[For Information Purpose Only]
April 21, 2016
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Fukuda, Executive Director
Roppongi Hills Mori Tower, 6-10-1 Roppongi,
Minato-ku, Tokyo, Japan(Securities code: 8963)
URL: http: //www.invincible-inv.co.jp/eng/
Asset manager:
Consonant Investment Management Co., Ltd.
Naoki Fukuda, CEOContact: Jun Komo,
General Manager of Planning Department(Tel. +81-3-5411-2731)

Notice concerning Impact of the 2016 Kumamoto Earthquake (Continued)
On behalf of Invincible Investment Corporation (INV) and the Sponsor, we wish to express our deep
sorrow and condolences to the families affected by the earthquakes in Kumamoto and the surrounding
areas. We are deeply saddened by the loss of lives and that many others were severely injured in theearthquakes. Our thoughts are with you as everyone works through this disaster.
As the press reported, there were large earthquakes in the Kumamoto region of Kumamoto Prefecture
on April 14 and April 16, 2016. We have evaluated each of the three properties INV owns in Fukuoka
City and Kitakyushu City to see if there were any effects due to the earthquakes and the series ofaftershocks and confirmed that there is no damage to any of the hotels that would have an impact on
INV's business outlook. There have been some cancellations at the two hotels in Fukuoka City that areon variable rent contracts. The total net cancellations (note1) received for the period between April 15,
2016 and May 31, 2016 represents 0.51% of total projected annual revenue for the two hotels, and interms of aggregate revenue for the portfolio of 122 properties, represents only 0.02% of annual revenue(note2). All three hotels are fully operational, and there is no revision to INV’s earnings projections.
(note1) Net cancellations as calculated by subtracting room cancelations from new room reservations for the period
between April 15, 2016 and May 31, 2016.
(note2) Annual revenue as forecast for the 2016 full year.

This English language notice is a translation of the Japanese-language notice released on April 21, 2016 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 cautionreaders 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 or assurances are given regarding the accuracy orcompleteness 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.

[For Information Purpose Only]
Please see the cancellation figures for the variable rent hotels located in Fukuoka City below between
April 15 and May 31, 2016 (as of April 19, 2016):
Hotel MyStays Fukuoka Tenjin: there were 129 room night net cancellations representing -1.3 million
yen of room revenue.
Hotel MyStays Fukuoka Tenjin Minami: there were 107 room night net cancellations representing -1.5
million of room revenue.
Comfort Hotel Kurosaki, in Kitakyushu City, is on a fixed term lease, and there is no impact on revenuesof INV.
The three hotels in the Fukuoka prefecture, Hotel MyStays Fukuoka Tenjin, Hotel MyStays Fukuoka
Tenjin Minami and Comfort Hotel Kurosaki, represent 3.2%, 0.6% and 0.5% of the entire INV portfolio
respectively (on acquisition price basis).
Fukuoka Airport, the principal airport on the island of Kyushu, is 100% operational with domestic flights
running on schedule with extra capacity added to Kagoshima Airport. Two flights from Fukuoka Airport
to Seoul’s Incheon Airport on Jeju Air and Jin Air have been cancelled until April 28 and April 30,
respectively. The Sanyo Shinkansen (bullet train) that connects Fukuoka to Osaka and onwards toTokyo is also 100% operational. A section of the Kyushu Shinkansen that runs between Fukuoka andKumamoto is not in service, with no date set to restart service.
Again, we are pleased to report that there was no damage to any of INV’s properties in the region andINV has a diversified portfolio of 122 properties throughout Japan. Further announcements will bemade promptly once any additional findings are confirmed.

This English language notice is a translation of the Japanese-language notice released on April 21, 2016 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 notice is provided for informational purposes only, and no warranties or assurances are given regarding the accuracy orcompleteness 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.