[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
April 22, 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 Determination of the Number ofNew Investment Units to be issued through Third-party Allotment

Invincible Investment Corporation (“INV”) announced that it received a notice from the allottee that
it is exercising its option to purchase a part of INV’s new investment units scheduled to be issued
through third-party allotment (the “Third-party Allotment”), which was concurrently approved with
the issuance of new investment units through public offering and secondary offering of investment
units at meetings of the board of directors of INV held on March 10, 2016 and March 23, 2016, as
outlined below:
Issuance of new investment units through the Third-party Allotment(1) Number of new investment units to be issued : 22,626 units(Number of units originally scheduled tobe issued: 22,976 units)(2) Amount to be paid in (issue value): 78,612 yen per unit
(3) Total amount to be paid in (total issue value) : 1,778,675,112 yen(4) Subscription period (Subscription date): April 26, 2016(5) Payment date
: April 27, 2016
(6) Allottee: A domestic underwriter<Reference>
1. The subject of issuance of new investment units through the Third-party Allotment wasapproved concurrently with the issuance of new investment units through public offering andsecondary offering of investment units at the meetings of the board of directors of INV held on
March 10, 2016 and March 23, 2016.
For further details of the Third-party Allotment, please see the previous press releases, “NoticeThis English Language notice does not constitute or form a part of any offer of securities in the United States of America. The securities referred
to above have not been, and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”). The
securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The
securities referred to above will not be publicly offered or sold in the United States. The contemplated transaction concerned does not involve
any public offering of securities in the U.S.

1

concerning Issuance of New Investment Units and Secondary Distribution of Investment Units”,
dated March 10, 2016 and “Notice concerning Determination of the Issue Value and Offer Priceof Investment Units”, dated March 23, 2016.
2. Change in the number of investment units issued and outstanding as a result of the Third-party
Allotment:
Current number of investment units issued and outstanding
3,653,198
Number of new investment units to be issued through the Third-party Allotment
22,626
Total number of issued investment units after the Third-party Allotment
3,675,824
3. Use of proceeds from the Third-party Allotment
The proceeds from the issuance of new investment units through the Third-party Allotment(1,778,675,112 yen) will be retained as cash on hand and deposited in monetary facilities tofund future acquisitions.

This English Language notice does not constitute or form a part of any offer of securities in the United States of America. The securities referred
to above have not been, and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”). The
securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The
securities referred to above will not be publicly offered or sold in the United States. The contemplated transaction concerned does not involve
any public offering of securities in the U.S.

2