[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
December 18, 2018
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, CEOContact: Jun Komo
General Manager of Planning Department(Tel. +81-3-5411-2731)

Notice concerning Revision of Forecast of Distribution for the 31st Fiscal Period Ending
December 2018, 32nd Fiscal Period Ending June 2019 and 33rd Fiscal Period Ending
December 2019

Invincible Investment Corporation (“INV”) today announced the revision of its forecast ofdistribution per unit (“DPU”) for the fiscal periods ending December 2018 (31st fiscal period), June2019 (32nd Fiscal Period) and December 2019 (33rd Fiscal Period), which were previously
announced in “Notice concerning Revision of Forecast of Financial Results for the 31st Fiscal
Period Ending December 2018, together with Forecast of Financial Results and Distribution for the32nd Fiscal Period Ending June 2019 and 33rd Fiscal Period Ending December 2019” dated
December 12, 2018.

1.

Revision of forecasts of DPU for the fiscal periods ending December 2018 (from July 1, 2018 toDecember 31, 2018), June 2019 (from January 1, 2019 to June 30, 2019 ) and December 2019(from July 1, 2019 to December 31, 2019)<Fiscal period ending December 2018>

JPY

JPY

JPY

Distributionper Unit
(Including
Excess Profit
Distributionper Unit)(Note 1)
JPY

1,422

1,554

129

1,683

Earnings perUnit(Note 1)

Distributionper Unit
(Excluding
Excess Profit
Distributionper Unit)

Excess Profit
Distributionper Unit
(Note 1)

(Note 1)

Previous forecast (A)(announced onDecember 12, 2018)

This English language notice is a translation of the Japanese-language notice released on December 18, 2018 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.

1JPY

JPY

JPY

JPY

1,442

1,576

107

1,683

Amount of variance(B) – (A)

JPY

JPY

JPY

JPY

2022(22)-

Rate of variance((B) – (A)) / (A)

%%%

%

1.4

1.4(17.1)-

Revised forecast (B)(Note 1) The number of investment units issued and outstanding at the end of the fiscal period: 5,666,840 units.

<Fiscal period ending June 2019>

JPY

JPY

JPY

Distributionper Unit
(Including
Excess Profit
Distributionper Unit)(Note 1)
JPY

1,546

1,546

141,560

JPYJPYJPY

JPY

1,568

1,568141,582

Amount of variance(B) – (A)JPY

JPYJPYJPY

2222-22

Rate of variance((B) – (A)) / (A)

%%%%

1.4

1.4-

1.4

Earnings perUnit(Note 1)

Distributionper Unit
(Excluding
Excess Profit
Distributionper Unit)

Excess Profit
Distributionper Unit
(Note 1)

(Note 1)

Previous forecast (A)(announced on
December 12, 2018)
Revised forecast (B)(Note 1) The number of investment units issued and outstanding at the end of the fiscal period: 5,666,840 units.

<Fiscal period ending December 2019>

JPY

JPY

JPY

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

1,639

1,639

14

1,653

JPY

JPY

JPY

JPY

1,662

1,662

14

1,676

Amount of variance(B) – (A)

JPY

JPY

JPY

JPY

2323-23

Rate of variance((B) – (A)) / (A)%%%%1.4

1.4-

1.4

Earnings perUnit(Note 1)

Distribution
per Unit(Excluding
Excess Profit
Distributionper Unit)

Excess Profit
Distributionper Unit
(Note 1)

(Note 1)

Previous forecast (A)(announced onDecember 12, 2018)
Revised forecast (B)(Note 1) The number of investment units issued and outstanding at the end of the fiscal period: 5,666,840 units.
This English language notice is a translation of the Japanese-language notice released on December 18, 2018 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 originalJapanese-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.

2

2.

Reasons for the revision of forecast of distribution

As announced in “Notice concerning Completion of Acquisition of Own Investment Units(Acquisition of Own Investment Units based on Article 80-5 of the Act on Investment Trusts andInvestment Corporations)” dated today, INV completed the acquisition of its own investment units,
and the number of investment units acquired and the number of investment units to be retired has
been fixed. INV is revising its forecast of DPU, assuming all of such acquired own investment
units will be retired by the end of fiscal period ending December 2018, based on a resolution by theBoard of Directors Meeting to be held going forward. Moreover, as to the DPU for the fiscal period
ending December 2018, INV plans to adjust the amount of excess profit distribution and maintainthe amount of DPU (including excess profit distribution per unit) and thus the amount of DPU(including excess profit distribution per unit) for the fiscal period ending December 2018 will not beaffected.
Website of INV: http://www.invincible-inv.co.jp/eng/

This English language notice is a translation of the Japanese-language notice released on December 18, 2018 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.

3