[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
October 12, 2021
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 Unwinding of Put/Call Options
Invincible Investment Corporation (“INV”) announces today that INV has implemented the unwinding (the“Unwinding”) of the following put/call options (the "Put/Call Options") that were carried out with respect to cash
flows from the Westin Grand Cayman Seven Mile Beach Resort & SPA and the Sunshine Suites Resort (the“Cayman Hotels”).
INV has carried out the Put/Call Options in order to hedge the fluctuation of exchange rates in relation to cash
flows from the Cayman Hotels, designating an amount of approximately 85% of the assumed NOI for theCayman Hotels as the hedged amount.

Due to the outbreak of COVID-19, however, the operations of theCayman Hotels were suspended in late March 2020, and the Cayman Hotels continue to face a difficult
operating environment forcing the hotels to operate on a limited basis.

Therefore, INV has unwound theput/call options for the period from April 2020 to June 2021, as announced in the press releases “Noticeconcerning Partial Unwinding of Put/Call Options” dated May 15, 2020, June 10, 2020, June 26, 2020 andNovember 13, 2020, while INV has executed the put/call options for the period from July 2021 to September
2021 as scheduled, considering the contract amount, exchange rate, and cancellation cost, etc.
As announced in “Performance Update for August 2021” dated September 27, 2021, the Cayman Islands
government has declared that it will continue to require tourists to self-quarantine for seven or ten days, atleast until the end of this year. As a result, it will take some time for the Cayman Hotels to fully resume
operations and income from the Cayman Hotels will significantly decrease during the period from October toDecember 2021. Therefore, INV has unwound the Put/Call Options (contract amount: USD 5,426,000) today.
As a result of the Unwinding, all the transactions which were announced in “Notice concerning Execution of
Put/Call Options” dated February 21, 2020 have been either executed or unwound.

This English language notice is a translation of the Japanese-language notice released on October 12, 2021 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 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1. Overview of the Put/Call Options
The below are the specific details around the Put/Call Options subject to the Unwinding.
Purchase of Put Options(1) Counterparty(2) Contract amount(3) Contract Type(4) Forward exchange rate(5) Agreement date(6) Expiration date

Nomura Securities Co., Ltd.
USD 5,426,000
Purchase of Put Option
1 USD = 110.00 JPY
February 21, 2020
January 7, 2022

Sale of Call Options(1) Counterparty(2) Contract amount(3) Contract Type(4) Forward exchange rate(5) Agreement date(6) Expiration date

Nomura Securities Co., Ltd.
USD 5,426,000
Sale of Call Option
1 USD = 110.00 JPY
February 21, 2020
January 7, 2022

2. Result of the Unwinding
INV unwound the Put/Call Options at the spot rate (1 USD = 113.29 JPY) as of October 12, 2021.
As a result, it is expected that JPY 16 million will be recorded as non-operating expenses for the fiscal period
ending December 2021.

3. Future Outlook
The impact to the INV’s financial results by the Unwinding is minor.

INV’s forecasts for financial results anddistribution for the fiscal period ending December 2021 (from July 1, 2021 to December 31, 2021) will beannounced at a later date, once we have a clearer outlook.
Website of INV: https://www.invincible-inv.co.jp/en/

This English language notice is a translation of the Japanese-language notice released on October 12, 2021 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 their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven 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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