December 3, 2018
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Fukuda, Executive Director(Securities code: 8963)
URL: http: //www.invincible-inv.co.jp/eng/
Asset Manager:
Consonant Investment Management Co., Ltd.
Naoki Fukuda, CEOContact: Jun Komo
General Manager of Planning Department(Tel. +81-3-5411-2731)

Notice concerning Change of Director of Asset Manager
Invincible Investment Corporation (INV) hereby announces that its asset manager, Consonant
Investment Management Co., Ltd. (the “Asset Manager”), resolved at the board of directors’
meeting held today, to propose the appointment of a Chairman and Director of the Asset Manager
at the extraordinary shareholders’ meeting scheduled to be held on December 5, 2018 as statedbelow.
Details
Change of director
Director to be appointed (as of December 5, 2018)
Chairman and Director Naoto Ichiki** For the details of the brief personal history of the new Chairman and Director, please refer to theAttachment on the next page.
Required procedures such as notification etc. of the above change will be taken in accordance withthe provisions of the Financial Instruments and Exchange Act, the Building Lots and Building
Transactions Business Act and other applicable laws and regulations.
EndThis English language notice is a translation of the Japanese-language notice released on December 3, 2018 and was prepared solely forthe 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.

<Attachment>

Title
Chairman andDirector

Name
Naoto
Ichiki

Apr. 1983
Aug. 1990
Jun. 1996
May.1998
Aug. 2006

Feb. 2012
Mar. 2012
May 2012
Mar. 2016
Nov. 2018
Dec. 2018

Brief Personal History
Joined McKinsey & Company Tokyo Branch
Joined Morgan Guaranty Trust, Tokyo BranchSeconded to Morgan Trust Bank as Head of RealEstate Japan
Seconded to JPMorgan Securities as Head ofReal Estate Finance Asia
Joined Babcock & Brown Co., Ltd. (Current:Spring Investment Co., Ltd.) as Representative
Director & Chief Operating Officer
Joined Simplex Investment Advisors Inc. as
Representative Director, Chairman & CEO
Representative Director, Chairman & CEO ofSimplex Real Estate Management Inc.
Director of Simplex REIT Partners Inc.
Joined KK PICONT as Chief Financial Officer
Joined Fortress Investment Group Japan GK asa Managing Director (current)
To be seconded and appointed as Chairman ofConsonant Investment Management Co., Ltd.
(planned)

This English language notice is a translation of the Japanese-language notice released on December 3, 2018 and was prepared solely forthe 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.