[For Information Purpose Only]
January 22, 2016
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: Masayuki Inagaki,
General Manager of Planning Department(Tel. +81-3-5411-2731)(Correction) Notice concerning Acquisition of Assets and Entering into Leasing Contract
Invincible Investment Corporation (“INV”) announced corrections to its press release titled “Notice concerning
Acquisition of Assets and Entering into Leasing Contract” dated January 20, 2016 as follows.
Details
Corrections: “P8 <Explanation relating to overview of the status of income and expenses and real estateappraisal of the Six Properties> “* Corrected parts are underlined (the same shall apply hereafter.)<Before correction>a.

“Income and Expenditures, Etc.” column:Based on the information provided from the sellers for each operating period from January 1, 2014 toNovember 30, 2015. This is not a guarantee of future income and expenditures.

<After correction>a.
“Income and Expenditures, Etc.” column:
Based on the information provided from the sellers for each operating period from January 1, 2014 toNovember 30, 2015. Since actual figures for the full-year 2015 is not available, we provide actual
figures pertaining to the twelve month from December 1, 2014 to November 30, 2015, for yourreference. This is not a guarantee of future income and expenditures.

Corrections: “P11 < D38 Hotel MyStays Shinsaibashi> “<Before correction>
Income and Expenditures, etc.
Operating Period
GOP (= (1) - (2))

1/1/2014 - 12/31/2014
58,135 thousand

1/1/2015 - 11/30/2015
117,605 thousand－4,962 thousand－
4,962 thousand

167 thousand
800 thousand

167 thousand
800 thousand

52,205 thousand
132,670 thousand

111,675 thousand
221,359 thousand

118,764 thousand
13,905 thousand

209,386 thousand
11,973 thousand

74,535 thousand
7,000

103,754 thousand
12,987

6,026
86.1%

10,62381.8%

a. Land Lease Fees
b. Taxes and Public Duesc. Non‐life Insurance Premiumsd. Trust fees
NOI (=GOP – [a. + b. + c. + d.])(1) Sales
Room Income
Other Income(Reference)(2)Operating Costs (not including a. through d. above)
ADR (Unit: JPY)
RevPAR (Unit: JPY
Room Occupancy Rate
GOP Ratio
Daily / Weekly/ Monthly

43.8%
89.9%／

7.3%／

2.8%

Overseas Sales Share

53.1%
99.4%／

0.5%／

0.2%

13.8%

55.3%

<After correction>
Income and Expenditures, etc.
Operating Period

1/1/2014 - 12/31/2014

GOP (= (1) - (2))

12/1/2014 - 11/30/2015 (Reference)

58,135 thousand

117,605 thousand－－

4,962 thousand

4,962 thousandc. Non‐life Insurance Premiums

167 thousand

167 thousandd. Trust fees

800 thousand

800 thousand

52,205 thousand

111,675 thousanda. Land Lease Fees
b. Taxes and Public DuesNOI (=GOP – [a. + b. + c. + d.])(1) Sales(Reference)

132,670 thousand

221,359 thousand

Room Income

118,764 thousand

209,386 thousand

Other Income

13,905 thousand

11,973 thousand

74,535 thousand

103,754 thousand

ADR (Unit: JPY)

7,000

12,987

RevPAR (Unit: JPY

6,026

10,623

Room Occupancy Rate

86.1%

81.8%

GOP Ratio

43.8%(2)Operating Costs (not including a. through d. above)

Daily / Weekly/ Monthly

89.9%／

7.3%／

2.8%

Overseas Sales Share

53.1%
99.5%／

13.8%

0.4%／

0.1%
53.6%

Corrections: Common to “P13 < D39 Comfort Hotel Kurosaki>”, “P15 < D40 Comfort Hotel Maebashi>”, “P17< D41 Comfort Hotel Tsubamesanjo>”, “P19 < D42 Comfort Hotel Kitami>” and “P21 < A103
Royal Parks Momozaka>”<Before correction>
Income and Expenditures, etc.
Operating Period

1/1/2014 - 12/31/2014

1/1/2015 - 11/30/2015

1/1/2014 - 12/31/2014

12/1/2014 - 11/30/2015 (Reference)<After correction>
Income and Expenditures, etc.
Operating PeriodCorrections: “P35 < [Reference] 2. Sponsor’s Pipeline><Before correction>
No.

Asset Name

Asset TypeLocation

No. ofRooms(omitted)
16 Sheraton Grande Tokyo Bay Hotel (Note 5)

Full Service Hotel

Urayasu, Chiba

1,016(omitted)(Note 5)

Sheraton Grande Tokyo Bay Hotel is scheduled to reopen partially on September 1, 2016 after renovationand fully on November 1, 2016.

<After correction>
No.

Asset Name

Asset Type

Location

No. ofRooms(omitted)
16 Sheraton Grande Tokyo Bay Hotel (Note 5)

Full Service Hotel

Urayasu, Chiba

1,016(omitted)(Note 5)

Sheraton Grande Tokyo Bay Hotel is currently under construction of an annex building, which is anticipatedto be completed in February 2017.