[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
June 11, 2020
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 Partial Change to Unitholder Benefit Program
Invincible Investment Corporation (“INV”) announced its decision to change a portion of its unitholder
benefit program (the “Benefit Program”) today (Note). Details are as follows.
(Note) Please refer to “Notice concerning Introduction of Unitholder Benefit Program” dated September 21, 2017 for anoverview of the Benefit Program, as well as INV’s website (https://www.invincible-inv.co.jp/en/ir/benefit.html)

1. Reasons and background of the change of the Benefit Program
INV introduced the Benefit Program in the December 2017 Fiscal Period with an aim to improve thesatisfaction of its unitholders and expand the unitholder base.
INV believes that the Benefit Program in place for eligible unitholders as of the end of the December
2019 Fiscal Period (available period: from April 1, 2020 to September 30, 2020) could not be fully
utilized due to the COVID-19 pandemic, government declaration of a State of Emergency, andrequests by municipalities to stay home. Therefore, INV has decided to extend the available periodby three months to provide eligible unitholders with an opportunity to utilize the Benefit Program.
In addition, two years has passed since INV introduced the Benefit Program, and the Benefit
Program has delivered good results. Considering the requests from unitholders, INV judged that
expanding the utilization of the Benefit Program will further improve unitholder satisfaction, expand
the unitholder base, and thus benefit both INV and its unitholders. Therefore, INV decided toremove the eligibility requirement of “holding 10 or more units” to enable all INV unitholders to utilize
the Benefit Program from the June 2020 Fiscal Period and onwards.

This English language notice is a translation of the Japanese-language notice released on June 11, 2020 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.

12. Details of the change of the Benefit Program(1) Extension of available period for the December 2019 Fiscal Period Benefit Program
Before the change

After the change

From April 1, 2020 to September 30, 2020

From April 1, 2020 to December 31, 2020

Please note that the December 2019 Fiscal Period Benefit Program is eligible for unitholders holding
10 or more units who are listed or recorded in the registry of unitholders as of the record date ofDecember 31, 2019.

(2) Eligible unitholders for the June 2020 Fiscal Period Benefit Program and onwards
Before the change

After the change

Unitholders holding 10 or more units who are listed orrecorded in the registry of unitholders as of the record dateUnitholders holding one (1) or more units who are listed orrecorded in the registry of unitholders as of the record date

Please note that this change will be applicable from June 2020 Fiscal Period and onwards. The
June 2020 Fiscal Period Benefit Program will be eligible for unitholders holding one (1) or more units
who are listed or recorded in the registry of unitholders as of the record date of June 30, 2020.

3. Contact for inquiries concerning the Benefit Program
Asset Manager

Consonant Investment Management Co., Ltd

Telephone No.

+81-3-5411-2731

Reception Time

9:00 a.m. – 5:00 p.m. (Japan time)(excluding weekends, holidays and new year’s holiday)

Website of INV: https://www.invincible-inv.co.jp/en/

This English language notice is a translation of the Japanese-language notice released on June 11, 2020 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.

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