[For Information Purpose Only
The Japanese language press release should be referred to as the original.]
June 27, 2023
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 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 director of the Asset Manager at the extraordinary
shareholders’ meeting. The appointment was approved at the extraordinary shareholders’ meeting
held today.
Details
Change of director
Director to be appointed (as of July 1, 2023)
Managing Director Taku Iwasaki** For the details of the brief personal history of the new Managing 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.
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 27, 2023 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.

<Attachment>

Title
Managing Director&Head of the New
REIT Preparation
OfficeName
Taku
Iwasaki

May 1993
Sep. 2001
Jan. 2005
May 2006
May 2016
Apr. 2019
Dec. 2022
Jun. 2023

Jul. 2023

Brief Personal History
Joined T. Iwasaki & Associates Ltd. as AssociateJoined Pacific Golf Management K.K. as Senior
ManagerJoined K.K. Classic as Representative Director
Joined K.K. Izanami as Representative Director
Joined Mana Hospitality LLC as Managing Director
Joined Star Asia Management Limited (TokyoOffice) as Head of Strategic Initiatives
Joined Fortress Investment Group Japan GK as aManaging Director (current)
Seconded to Consonant Investment ManagementCo., Ltd. as Head of the New REIT Preparation
Office (current)
To be appointed as Managing Director of thesame (planned)

This English language notice is a translation of the Japanese-language notice released on June 27, 2023 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.