[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
September 6, 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 its
investment corporation bonds (the “Issuance”) as follows.
1. Summary of the investment corporation bonds
(1)

Name

: Invincible Investment Corporation 12th series unsecured bonds (withpari passu conditions among specified investment corporation bonds)(the “Investment Corporation Bonds”)(2)

Total issue amount: JPY 4.2 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: ¥100 per ¥100 of each bond(5)

Redemption price: ¥100 per ¥100 of each bond

(6)

Interest rate

: 1.300% per annum(7)

Denomination price: JPY 100 million(8)

Offering method: Public offering(9)

Offering period: September 6, 2024 (Friday)(10) Payment date

: September 12, 2024 (Thursday)(11) Collateral/Guarantee: Neither collateral nor guarantee is applicable, and no assets arespecifically reserved as collateral for the Investment CorporationBonds.

(12) Redemption method anddate: September 12, 2029 (5 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 September 6, 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 the bank holiday,
the payment will be moved forward to the previous bank business day.
(13) Interest payment dates: March 12 and September 12 every year (the first interest payment dateis to be March 12, 2025)(14) Rating: A+ (Japan Credit Rating Agency, Ltd.)(15) Financial covenants: Negative pledge among unsecured bonds(16) Depository: Japan Securities Depository Center, Inc.

(17) Fiscal agent, issuing agent,: Mizuho Bank, Ltd.

and paying agent(18) Underwriting securities
companies: Mizuho Securities Co., Ltd.
SMBC Nikko Securities Inc.
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
Nomura Securities Co., Ltd.

2. Reason for bonds issuance
INV is pleased to issue the Investment Corporation Bonds for the purpose of raising funds to redeem
the investment corporation bonds and to repay part of its existing borrowings, while at the same time
lengthening the average maturity period and diversifying the maturity dates.
3. Total amount to be raised, use of funds and scheduled timing of disbursement(1) Total amount to be raised (approximate net proceeds)
JPY 4,174 million in total(2) Use of funds and scheduled timing of disbursement
The proceeds will be used to redeem the 4th Series Investment Corporation Bonds (with paripassu conditions among specified corporate bonds) (Note 1) in the amount of JPY 1,000 million
which is due in October 2024, and also to repay its existing borrowing of JPY 1,500 million thatwill mature in July 2025 (Note 2). The remaining amount of the proceeds will be used to repay
other existing borrowings that will mature by the end of July 2025.
(Note 1) For the details of the 4th Series Investment Corporation Bonds, please refer to the press release entitled “Notice concerning
Issuance of Investment Corporation Bonds” dated October 18, 2019.
(Note 2) For the details of this borrowing, please refer to the press release entitled “Notice concerning Debt Financing” dated July 18,2024.

4. Future outlook
The 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 December 2024 (from July 1, 2024
to December 31, 2024) and June 2025 (from January 1, 2025 to June 30, 2025).
5. Other matters necessary for investors’ appropriate understanding/judgment of the concerned
Information
This English language notice is a translation of the Japanese-language notice released on September 6, 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With respect to the risks associated with the Issuance, please refer to “Investment Risks” stated inthe securities report for the fiscal period ended December 2023 (from July 1, 2023 to December 31,2023) (available in Japanese only) filed on March 27, 2024 and “Part II Reference Information II
Supplemental Information to the Reference Documents 5. Investment Risks” of the securities
registration statement (available in Japanese only) filed on July 18, 2024.

Website of INV: https://www.invincible-inv.co.jp/en/[For reference only]■ Change in balance of interest-bearing liabilities (anticipated)(Unit：JPY million)
Before the Issuance(As of September 6,2024)

After the Issuance(As of September 12,2024)

Increase(Decrease)

Total loans

300,597

300,597－

Total investment corporation bonds

20,90025,100+4,200Total interest-bearing liabilities(The amount excluding short-term
consumption tax loan)
Total appraisal value of assets owned
by INV (Note 1)
LTV (based on appraisal value) (%)(Note 2)

321,497(318,072)

325,697(322,272)

752,521752,521－42.3

42.8+0.6+4,200(+4,200)(Note 1) As to “Total appraisal value of assets owned by INV”, among the 146 properties owned by INV as of today (including preferredequity interest in the TMK which holds Sheraton Grande Tokyo Bay Hotel), the appraisal value for the 133 properties held as ofJune 30, 2024 is based on the appraisal value stated in the appraisal reports on the valuation date of June 30, 2024. Appraisalvalue for the 12 properties acquired on July 31, 2024 is based on figures stated in the appraisal reports on the valuation date ofJune 1, 2024. 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 and included. The appraisal value of overseas real estate assets (which are “The Westin Grand Cayman Seven Mile Beach
Resort & Spa” and “Sunshine Suites Resort”) is translated into JPY based on the exchange rate of 1 USD=110.45 JPY which is theforeign exchange forward rate under the foreign exchange forward agreement which we entered into on July 26, 2018 and becameeffective as of 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 appraisal
value 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 September 6, 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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