[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
July 24, 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 Determination of the Issue Value andOffer Price of Investment Units
Invincible Investment Corporation (“INV”) announced today that, at the Board of Directors Meetingof INV held on July 24, 2024, a resolution was passed concerning the issue value and offer priceand other related matters for the issuance of new investment units and secondary offering (the“Offerings”), which was approved at the Board of Directors Meeting of INV held on July 18, 2024, as
outlined below:
1. Issuance of new investment units through public offering(1) Number of Investment Units to: 895,000 investment units
be offered
Domestic public offering: 472,113 investment units
Overseas offering: 422,887 investment units(2) Amount to be paid: JPY 61,560 per unit
(issue value)(3) Total amount to be paid
: JPY 55,096,200,000(total issue value)(4) Issue price: JPY 63,602 per unit
(offer price)(5) Total issue price: JPY 56,923,790,000(total offer price)(6) Application period: Thursday, July 25, 2024
(domestic public offering)(7) Payment period for deposit in: Thursday, July 25, 2024 to Friday, July 26, 2024
securities(8) Payment date
: Tuesday, July 30, 2024
(9) Delivery date

:Wednesday, July 31, 2024

(Note) The underwriters shall underwrite the investment units at the amount to be paid (issuevalue) and offer at the issue price (offer price).

This English Language notice does not constitute or form a part of any offer of securities in the United States of America. The securities referred
to above have not been, and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”). The
securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The
securities referred to herein will not be publicly offered or sold in the United States. The contemplated transaction does not involve any publicoffering of securities in the United States. Not for publication, distribution or release, directly or indirectly in or into the United States of America.

12. Secondary offering of investment units (overallotment secondary offering)(1) Number of Investment Units to: 44,750 investment units
be offered in the secondaryoffering(2) Offer price: JPY 63,602 per unit
(3) Total offer price:

JPY 2,846,189,500(4) Application period:

Thursday, July 25, 2024

(5) Payment period for deposit insecurities(6) Delivery date:Thursday, July 25, 2024 to Friday, July 26, 2024:

Wednesday, July 31, 2024

3. Issuance of new investment units through third-party allotment(1) Amount to be paid
: JPY 61,560 per unit
(issue value)(2) Total amount to be paid
: JPY 2,754,810,000(total issue value)(Maximum)(3) Application period: Monday, August 26, 2024
(Application date)(4) Payment date
: Tuesday, August 27, 2024
(5) Investment units for which no application for subscription has been made during theApplication period (Application date), mentioned in (3) shown above, shall not be issued.
<Reference>
1. Basis for calculating the issue value and offer price(1) Reference date of calculation and price: Wednesday, July 24, 2024

JPY 64,900(2) Discount rate: 2.00%

2. Syndicate cover transaction period:
Friday, July 26, 2024 to Friday, August 23, 2024

3. Amount, use and schedule of expenditure of proceeds from the Offerings
INV will use the proceeds from the domestic public offering (JPY 29,063,276,280) and theoverseas offering (JPY 26,032,923,720) to fund part of its acquisition of specified assets (whichshall have the meaning as defined in Article 2, Paragraph 1 of the Act on Investment Trusts andInvestment Corporations of Japan (Act No. 198 of 1951, as amended), and such specified
assets are referred to as the “Anticipated Acquisitions”) on July 31, 2024, as announced in“Notice concerning Acquisition and Lease of Domestic Trust Beneficiary Interests” dated July 18,2024. The remainder of the proceeds, if any, as well as the maximum amount of proceeds fromthe issuance of new Investment Units through the third-party allotment (JPY 2,754,810,000)
decided on the same day as the domestic public offering will be retained as cash on hand andbe deposited to the financial institution as the fund for a part of future acquisitions of specified

This English Language notice does not constitute or form a part of any offer of securities in the United States of America. The securities referred
to above have not been, and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”). The
securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The
securities referred to herein will not be publicly offered or sold in the United States. The contemplated transaction does not involve any public
offering of securities in the United States. Not for publication, distribution or release, directly or indirectly in or into the United States of America.

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assets or repairs and capital expenditures to maintain and enhance the asset value of properties
in the portfolio. However, if the total proceeds from the domestic public offering, the overseas
offering and the anticipated borrowings (which are expected to amount to JPY 56,725 million asof today) announced in “Notice concerning Debt Financing” dated July 18, 2024, fall short of thetotal amount of acquisition fund of the Anticipated Acquisitions (Note), INV may use the whole
or a part of proceeds from the issuance of new Investment Units through the third-party allotment
to fund part of the Anticipated Acquisitions.
(Note) Under such circumstances, INV will acquire all properties among six anticipated acquisitions on the anticipatedacquisition date and defer the payment of the whole or a part of the acquisition price to a day separately agreed
with the seller, pursuant to the relevant purchase and sale agreements. For more details, please refer to thepress release entitled “Notice concerning Acquisition and Lease of Domestic Trust Beneficiary Interests” dated
July 18, 2024.

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

This English Language notice does not constitute or form a part of any offer of securities in the United States of America. The securities referred
to above have not been, and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”). Thesecurities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The
securities referred to herein will not be publicly offered or sold in the United States. The contemplated transaction does not involve any public
offering of securities in the United States. Not for publication, distribution or release, directly or indirectly in or into the United States of America.

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