[For Information Purpose Only]
August 22, 2017
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: Jun Komo
General Manager of Planning Department(Tel. +81-3-5411-2731)

Performance Update for July 2017
Invincible Investment Corporation (“INV”) hereby announces its monthly performance for thehotel and residential assets.
1. Hotel and Residential Assets Overview
The combined NOI for the hotel and residential portfolio1 decreased by 0.4% for the month ofJuly 2017 (year-on-year).
(Note 1) Based on 40 hotel properties and 70 residential properties stated in “4. Performance (1) 40 Hotel Properties” and “(2)70 Residential Properties” below.

2. Hotel Assets Overview
The hotel portfolio1 performance for the month of July 2017 (year-on-year) has shown declines
in occupancy, ADR and RevPAR of 0.8pt, 0.9% and 1.7% respectively. Regional hotels in Nasu,Utsunomiya, Kanazawa, Nagoya and Fukuoka have achieved strong performance, however
the performance of some of the city center hotels have been weak.
(Note 1) Based on 40 hotel properties stated in “4. Performance (1) 40 Hotel Properties” below.

3. Residential Assets Overview
The residential portfolio1 occupancy rate as of the end of July 2017 was 94.6% (-1.2ptyear-on-year). The rent increase program continues to maintain progress as average rent per
tsubo as of the end of July 2017 increased by 2.3% year-on-year.
Rents, compared with immediately preceding leases, increased by 4.4% across all new leases,
2.2% across all renewal leases and 3.3% across all combined new and renewal leases in July
2017.
This English language notice is a translation of the Japanese-language notice released on August 22, 2017 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, and no warranties orassurances are given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the eventof any discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

1INV achieved a rent increase for 64.3% of contract renewals in July 2017, which is a significant
increase of 25.2pt compared to 39.1% for the previous calendar year. The retention rate forexisting tenants remained high at 85.7% in July 2017. NOI2 increased by 1.2% for the month of
July 2017 year-on-year, as a result of the rent increase program and increase in key money andrenewal fees.
(Note 1) Based on 70 residential properties stated in “4. Performance (2) 70 Residential Properties” below.
(Note 2) NOI excludes one-off insurance-related revenues and expenses. NOI is provisional figure and subject to change when
it is determined at financial closing; hereinafter the same.

4. Performance(1) 40 Hotel Properties1

91.1%
9,781
8,907

Same month ofthe previous year(B)
91.9%
9,866
9,063

2,131
40

July 2017(A)Occupancy Rate2
ADR (JPY)3
RevPAR (JPY)4
Gross Revenue(JPY million)# of Properties

Occupancy Rate2
ADR (JPY)3
RevPAR (JPY)4
Gross Revenue(JPY million)# of Properties

Fiscal period
ending December
2017 Cumulative5(C)
91.1%
9,781
8,907

Difference(A－B)

YoY Change-0.8pt
-85
-157

-0.9%
-0.9%
-1.7%

2,139-7-0.4%

40――Same period of
the previous year6(D)Difference(C－D)

YoY Change

91.9%
9,866
9,063

-0.8pt
-85
-157

-0.9%
-0.9%
-1.7%2,131

2,139-7-0.4%

4040――

This English language notice is a translation of the Japanese-language notice released on August 22, 2017 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, and no warranties orassurances are given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the eventof any discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

2(2) 70 Residential Properties7

94.6%

Same month ofthe previous year
(B)
95.7%

9,689
70

July 2017(A)
Occupancy Rate
Rent per Tsubo(JPY)# of Properties

Occupancy Rate
Rent per Tsubo(JPY)# of Properties

Fiscal period
ending December
2017 Cumulative5
(C)
94.6%

Difference(A－B)

YoY Change-1.2pt-1.2%

9,467+222+2.3%

70――

Same period of
the previous year6(D)Difference(C－D)

YoY Change

95.7%-1.2pt

-1.2%

9,689

9,467

+222

+2.3%

7070

―

―

(Note 1) Based on 40 hotel properties; of the 49 hotel properties in our portfolio as of the end of July 2017, 9 hotels with fixed-rentlease agreements are excluded. 9 hotels with fixed-rent lease agreements are D29 Super Hotel Shinbashi/Karasumoriguchi, D33 Comfort Hotel Toyama, D36 Super Hotel Tokyo-JR Tachikawa Kitaguchi, D37 Super Hotel JR
Ueno-iriyaguchi, D39 Comfort Hotel Kurosaki, D40 Comfort Hotel Maebashi, D41 Comfort Hotel Tsubame-Sanjo, D42
Comfort Hotel Kitami, and D48 Takamatsu Tokyu REI Hotel. Furthermore, the 2016 performance includes thepre-acquisition data for the properties acquired in 2016, which was obtained from third-parties including previous owners.
(Note 2) “Occupancy Rate” for hotel portfolio is calculated using the following formula:room occupancy rate = total number of rooms occupied during the relevant period ÷ (aggregate number of rooms during
the relevant period x number of business days during target period)(Note 3) “ADR,” or Average Daily Rate, is the value of the total room sales for a certain period (excluding service fees) divided by
the total number of sold rooms for the same period.
(Note 4) “RevPAR,” or Revenues Per Available Room, is calculated by dividing the total sales for a certain period by the aggregate
number of rooms for the same period (rooms x number of days), and is the same as product of room occupancy rate andADR.
(Note 5) Figures for July 2017 are stated.
(Note 6) Figures for July 2016 are stated.
(Note 7) Based on 70 residential properties owned as of the end of July 2017.
(Note 8) Percentages are rounded to one decimal place. ADR and RevPAR are rounded to the nearest yen and Gross Revenue isrounded down to the nearest million yen.
(Note 9) For the details of performance for each asset, please visit INV’s website:
http://www.invincible-inv.co.jp/eng/cms/review.html(Note 10) Cumulative occupancy rate for residential portfolio is calculated by dividing the sum of total leased area by the sum of
total leasable area at the end of each month and the percentages are rounded to one decimal place. Cumulative rent per
tsubo is calculated by dividing the total rental revenue including common area charges for each month by the sum of total
leasable area at the end of each month.

Website of INV: http://www.invincible-inv.co.jp/eng

This English language notice is a translation of the Japanese-language notice released on August 22, 2017 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, and no warranties orassurances are given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the eventof any discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

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