[For Information Purpose Only]
April 1, 2015
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Name of representative:
Naoki Fukuda, Executive Director
Roppongi Hills Mori Tower
6-10-1 Roppongi, Minato-ku, Tokyo, Japan(Securities code: 8963)
Asset manager:
Consonant Investment Management Co., Ltd.
Naoki Fukuda, CEOContact: Akiko Watanabe
Manager of Planning Department(Tel. +81-3-5411-2731)

Notice Regarding Thomson Reuters’ “DEALWATCH AWARDS 2014” andCapital Eye “BEST ISSUER OF 2014”
Invincible Investment Corporation (hereinafter Invincible) is pleased to announce that it has beenrecognized with the “J-REIT Issuer of the Year” award in the Real Estate Investment Trust category
at the DEALWATCH AWARDS 2014, sponsored by Thomson-Reuters Corporation and was also
awarded the “BEST ISSUER OF 2014” in the Real Estate Investment Trust category by Capital Eye
Limited.
The Thomson Reuters DEALWATCH AWARDS 2014 recognize deals considered to havecontributed to excellence and innovation in Japan’s capital markets or issuers and underwriters who
accomplished the deals over the course of a financial year. The awards are based on the editorial
team’s overall judgment based on the analysis of interviews and comments from underwriters andinvestors.
Capital Eye “BEST ISSUERS OF 2014” recognize the year’s best and most reputable deals inequity and debt markets, issuers and underwriters and the winners are decided by the company’seditorial team based on its own reviews and surveys distributed to underwriters and institutional
investors.
Invincible awards based on the following:Thomson Reuters Corporation: “J-REIT Issuer of the Year”
The issuer has accomplished portfolio repositioning with a clear growth strategy focusing on
investing in hotels that are positioned to capture strong inbound demand. The issuer has also
shown strong external growth potential supported by its sponsor, Fortress Investment Group.

This English language notice is a translation of the Japanese-language notice released on April 1, 2015 and was prepared solely for the convenience of, andreference 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 notice is provided for informational purposes only, andno 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.

1Capital Eye Limited: “Best Issuer of 2014” in Real Estate Investment Trusts Category
The equity finance marked a milestone for the rebirth of the issuer. Measures to strengthen
Invincible including the sponsor change, reduction of debt costs and the portfolio
repositioning with the addition of hotel properties attracted strong support from both domestic
and international investors. The unit price has more than doubled compared to the offeringprice.
Please refer to the links below for the details of each award:
Thomson Reuters Corporation
http://japan.thomsonreuters.com/wp-content/uploads/2015/03/DWA2014_EN.pdf
Capital Eye Limited (Japanese only)
https://c-eye.ne.jp/top/download/index?id=15

This English language notice is a translation of the Japanese-language notice released on April 1, 2015 and was prepared solely for the convenience of, andreference 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 notice is provided for informational purposes only, andno 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.

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