[For Information Purpose Only]
August 23, 2017
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)(Correction) Financial Summary for the June 2017 Fiscal Period(from January 1, 2017 to June 30, 2017)
Invincible Investment Corporation (“INV”) hereby announces corrections to “Financial
Summary for the June 2017 Fiscal Period (from January 1, 2017 to June 30, 2017)” dated
August 22, 2017, as underlined below.
Corrections: P18 “<Assumptions Underlying the Forecast of Financial Results and Distribution for theFiscal Period ending December 31, 2017 (from July 1, 2017 to December 31, 2017) > “This English language notice is a translation of the Japanese-language notice released on August 23, 2017 and was prepared solely for the convenience of, andreference 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 orassurances are given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the eventof any discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

1

<Before correction>
Item

Assumptions
INV expects to record rental revenues as follows:
December 2017 Fiscal Period
JPY 10,781 mn(JPY 6,604 mn)(JPY 3,340 mn)(JPY 3,264 mn)

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

Rental revenues for the fiscal period ending December 2017 are calculated based on
estimates as of today from July 2017 to December 2017. In addition, INV assumes there will
be no delinquencies or non-payment of rent by tenants.
The majority of INV’s owned hotels use a variable rent scheme linked to performance of therelevant hotel. Hotel demand is affected by seasonal factors and the December ending fiscalperiods (from July to December) which include summer holiday and autumn outing seasonstend to record higher revenue than the June ending fiscal periods (from January to June).
Accordingly, INV’s rental revenues tend to be higher in the December ending fiscal periods
than in the June ending fiscal periods.

<After correction>
Item

Assumptions
INV expects to record rental revenues as follows:
December 2017 Fiscal Period
JPY 10,661 mn(JPY 6,604 mn)(JPY 3,340 mn)(JPY 3,264 mn)

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

Operating revenues

In addition to rental revenues, INV expects to record an estimated gain on sales of JPY 120
million in connection with the sale of Kindai Kagaku Sha Building and Times Kanda-Sudacho
4th, which closed on July 31, 2017, as operating revenues.
Rental revenues for the fiscal period ending December 2017 are calculated based on
estimates as of today from July 2017 to December 2017. In addition, INV assumes there willbe no delinquencies or non-payment of rent by tenants.
The majority of INV’s owned hotels use a variable rent scheme linked to performance of therelevant hotel. Hotel demand is affected by seasonal factors and the December ending fiscal
periods (from July to December) which include summer holiday and autumn outing seasonstend to record higher revenue than the June ending fiscal periods (from January to June).
Accordingly, INV’s rental revenues tend to be higher in the December ending fiscal periods
than in the June ending fiscal periods.

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

This English language notice is a translation of the Japanese-language notice released on August 23, 2017 and was prepared solely for the convenience of, andreference 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 orassurances are given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In the eventof any discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

2