[For Information Purpose Only]
July 1, 2016
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 Concerning Changes of Master Lessee and Property Manager
Invincible Investment Corporation (“INV”) hereby announces the change of the master lessee (“ML”)
as well as property manager (“PM”) effective today for the property listed below.
1. Details of Changes
Property

Old ML/PMNew ML/PMSohgoh Real Estate Co.,Ltd.

Haseko Livenet, Inc.

Invoice Shin-Kobe Residence (A77)
Kindai Kagaku Sha Building (B08)
Lexington Plaza Nishigotanda (B14)1(Note 1) Lexington Plaza Nishigotanda has entered into only property management agreement.

2. Reason for Changes
The leasing business of Sohgoh Real Estate Co., Ltd. has been transferred to Haseko Livenet,
Inc. through an absorption-type company split effective July 1, 2016, and accordingly, status of
the ML and the PM in the properties listed above has been transferred to Haseko Livenet, Inc.
Therefore, the ML as well as PM has been changed.

This English language notice is a translation of the Japanese-language notice released on July 1, 2016 and was prepared solely for the 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.

13. Profile of New ML/PMName
Address
Representative
CapitalPrincipal Business

Relationship with INV or
Asset Management
Company

Haseko Livenet, Inc.
3-8-2, Shiba, Minato-ku, Tokyo
Shoji Nagatani, Representative Director
JPY 1 billion
1. Real estate management and consulting services
2. Real estate investment, sales, lease, and brokerage
services
3. Provision of real estate information
The ML/PM does not have any capital, personnel, orbusiness relationship of note with INV or its asset
management company. In addition, the ML/PM is not aninterested party of INV or its asset management company.

4. Future Outlook
The impact of the change of ML/PM on INV’s financial forecasts for the fiscal periods ending
December 2016 (July 1, 2016 to December, 2016) is minimal. Therefore, the financial forecasts
remain unchanged.

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

This English language notice is a translation of the Japanese-language notice released on July 1, 2016 and was prepared solely for the 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.

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