[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
December 25, 2018
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, CEOContact: Jun Komo
General Manager of Planning Department(Tel. +81-3-5411-2731)

Notice concerning Determination on Retirement of Own Investment Units(Retirement of Own Investment Units based on Article 80, Paragraph 2 and Paragraph 4 of theAct on Investment Trusts and Investment Corporations)
Invincible Investment Corporation (“INV”) hereby announces that the Board of Directors
resolved to retire own investment units at its Board of Directors Meeting held today. Thematters determined by the Board regarding the retirement of own investment units are basedon the provisions of Article 80, Paragraph 2 and Paragraph 4 of the Act on Investment Trustsand Investment Corporations.
1. Total number of own investment units to be retired: 81,341 units(Percentage of number of retired units to total outstanding number of units before
retirement: 1.4%)
2. Scheduled retirement date: December 28, 2018
(Reference)
Ownership status of own investment units after the abovementioned retirement
Total number of issued and outstanding units

5,666,840 units(excluding units owned by INV）
Number of units owned by INV

0 units

Please refer to the press release “Notice concerning Revision of Forecast of Distribution for the
31st Fiscal Period Ending December 2018, 32nd Fiscal Period Ending June 2019 and 33rd
Fiscal Period Ending December 2019” dated December 18, 2018 with regard to the impact ofThis English language notice is a translation of the Japanese-language notice released on December 25, 2018 and was prepared solely for the convenience of, andreference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions basedon their own investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties orassurances are given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In theevent of any discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

1the abovementioned retirement on the forecast distribution per unit for the 31st Fiscal PeriodEnding December 2018, 32nd Fiscal Period Ending June 2019 and 33rd Fiscal Period Ending
December 2019.

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

This English language notice is a translation of the Japanese-language notice released on December 25, 2018 and was prepared solely for the convenience of, andreference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions basedon their own investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties orassurances are given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In theevent of any discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

2