[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
July 19, 2023
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 Revision of Forecast of Financial Results and Distribution for
the 40th Fiscal Period Ended June 2023 and the 41st Fiscal Period Ending December 2023
as well as Forecast of Financial Results and Distribution for
the 42nd Fiscal Period Ending June 2024
Invincible Investment Corporation (“INV”) today announced the revision of its forecast of financial
results and distribution for the fiscal period ended June 2023 (40th Fiscal Period) as announced in“Notice concerning Revision of Forecast of Financial Results and Distribution for the 40th Fiscal
Period Ending June 2023” dated April 25, 2023, and the revision of its forecast of financial results
and distribution for the fiscal period ending December 2023 (41st Fiscal Period) as announced in“Financial Summary for the December 2022 Fiscal Period” dated February 22, 2023, together with
the newly announced forecast of financial results and distribution for the fiscal period ending June
2024 (42nd Fiscal Period: from January 1, 2024 to June 30, 2024).
1.

Revision of the forecast of financial results and distribution for the fiscal period ended June
2023 (from January 1, 2023 to June 30, 2023) and the fiscal period ending December 2023
(from July 1, 2023 to December 31, 2023) and the forecast of financial results and distribution
for the fiscal period ending June 2024 (from January 1, 2024 to June 30, 2024)<Fiscal Period Ended June 2023>
Operating
Revenues

Operating
IncomeOrdinary
Income

JPY million

JPY million

JPY million

JPY million

Total
Distribution
Amount
JPY million

15,328

9,555

8,309

8,309

8,303

Revised forecast (B)JPY million
15,842

JPY million
10,239

JPY million
8,796

JPY million
8,796

JPY million
8,803

Amount of Variance(B) – (A)JPY million
513

JPY million
683

JPY million
486

JPY million
486

JPY million
499

Previous forecast (A)(announced on
April 25, 2023)

Net Income

This English language notice is a translation of the Japanese-language notice released on July 19, 2023 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 isprovided 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 theJapanese original, the latter shall prevail in all respects.

1Rate of variance((B) – (A)) / (A)

%
3.3

%
7.2
Distribution
per Unit

Earnings per
Unit (Note 1,2)%
5.9

Excess Profit

Excess Profit
Distribution
per Unit

Distribution per(Note 1)

(Excluding

Distribution
per Unit(Including Excess
Profit Distribution
per Unit) (Note 1)Unit) (Note 1,2)

Previous forecast (A)(announced on
April 25, 2023)

%
6.0

%
5.9

JPY

JPY

JPY

JPY

1,362

1,362

-

1,362

Revised forecast (B)

JPY
1,442

JPY
1,444

JPY
-

JPY
1,444

Amount of Variance(B) – (A)

JPY
80

JPY
82

JPY
-

JPY
82

Rate of variance((B) – (A)) / (A)

%
5.9

%
6.0

%
-

%
6.0

(Note 1) The total number of investment units issued and outstanding at the end of the fiscal period: 6,096,840 units.
(Note 2) The difference between the Earnings per Unit and Distribution per Unit (Excluding Excess Profit Distribution per Unit) is due
to distribution from accumulated retained earnings. Please refer to Appendix 1 < Assumptions Underlying the Forecast of
Financial Results and Distributions for the Fiscal Periods ended June 2023 (40th Fiscal Period), ending December 2023 (41stFiscal Period) and ending June 2024 (42nd Fiscal Period> “Distribution per unit” and “Distributions per unit in excess of
profits” for details.

<Fiscal Period Ending December 2023>
Operating
Revenues

Operating
IncomeOrdinary
Income

JPY million

JPY million

JPY million

JPY million

Total
Distribution
Amount
JPY million

13,469

7,467

6,324

6,324

6,322

Revised forecast (B)JPY million
17,786

JPY million
11,255

JPY million
9,586

JPY million
9,586

JPY million
9,708

Amount of Variance(B) – (A)JPY million
4,316

JPY million
3,787

JPY million
3,262

JPY million
3,262

JPY million
3,385

%

%

%

%

%

32.0

50.7

51.6

51.6

53.6

Previous forecast (A)(announced on
February 22, 2023)

Rate of variance((B) – (A)) / (A)Net Income

This English language notice is a translation of the Japanese-language notice released on July 19, 2023 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 isprovided 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 theJapanese original, the latter shall prevail in all respects.

2Distribution
per Unit
Earnings per
Unit (Note 1, 2)

Excess Profit

Excess Profit
Distribution
per Unit

Distribution per(Note 1)

(Excluding(Including Excess
Profit Distribution
per Unit) (Note 1)Unit) (Note 1,2)

Previous forecast (A)(announced on
February 22, 2023)

Distribution
per Unit

JPY

JPY

JPY

JPY

1,037

1,037

-

1,037

Revised forecast (B)

JPY
1,422

JPY
1,441

JPY
-

JPY
1,441

Amount of Variance(B) – (A)

JPY
385

JPY
404

JPY
-

JPY
404

Rate of variance((B) – (A)) / (A)

%
37.1

%
39.0

%
-

%
39.0

(Note 1) The total number of investment units issued and outstanding at the end of the fiscal period: 6,096,840 units (previous
forecast) and 6,737,121 units (revised forecast).
(Note 2) The difference between the Earnings per Unit and Distribution per Unit (Excluding Excess Profit Distribution per Unit) is due
to distribution from accumulated retained earnings. Please refer to Appendix 1 < Assumptions Underlying the Forecast of
Financial Results and Distributions for the Fiscal Periods ended June 2023 (40th Fiscal Period), ending December 2023
(41st Fiscal Period) and ending June 2024 (42nd Fiscal Period> “Distribution per unit” and “Distributions per unit in excess of
profits” for details.

<Fiscal Period Ending June 2024>

Forecast

Operating
Revenues

Operating
IncomeOrdinary
Income

JPY million

JPY million

JPY million

18,00011,3489,855

Distribution
per Unit
Earnings per
Unit (Note 1, 2)

Forecast

JPY
1,462

(Excluding
Excess Profit
Distribution perUnit) (Note 1, 2)

JPY
1,466

Excess Profit
Distribution
per Unit(Note 1)JPY-

Net Income
JPY million
9,854

Total
Distribution
JPY million
9,876

Distribution
per Unit(Including Excess
Profit Distribution
per Unit) (Note 1)

JPY
1,466

(Note 1) The total number of investment units issued and outstanding at the end of the fiscal period: 6,737,121 units.
(Note 2) The difference between the Earnings per Unit and Distribution per Unit (Excluding Excess Profit Distribution per Unit) is due to
distribution from accumulated retained earnings. Please refer to Appendix 1 < Assumptions Underlying the Forecast of
Financial Results and Distributions for the Fiscal Periods ended June 2023 (40th Fiscal Period), ending December 2023 (41stFiscal Period) and ending June 2024 (42nd Fiscal Period> “Distribution per unit” and “Distributions per unit in excess of profits”
for details.

This English language notice is a translation of the Japanese-language notice released on July 19, 2023 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 isprovided 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 theJapanese original, the latter shall prevail in all respects.

3

(Reference)
Assumptions underlying the revision of the forecast of financial results and distribution for the fiscal period
ended June 2023 (40th Fiscal Period) and the fiscal period ending December 2023 (41st Fiscal Period) as wellas the forecast of financial results and distribution for the fiscal period ending June 2024 (42nd Fiscal Period)
are provided in Appendix 1.
Simulated Distribution per Unit (“DPU”) for the fiscal period ending December 2023 are shown for reference
purposes, which are calculated by applying adjustments, as the DPU for the fiscal period ending December
2023 will be affected due to acquisition of properties announced as of July 19, 2023 (the “AnticipatedAcquisitions”) (Note 1), the issuance of new investment units through the public offering and the third party
allotment (Note 2) announced as of July 19, 2023 and the new borrowings (the “Borrowings”) (Note 3)
announced as of July 19, 2023 (collectively, the “Transactions”), assuming that all Transactions had occurredprior to the commencement of the fiscal period ending December 2023 without one-time gains/expenses, etc.
incurred in the fiscal period. For details on the method for calculation and figures of simulated DPU, pleaserefer to Appendix 2.
(Note 1)The Anticipated Acquisitions refer to the anticipated acquisition of the six domestic hotel properties announced in thepress release entitled “Notice concerning Acquisition and Lease of Domestic Trust Beneficiary Interests” dated July 19,
2023.

(Note 2)The Public Offering refers to the issuance of new investment units through the public offering (the “Primary Offering”)
and the third party allotment (the “Third Party Allotment”, and the together with the primary offering, the “Public Offering”)
announced in the press release entitled “Notice concerning Issuance of New Investment Units and Secondary Offeringof Investment Units” dated July 19, 2023.

(Note 3)

The Borrowings refer to the new borrowings announced in the press release entitled “Notice concerning Debt Financing”
dated July 19, 2023.

This English language notice is a translation of the Japanese-language notice released on July 19, 2023 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 isprovided 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 theJapanese original, the latter shall prevail in all respects.

42. Reasons for the revision and announcement of forecast of financial results and distribution
As announced in the press releases “Notice concerning Acquisition and Lease of Domestic Trust BeneficiaryInterests”, “Notice concerning Debt Financing” and “Notice concerning Issuance of New Investment Unitsand Secondary Distribution of Investment Units” dated July 19, 2023, INV expects to conduct the Public
Offering as well as Borrowings for the Anticipated Acquisitions on August 1, 2023.
Due to the acquisition of the properties and other transactions mentioned above, the operating revenue
for the fiscal period ending December 2023 is expected to increase. Therefore, INV is revising the forecastof financial results and distributions for the fiscal period ending December 2023.
INV decided to revise the forecast of financial results and distribution for the fiscal period ended June
2023 based on the performance of the existing portfolio as of today, and to announce the forecast offinancial results and distribution for the fiscal period ending June 2024 upon a series of discussions
based on the information currently available to the Investment Corporation and certain assumptions that
the Investment Corporation deems reasonable, with the current status of operation reflected.
3.

Policy for excess profit distribution, etc.

INV believes maintaining the stability of cash distributions over the medium term is one of the mostimportant factors in determining the amount of distribution for a given fiscal period, and therefore, INV
has adopted the policy to make distributions in excess of profits or reversal of retained earnings(“distributions in excess of profits, etc.” together with distributions in excess of profits hereinafter) inorder to stabilize distributions, in cases where dilution of investment units or significant expenses are to
be recorded in connection with, among other things, the acquisition of assets or the raising of capital,
leading to a temporary decrease in distribution per unit, taking into consideration the level of distribution
per unit assuming such acquisition of assets or capital raising had contributed for a full fiscal period .
INV may also consider making distributions in excess of profits, etc. for the purpose of mitigating theimpact of corporate tax increases arising from different rules and practices in tax and accounting, suchas treatment on depreciation of fixed term land lease or asset retirement obligation.
With respect to the fiscal period ended June 2023, INV plans to pay distributions through reversal ofretained earnings (internal reserve) as “distributions in excess of profits, etc. of the amount of difference
arising from differences in tax and accounting processing”.
With respect to the fiscal period ending December 2023, earnings per unit is expected to decrease dueto (i) one-off expenses in connection with the Public Offering and the Borrowings and (ii) partial income
contribution from the Anticipated Acquisitions for the fiscal period ending December 2023. Therefore,
INV plans to pay distributions through reversal of retained earnings (internal reserve) so that the total
amount of DPU for the fiscal period ending December 2023 will be the same level as the total amountof the simulated DPU (after the Transactions) for the same fiscal period .

This English language notice is a translation of the Japanese-language notice released on July 19, 2023 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 isprovided 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 theJapanese original, the latter shall prevail in all respects.

5With respect to the fiscal period ending June 2024, INV plans to distribute reversal of retained earnings(internal reserve) as “an excess share of profit, etc. of the amount of difference arising from differences
in tax and accounting processing.”
Simulated distribution per unit for the fiscal period ending December 2023 is JPY 1,441, which is calculated
by applying adjustments listed in Appendix 2. For the other assumptions, please refer to Appendix 1.

This English language notice is a translation of the Japanese-language notice released on July 19, 2023 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 isprovided 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 theJapanese original, the latter shall prevail in all respects.

6

4.

Reasons for Forecast Revision

The revised DPU forecast for the fiscal period ended June 2023 is JPY 1,444 (+769.9% year-on-year)
and the revised DPU forecast for the fiscal period ending December 2023 is JPY 1,441 (+73.2% yearon-year); the DPU for the full calendar year 2023 is forecasted to be JPY 2,885 (+189.1% year-on-year).
As above, strong recovery of the DPU is expected in 2023, overcoming the Covid-19 pandemic.
NOI for INV’s entire portfolio for the fiscal period ending December 2023 is expected to grow by 54.0%
due to revenue contributions from the assets to be acquired and internal growth of the existing portfolio. As
for internal growth of the hotel portfolio and the residential portfolio, NOI for the hotel portfolio (Note 1)
and residential portfolio (Note 2) for the fiscal period ending December 2023 are expected to grow by
38.4% and decrease by 0.7%, respectively, as compared to NOI for the corresponding period in theprevious year.
With regard to the domestic hotel portfolio, INV expects ADR, occupancy rate and RevPAR (Note 3) for
the fiscal period ending December 2023 to increase by 9.7%, 9.3pt and 23.2% year on year, respectively,
resulting in GOP (Note 3) growth of 32.2% year on year, as described in “4. Reasons for Forecast
Revision (Reference) <Forecasts for Performance Indicators of Domestic Hotel Properties (80 hotels)>”
below. With regard to the overseas hotel portfolio, INV expects ADR, occupancy rate and RevPAR for
the fiscal period ending December 2023 to increase by 2.1%, 8.5pt and 17.5% year on year, respectively,
resulting in GOP growth of 16.8% year on year.
Meanwhile, with regard to internal growth of the residential portfolio, NOI for the fiscal period ending December
2023 for 41 residential properties owned by INV as of the end of June 2023 is expected to decrease by 0.7%
against that for the corresponding period in the previous year. INV forecasts occupancy rate (Note 4) toincrease from 96.3% to 96.6% and average rent per tsubo (Note 4) to increase by 0.6%, from JPY 9,172 to
JPY 9,230 against those for the corresponding period in the previous year.
In addition, as announced in the press release “Notice concerning Acquisition and Lease of Domestic Trust
Beneficiary Interests” dated July 19, 2023, INV will acquire six hotel properties totaling JPY 57,230 million in
the fiscal period ending December 2023, and these hotels are anticipated to increase the simulated portfolio
NOI by JPY 2,213 million, or JPY 328 per unit for the fiscal period ending December 2023, based on
forecasted number of investment units issued and outstanding after the Public Offering, INV seeks tomaximize unitholders’ value while building its portfolio with hotels and residential properties as its core assets
via focusing on both growth and stability.
(Note 1)

Calculated based on the actual results and forecasts for 77 hotel properties, which are two overseas hotel
properties owned as of the end of June 2023 and 75 domestic hotel properties; of the 84 domestic hotel properties(including Sheraton Grande Tokyo Bay Hotel, the underlying asset of preferred equity interest held by INV) owned
as of the end of June 2023, excluding nine hotels with fixed-rent lease agreements. Such nine hotels with fixedrent are Super Hotel Shinbashi/Karasumoriguchi, Comfort Hotel Toyama, Super Hotel Toky o-JR Tachikawa
Kitaguchi, Super Hotel JR Ueno-iriyaguchi, Comfort Hotel Kurosaki, Comfort Hotel Maebashi, Comfort Hotel
Tsubamesanjo, Comfort Hotel Kitami, and Takamatsu Tokyu REI Hotel (Takamatsu Tokyu REI Hotel, for which avariable-rent arrangement has been introduced since April 25, 2023, is included in the nine hotels for ease ofcomparison with the fiscal period ended December, 2022). The forecasts are based on the assumptions set out inThis English language notice is a translation of the Japanese-language notice released on July 19, 2023 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 isprovided 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 theJapanese original, the latter shall prevail in all respects.

7Appendix 1 “Operating Revenues”, which may be significantly deviate from the actual results. However, in order
to eliminate the impact of exchange rates, the income for overseas hotels is converted at USD 1 = JPY 110.
(Note 2)

Calculated based on actual results and forecasts for the 41 residential properties owned as of the end of June

(Note 3)For definition of ADR, occupancy rate for hotel portfolio, RevPAR and GOP, please refer to “4. Reasons for2023. Excludes one‐off insurance‐related revenues and expenses.
Forecast Revision (Reference) <Forecasts for Performance Indicators of Domestic Hotel Properties (75 hotels)>”
below.
(Note 4)For definition of occupancy rate and average rent per tsubo, please refer to “4. Reasons for Forecast Revision(Reference) <Forecasts for Performance Indicators of Residential Properties (41 properties)>” below.

This English language notice is a translation of the Japanese-language notice released on July 19, 2023 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 isprovided 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 theJapanese original, the latter shall prevail in all respects.

8

(Reference)<Forecasts for Performance Indicators of Domestic Hotel Properties (75 hotels (Note 1))>
Y2023
June fiscal period(Forecast)

Y2024

December fiscal
period(Forecast)

Full-Year(Forecast)June fiscal period(Forecast)Occupancy Rate (Note 2)

80.7%

85.5%

83.1%

85.7%

ADR (JPY) (Note 3)

10,868

11,447

11,16910,606

RevPAR (JPY) (Note 4)

8,772

9,787

9,284

9,086

GOP (JPY million)(Note 5) (Note 6)

10,424

12,374

22,79910,939Year-on-Year Changes
Y2023
June fiscal period(Forecast)

December fiscal
period(Forecast)

Y2024
Full-Year(Forecast)June fiscal period(Forecast)Occupancy Rate

+19.2pt+9.6pt

+14.4pt+5.0pt

ADR+44.8%+12.2%+24.0%-2.4%

RevPAR+90.1%+26.4%+49.9%+3.6%

GOP+228.7%+39.7%+89.6%+4.9%(Note 1) From the perspective of comparison with the previously announced performance indicators, forecasts for performanceindicators are for 75 domestic hotel properties of the 84 domestic hotel properties (including Sheraton Grande Tokyo
Bay Hotel, the underlying asset of preferred equity interest held by INV) owned before the anticipated acquisition,
excluding nine hotels with fixed-rent lease agreements. The nine hotels with fixed-rent lease agreements are as
described in Note 1 of “4. Reasons for Forecast Revision” above. Hereinafter the same.
(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 days during relevant
period). Hereinafter the same.
(Note 3) “ADR” or Average Daily Rate, is the value of the total room revenues for a certain period (excluding service fees) divided by
the total number of sold rooms for the same period. Hereinafter the same.
(Note 4) “RevPAR” or Revenues Per Available Room, is calculated by dividing the total revenues for a certain period by the aggregate
number of rooms for the same period (rooms x number of days), and is the same figure as that of a product of ADR andoccupancy rate. Hereinafter the same.
(Note 5) “GOP” or Gross Operating Profit, is rent revenue INV receives as a rent which is the amount remaining after deducting thepersonnel, material, water, electricity, and heating and advertising expenses as well as the management service fee for the
hotel operations (if any) from the hotel’s revenues. Hereinafter the same.
(Note 6) With respect to APA Hotel Yokohama-Kannai, INV considers the rent paid to INV for this hotel as GOP of this hotel.

This English language notice is a translation of the Japanese-language notice released on July 19, 2023 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 isprovided 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 theJapanese original, the latter shall prevail in all respects.

9<Forecasts for Performance Indicators of Domestic Hotel Properties (80 hotels (Note 1))>
Y2023
June fiscal period(Forecast)

December fiscal
period(Forecast)

Y2024
Full-Year(Forecast)June fiscal period(Forecast)Occupancy Rate

80.5%

85.4%

83.0%

85.1%

ADR (JPY)

11,57012,572

12,090

11,235

RevPAR (JPY)

9,314

10,741

10,0339,564

GOP (JPY million)

11,673

14,602

26,275

12,160Year-on-Year Changes
Y2023
June fiscal period(Forecast)

December fiscal
period(Forecast)

Y2024
Full-Year(Forecast)June fiscal period(Forecast)Occupancy Rate

+19.2pt+9.3pt+14.2pt+4.6pt

ADR+40.3%+9.7%+20.5%-2.9%

RevPAR+84.1%+23.2%+45.3%+2.7%

GOP+207.3%+32.2%+77.0%+4.2%(Note 1) Calculated based on the actual results and forecasts for 80 hotel properties ; of the 90 domestic hotel properties(including Sheraton Grande Tokyo Bay Hotel, the underlying asset of preferred equity interest held by INV) to beowned after the anticipated acquisition, excluding nine hotels with fixed-rent lease agreements as well as Hotel
MyStays Soga which an actual result for the fiscal period ended June 2022 is partially unavailable due to effect ofrenovation. The actual results prior to the anticipated acquisition by INV are based on the data provided by therespective sellers, with adjustments to trust fees and insurance premiums as if INV had held such properties since thebeginning of 2023. The forecasts are based on the assumptions set out in Appendix 1 “Operating Revenues”, which
may be significantly deviate from the actual results. “Occupancy Rate,” “ADR,” “RevPAR,” and “GOP,” are calculated in thesame manner as “4. Reasons for Forecast Revision (Reference) Forecasts for Performance Indicators of Domestic Hotel
Properties (75 hotels)” (Note 2) through (Note 6) above.

This English language notice is a translation of the Japanese-language notice released on July 19, 2023 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 isprovided 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 theJapanese original, the latter shall prevail in all respects.

10

<Forecasts for Performance Indicators of Overseas Hotel Properties (2 hotels)>
Y2023
June fiscal period(Forecast)

Y2024

December fiscal
period(Forecast)

Full-Year(Forecast)June fiscal period(Forecast)Occupancy Rate

77.3%

64.7%

70.9%

80.7%

ADR (USD)

537

411

479

552

RevPAR (USD)

415

266

340

445

29,182,631

15,388,203

44,570,834

31,841,848

GOP (USD)
Year-on-Year Changes

Y2023
June fiscal period(Forecast)

December fiscal
period(Forecast)

Y2024
Full-Year(Forecast)June fiscal period(Forecast)Occupancy Rate

+37.6pt+8.5pt+22.9pt+3.4pt

ADR+45.1%+2.1%+23.1%+2.8%

RevPAR+182.2%+17.5%+81.7%+7.3%

GOP+240.9%+16.8%+105.0%+9.1%

This English language notice is a translation of the Japanese-language notice released on July 19, 2023 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 isprovided 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 theJapanese original, the latter shall prevail in all respects.

11

<Forecasts for Performance Indicators of Residential Properties (41 properties (Note 1))>
Y2023
June fiscal period(Forecast)

Y2024

December fiscal
period(Forecast)

Full-Year(Forecast)June fiscal period(Forecast)Occupancy Rate (Note 2)
Average Rent per Tsubo
per Month (JPY) (Note 3)

96.6%

96.6%

96.6%

96.9%

9,187

9,230

9,209

9,246

NOI (JPY million) (Note 4)

1,121

1,110

2,231

1,112

Year-on-Year Changes
Y2023
June fiscal period(Forecast)Occupancy Rate
Average Rent per Tsubo
per Month
NOI

December fiscal
period(Forecast)

Y2024
Full-Year(Forecast)June fiscal period(Forecast)+0.6pt+0.3pt+0.4pt+0.3pt

+0.6%

+0.6%

+0.6%

+0.6%

+0.8%

-0.7%

+0.0%

-0.9%

(Note 1) For definition of 41 residential properties, please refer to Note 2 of “4. Reasons for Forecast Revision” above.
(Note 2) “Occupancy Rate” is calculated by dividing the sum of total residential leased area by the sum of total residential leasable areaat the end of each month of each period. Hereinafter the same.
(Note 3) “Average Rent per Tsubo per Month” is calculated by dividing the total residential rental revenue including common area charges
for each month by the sum of total residential leasable area at the end of each month, indicating the average rent per Tsubo
weighted by leased area. Hereinafter the same.
(Note 4) Figures are rounded down to the indicated amount. Excludes one‐off insurance‐related revenues and expenses. Hereinafter
the same.

This English language notice is a translation of the Japanese-language notice released on July 19, 2023 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 isprovided 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 theJapanese original, the latter shall prevail in all respects.

12Based on the above, the forecasts of earnings per unit and distribution per unit for the full calendar
year 2023 are as follows:<Full-year 2023> (Aggregate of the fiscal periods ended June 2023 (Forecast) and ending December
2023 (Forecast))

Previous forecast (A)(announced on
February 22, 2023
and April 25, 2023)
Revised forecast (B)Amount of variance(B) – (A)Rate of variance((B) – (A)) / (A)(Note)

Earnings per Unit
(Note)

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

Excess Profit
Distribution per Unit
(Note)

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

JPY

JPY

JPY

JPY

2,399

2,399

-

2,399

JPY

JPY

JPY

JPY

2,864

2,885

-

2,885

JPY

JPY

JPY

JPY

465

486

-

486

%

%

%

%

19.4

20.3

-

20.3

Assumption: the number of investment units issued and outstanding at the end of the fiscal period ended June 2023 was
6,096,840 units and the number of investment units issued and outstanding at the end of the fiscal period ending December
2023 is 6,737,121 units.

Website of INV: https://www.invincible-inv.co.jp/en/

This English language notice is a translation of the Japanese-language notice released on July 19, 2023 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 isprovided 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 theJapanese original, the latter shall prevail in all respects.

13

(Appendix 1)<Assumptions Underlying the Forecast of Financial Results and Distributions for the Fiscal Periods
ended June 2023 (40th Fiscal Period), ending December 2023 (41st Fiscal Period) and ending
June 2024 (42nd Fiscal Period)>
Item

Fiscal period

Assumptions
The June 2023 Fiscal Period: from January 1, 2023 to June 30, 2023 (181 days)
The December 2023 Fiscal Period: from July 1, 2023 to December 31, 2023 (184 days)
The June 2024 Fiscal Period: from January 1, 2024 to June 30, 2024 (182 days)
Properties held as of the end of the June 2023 Fiscal Period: 127 properties and preferred
equity interests in one TMK
Properties held as of the end of the December 2023 Fiscal Period: 133 properties andpreferred equity interests in one TMK
Properties held as of the end of the June 2024 Fiscal Period: 133 properties and preferred
equity interests in one TMK

Assets undermanagement

In addition to the properties held as of today (127 properties and preferred equity interests
in one TMK), INV assumes that INV will newly acquire six hotels, the AnticipatedAcquisitions, as of August 1, 2023 (Note) and that there will be no other change in theportfolio through the end of the fiscal period ending June 2024.
(Note) For details regarding the details of Anticipated Acquisitions, please refer to “Noticeconcerning Acquisition and Lease of Domestic Trust Beneficiary Interests” dated July 19,2023.
As of the end of the June 2023 Fiscal Period: 6,096,840 units
As of the end of the December 2023 Fiscal Period: 6,737,121 units
As of the end of the June 2024 Fiscal Period: 6,737,121 units

Units outstanding

INV assumes that a total of 640,281 new investment units will be issued through thePrimary Offering (609,792 new investment units) and the Third Party Allotment (up to
30,489 new investment units), and that the expected number of investment units issued
and outstanding following the Public Offering will be 6,737,121 units, and that there will
be no additional issuance of units thereafter through the end of the June 2024 Fiscal
Period.

This English language notice is a translation of the Japanese-language notice released on July 19, 2023 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 isprovided 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 theJapanese original, the latter shall prevail in all respects.

14

Item

Assumptions

Balance as of the end of the June 2023 Fiscal Period: JPY 239,190 million (borrowing:
JPY 225,790 million, investment corporation bonds: JPY 13,400 million)
Balance as of the end of the December 2023 Fiscal Period: JPY 269,046 million(borrowing: JPY 255,646 million, investment corporation bonds: JPY 13,400 million)
Balance as of the end of the June 2024 Fiscal Period: JPY 269,046 million (borrowing:
JPY 255,646 million, investment corporation bonds: JPY 13,400 million)
Interest-bearing liabilities
INV assumes that JPY 29,856 million of borrowing is implemented as of August 1, 2023,
for the fiscal period ending December 2023, as mentioned in the press release entitled“Notice concerning Debt Financing” dated July 19, 2023. In addition, INV intends
refinance the same amount of loan and investment corporation bonds due in December
2023 as well as June 2024 Fiscal Periods. INV assumes no other new loan or prepaymentof loan through the end of the June 2024 Fiscal Period.

This English language notice is a translation of the Japanese-language notice released on July 19, 2023 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 isprovided 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 theJapanese original, the latter shall prevail in all respects.

15

INV expects to record operating revenues for each fiscal period as follows:
The hotel rents revenue in Japan are forecasted based on the following assumptions but
may be significantly deviate from the actual results due to various factors including thesituation of recovery from the pandemic.
INV assumes that domestic hotel demand for the fiscal period ending December 31, 2023
and thereafter will generally recover to the level of 2019 before the pandemic, thoughpartially offset by the termination of the governmental tourism promotion measures.
INV assumes that inbound demand will recover to the 2019 level from the summer or fallof 2023, except for Chinese tourism to Japan in which recovery is expected to be delayed
to 2024.
In addition to the demand forecasts above, INV has taken into account various factors
including scheduled conferences, concerts and other events in the vicinity of each hotel,
situations of competitors and price trends, etc., to forecast hotel rents for the period
ending December 31, 2023 and thereafter. The reservations for the period from July to
September 2023 already made as of the forecast are also taken into account.

・Rental revenues(of these, hotel
rents)(fixed hotel rents)(variable hotel
rents)
Operating revenues

・Management
contract revenue(in thousand USD)

June 2023
Fiscal Period
JPY 11,957
million(JPY 10,085
million)(JPY 5,498
million)(JPY 4,587
million)December 2023
Fiscal Period
JPY 15,579
million(JPY 13,829
million)(JPY 7,469
million)(JPY 6,360
million)JPY 3,884 million

JPY 2,206 million

USD 28,971

USD 15,325

USD 31,841

JPY 15,842
millionJPY 17,786
millionJPY 18,000
million・Dividend amount
Total operating
revenues

June 2024
Fiscal Period
JPY 13,415
million(JPY 11,635
million)(JPY 5,853
million)(JPY 5,782
million)JPY 4,585 million-

INV estimates the amount of dividends on the preferred equity interests based on theperformance the underlying asset backing the cash flows and the assumed amount ofexpenses incurred by the special purpose company. INV has assumed conservatively
that no dividends would be paid from the Kingdom TMK that owns Sheraton GrandeTokyo Bay Hotel through the end of our fiscal period ending June 30, 2024 due to the
TMK recording a cumulative loss due to losses incurred in prior periods with the effectfrom Covid-19 we expect cumulative loss to be eliminated by then.
INV receives revenue and recognizes management contract revenues from two overseas
real estate assets “Westin Grand Cayman Seven Mile Beach Resort & Spa” and“Sunshine Suites Resort” (“the Overseas Hotels”). The forecast of management contract
revenues is based on estimated performance of the underlying assets and the assumed
amount of expenses incurred by the hotel management company. Management contract
revenues for the June 2023 Fiscal Period have been calculated based on the monthly
average exchange rate of each month, and management contract revenues for the
December 2023 and June 2024 Fiscal Periods have been calculated based on theexchange rate of USD 1 = JPY 144.
Foreign currency risks on the management contract revenues are partially hedged byforeign exchange forward contracts. For details, please refer to “Notice concerning
Execution of Foreign Exchange Forward” dated on January 25, 2023 and “Noticeconcerning Execution of Foreign Exchange Forward” dated on March 10, 2023 (available
This English language notice is a translation of the Japanese-language notice released on July 19, 2023 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 isprovided 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 theJapanese original, the latter shall prevail in all respects.

16

Item

Assumptionsin Japanese only).
While INV is examining potential expansion and renovation of Westin Grand Cayman
Seven Mile Beach Resort & Spa, no specific plan has been determined yet. INV neither
anticipates nor incorporates any particular impact of such expansion and renovation forthe purpose of this forecast through the end of the June 2024 Fiscal Period.
Rental revenues in the fiscal period ended June 2023, the fiscal period ending December
2023, and the fiscal period ending June 2024 are calculated based on estimates as oftoday. In addition, INV assumes there will be no delinquencies or non-payment of rent bytenants.
INV expects to incur property related expenses and management contract expenses outof operating expenses for each fiscal period as follows:

Operating expenses

・Facility
management fees(of these, repair
costs)
・Taxes and otherpublic charges (Note1)
・Insurance
expenses
・Depreciation
expenses・Other expenses
Total property
related expenses
and management
contract expenses

June 2023
Fiscal Period

December 2023
Fiscal Period

June 2024
Fiscal Period

JPY 446 million(JPY 17 million)

JPY 475 million(JPY 24 million)

JPY 472 million(JPY 15 million)

JPY 601 million

JPY 751 million

JPY 631 million

JPY 181 million

JPY 275 million

JPY 327 million

JPY 4,342 million

JPY 4,551 million

JPY 103 million

JPY 126 million

JPY 5,948 million

JPY 6,109 million

JPY 3,756 million
JPY 110 million

JPY 5,096 million(Note 1) Property taxes and city planning taxes on the assets to be acquired in 2023
including anticipated acquisition of assets are calculated on a pro-rata basis with theprevious owners and settled at the time of acquisition, and are not recorded for the fiscal
period ending December 2023 and recorded from the fiscal period ending June 2024 as
the amount equivalent to such settlement is included in the acquisition cost.
For the Anticipated Acquisitions, INV expects to record the property taxes and city
planning taxes of JPY 59 million as part of the total acquisition cost, and an annual
amount of JPY 141 million of such taxes as expenses starting from the fiscal period
ending June 2024.
INV expects to incur other operating expenses than the property related expenses ormanagement contract expenses for each fiscal period as follows:・Other operating
expenses(of these, asset
management fees)

June 2023
Fiscal Period

December 2023
Fiscal Period

JPY 506 million

JPY 582 million(JPY 300
million)(JPY 300
million)June 2024
Fiscal Period
JPY 541
million(JPY 300
million)This English language notice is a translation of the Japanese-language notice released on July 19, 2023 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 isprovided 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 theJapanese original, the latter shall prevail in all respects.

17

Item

Assumptions
INV expects to record net operating income for each fiscal period as follows:

・NOI

NOI

June 2023
Fiscal Period
JPY 14,502
millionDecember 2023
Fiscal Period

June 2024
Fiscal Period

JPY 16,180
millionJPY 16,442
million(JPY 9,618
million)(JPY 13,071
million)(JPY 11,010
million)(JPY 3,684
million)(JPY 1,121
million)(JPY 1,920
million)(JPY 1,110
million)(JPY 4,241
million)(of these, domestic hotel
NOI)(of these, overseas hotel
NOI)(of these, residential NOI)(JPY 1,113
million)NOI calculation method in the above table is as follows
NOI＝ Rental Revenues ‐ Property Related Expenses + Depreciation Expenses+
Dividends on the preferred equity interest (TMK dividend) + Management Contract
Revenue‐Management Contract Expense
INV expects to incur non-operating expenses for each fiscal period as follows:
June 2023
Fiscal Period・Interest expense
・Finance related costs

Non-operating expenses

・Interest for investment
corporation bonds
・Depreciation of investment
corporation bonds issuance
expenses・Other non-operating expenses(expenses relating to the issuance of
new units for the Public Offering)・Foreign exchange loss (Note 1)
Total Non-operating expenses

JPY 508
millionJPY 528
millionJPY 34
millionDecember
2023 Fiscal
PeriodJPY 631
millionJPY 650
millionJPY 60
millionJune 2024
FiscalPeriodJPY 663
millionJPY 661
millionJPY 62
millionJPY 10
millionJPY 7
millionJPY 10
millionJPY 200
million-JPY 375
millionJPY 1,454
millionJPY 115
millionJPY 1,668
millionJPY 95
millionJPY 1,493
million(Note 1) Mainly due to the effect of currency exchange contracts on the revenue of overseas hotels.
However, this amount is an estimate based on the current exchange rate, and it may change
significantly depending on future exchange rate trends. In addition, currency gains may be recorded
as a result.

This English language notice is a translation of the Japanese-language notice released on July 19, 2023 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 isprovided 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 theJapanese original, the latter shall prevail in all respects.

18

Item

Assumptions
The distribution per unit is calculated in accordance with the cash distribution policy as
set forth in INV’s Articles of Incorporation.
With respect to the distribution for the fiscal period ended June 2023, INV expects todistribute an aggregate amount of JPY 8,803 million (distribution per unit: JPY 1,444)
from the net income for the June 2023 Fiscal Period (JPY 8,796 million) plus JPY 7 millionof reversal of retained earnings (internal reserve).
With respect to the distribution for the fiscal period ending December 2023, INV expects
to distribute an aggregate amount of JPY 9,708 million (distribution per unit: JPY 1,441)
from the net income for the December 2023 Fiscal Period (JPY 9,586 million) including
JPY 121 million reversal of retained earnings (internal reserve).

Distribution per unit

With respect to the distribution for the fiscal period ending June 2024, INV expects todistribute an aggregate amount of JPY 9,876 million (distribution per unit: JPY 1,466)
from the net income for the fiscal period ending June 2024 (JPY 9,854 million) including
JPY 21 million reversal of retained earnings (internal reserve).
For the fiscal period ended June 2023, fiscal period ending December 2023, and fiscal
period ending June 2024, INV expects to record deferred gain on hedge of the interest
rate swap and the currency option as the valuation and conversion adjustments, etc. of
JPY 142 million, which is equal to the amount for the fiscal period ended December 2022.
The distribution per unit is calculated based on the assumption that fluctuation of themarket value of the interest rate swap and the currency option does not affect the
distribution per unit.
Distribution per unit may vary due to various factors, including changes of the assets
under management, fluctuation of rent income associated with reasons such as changeof tenants and occurrences of unexpected repairs.

This English language notice is a translation of the Japanese-language notice released on July 19, 2023 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 isprovided 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 theJapanese original, the latter shall prevail in all respects.

19

Item

Distributions per unit inexcess of profits

Assumptions
INV believes maintaining the stability of cash distributions over the medium term is
one of the most important factors in determining the amount of distribution for agiven fiscal period. Therefore, INV has adopted a policy of making distributions inexcess of profits, etc. in order to stabilize distributions in cases where dilution of
investment units or significant expenses are to be recorded in connection with theacquisition of assets or the raising of capital, or other events leading to a temporary
decrease in distribution per unit. When determining distributions in excess of profits,etc., INV takes into consideration the level of distribution per unit assuming suchacquisition of assets, capital raising or other event would had contributed for a full
fiscal period.
INV may also consider making distributions in excess of profits, etc. for the purposeof decreasing the impact from corporate tax increase arising from different rules intax and accounting practices, such as treatment on depreciation of fixed term landlease or asset retirement obligation.
With respect to the fiscal period ended June 2023, we plan to pay distributions
through reversal of retained earnings (internal reserve) (JPY 2 per unit) as“distributions in excess of profits, etc. of the amount of difference arising fromdifferences in tax and accounting processing.”
With respect to the fiscal period ending December 2023, earnings per unit isexpected to decrease due to (i) one-off expenses in connection with the Public
Offering and the Borrowings and (ii) partial income contribution from the AnticipatedAcquisitions for the fiscal period ending December 2023. Therefore, INV plans topay distributions through reversal of retained earnings (internal reserve) (JPY 19
per unit) so that the total amount of DPU for the fiscal period ending December 2023
will be the same level as the simulated DPU (after the Transactions) for the same
fiscal period. See Appendix 2, <Simulated distribution per unit for fiscal period
ending December 2023>.
With respect to the fiscal period ending June 2024, INV plans to distribute reversalof retained earnings (internal reserve) (JPY 4 per unit) as “distributions in excess of
profit, etc. from the amount of difference arising from differences in tax andaccounting processing.”
June 2023
December 2023
June 2024
Fiscal Period
Fiscal Period Fiscal Period
Excess profit
distribution per unit

Other

INV assumes there will be no amendments to applicable laws and regulations, thetaxation system, accounting standards and other regulations that would affect theforegoing forecasts.
In addition, INV assumes there will be no unforeseen material changes in general
economic trends, real estate market conditions and other trends and conditions.

This English language notice is a translation of the Japanese-language notice released on July 19, 2023 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 isprovided 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 theJapanese original, the latter shall prevail in all respects.

20

(Appendix 2)<Simulated distribution per unit for fiscal period ending December 2023>
Simulated distribution per unit for the fiscal period ending December 2023 refers to sum of (i) earnings per unit
calculated by first assuming the forecast financial results for the fiscal period ending December 2023 and then,by applying the simulated adjustments below, eliminating the effects of such factors as one-off expenses andtreating the Anticipated Acquisitions, the Public Offering and the Borrowing as if they had occurred prior to thebeginning of the fiscal period ended December 2023, and (ii) distributions in excess of profit ,etc. (limited to
distributions in excess of profit etc. of the amount of difference arising from differences in tax and accounting
processing)
Simulated adjustments used to calculate simulated distribution per unit for the fiscal period ending
December 2023 include the following adjustments
1.

The figures are on the assumption that revenue contributions as well as expenses such as property taxes
and city planning taxes on the acquired assets and the assets to be acquired announced in the press
releases entitled “Notice concerning Acquisition and Lease of Domestic Trust Beneficiary Interests” as oftoday were recorded from the beginning of the fiscal period ended December 2023.

2.

The figures are on the assumption that borrowings announced in the press release entitled “Noticeconcerning Debt Financing” as of today were recorded from the beginning of the fiscal period ended
December 2023.

3.

The figures are on the assumption that a total of 640,281 units (609,792 units through the Public Offering
and up to 30,489 units through the Third Party Allotment) were issued at the beginning of the fiscal period
ending December 2023.

4.

Elimination of one-off revenues/expenses in connection with the Transactions.

The simulated distribution per unit for the fiscal period ending December 2023 as well as the simulated
earnings per unit, simulated distribution per unit (excluding excess profit distribution per unit) and simulated
excess profit distribution per unit, for the fiscal period ending December 2023, which are calculated by applying
the same adjustments as the simulated distribution per unit for the fiscal period ending December 2023 aresummarized in the column of “After the Transactions (B)” of the Table A below. In addition, to exhibit the effectof the transactions, these figures before the Transactions are also included in the Table A.
Simulated distribution per unit after the Transactions is calculated by applying all adjustments, while simulated
distribution per unit before the Transactions is calculated on the assumption that none of the transactions
described above would take place and no revenues or expenses, etc. associated therewith would be recorded.
The simulated distribution per unit for the fiscal period ending December 2023 and the other figures in the
Table A below are purely a simulation intended to describe the effect of the Transactions, etc. described above
and are neither a forecast nor prospect relating to INV’s earnings or distribution per unit for a given operating
period. Accordingly, there is no guarantee that the simulated distribution per unit for the fiscal period ending

This English language notice is a translation of the Japanese-language notice released on July 19, 2023 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 isprovided 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 theJapanese original, the latter shall prevail in all respects.

21December 2023 will ever be realized for any future period, and INV is not obligated to revise any of thesimulated figures regardless of any changes in circumstances that may affect the above simulation.

This English language notice is a translation of the Japanese-language notice released on July 19, 2023 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 isprovided 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 theJapanese original, the latter shall prevail in all respects.

22[Table A]

Simulated Earnings
per Unit for the fiscal

Simulated
Distribution
per Unit(Excluding Excess
Profit Distribution
per Unit) for the(Note 1)

fiscal period
ending December

period ending
December 2023

Simulated Excess
Profit Distribution
per Unit for the

fiscal period
ending December
2023(Note 1)

Simulated
Distribution per Unit
(Including Excess
Profit Distribution
per Unit) for the

fiscal period
ending December
2023 (Note 1)

2023 (Note 1)
JPY

JPY

JPY

JPY

1,344

1,346

-

1,346

JPY

JPY

JPY

JPY

1,437

1,441

-

1,441

Amount of variance(B) – (A)

JPY

JPY

JPY

JPY

93

95

-

95

Rate of variance((B) – (A)) / (A)

%

%

%

%

6.9

7.1

-

7.1

Before the Transactions(A)
After the Transactions(B)(Note 1) Assumption: the number of investment units issued and outstanding before the Transactions: 6,096,840 units; the number ofinvestment units issued and outstanding after the Transactions: 6,737,121 units.

This English language notice is a translation of the Japanese-language notice released on July 19, 2023 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 isprovided 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 theJapanese original, the latter shall prevail in all respects.

23