Invincible Investment : Notice concerning Sale of Domestic Trust Beneficiary Interests

[For Information Purpose Only.

The Japanese language press release should be referred to as the original.]

December 8, 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. [phone])

Notice concerning Sale of Domestic Trust Beneficiary Interests

Invincible Investment Corporation ("INV") is pleased to announce the decision to sell trust beneficiary interests (the "Sale") in 13 domestic residential properties (individually the "Asset to be Sold," or collectively the "Assets to be Sold") as decided today by Consonant Investment Management Co., Ltd. ("CIM"), the asset manager of INV.

1. Overview of Sale

(in million yen)

Property

Book

Anticipated

Expected

4

Anticipated

Property Name

Gain on

Transferee

Number

Value1

Sale Price2,

Sale Date

Sale2,3

A77

Invoice Shin-Kobe

1,106

Residence

A78

Cosmo Court Motomachi

840

A85

Vendir Hamaotsu Ekimae

484

6,150

1,949

December 22, 2021

A86

Salvo Sala

471

Kansai

A89

Winntage Kobe Motomachi

438

Residence

Tokutei

A91

Corp Higashinotoin

393

Mokuteki

A95

HERMITAGE NANBA WEST

312

Kaisha

A79

Revest Honjin

575

A80

Revest Matsubara

565

4,450

1,437

January 12, 2022

A82

Alba Noritake Shinmachi

516

A83

Revest Meieki Minami

506

This English language notice is a translation of the Japanese-language notice released on December 8, 2021 and was prepared solely for the 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

A88	Luna Court Edobori	461
A98	Little River Honmachibashi	274
	Total	6,946	10,600	3,386	-	-

(Note 1) As of June 30, 2021.

(Note 2) Anticipated sale prices show the sale prices set forth in the purchase and sale agreement for the trust beneficiary

	interests, and do not include adjustments for property taxes or city planning taxes, or national or local consumption taxes.
	The anticipated sale price of individual properties are not disclosed as the transferee's consent has not been obtained
	for disclosure. Accordingly, the expected gain on sale of individual properties is not disclosed either. The same shall
	apply hereinafter.
(Note 3)	Expected gain on sale is calculated by deducting the estimated transfer related cost and is an estimate as of today and
	is subject to change upon finalization of the financial results. The same shall apply hereinafter.
(Note 4)	For an overview of the transferee, please refer to "4. Overview of Transferee" as described below.
(Note 5)	The broker in connection with the Sale is not a related party of INV/CIM.
(Note 6)	Amounts are rounded down to the nearest million yen. The same shall apply hereinafter.

2. Reasons for Sale

INV selected the Assets to be Sold by comprehensively considering portfolio strategy, trends in the real estate market, and characteristics of Assets to be Sold. The total anticipated sale price of the Assets to be Sold exceeds the total book value (Note 1) by 52.6%, and INV will record a gain on total sale (Note 2) of JPY 1,949 million for the fiscal period ending December 2021 (from July 1, 2021 to December 31, 2021) and JPY 1,437 million for the fiscal period ending June 2022 (from January 1, 2022 to June 30, 2022). The Assets to be Sold have an actual NOI yield (Note 3) of 4.9%. The main reason for the Sale is for INV to maintain positive earnings for the fiscal period ending December 2021 while at the same time maintaining good long-term dividend prospects. The sale proceeds will be reserved as cash on hand, and as described in "7. Use of Sale Proceeds" below, INV plans to repay a part of existing borrowings to maintain an appropriate LTV ratio. INV also plans to appropriate a portion of the proceeds as a source of cash distribution.

(Note 1) As of June 30, 2021.

(Note 2) The gain on sale is calculated by deducting the estimated transfer related cost and is an estimate as of today, and is subject to change upon finalization of the financial results.

(Note 3) "Average actual NOI yield" is calculated by the following formula;

(the sum of actual NOI of the Assets to be Sold) ÷ (the sum of anticipated sale price for the Assets to be Sold) The sum of actual NOI of the Assets to be Sold is the total amount of the actual NOI from July 1, 2020 to June 30, 2021.

3. Details of the Assets to be Sold

Details of the Assets to be Sold and the appraisal reports are as follows.

Unless otherwise noted, information on the date is as of June 30, 2021 and total rental revenue indicates that for the fiscal period ended June 30, 2021.

This English language notice is a translation of the Japanese-language notice released on December 8, 2021 and was prepared solely for the 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

[Details]

1. A77: Invoice Shin-Kobe Residence

Type of Specified Assets	Trust Beneficiary Interest
Property Right	Land: Ownership / Building: Ownership
Location	3-3-8 Ikutacho, Chuo-ku,Kobe-shi, Hyogo
Purpose of Use	Condominium
Appraisal Value (Date of	JPY 1,550 million (as of November 1, 2021)
Valuation)
Appraisal Firm	Japan Real Estate Institute
Outline of a Lease Contract
	Total number of tenants	1
	Rental Revenue	JPY 50,571 thousand
	Tenant Leasehold	JPY 1,601 thousand
	and security deposit
	Total Leasable area (m2)	2,773.71
	Total Leased area (m2)	2,695.77
		As of the end of		As of the end of	As of the end of	As of the end of	As of the end of
Occupancy Trend	Jun. 2019		Dec. 2019	Jun. 2020	Dec. 2020	Jun. 2021
97.7%		94.4%	96.3%	94.5%	97.2%

1. A78: Cosmo Court Motomachi

Type of Specified Assets	Trust Beneficiary Interest
Property Right	Land: Ownership / Building: Ownership
Location	3-12-20 Motomachidori, Chuo-ku,Kobe-shi, Hyogo
Purpose of Use	Condominium, Garage, Bicycle parking lot
Appraisal Value (Date of	JPY 1,200 million (as of November 1, 2021)
Valuation)
Appraisal Firm	Japan Real Estate Institute
Outline of a Lease Contract
	Total number of tenants	1
	Rental Revenue	JPY 38,310 thousand
	Tenant Leasehold	JPY 1,474 thousand
	and security deposit
	Total Leasable area (m2)	2,310.49
	Total Leased area (m2)	2,167.02
		As of the end of		As of the end of	As of the end of	As of the end of	As of the end of
Occupancy Trend	Jun. 2019		Dec. 2019	Jun. 2020	Dec. 2020	Jun. 2021
98.7%		98.9%	97.7%	98.8%	93.8%

1. A85: Vendir Hamaotsu Ekimae

Type of Specified Assets	Trust Beneficiary Interest
Property Right	Land: Ownership / Building: Ownership
Location	1-2-15 Hamaotsu, Otsu-shi, Shiga
Purpose of Use	Condominium
Appraisal Value (Date of	JPY 841 million (as of November 1, 2021)
Valuation)
Appraisal Firm	Japan Real Estate Institute
Outline of a Lease Contract
	Total number of tenants	1
	Rental Revenue	JPY 35,075 thousand
	Tenant Leasehold	JPY 5,455 thousand
	and security deposit

This English language notice is a translation of the Japanese-language notice released on December 8, 2021 and was prepared solely for the 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.

3

	Total Leasable area (m2)	2,670.66
	Total Leased area (m2)	2,528.41
		As of the end of	As of the end of	As of the end of	As of the end of	As of the end of
Occupancy Trend	Jun. 2019	Dec. 2019	Jun. 2020	Dec. 2020	Jun. 2021
98.8%	93.4%	95.3%	97.8%	94.7%

(4) A86: Salvo Sala

Type of Specified Assets	Trust Beneficiary Interest
Property Right	Land: Ownership / Building: Ownership
Location	2-6-21 Shimanouchi, Chuo-ku,Osaka-shi, Osaka
Purpose of Use	Condominium
Appraisal Value (Date of	JPY 697 million (as of November 1, 2021)
Valuation)
Appraisal Firm	Japan Real Estate Institute
Outline of a Lease Contract
	Total number of tenants	1
	Rental Revenue	JPY 23,732 thousand
	Tenant Leasehold	JPY 220 thousand
	and security deposit
	Total Leasable area (m2)	1,428.12
	Total Leased area (m2)	1,267.02
		As of the end of	As of the end of	As of the end of	As of the end of	As of the end of
Occupancy Trend	Jun. 2019	Dec. 2019	Jun. 2020	Dec. 2020	Jun. 2021
93.7%	83.3%	92.0%	91.1%	88.7%

1. A89: Winntage Kobe Motomachi

Type of Specified Assets	Trust Beneficiary Interest
Property Right	Land: Ownership / Building: Ownership
Location	7-2-2 Motomachidori, Chuo-ku,Kobe-shi, Hyogo
Purpose of Use	Condominium
Appraisal Value (Date of	JPY 666 million (as of November 1, 2021)
Valuation)
Appraisal Firm	Japan Real Estate Institute
Outline of a Lease Contract
	Total number of tenants	1
	Rental Revenue	JPY 22,778 thousand
	Tenant Leasehold	JPY 1,093 thousand
	and security deposit
	Total Leasable area (m2)	1,433.35
	Total Leased area (m2)	1,356.27
		As of the end of		As of the end of	As of the end of	As of the end of	As of the end of
Occupancy Trend	Jun. 2019		Dec. 2019	Jun. 2020	Dec. 2020	Jun. 2021
93.0%		96.7%	91.3%	90.8%	94.6%

1. A91: Corp Higashinotoin

Type of Specified Assets		Trust Beneficiary Interest
Property Right		Land: Ownership / Building: Ownership
Location		380-1 Kawaranomachi, Higashinotoindori Nijo Kudaru, Nakagyo-ku,Kyoto-shi, Kyoto
Purpose of Use		Condominium
Appraisal Value (Date	of	JPY 559 million (as of November 1, 2021)
Valuation)
Appraisal Firm		Japan Real Estate Institute

This English language notice is a translation of the Japanese-language notice released on December 8, 2021 and was prepared solely for the 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.

4

Outline of a Lease Contract
	Total number of tenants	1
	Rental Revenue	JPY 18,525 thousand
	Tenant Leasehold	JPY 755 thousand
	and security deposit
	Total Leasable area (m2)	1,029.05
	Total Leased area (m2)	982.56
		As of the end of	As of the end of	As of the end of	As of the end of	As of the end of
Occupancy Trend	Jun. 2019	Dec. 2019	Jun. 2020	Dec. 2020	Jun. 2021
97.6%	95.1%	93.3%	93.3%	95.5%

1. A95: HERMITAGE NANBA WEST

Type of Specified Assets	Trust Beneficiary Interest
Property Right	Land: Ownership / Building: Ownership
Location	4-10-3 Sakuragawa, Naniwa-ku,Osaka-shi, Osaka
Purpose of Use	Condominium, Garage
Appraisal Value (Date of	JPY 489 million (as of November 1, 2021)
Valuation)
Appraisal Firm	Japan Real Estate Institute
Outline of a Lease Contract
	Total number of tenants	1
	Rental Revenue	JPY 16,451 thousand
	Tenant Leasehold	JPY 288 thousand
	and security deposit
	Total Leasable area (m2)	992.76
	Total Leased area (m2)	992.76
		As of the end of	As of the end of	As of the end of	As of the end of	As of the end of
Occupancy Trend	Jun. 2019	Dec. 2019	Jun. 2020	Dec. 2020	Jun. 2021
100.0%	100.0%	88.0%	87.2%	100.0%

(8) A79: Revest Honjin

Type of Specified Assets	Trust Beneficiary Interest
Property Right	Land: Ownership / Building: Ownership
Location	2-13 Toriidori, Nakamura-ku,Nagoya-shi, Aichi
Purpose of Use	Condominium
Appraisal Value (Date of	JPY 875 million (as of November 1, 2021)
Valuation)
Appraisal Firm	Japan Real Estate Institute
Outline of a Lease Contract
	Total number of tenants	1
	Rental Revenue	JPY 31,746 thousand
	Tenant Leasehold	JPY 3,581 thousand
	and security deposit
	Total Leasable area (m2)	1,933.80
	Total Leased area (m2)	1,813.35
		As of the end of		As of the end of	As of the end of	As of the end of	As of the end of
Occupancy Trend	Jun. 2019		Dec. 2019	Jun. 2020	Dec. 2020	Jun. 2021
92.5%		91.3%	92.5%	96.2%	93.8%

1. A80: Revest Matsubara

Type of Specified Assets	Trust Beneficiary Interest
Property Right	Land: Ownership / Building: Ownership

This English language notice is a translation of the Japanese-language notice released on December 8, 2021 and was prepared solely for the 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.

5