[For Information Purpose Only]
April 18, 2018
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Name of representative:
Naoki Fukuda, Executive Director
Roppongi Hills Mori Tower
6-10-1 Roppongi, Minato-ku, Tokyo, Japan(Securities code: 8963)
Asset manager:
Consonant Investment Management Co., Ltd.
Naoki Fukuda, CEOContact: Jun Komo
General Manager of Planning Department(Tel. +81-3-5411-2731)

Notice Regarding Completion of Sale of Investment Units by the Major Unitholders

Reference is made to the press release dated April 17, 2018. InvincibleInvestment Corporation (“INV”) hereby announces that today INV has been informed of
the following matters relating to completion of a sale today of INV’s investment units(the “Transaction”) by Calliope Godo Kaisha (“Calliope”) and Rayo Godo Kaisha (“Rayo”
and together with Calliope, the “Sellers”). Calliope and Rayo are both affiliates (Note)of Fortress Investment Group LLC (together with its affiliates, “Fortress Group”).
(Note) refers to (i) subsidiaries and affiliates of Fortress Investment Group LLC and (ii) entities in which such companies invest,or entities for which such companies provide asset management services.

As described further below, in relation to the Transaction, the Sellers and INV
have agreed to certain restrictions on the transfer and issuance, respectively, of INV'sinvestment units.

This English language notice is a translation of the Japanese-language notice released on April 18, 2018 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. Details of the Sale of Investment Units of INV(1) Number of Outstanding Investment Units to be sold by the Transaction

Calliope

Number of Units sold in Number of units heldthe Transaction
before the Transaction(Percentage to total
number of issued andoutstanding units)
511,024 units
609,942 units (12.7%)

Number of units held
after the Transaction(Percentage to total
number of issued andoutstanding units)
98,918 units (2.1%)

Rayo125,598 units

149,925 units (3.1%)

24,327 units (0.5%)

Total

636,622 units

759,867 units (15.9%)

123,245 units (2.6%)(2) Sellers
Calliope Godo Kaisha and Rayo Godo Kaisha(3) Closing date
April 18, 2018(4) Method of sale
Sale by block trade thorough SMBC Nikko Securities Inc. (the “Dealer”)
2. Future policy(1) Continued support by Fortress GroupINV has been informed by Fortress Group that the Transaction is intended toenable the Sellers to repay the investors of the Fortress Group-managed fund thatprovided capital for the Sellers’ acquisition of the investment units in INV.
INV has been also informed by the Sellers that, after the Transaction, the Sellers’remaining 123,245 investment units in INV (approximately 2.6% of the outstanding
investment units of INV) will be owned by Fortress Group, subject to the lock-up
agreement described in “(2) Lock-up agreements” below.
INV has been further informed by Fortress Group that Fortress Group willcontinue their support to INV and its asset manager, Consonant Investment
Management Co., Ltd. Naoki Fukuda, who currently serves as Executive Director ofINV and President and Chief Executive Officer of CIM, is seconded from Calliope.
INV has been informed that there will be no change to this personnel support as aresult of the Transaction.
(2) Lock-up agreements
INV has been informed by Fortress Group that, in order to demonstrate FortressGroup’s continued commitment to INV, the Sellers have agreed to enter into lock-upagreements with the Dealer pursuant to which each of the Sellers agrees not to transfer
This English language notice is a translation of the Japanese-language notice released on April 18, 2018 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.

2

to any non-Fortress Group entity any of its investment units (123,245 units) in INV
beginning April 17, 2018 and lasting for a period of 365 calendar days.
In addition, INV has agreed with the Dealer to restrictions on the issuance of
new INV investment units, beginning April 17, 2018 and lasting for a period of 90
calendar days, except for (i) issuance of investment units by way of unit split and (ii)issuance of investment units in connection with a merger of INV.

Website of INV: http://www.invincible-inv.co.jp/eng

This English language notice is a translation of the Japanese-language notice released on April 18, 2018 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.

3