance committee meeting and the investment committee meeting both held on July 10, 2024, the boardof directors of CIM and INV held on July 11, 2024 each approved the conclusion of the Next Agreements.
This English language notice is a translation of the Japanese-language notice released on July 11, 2024 and was prepared solely for theconvenience of, and reference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers toundertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language notice isprovided for informational purposes only, and no warranties or assurances are given 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 theJapanese original, the latter shall prevail in all respects.

44. Future Outlook
The impact of the conclusion the Next Agreements on financial results is minimal.
Website of INV: https://www.invincible-inv.co.jp/en/

This English language notice is a translation of the Japanese-language notice released on July 11, 2024 and was prepared solely for theconvenience of, and reference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers toundertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language notice isprovided for informational purposes only, and no warranties or assurances are given 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 theJapanese original, the latter shall prevail in all respects.

5