[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
February 22, 2017
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 Issuance of New Investment Unitsand Secondary Distribution of Investment UnitsInvincible Investment Corporation (“INV”) today announced its decision concerning the issuance of
new investment units and secondary distribution of investment units, as follows.
1. Issuance of new investment units through public offering (the Public Offering)(1)

Number ofInvestment Units tobe offered: 185,000 investment units(2)

Amount to be paid in: To be determined(issue value)(The amount to be paid in shall be determined by the Board of
Directors Meeting. Amount to be paid in (issue value) refers to an
amount which INV shall receive as payment proceeds perinvestment unit).

(3)

Total amount to bepaid in (total issuevalue): To be determined(4)

Issue price: To be determined(offer price)

The issue price (offer price) shall be determined by the Board ofDirectors Meeting, taking into consideration the level of demandand other factors.

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 toabove have not been, and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”). The securitiesmay not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. The securities
referred to herein will not be publicly offered or sold in the United States. The contemplated transaction does not involve any public offering ofsecurities in the United States. Not for publication, distribution or release, directly or indirectly in or into the United States of America.

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(5)

Offering method: The offering method shall be public offering where all investment
units are to be undertaken and purchased by an underwriting
syndicate.

(6)

Payment date: A business day during the period from Monday, March 13, 2017 toWednesday, March 15, 2017 which shall be five business days
after the pricing date.

(7)

Delivery date

: The following business day of the Payment Date as specified in (6)above.

(8)

The Board of Directors Meeting to be held in the future shall determine the issue price (offerprice), the amount to be paid (issue value) and any other matter required for the issuance ofthe new Investment Units.

(9)

The above-mentioned items shall be subject to the securities registration under the Financial
Instruments and Exchange Act becoming effective.

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 toabove 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 herein will not be publicly offered or sold in the United States. The contemplated transaction does not involve any public offering ofsecurities in the United States. Not for publication, distribution or release, directly or indirectly in or into the United States of America.

22. Secondary offering of Investment Units (overallotment secondary offering) (please see “Reference”
below)(1)

Seller:An underwriter in the Public Offering(2)

Number ofInvestment Units tobe offered in thesecondary offering:

9,250 Investment Units

Offer price:(3)

The above-mentioned number of Investment Units to be offered in
the secondary offering is the number of Investment Units to beoffered in an overallotment secondary offering (the “Overallotment
Secondary Offering”) to be conducted by an underwriter in thePublic Offering, taking into consideration the level of demand andother factors in the Public Offering. The above-mentioned numberof Investment Units is the maximum number of Investment Units tobe offered in the Overallotment Secondary Offering, and,depending on the level of demand and other factors, such number
may decrease or such Overallotment Secondary Offering itself
may not take place at all. The number of Investment Units to beoffered in the Overallotment Secondary Offering shall bedetermined by the Board of Directors Meeting, taking into
consideration the level of demand and other factors in the PublicOffering.
To be determined(To be determined at the Board of Directors Meeting. The offer
price shall be identical to the issue price (offer price) for the PublicOffering)(4)

Total offer value:

To be determined(5)

Offering method:

Apart from the Public Offering, one of the underwriters shall offer
Investment Units in the secondary offering in Japan.

(6)

Delivery date:

Identical to the delivery date for the Public Offering(7)

In the event the Public Offering is suspended, the Overallotment Secondary Offering shallalso be suspended.

(8)

The offer price and other matters required for the Overallotment Secondary Offering shall be
determined at a Board of Directors Meeting to be held in the future.

(9)

The above-mentioned items shall be subject to the securities registration under the Financial
Instruments and Exchange Act becoming effective.

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 toabove 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 herein will not be publicly offered or sold in the United States. The contemplated transaction does not involve any public offering ofsecurities in the United States. Not for publication, distribution or release, directly or indirectly in or into the United States of America.

33.

Issuance of new investment units through third-party allotment(1)

Number ofinvestment units tobe offered:(2)

Amount to be paid in :To be determined(issue value)(To be determined by the Board of Directors Meeting. The amountto be paid in (issue value) shall be identical to the amount to bepaid in (issue value) for the Public Offering):

9,250 Investment Units

To be determined(3)

Total amount to bepaid in (total issuevalue)(4)

Allottee and number :of investment units tobe allotted

An underwriter in the Public Offering: 9,250 units(5)

Payment date

Wednesday, April 12, 2017

(6)Investment units for which no application for subscription has been made shall not be issued.

(7)

The amount to be paid in (issue value) and any other matter required for the issuance of
these new investment units through third-party allotment (the “Third-Party Allotment”) shallbe determined at a Board of Directors meeting to be held in the future.

(8)

In the event overallotment secondary offering is suspended, the issuance of new investment
units through the Third-Party Allotment shall also be suspended.

(9)

Each of the items above shall be subject to securities registration under the Financial
Instruments and Exchange Act becoming effective.

: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 toabove 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 herein will not be publicly offered or sold in the United States. The contemplated transaction does not involve any public offering ofsecurities in the United States. Not for publication, distribution or release, directly or indirectly in or into the United States of America.

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<Reference>
1. Overallotment Secondary Offering and related matters
Taking into consideration the level of demand and other factors in the Public Offering, one of
the underwriters in the Public Offering may conduct a secondary offering (Overallotment
Secondary Offering) of Investment Units in Japan, using a maximum of 9,250 units to beborrowed from Calliope Godo Kaisha, a holder of Investment Units. The above number ofInvestment Units is the maximum number of Investment Units for the secondary offering.
Depending on the level of demand and other factors, such number of Investment Units to beoffered may decrease, or the Overallotment Secondary Offering itself may not take place atall.
In relation to the Overallotment Secondary Offering, INV’s Board of Directors Meeting, held on
Wednesday, February 22, 2017, adopted a resolution to issue 9,250 new Investment Units
through a third-party allotment to one of the underwriters in the Public Offering, withWednesday, April 12, 2017 as the payment date, for the purpose of allowing such underwriterto acquire investment units for the purpose of returning the borrowed investment units.
Additionally, during a specified period, one of the underwriters in the Public Offering may
purchase, on the Tokyo Stock Exchange, Investment Units in a quantity up to the number ofInvestment Units offered in the Overallotment Secondary Offering for the purpose of returning
the borrowed investment units (such purchases, each a “Syndicate Cover Transaction”). All
the Investment Units purchased by such underwriter through such Syndicate CoverTransactions will be used for returning the borrowed investment units. During such period,
such underwriter may, based on its own judgment, not carry out any Syndicate CoverTransactions or may conduct Syndicate Cover Transactions in an amount less than thenumber of Investment Units offered in the Overallotment Secondary Offering.
In addition, such underwriter may engage in stabilizing transactions in connection with theDomestic Public Offering and the Overallotment Secondary Offering, and may use all or partof the Investment Units purchased through such stabilizing transactions to return theborrowed investment units.
As for the number of investment units to be determined by subtracting the number ofinvestment units purchased through the Syndicate Cover Transaction and stabilizing
transaction, to be used for returning the borrowed investment units, from the number ofinvestment units offered in the Overallotment Secondary Offering, the Underwriter intends toacquire such number of Investment Units through accepting the allotment under theThird-Party Allotment.
Consequently, there may be cases where there will be no subscription for whole or part of theinvestment units to be issued through the Third-Party Allotment, resulting in a commensurate
shortfall in the ultimate number of investment units to be issued through the Third-PartyAllotment, due to forfeiture, or there may be cases where such issuance itself will not takeplace at all.
2. Specific use of proceeds and scheduled timing of expenditure
INV will use the proceeds from the Public Offering to fund its acquisition of new specified
assets announced in “Notice concerning Acquisition of Assets and Entering into Leasing
Contract” dated today. The maximum proceeds from the issuance of new investment units
through the Third-Party Allotment will be retained, together with the remainder of theproceeds from the Public Offering, if any, as cash reserve to fund for the future acquisitions. Incase that the aggregate amount of the proceeds from the Public Offering and the anticipatedThis English Language notice does not constitute or form a part of any offer of securities in the United States of America. The securities referred toabove 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 herein will not be publicly offered or sold in the United States. The contemplated transaction does not involve any public offering ofsecurities in the United States. Not for publication, distribution or release, directly or indirectly in or into the United States of America.

5borrowing of JPY 14.25 billion is not sufficient to fund the acquisition of new specified assets,
all or a part of the proceeds from the issuance of new investment units through theThird-Party Allotment may be used to fund such acquisition.

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 toabove 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 herein will not be publicly offered or sold in the United States. The contemplated transaction does not involve any public offering ofsecurities in the United States. Not for publication, distribution or release, directly or indirectly in or into the United States of America.

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