[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
October 1, 2018
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)

Notice concerning Completion of Acquisition of Asset
Invincible Investment Corporation (“INV”) is pleased to announce that the acquisition of thefollowing asset, which was announced in the press releases “Notice concerning Acquisition ofTK Interest with Overseas Real Estate as Underlying Assets” dated July 17, 2018 (the “JulyPress Release”) and “Notice concerning Determination of Anticipated Acquisition Date of TK
Interest with Overseas Real Estate as Underlying Assets and Implementation of Debt
Financing” dated September 26, 2018, has been completed on September 28, 2018 (Cayman
Island local time; September 29, 2018 in Japan local time).
Moreover, Seven Mile Resort Holdings Ltd. (the “Cayman SPC), the TK operator pertaining tothe TK interest, acquired the underlying assets (Westin Grand Cayman Seven Mile Beach
Resort & Spa and Sunshine Suites Resort) (the “Underlying Assets”) on the same date.
Performance of the Underlying Assets year to date has continued to be strong resulting in theupdated 2018 NOI estimated to be 5.8% greater than the estimated 2018 NOI announced inthe July Press Release. This results in the forecasted NOI yield increased from 9.2% (Note 1)
at the time of July Press Release to an updated current estimate of 9.8% (Note 2). Thisincrease in forecasted 2018 NOI is based on updated actual results through the end of August
2018 and the updated forecast for the remainder of the year provided by Pyramid Cayman
Hotel Limited, the operator of the Underlying Assets. This increase is mainly attributable tothe 2nd quarter and 3rd quarter updates and has been driven by a strong increase inoccupancy rates during the slower summer months, led by a combination of leisure andThis English language notice is a translation of the Japanese-language notice released on October 1, 2018 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on theirown 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 theevent of any discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

1incentive travelers (Note 3).
The distribution from Cayman Hotel TK interest will be made in and after the fiscal period
ending June 2019 and the forecast of financial results for the June 2019 fiscal period will beannounced on a later date once it is determined.
(Note 1)
(Note 2)

(Note 3)For more details, see (Note 1) of “2. Reasons for Acquisition” in the July Press Release.
Newly calculated “NOI yield” of the Cayman Hotel TK Interest is calculated for reference by the following
formula; (Simulated NOI of the Underlying Assets - simulated cost in the Cayman SPC) ÷ the amount ofinvestment in the Cayman Hotel TK Interest.
Simulated NOI of the Underlying Assets and simulated cost in the Cayman SPC are calculated based on
the actual results from January 2018 to August 2018 and the forecasts from September 2018 toDecember 2018. Simulated NOI of the Underlying Assets and simulated cost in the Cayman SPC
include estimates, and are different from actual NOI of the Underlying Assets and cost in the Cayman
SPC [and do not reflect the effect of foreign exchange hedging transactions].
Those travelers granted travels as reward for their performance by employers or enterprises.

Overview of Acquisition(1) Acquired asset(2) Acquisition price(3) Name of underlying assets(4) TK operator(Note 1)

(Note 2)
(Note 3)(Note 4)

TK interest in a Cayman Islands special
purpose company that acquires 99-year
Leasehold Interests (Note 1) (with a lease
payment of USD 1 or KYD 1 per year) inoverseas real estate as underlying assets(Note 2) (the “Cayman Hotel TK Interest”)
USD 339,836 thousand (JPY 37,534 million)(Note 3) for 100.0% of the Cayman Hotel TK
Interest (Note 4)
Westin Grand Cayman Seven Mile Beach
Resort & Spa and Sunshine Suites Resort
Seven Mile Resort Holdings Ltd.
For the overview of the TK operator, pleaserefer to the July Press Release.

Rights equivalent to long-term real estate leasehold rights in Japan (hereinafter referred to collectively
as the “Leasehold”). The TK operator also acquired some movables including FF&E pertaining to hotel
operations. “FF&E” is an abbreviation for furniture, fixtures and equipment, which are the assets
necessary for hotel operation, such as furniture, fixtures, equipment and kitchen equipment.
Real estate acquired by the TK operator issuing the TK interest that INV acquired; i.e., the real estatethat is the revenue source of INV.
INV’s acquisition price (investment amount) is fixed in Japanese Yen denomination based on the foreignexchange forward contract entered into on July 26, 2018 (and implemented on September 26, 2018).
Therefore, calculated using an exchange rate of 1 USD=110.45 JPY based on such foreign exchange
forward. Please refer to “Notice concerning Acquisition of TK Interest with Overseas Real Estate as
Underlying Assets (Continued)” for details of the foreign exchange forward.
The acquisition price is INV’s investment amount for the Cayman Hotel TK Interest. The amount isrounded down to the nearest unit.

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

This English language notice is a translation of the Japanese-language notice released on October 1, 2018 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on theirown 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 theevent of any discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

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