[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
March 29, 2018
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 in Major Shareholders and Parent Companies of CIM
and Specified Related Corporations (Continued)
Invincible Investment Corporation (“INV”) announced today that the changes (the “Change”) in the major
shareholders and parent companies of Consonant Investment Management Co., Ltd. (“CIM”), the asset
manager of INV, and changes in the specified related corporations due to the transfer of shares of CIM thatwere announced in “Notice concerning Changes in Major Shareholders, Parent Companies and Specified
Related Corporations at CIM” dated September 7, 2017 were completed and the details thereof have been
confirmed.
Please also refer to press release titled “Notice concerning Changes in Parent Companies and Specified
Related Corporations at CIM (Continued)” dated December 28, 2017 for the detail of change in parent
companies of CIM and specified related corporations due to the acquisition by SoftBank Group Corp.
(“SoftBank Group”) of Fortress Investment Group LLC (“FIG”) as announced in “Notice concerning Changes
in Major Shareholders, Parent Companies and Specified Related Corporations at CIM” dated September 7,
2017.
1.

Events leading up to the change
As announced in “Notice concerning Changes in Major Shareholders, Parent Companies andSpecified Related Corporations at CIM” dated September 7, 2017, Calliope Godo Kaisha (“Calliope”)
entered into a basic agreement with FIG and SoftBank Group as of September 7, 2017, concerning thetransfer of issued shares of CIM owned by Calliope, 80% of which would be transferred to FIG or anaffiliate designated by FIG, and 20% of which would be transferred to SoftBank Group or an affiliate
designated by SoftBank Group. Pursuant to the basic agreement, Calliope determined and transferred
80.0% of issued shares of CIM to Fortress CIM Holdings L.P. and 20.0% of issued shares of CIM to

This English language notice is a translation of the Japanese-language notice released on March 29, 2018 and was prepared solely for theconvenience 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 orcompleteness 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SoftBank Group on March 29, 2018 (the “Share Transfer”) (Note). Due to the Share Transfer, there will
be changes in the major shareholders and parent companies of CIM and the specified related
corporation (as stipulated under Article 12-3 of Cabinet Office Ordinance on Disclosure of Contents, etc.
of Specified Securities. Hereafter the same).
Due to the Change, Fortress CIM Holdings L.P., who will own 80.0% of issued shares of CIM, will be
the direct parent company and major shareholder of CIM, as well as a specified related corporation of
INV. Also, Fortress CIM Holdings GP LLC and Principal Holdings I LP, the intermediate companies
between Fortress CIM Holdings L.P. and SoftBank Group, will be the new indirect parent company of
CIM and specified related corporations of INV.
Moreover, SoftBank Group, who was an indirect parent company of CIM as well as a specified related
corporation of INV before the Change, will directly own 20.0% of issued shares of CIM and will newly
become the major shareholder of CIM, in addition to the current indirect parent company of CIM as well
as a specified related corporation of INV.
Furthermore, due to the Change, (i) Calliope who was a direct parent company of CIM before theChange (ii) Calliope Holdings 1 LLC, FIG LLC and FIG Corp. that were intermediate holding companies
between Calliope and FIG, and indirect parent companies of CIM, (iii) FIG, (iv) FinCo I Intermediate
HoldCo LLC, FinCo I LLC and FIG Parent, LLC that were intermediate holding companies between FIG
and SoftBank Group and indirect parent companies of CIM, will no longer fall under the parent
companies of CIM and specified related corporation of INV.
The Share Transfer was executed upon approval at the board of directors’ meeting of CIM held on
March 29, 2018.
(Note) The Share Transfer was implemented in the following manner: Calliope transferred 8,322 shares out of the8,372 issued shares of CIM to FJOF QII2 LP as a distribution in kind on March 29, 2018, and FJOF QII2 LP
sold 6,648 shares to Fortress CIM Holding LP and 1,674 shares to SoftBank Group, respectively on thesame day. Calliope also transferred the remaining 50 shares to Fortress CIM Holding LP on March 29, 2018.
After such share transfer, FJOF QII2 LP will not hold any of issued shares of CIM, either directly or indirectly.

INV expects the acquisition of CIM by SoftBank Group, together with Fortress ownership, tosignificantly enhance the resources available to support INV’s long-term growth. In addition to continued
access to Fortress’s global real estate expertise, INV will seek to leverage the resources that are
expected to become available through SoftBank Group. SoftBank Group is currently one of the largest
Japanese companies by market capitalization and has broad banking relationships. Moreover, SoftBank
Group has market-leading expertise in technology fields such as digital marketing for both mobile anddesktop, online payment systems, search engine optimization, AI and robotics. INV believes that
deployment of technology into INV’s real estate assets, especially its hotels, will enhance the ongoing
initiatives to improve its digital marketing, minimize labor costs and increase customer engagement. For
example, INV has started to pursue opportunities to more effectively manage the increased number offoreign visitors and their related online research, bookings and payments, improve the process in setting
hotel rates and manage overbooking through the use of sophisticated AI algorithms, and reduce laborcosts while enhancing customer service through the use of robotics.
Also, MyStays Hotel Management Co., Ltd. (MHM), a subsidiary of Fortress Group and INV’s main
hotel operator, has actively sought to increase its Chinese guest count by being the first Japanese hotel
This English language notice is a translation of the Japanese-language notice released on March 29, 2018 and was prepared solely for theconvenience 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 orcompleteness 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.

2

company to list its rooms on Fliggy, Alibaba’s online marketplace in China selling hotels, tours and othertravel-related services from online travel agencies and direct travel service providers, commencing from
September 2017. Due to these efforts, MHM became the top international hotel chain by revenue on
Fliggy and won an award for Single’s Day in China
2.

Date of the change
March 29, 20183.

Overview of major shareholders, parent companies and specified related corporations subject to thechange(1) Fortress CIM Holdings L.P. (New major shareholder, parent company and specified related
corporation)
Name
Fortress CIM Holdings L.P.
Location

c/o Maples Corporate Services Limited, PO Box 309, Ugland House,
Grand Cayman, KY1-1104 Cayman Islands

Title

and

name

of

Fortress CIM Holdings GP LLC (General Partner)

representative officer

Peter L. Briger, Chairman

Business

Investment in real estate-related instruments in Japan including
investment unit of investment corporations

CapitalN/A1

Date of establishment

February 21, 2018

Total equity

Not disclosed2

Total assets

Not disclosed2

Investor and holding

Principal Holdings I LP; 100%

ratio
3Relationship between

After the Share Transfer, Fortress CIM Holdings L.P.

INV/Asset Manager

will be a major shareholder and parent company of
Capital

CIM, owning 80.0% of issued shares of CIM. Thererelationships

were no capital relationships that should be noted
between INV/CIM and Fortress CIM Holdings L.P.
before the Share Transfer.

Personal
relationships
Transactional
relationships

As of today, there are no personal relationships thatshould be noted between INV/CIM and Fortress CIM
Holdings L.P..
As of today, there are no transactional relationshipsthat should be noted between INV/CIM and Fortress
CIM Holdings L.P..

(Note1) This entity does not have an item equivalent to capital.
(Note2) Not disclosed because consent from the entity has not been obtained.

(2) SoftBank Group Corp. (New major shareholder)This English language notice is a translation of the Japanese-language notice released on March 29, 2018 and was prepared solely for theconvenience 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 orcompleteness 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.

3

Name

SoftBank Group Corp.

Location

1-9-1 Higashi-shimbashi, Minato-ku, Tokyo

Title

and

name

of

Masayoshi Son, Chairman and CEO

representative officer
Business

Holding company

Capital238,772 million yen (As of March 31, 2017)

Date of establishment

September 3, 1981

Total equity

4,469,730 million yen (As of March 31, 2017)(consolidated)
Total assets

24,634,212 million yen (As of March 31, 2017)(consolidated)
Major shareholder andMasayoshi Son; 21.01%

shareholding ratio

The Master Trust Bank of Japan, Ltd. (Trust Account); 7.99%(As of September 30,

Japan Trustee Services Bank, Ltd. (Trust Account); 5.58%

2017)
Relationship between

After the Share Transfer, SoftBank Group Corp. will be

INV/Asset Manager

a major shareholder and parent company of CIM,
directly owning 20.0% of issued shares of CIM, and in
Capitalrelationships

conjunction with 80.0% stake indirectly owning throughoverseas subsidiaries, owning 100% of issued sharesof CIM. SoftBank Group Corp. was a parent company
of CIM, indirectly owning 100% of issued shares of
CIM through overseas subsidiaries before the Share
Transfer.

Personal
relationships
Transactional
relationships(3)

As of today, there are no personal relationships thatshould be noted between INV/CIM and SoftBank
Group Corp..
As of today, there are no transactional relationshipsthat should be noted between INV/CIM and SoftBank
Group Corp..

Fortress CIM Holdings GP LLC (New specified related corporation)
Name
Fortress CIM Holdings GP LLC
Location

c/o The Corporation Trust Company, Corporation Trust Center, 1209
Orange Street, Wilmington, Delaware, 19801, U.S.A.

Title

and

name

of

Peter L. Briger, Chairman

representative officer
Business

Investment in real estate-related instruments in Japan including
investment unit of investment corporations

CapitalN/A1

Date of establishment

February 21, 2018

This English language notice is a translation of the Japanese-language notice released on March 29, 2018 and was prepared solely for theconvenience 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 orcompleteness 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.

4

Total equity

Not disclosed2

Total assets

Not disclosed2

Investor and holding

Principal Holdings I LP; 100%

ratio
Relationship between

After the Share Transfer, Fortress CIM Holdings GP

INV/Asset Manager

LLC will be a parent company of CIM, indirectly owning
Capital

80.0% of issued shares of CIM. There were no capital

relationships

relationships that should be noted between INV/CIM
and Fortress CIM Holdings GP LLC before the Share
Transfer.

Personal
relationships
Transactional
relationships

As of today, there are no personal relationships thatshould be noted between INV/CIM and Fortress CIM
Holdings GP LLC.
As of today, there are no transactional relationshipsthat should be noted between INV/CIM and Fortress
CIM Holdings GP LLC.

(Note1) This entity does not have an item equivalent to capital.
(Note2) Not disclosed because consent from the entity has not been obtained.

(4)

Principal Holdings I LP (New specified related corporation)
Name
Principal Holdings I LP
Location

c/o The Corporation Trust Company, Corporation Trust Center,1209 Orange Street, Wilmington, Delaware, 19801, U.S.A.

Title

and

name

of

Foundation Holdco LP

representative officer
Business

Intermediate holding company

CapitalN/A1

Date of establishment

September 1, 2004

Total equity

Not disclosed2

Total assets

Not disclosed2

Investor and holding

Foundation Holdco LP; 100%

ratio
Relationship between
INV/Asset Manager

After the Share Transfer, Principal Holdings I LP will be
Capitalrelationships

a parent company of CIM, indirectly owning 80.0% of
issued shares of CIM. There were no capital
relationships that should be noted between INV/CIM
and Principal Holdings I LP before the Share Transfer.

Personal
relationships
Transactional

As of today, there are no personal relationships thatshould be noted between INV/CIM and Principal
Holdings I LP.
As of today, there are no transactional relationships

This English language notice is a translation of the Japanese-language notice released on March 29, 2018 and was prepared solely for theconvenience 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 orcompleteness 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.

5relationshipsthat should be noted between INV/CIM and Principal
Holdings I LP.

(Note1) This entity does not have an item equivalent to capital.
(Note2) Not disclosed because consent from the entity has not been obtained.

(5)

Calliope Godo Kaisha (Company who will no longer fall under major shareholder, parent company
and specified related corporation)
Name
Calliope Godo Kaisha
Location
Title

and

c/o EP Consulting Service, 1-2-9 Shimbashi, Minato-ku, Tokyo
name

of

Executive Member: Calliope Holdings II LLC

representative officer

Executive Director : Kazumasa Takizawa

Business

Investment in real estate-related instruments in Japan including
investment unit of investment corporations

Capital100,000 yen

Date of establishment

March 14, 2011

Total equity

Not disclosed1

Total assets

Not disclosed1

Investor and holding

Calliope Holdings I LLC; 99%

ratio
Relationship between

Calliope Godo Kaisha holds 609,942 units of INV’s

INV/Asset Manager

outstanding investment units (12.72% stake) as of
Capitaltoday. Moreover, Calliope Godo Kaisha was the major

relationships

shareholder and parent company of CIM, owning
100% of issued shares of CIM before the Share
Transfer.

Personal
relationships
Transactional
relationships

As of today, Naoki Fukuda, who is Executive Directorof INV and CEO of CIM, is seconded from Calliope
Godo Kaisha.
As of today, there are no transactional relationshipsthat should be noted between INV/CIM and Calliope
Godo Kaisha.

(Note1) Not disclosed because consent from the entity has not been obtained.

(6)

Calliope Holdings I LLC(Company who will no longer fall under parent company and specified related corporation)
Name
Calliope Holdings I LLC
Location

c/o The Corporation Trust Company, Corporation Trust Center,1209 Orange Street, Wilmington, Delaware, 19801, U.S.A.

Title

and

name

of

Peter L. Briger, Chairman

representative officer
Business

Intermediate holding company

CapitalN/A1This English language notice is a translation of the Japanese-language notice released on March 29, 2018 and was prepared solely for theconvenience 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 orcompleteness 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.

6Date of establishment

March 4, 2011

Total equity

Not disclosed2

Total assets

Not disclosed2

Investor and holding
ratio

FIG LLC; 100%

Relationship between
INV/Asset Manager

There will be no capital relationships that should be
Capitalrelationships

noted between INV/CIM and Calliope Holdings I LLC
after the Share Transfer. Calliope Holdings I LLC wasparent company of CIM, indirectly owning 100% of
issued shares of CIM before the Share Transfer.

Personal
relationships
Transactional
relationships

As of today, there are no personal relationships thatshould be noted between INV/CIM and Calliope
Holdings I LLC.
As of today, there are no transactional relationshipsthat should be noted between INV/CIM and Calliope
Holdings I LLC.

(Note1) This entity does not have an item equivalent to capital.
(Note2) Not disclosed because consent from the entity has not been obtained.

(7)

FIG LLC(Company who will no longer fall under parent company and specified related corporation)Name
FIG LLC
Location

c/o The Corporation Trust Company, Corporation Trust Center,1209 Orange Street, Wilmington, Delaware, 19801, U.S.A.

Title

and

name

of

Peter L. Briger, Co-Chairman

representative officer

Wes Edens, Co-Chairman

Business

Investment management

CapitalN/A1

Date of establishment

February 6, 1998

Total equity

Not disclosed2

Total assets

Not disclosed2

Investor and holding
ratio

FIG Corp; 100%

Relationship between
INV/Asset Manager

There will be no capital relationships that should be
Capitalrelationships

noted between INV/CIM and FIG LLC after the Share
Transfer.

FIG LLC was parent company of CIM,

indirectly owning 100% of issued shares of CIM before
the Share Transfer.

Personal

As of today, there are no personal relationships that

relationships

should be noted between INV/CIM and FIG LLC.

Transactional

As of today, there are no transactional relationships

This English language notice is a translation of the Japanese-language notice released on March 29, 2018 and was prepared solely for theconvenience 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 orcompleteness 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.

7relationshipsthat should be noted between INV/CIM and FIG LLC.

(Note1) This entity does not have an item equivalent to capital.
(Note2) Not disclosed because consent from the entity has not been obtained.

(8)

FIG Corp.
(Company who will no longer fall under parent company and specified related corporation)Name
FIG Corp.
Location

c/o The Corporation Trust Company, Corporation Trust Center,1209 Orange Street, Wilmington, Delaware, 19801, U.S.A.

Title

and

name

of

Peter L. Briger, Co-Chairman

representative officer

Wes Edens, Co-Chairman

Business

Intermediate holding company

CapitalN/A1

Date of establishment

January 11, 2007

Total equity

Not disclosed2

Total assets

Not disclosed2

Investor and holding
ratio

Fortress Investment Group LLC; 100%

Relationship between
INV/Asset Manager

There will be no capital relationships that should be
Capitalrelationships

noted between INV/CIM and FIG Corp. after the Share
Transfer. FIG Corp. was parent company of CIM,
indirectly owning 100% of issued shares of CIM before
the Share Transfer. .

Personal

As of today, there are no personal relationships that

relationships

should be noted between INV/CIM and FIG Corp.

Transactional

As of today, there are no transactional relationships

relationshipsthat should be noted between INV/CIM and FIG Corp.

(Note1) This entity does not have an item equivalent to capital.
(Note2) Not disclosed because consent from the entity has not been obtained.

(9)

Fortress Investment Group LLC(Company who will no longer fall under parent company and specified related corporation)
Name
Fortress Investment Group LLC
Location

c/o The Corporation Trust Company, Corporation Trust Center,1209 Orange Street, Wilmington, Delaware, 19801, U.S.A.

Title

and

name

of

representative officer

Peter L. Briger, Jr., Principal and Co-Chief Executive Officer
Wesley R. Edens, Co-Founder, Principal and Co-Chief Executive
OfficerBusiness

Investment management

CapitalN/A1

Date of establishment

November 6, 2006

Total equity

Not disclosed2

This English language notice is a translation of the Japanese-language notice released on March 29, 2018 and was prepared solely for theconvenience 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 orcompleteness 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.

8

Total assets

Not disclosed2

Investor and holding
ratio

FINCo I Intermediate HoldCo LLC; 100%

Relationship between

There will be no capital relationships that should be

INV/Asset Manager

noted between INV/CIM and Fortress Investment
CapitalGroup LLC after the Share Transfer. Fortressrelationships

Investment Group LLC was parent company of CIM,
indirectly owning 100% of issued shares of CIM before
the Share Transfer.

Personal
relationships
Transactional
relationships

As of today, there are no personal relationships thatshould be noted between INV/CIM and Fortress
Investment Group LLC.
As of today, there are no transactional relationshipsthat should be noted between INV/CIM and Fortress
Investment Group LLC.

(Note1) This entity does not have an item equivalent to capital.
(Note2) Not disclosed because consent from the entity has not been obtained.

(10) FinCo I Intermediate HoldCo LLC(Company who will no longer fall under parent company and specified related corporation)
Name
FinCo I Intermediate HoldCo LLC

Location

SB Group US, Inc., 1 Circle Star Way, San Carlos, California 94070

Title and name ofrepresentative
officer

Brian Wheeler; General Counsel

Business

Intermediate holding company

CapitalN/A1

Date ofestablishment

May 17, 2017

Net assets$1,775 million USD

Total assets$3,112 million USD

Investor and holding
ratio

FinCo I LLC, 100%

Relationshipbetween INV/AssetManager

There will be no capital relationships that should be
noted between INV/CIM and FinCo I Intermediate

Capitalrelationships

HoldCo LLC after the Share Transfer. FinCo I
Intermediate HoldCo LLC was a parent company of
CIM, indirectly owning 100% of issued shares of
CIM before the Share Transfer.

Personal
relationships

As of today, there are no personal relationships thatshould be noted between INV/CIM and FinCo I

This English language notice is a translation of the Japanese-language notice released on March 29, 2018 and was prepared solely for theconvenience 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 orcompleteness 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.

9Intermediate HoldCo LLC.
Transactional
relationships

As of today, there are no transactional relationshipsthat should be noted between INV/CIM and FinCo I
Intermediate HoldCo LLC.

(Note1) This entity does not have an item equivalent to capital.

(11) FinCo I LLC(Company who will no longer fall under parent company and specified related corporation)
Name
FinCo I LLC

Location

SB Group US, Inc., 1 Circle Star Way, San Carlos, California 94070

Title and name ofrepresentative
officer

Brian Wheeler; General Counsel

Business

Intermediate holding company

CapitalN/A1

Date ofestablishment

May 17, 2017

Net assets

1,775 million USD

Total assets

3,112 million USD

Investor and holding
ratio

FIG Parent, LLC, 100%

Relationshipbetween INV/AssetManager

There will be no capital relationships that should be
noted between INV/CIM and FinCo I LLC after the

Capitalrelationships

Share Transfer. FinCo I LLC was a parent company

of CIM, indirectly owning 100% of issued shares of
CIM before the Share Transfer. There will be no
capital relationships that should be noted between
INV/CIM and FinCo I LLC after the Share Transfer.

Personal
relationships

As of today, there are no personal relationships thatshould be noted between INV/CIM and FinCo I LLC.

Transactional
relationships

As of today, there are no transactional relationshipsthat should be noted between INV/CIM and FinCo I
LLC.

(Note1) This entity does not have an item equivalent to capital.

(12) FIG Parent, LLC(Company who will no longer fall under parent company and specified related corporation)Name
FIG Parent, LLC

Location

SB Group US, Inc., 1 Circle Star Way, San Carlos, California 94070

Title and name ofrepresentative

Brian Wheeler; General Counsel

This English language notice is a translation of the Japanese-language notice released on March 29, 2018 and was prepared solely for theconvenience 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 orcompleteness 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.

10

officerBusiness

Intermediate holding company

CapitalN/A1

Date ofestablishment

May 17, 2017

Net assets

1,775 million USD

Total assets

1,775 million USD

Investor and holding
ratioFoundation Holdco LP, 100%

Relationshipbetween INV/AssetManager

There will be no capital relationships that should be
noted between INV/CIM and FIG Parent, LLC after

Capitalrelationships

the Share Transfer. FIG Parent, LLC was a parent

Personal
relationships

As of today, there are no personal relationships thatshould be noted between INV/CIM and FIG Parent,
LLC.

Transactional
relationships

As of today, there are no transactional relationshipsthat should be noted between INV/CIM and FIG
Parent, LLC.

company of CIM, indirectly owning 100% of issued
shares of CIM before the Share Transfer.

(Note1) This entity does not have an item equivalent to capital.

4.

Number of Shares (voting rights) Held by the Shareholders of CIM(1) Calliope Godo Kaisha
Number of Voting Rights
Status

Major

Directly Held

Indirectly Held

Total

Shareholder
Ranking

Parent Company,
Beforemajor shareholder,

8,372

0

8,372

the Changes

specified related(100.0%)(0.0%)(100.0%)000(0.0%)(0.0%)(0.0%)

1

corporation
After
the Changes

N/A

N/A

(2) Companies listed in (6) through (12) in above “3 .Overview of major shareholders, parent companies
and specified related corporations subject to the change”

This English language notice is a translation of the Japanese-language notice released on March 29, 2018 and was prepared solely for theconvenience 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 orcompleteness 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.

11Number of Voting Rights
Status

Beforethe Changes
After
the Changes

Parent Company,
specified related
corporation
N/A

Major

Directly Held

Indirectly Held

Total

0

8,372

8,372

(0.0%)(100.0%)(100.0%)000(0.0%)(0.0%)(0.0%)

Shareholder
Ranking
N/A

N/A(3) Fortress CIM Holdings L.P.
Number of Voting Rights
Status
Beforethe Changes

N/A

Major

Directly Held

Indirectly Held

Total

0

0

0

(0.0%)(0.0%)(0.0%)

Shareholder
Ranking
N/A

Parent company,
After

major shareholder,

6,698

0

6,698

the Changes

specified related(80.0%)(0.0%)(80.0%)

1

corporation(4) SoftBank Group Corp.
Number of Voting Rights
Status

Beforethe Changes

Parent company,
specified related
corporation

Major

Directly Held

Indirectly Held

Total

0

8,372

8,372

(0.0%)(100.0%)(100.0%)Shareholder
Ranking
N/A

Parent company,
After

major shareholder,

1,674

6,698

8,372

the Changes

specified related(20.0%)(80.0%)(100.0%)2

corporation(5) Principal Holdings I LP and Fortress CIM Holdings GP LLC
Number of Voting Rights
Status
Beforethe Changes
After
the Changes

N/A
Parent company,
specified related
corporation

Major

Directly Held

Indirectly Held

Total

0

0

0

(0.0%)(0.0%)(0.0%)

0

6,698

6,698

(0.0%)(80.0%)(80.0%)

Shareholder
Ranking
N/A

N/A

This English language notice is a translation of the Japanese-language notice released on March 29, 2018 and was prepared solely for theconvenience 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 orcompleteness 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.

125. Future outlook(1) Change in INV’s asset management agreement
There will be no change.
(2) Change in structure of CIM
There will be no change.
(3) Change in investment management decision-making process
There will be no change.
(4) Change in rules concerning compliance, related-parties, etc.
There will be no change.
(5) Change in investment policy
There will be no change.
(6) Change in agreements with sponsors, etc.
There will be no change.
(7) Continuation of INV’s listing.
INV will continue to be listed.
(8) Future policy, etc.
There will be no change. In the event when matters to be disclosed concerning the execution ofoperation of INV and CIM arise, such matters will be promptly announced.
INV will complete required procedures in regard to the change pursuant to requirements, stipulated in the
Financial Instrument and Exchange Act of Japan and other applicable laws and regulations.
Website of INV: http://www.invincible-inv.co.jp/eng

This English language notice is a translation of the Japanese-language notice released on March 29, 2018 and was prepared solely for theconvenience 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 orcompleteness 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.

13