(Securities Code: 8963)
December 4, 2020
To Our Unitholders
Roppongi Hills Mori Tower
6-10-1, Roppongi, Minato-ku, Tokyo
Invincible Investment Corporation
Naoki Fukuda, Executive Director

Convocation Notice for the General Unitholders Meeting
Invincible Investment Corporation (“the Investment Corporation”) hereby notifies you of the generalunitholders meeting for Investment Corporation to be held as set out below.
While we need to give a first priority to ensuring the safety of our unitholders considering thesituation of the infection of novel coronavirus in Japan, the capacity of the meeting space islimited. Therefore, we strongly ask a favor of our unitholders, regardless of your healthcondition, for choosing to exercise your voting rights by mailing the voting form enclosed hereto
in advance to the general unitholders meeting, instead of attending the meeting in person. In
case you exercise your voting rights in writing, please refer to the reference documents for the generalunitholders meeting attached hereto, fill out your vote in favor of or against the proposal on the voting
form enclosed and return the voting form to us so that we may receive it by 5:30 pm on December 21,
2020 (Monday).
Pursuant to Paragraphs 1 and 3 of Article 93 of the Act on Investment Trusts and Investment
Corporations, the Investment Corporation has set forth the provisions regarding “Deemed AffirmativeVote” in Article 25 of the Articles of Incorporation set out below. Accordingly, if you are unable toattend the general unitholders meeting and do not exercise voting rights by means of voting form
(including the case where your voting form does not reach us by 5:30 p.m. on December 21, 2020(Monday)), you will be deemed to have voted in favor of each of the proposals at such generalunitholders meeting. We would appreciate your understanding.
(Excerpt from the Articles of Incorporation of the Investment Corporation)
Article 25 Deemed Affirmative Vote
1. If a unitholder neither attends a general unitholders meeting nor exercises his or her voting
rights, such unitholder shall be deemed to have voted affirmatively for the proposal submitted
to the general unitholders meeting (in cases where more than one proposal has been submitted
and they include conflicting proposals, excluding all of those conflicting proposals).
2. The number of voting rights held by unitholders that are deemed to have voted affirmatively
to the proposal pursuant to the preceding paragraph shall be included in the number of votingrights held by the unitholders in attendance at the general unitholders meeting.

-1-Details

1. Date and Time:

December 22, 2020 (Tuesday) 10:00 a.m.
(reception will open at 9:30 a.m.)

2. Venue:

Bellesalle Roppongi Grand Conference Center, Room C + D + E
Sumitomo Fudosan Roppongi Grand Tower, 9th Floor
3-2-1, Roppongi, Minato-ku, Tokyo

Please refer to the “Access Map to the Venue of the General Unitholders Meeting” attached at theend of this notice. As part of measures to prevent infection at the venue, we will maintain physicaldistances between the seats for unitholders. Due to the limited capacity of space at the venue, wemay not be able to secure a number of seats sufficient for all the attending unitholders. Please
note that we may limit or not permit your admission to the venue if we may not secure your seat(s).
3. Meeting Agenda:
Matter to be Resolved
Proposal: Partial Amendment to Articles of Incorporation-End-(Requests)◎For those attending the meeting, please kindly submit the enclosed voting form to the reception atthe venue.
◎If you are to exercise your voting rights by proxy, you may appoint one (1) unitholder having voting
rights and have him/her attend the general unitholders meeting as your proxy pursuant to the Article
of Incorporation of the Investment Corporation. In such case, the proxy shall submit a document
evidencing his/her authority of a proxy together with your voting form, as well as his/her voting
form at the reception desk. Please also note only unitholders having voting rights are allowed toattend the general unitholders meeting, and that any other persons including a person acting as aproxy that is not a unitholder or a guest of a unitholder may not attend the general unitholders
meeting.
◎Method of notification in the case of amendment to the reference documents for the generalunitholders meeting:
Please note that, if the Investment Corporation needs to amend matters stated in the reference
documents for the general unitholders meeting, such amendment will be posted on the Investment
Corporation’s website (https://www.invincible-inv.co.jp/).
◎Considering the situation of the infection in Japan of the novel coronavirus, we will take measures
to prevent the infection at the general unitholders meeting. For details, please refer to the“Measures to Prevent Novel Coronavirus Infection” below. In addition, depending on sudden
restrictions on the use of the venue or other cause or any other changes in the circumstances in thefuture, we may announce postponement of this general unitholders meeting or change of the venue
or change of the measures to prevent infection at the general unitholders meeting on the Investment
Corporation’s website (https://www.invincible-inv.co.jp/) and therefore we would appreciate it if
you check our website periodically.
◎“Asset Management Briefing”, which is usually held by Consonant Investment Management Co.,
Ltd., the Investment Corporation’s asset management company, following the general unitholders
meeting at the same venue, will not be held this time to reduce our unitholders’ time spent at thevenue. Your understanding would be highly appreciated. Regarding our current status of asset-2-management, please refer to the presentation material which will be posted on the Investment
Corporation’s website (https://www.invincible-inv.co.jp/ir/meeting.html) after the meeting.
◎We will not provide any gifts for unitholders who attend the general unitholders meeting. We
would appreciate your understanding.

-3-Measures to Prevent Novel Coronavirus Infection
In light of the situation of the infection of novel coronavirus in Japan, the Investment Corporation isplanning to take the following measures to prevent the infection of novel coronavirus at the generalunitholders meeting by referring to the "Q&A on Approaches to Conducting Shareholder MeetingsCompiled as Measure for Addressing the Spread of the Novel Coronavirus Disease" published by theMinistry of Economy, Trade and Industry and the Ministry of Justice on April 2, 2020 (last updated:April 28, 2020). Your understanding and cooperation would be highly appreciated.

<Requests for Unitholders>• The voting rights at this general meeting of unitholders may also be exercised in writing. While
we need to give a first priority to ensuring the safety of our unitholders considering thesituation of the infection of novel coronavirus in Japan, the capacity of the meeting space islimited. Therefore, we strongly asking our unitholders’ favor, regardless of your healthcondition, for choosing to exercise your voting rights by mailing the voting form enclosed
hereto in advance to the general unitholders meeting, instead of attending the meeting inperson.
• In particular, if you are elderly, have underlying diseases or are pregnant, please consider refraining
from attending this general unitholders meeting.
• If you are considering attending this general meeting of unitholders, please be mindful of thesituation of the prevalence of the infection of novel coronavirus and the status of the administrativeagencies’ handling the infection of novel coronavirus as of the date of this general meeting ofunitholders, as well as your own health condition until the date of the meeting. We would appreciate
your most cautious judgement in deciding whether or not attending the meeting.
<Requests for Unitholders Attending the Meeting>• As part of measures to prevent infection at the venue, we will maintain physical distances
between the seats for unitholders. Due to the limited capacity of space at the venue, we may
not be able to secure a number of seats sufficient for all the attending unitholders. Please
note that we may limit or not permit your admission to the venue if we may not secure yourseat(s).
• The directors, the substitute director and the meeting staffs will be wearing masks and we would
appreciate your understanding.
• The attending unitholders are requested to wear masks at the venue and to cooperate in disinfectionof your hands with the alcohol-disinfectant provided at the reception area of the venue.
• Please be advised that we will be conducting body temperature scanning at the reception area of thevenue. We may refuse entry of any unitholders who do not cooperate with such body temperaturescanning. In addition, we may ask any unitholders who have symptoms of suspected novel
coronavirus infection, such as body temperature of 37.5°C or higher or cough to refrain fromattending this general unitholders meeting.
• Please be advised that the meeting staffs may request any attending unitholder to leave the venue if
he or she appears to be in poor health condition during the general unitholders meeting.
• “Asset Management Briefing” by the asset management company of the Investment Corporation
will not be held this time to reduce our unitholders’ time spent at the venue. Your understanding
would be highly appreciated. Regarding our current status of asset management, please refer tothe presentation material which will be posted on the Investment Corporation’s website(https://www.invincible-inv.co.jp/ir/meeting.html) after the meeting.
• In addition to the above, we may take any other measures necessary for maintaining the order of thegeneral unitholders meeting and preventing infection of the novel coronavirus at the meeting.
Your understanding and cooperation would be highly appreciated.
-4-In addition, depending on sudden restrictions on the use of the venue or other cause or any otherchanges in the circumstances in the future, we may announce postponement of this general unitholders
meeting, change of the venue or change of the above measures on the Investment Corporation’s
website (https://www.invincible-inv.co.jp/) and we would appreciate it if you check our website
periodically.

-5-

Reference Documents for the General Unitholders Meeting
Proposal and Reference Matter
Proposal Partial Amendment to Articles of Incorporation
1.

Outline of Proposal and Reasons for Amendment

With the consent of Consonant Investment Management Co., Ltd, the asset management company (the“Asset Management Company”), the asset management fees for the period from January 2013 toDecember 2020 have been reduced. The Investment Corporation has further obtained the consent ofthe Asset Management Company to reduce the amount of asset management fees for the period fromJanuary 2021 to December 2021 to an amount which is lower than the amount that would be applicable
if such reduction were not made, and which is at the same level as the amount applied for the periodfrom January 2020 to December 2020. Accordingly, the Investment Corporation will amend thestandards concerning the amount and payment of the asset management fees for the period fromJanuary 2021 to December 2021. (Matters related to Article 41 and the Supplementary Provision.)-6-2.

Content of Amendment

The Investment Corporation will amend part of the existing Articles of Incorporation as follows.

Existing Articles of Incorporation
Chapter VIII
Asset Management Company, Asset
Custodian and Administrative Agent
Article 41 Standards for Amount andPayment of Asset Management
Fees to Asset ManagementCompanyThe standards for the amounts of the asset
management fees to be paid to the AssetManagement Company shall consist of amanagement fee, acquisition fee anddisposition fee and the amounts or calculation
methods thereof and time of payment of such
fees shall be specifically stated below:
Asset Management Fee:The Investment Corporation shall pay theamounts in (1) and the sum of the amounts in(2) below every half accounting period within
six months after the last day of each of therelevant half accounting periods.
(1) With respect to the period in and afterJanuary 2020 to December 2020, as thefees for every half accounting period(three months), an amount not exceeding
the lower of either (A) the amountcalculated by multiplying the total amountof the relevant assets recorded as of theend of the relevant half accounting period
by 0.4%, and then dividing by 4(disregarding any amounts less than oneyen) or (B) 150,000,000 yen: and(2) With respect to the period in and afterJanuary 2021, as the monthly fees, thehigher of either (A) the amount calculated
by multiplying the total amount of therelevant assets recorded as of the end ofeach relevant month by 0.4%, and thendividing by 12 (disregarding any amounts
less than one yen) or (B) 25,000,000 yen.

(The amended portions are underlined.)
Proposed Amendment
Chapter VIII
Asset Management Company, Asset
Custodian and Administrative Agent
Article 41 Standards for Amount andPayment of Asset Management
Fees to Asset Management
CompanyThe standards for the amounts of the asset
management fees to be paid to the AssetManagement Company shall consist of amanagement fee, acquisition fee anddisposition fee and the amounts or calculation
methods thereof and time of payment of such
fees shall be specifically stated below:
Asset Management Fee:The Investment Corporation shall pay theamounts in (1) and the sum of the amounts in(2) below every half accounting period within
six months after the last day of each of therelevant half accounting periods.
(1) With respect to the period in and afterJanuary 2021 to December 2021, as thefees for every half accounting period(three months), an amount not exceeding
the lower of either (A) the amountcalculated by multiplying the total amountof the relevant assets recorded as of theend of the relevant half accounting period
by 0.4%, and then dividing by 4(disregarding any amounts less than oneyen) or (B) 150,000,000 yen: and(2) With respect to the period in and afterJanuary 2022, as the monthly fees, thehigher of either (A) the amount calculated
by multiplying the total amount of therelevant assets recorded as of the end ofeach relevant month by 0.4%, and thendividing by 12 (disregarding any amounts
less than one yen) or (B) 25,000,000 yen.

Acquisition Fee:
(Omitted.)

Acquisition Fee:
(No Change.)

Disposition Fee:
(Omitted.)

Disposition Fee:
(No Change.)

Supplementary Provision

Supplementary Provision-7-Existing Articles of Incorporation
The amendment concerning the asset
management fee prescribed in Article 41 shallcome into effect as of January 1, 2020.

Proposed Amendment
The amendment concerning the asset
management fee prescribed in Article 41 shallcome into effect as of January 1, 2021.
End of document-8-Memo-9-

Access Map to the Venue of the General Unitholders Meeting
Venue
Address &Phone
TheNearest
Stations

Bellesalle Roppongi Grand Conference Center, Room C + D + E
Sumitomo Fudosan Roppongi Grand Tower 9F
3-2-1, Roppongi, Minato-ku, Tokyo, JapanTEL: 03-5545-1722
Roppongi-itchome Station on Tokyo Metro Namboku Line (Directly connected tothe West Gate) *Most recommended station to accessRoppongi Station on Toei Ooedo Line (7-minute walk from the No. 5 exit)
Roppongi Station on Tokyo Metro Hibiya Line (8-minute walk from the No. 3 exit)

Access from Roppongi-Itchome Sta.

Access from Roppongi Sta.
➊Go out of Roppongi Station on Tokyo
Metro Hibiya Line at exit No. 3, turn rightand go along Roppongi Street.
➋Go out of Roppongi Station on Toei Ooedo
Line at exit No. 5 and go along RoppongiStreet.
➌Go past the Convenience store (SevenEleven) and cross the road at the first trafficlight. Ride down the front escalator, turn rightand go straight. Then you will arrive at theentrance to the building of the venue.
Directly connected to the building that thevenue locates from the West Gate of
Roppongi-itchome Station*There is no parking lot available at the venue. Please refrain from coming by car.
*The venue of the General Unitholders Meeting may change due to sudden restrictions on the useof the venue or otherwise, so please visit the Investment Corporation’s website(https://www.invincible-inv.co.jp/) prior to coming to the venue.
We will not provide any gifts for unitholders who attend the meeting.
We would appreciate your understanding.
- 10 -