[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
January 26, 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 Issuance of Investment Corporation Bonds
Invincible Investment Corporation (“INV”) hereby announces its decision today to issue investment
corporation bonds (the “Issuance”) as follows.
1. Summary of the investment corporation bonds(1)

Name: Invincible Investment Corporation 11th series unsecured bonds (withparipassu conditions

among

investment corporation bonds)(nickname : INV Hotel Bonds) (the “Investment Corporation Bonds”)(2)

Total issue amount: JPY 6 billion(3)Form of bond certificate: The Act concerning Book-Entry Transfer of Corporate Bonds, Stocks
etc. is applicable to the Investment Corporation Bonds, thus
investment corporation bond certificates will not be issued.

(4)Issue price: JPY100 per JPY100 of each bond(5)

Redemption price: JPY100 per JPY100 of each bond

(6)

Interest rate

: 1.470% per annum(7)

Denomination price: JPY 500 thousand(8)

Offering method: Public offering(9)

Offering period: January 29, 2024 (Monday) through February 8, 2024 (Thursday)(10) Payment date

: February 9, 2024 (Friday)(11) Collateral/Guarantee: Neither collateral nor guarantee is applicable, and no assets arespecifically reserved as collateral for the Investment CorporationBonds.

(12) Redemption method anddate: February 9, 2029 (five years)
The Investment Corporation Bonds may be purchased and cancelled
at any time after the payment date, except for the case where the laws

This English language notice is a translation of the Japanese-language notice released on January 26, 2024 and was prepared solely forthe convenience 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
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and regulations or the Depository otherwise stipulates.

If the maturity

date of the Investment Corporation Bonds falls on a bank holiday, thepayment will be moved forward to the previous bank business day.
(13) Interest payment dates: February 9 and August 9 every year (the first interest payment date isto be August 9, 2024)(14) Rating: A (Japan Credit Rating Agency, Ltd.)(15) Financial covenants: A negative pledge clause and a clause for transformation fromunsecured to secured status are applicable(16) Depository: Japan Securities Depository Center, Inc.

(17) Bond administrator: Mizuho Bank, Ltd.

(18) Issuing agent and paying: Mizuho Bank, Ltd.

agent(19) Underwriting securities: Mizuho Securities Co., Ltd.

company

2. Reason for bonds issuance
INV is pleased to announce its first corporate bond issued mainly to retail investors for the purposeof diversifying financing sources, lengthening the average maturity period, and diversifying thematurity date.
3. Total amount to be raised, use of funds and scheduled timing of disbursement(1) Total amount to be raised (approximate net proceeds)
JPY 5,946 million in total(2) Use of funds and scheduled timing of disbursement
The above approximate net proceeds will be used to repay its existing borrowings by the end ofDecember 2024, and the remaining amount, if any, will be used to redeem a part of its existing
investment corporation bonds.
4. Future outlookThe impact of the Issuance to financial results is minimal and therefore no changes are required forthe forecasts of the financial results for the fiscal periods ending June 2024 (from January 1, 2024
to June 30, 2024) and December 2024 (from July 1, 2024 to December 31, 2024).
5. Other matters necessary for investors’ appropriate understanding/judgment of the concerned
Information
With respect to the risks associated with the Issuance, there will be no change that substantiallyaffects the matters stated in “Investment Risk” stated in the securities report for the fiscal periodended June 2023 (from January 1, 2023 to June 30, 2023) (available in Japanese only) filed on
September 26, 2023.

Website of INV: https://www.invincible-inv.co.jp/en/
This English language notice is a translation of the Japanese-language notice released on January 26, 2024 and was prepared solely forthe convenience 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
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[For reference only]■ Change in balance of interest-bearing liabilities (anticipated)(Unit：JPY million)
Before the Issuance(As of Jan. 26, 2024)
Total loans
Total investment corporation bonds
Total interest-bearing liabilities
Total appraisal value of assets ownedby INV (Note 1)
LTV (based on appraisal value) (%)(Note 2)After the Issuance(As of Feb. 9, 2024)

Increase(Decrease)

253,340－

14,90020,900+6,000268,240

274,240+6,000618,350

618,350

－

42.9

43.9

+1.0

253,340(Note 1) Based on the 134 properties owned by INV as of today (including preferred equity interest in the TMK which holds Sheraton GrandeTokyo Bay Hotel and the overseas real estate assets (“The Westin Grand Cayman Seven Mile Beach Resort & Spa” and “SunshineSuites Resort”)). The appraisal values for the 127 properties (excluding preferred equity interest in the TMK) held as of June 30,2023 are based on figures stated in the appraisal reports on the valuation date of June 30, 2023. Appraisal value for the six
properties acquired on August 1, 2023 are based on figures stated in the appraisal reports on the valuation date of June 1, 2023.
For the preferred equity interest in the TMK which holds Sheraton Grande Tokyo Bay Hotel as an underlying asset, the acquisition
price (INV’s investment amount) of such preferred equity interest, JPY 17,845 million, is deemed as the appraisal value. For theappraisal value of overseas real estate assets, the exchange rate of 1 USD = 110.45 JPY is used under the foreign exchange
forward entered into on July 26, 2018 and executed on September 26, 2018.
(Note 2) “LTV (based on appraisal value)” in the above table is calculated according to the following formula:
LTV (based on appraisal value) ＝ Total interest-bearing liabilities (excluding short-term consumption tax loan) ÷ Total appraisalvalue of assets owned by INV × 100“Total interest-bearing liabilities” does not include the interest-bearing liabilities of the TMK which holds Sheraton Grande Tokyo Bay
Hotel as an underlying asset.
(Note 3) The amounts are rounded down to the nearest million yen. The percentages are rounded to the nearest one decimal place.

This English language notice is a translation of the Japanese-language notice released on January 26, 2024 and was prepared solely forthe convenience 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
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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