Analyst Coverage

The following is a list of analysts covering INV.

* Agencies are listed in the order of Japanese syllabary

Invincible Investment Corporation REIT, Inc ("INV") and Consonant Investment Management Co., Ltd. (the "Asset Manager") are aware that INV is currently being covered by the research analysts listed above. The list does not purport to be comprehensive or exhaustive and is subject to change in future. Please note that any information and recommendations, including analysis, opinions, estimates and forecasts, made by the research analysts regarding INV's performance or strategies or any other matters are based on their own judgment, and neither INV nor the Asset Manager is involved in any process of the preparation thereof. Please also note that this list is provided solely for the purpose of providing the names of research analysts who provide analysis or projections on INV and names of the firms such research analysts belong to. Neither INV nor the Asset Manager endorses, assures or guarantees any information, projections, opinions or recommendations made by the research analysts and the firms such analysts belong to. The coverage of, and any information or recommendations, including analysis, opinions, estimates or forecasts, made by, the research analysts and the firms such analysts belong to may be changed or discontinued without any involvement of INV or the Asset Manager, and neither INV nor the Asset Manager is responsible for such change or discontinuation. The list does not constitute an offer or a solicitation to purchase or sell any securities issued by INV. Any investment decisions shall be made by each investor solely based on their own judgment and at their own risk.