[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
August 25, 2022
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 Differences between Forecast and Actual
Financial Results and Distribution for the 38th Fiscal Period Ended June 2022

Invincible Investment Corporation (“INV”) today announced the differences between its forecast offinancial results and Distribution per Unit (“DPU”) for the fiscal period ended June 2022 (38th FiscalPeriod), as announced in “Notice concerning Revision of Forecast of Financial Results andDistribution for the 38th Fiscal Period Ending June 2022” dated May 25, 2022, and the actual results
announced today.

1. Differences between the forecast and actual financial results and distribution for the fiscal period
ended June 2022 (from January 1, 2022 to June 30, 2022)

Previous forecast (A)(announced onMay 25, 2022)
Actual Results (B)Amount of Variance(B) – (A)Rate of variance((B) – (A)) / (A)Operating
Revenues

Operating
IncomeOrdinary
Income

JPY million

JPY million

JPY million

JPY million

TotalDistribution
Amount
JPY million

7,291

1,614

480

480475

JPY million

JPY million

JPY million

JPY million

JPY million

7,680

2,114

1,015

1,015

1,012

JPY million

JPY million

JPY million

JPY million

JPY million

388499535

535536

%%%%%

5.3

31.0

111.3

111.5

112.8

Net Income

This English language notice is a translation of the Japanese-language notice released on August 25, 2022 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
to undertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language noticeis provided 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 andthe Japanese original, the latter shall prevail in all respects.

1Distribution
per Unit
Earnings perUnit (Note)Previous forecast (A)(announced onMay 25, 2022)(Excluding
Excess Profit
Distribution perUnit) (Note)

Excess Profit
Distribution
per Unit(Note)

Distribution
per Unit(Including Excess
Profit Distribution
per Unit) (Note)

JPY

JPY

JPY

JPY

78

78-78

JPY

JPY

JPY

JPY

166

166

-166

Amount of Variance(B) – (A)

JPY

JPY

JPY

JPY

8888-88

Rate of variance((B) – (A)) / (A)

%%%%

112.8

112.8-112.8

Actual Results (B)(Note) The total number of investment units issued and outstanding at the end of the fiscal period: 6,096,840 units

2. Reasons behind the differences
While the earnings forecasts were slightly conservative in view of the uncertainty under the COVID19 pandemic, the performance of our domestic and overseas hotels exceeded our expectations
towards the end of the fiscal period. Rental revenues from the hotels operated by INV’s main tenant,
MyStays Hotel Management Co., Ltd. and its affiliates exceeded the forecast by JPY 248 million andmanagement contract revenue from the Cayman hotels exceeded the forecast by JPY 259 million.
As a result, differences arose between the previous forecast and the actual results as describedabove, including an increase in net income of JPY 535 million, or 111.5%.
The forecast of financial results and DPU for the fiscal period ending December 2022 (39th Fiscal
Period: from July 1, 2022 to December 31, 2022) remains unchanged as TBD and will be announced
at a later date once finalized.
Website of INV: https://www.invincible-inv.co.jp/en/

This English language notice is a translation of the Japanese-language notice released on August 25, 2022 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
to undertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language noticeis provided 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
the Japanese original, the latter shall prevail in all respects.

2