[For Information Purpose Only]
January 24, 2014
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Fukuda, Executive Director
Roppongi Hills Mori Tower, 6-10-1 Roppongi,
Minato-ku, Tokyo, Japan(Securities code: 8963)
URL: http: //www.invincible-inv.co.jp/eng/
Asset manager:
Consonant Investment Management Co., Ltd.
Naoki Fukuda, President and CEO
Contact: Akiko Watanabe, Manager(Tel. +81-3-5411-2731)

Notice concerning Change in the Investment Units Held by Large Unitholders
Invincible Investment Corporation (“INV”) received a notice from SC Investment Advisors Pte. Ltd.
(“SCIA”), an affiliate of Secured Capital Investment Management Co., Ltd. (“Secured Capital”), tothe effect that the investment units of INV held by SCG16 Godo Kaisha (“SCG16”) under theumbrella of the fund managed by SCIA will be transferred to Infinite Value Investment Ltd.
(“Infinite”), which is under the umbrella of the same fund (the “Transfer”) and currently holds theinvestment units of INV, and announced as follows.
Details

1.

Outline of notice of the Transfer
INV received a notice from SCIA to the effect that SCG16, of which Secured Capital acts as theexecutive officer and which is under the umbrella of a fund managed by SCIA, will transfer all of
its investment units of INV (74,962 units; the “Investment Units”) acquired through thethird-party allotment of INV on December 20, 2013 (the “Third-Party Allotment”) (Note 1) toInfinite (Note 2) which is under the umbrella of the same fund managed by SCIA in order toimprove the management efficiency. The transfer is expected to be made by the end of January
2014.
(Note 1)
(Note 2)For details of the Third-Party Allotment, please refer to “Notice concerning Issuance of New Investment
Units by way of Third-Party Allotment” as of December 6, 2013.
For outline of Infinite, please refer to Appendix.

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2.

Change in investment units held through the Transfer

Name(Note 1)
(Note 2)

3.

Before the Transfer of theInvestment Units
Ratio of
Number of units
investment units
held (Note 1)
held

After the Transfer of the Investment
Units
Ratio of
Number of units
investment units
heldheld

Change innumber of units
heldSCG1674,962 units

4.76%

0 units

0%-74,962 units

Infinite57,757 units

3.67%

132,719 units

8.43%+74,962 units

The table above is described based on the number of investment units reported in the unitholders’ registry asof December 31, 2013.
The ratio of investment units held is the ratio of units held to the total number of issued investment units,rounded down to the second decimal place.

Effects of the Transfer and ownership policy of the Transferor
INV considers that, since both SCG16 and Infinite are under the umbrella of the same fund, theTransfer is a change in investment units within a same fund and the Investment Units willcontinue to be held by the fund managed by SCIA, and has no practical effect on INV.
In addition, INV confirmed with SCIA that Infinite intends to hold the Investment Units to betransferred from SCG16 for the time being.

2[For Information Purpose Only](Appendix) Overview of Infinite(a)Company nameInfinite Value Investment Ltd.

(b)

Location

Maples Corporate Services Limited, PO Box 309, Ugland House,
Grand Cayman, Cayman Islands(c)Grounds ofestablishment, etc.

the laws of the Cayman Islands(d)Purpose offormationa. Acquisition, holding and disposal of securities
b. Any businesses relating to or ancillary to the above(e)

Date of formation

May 23, 2013(f)

Investment amount
Investor, investment
ratio and overview
of investor(as of thedate hereof)
Overview ofexecutive officer

USD 1 (As of the date hereof)

(g)

(h)

Secured Capital Real Estate Partners V, L.P. (Cayman): 100%Company nameLocation
Title/name ofrepresentative

Representative Director,
Tan Chek Khiaw

Major Business(i)Relationship of thefund with INV andAsset Manager

SC Investment Advisors Pte. Ltd.
8 Marina View, #07-04, Asia Square Tower 1,Singapore 018960

Relationship ofthe fund with INV
and AssetManager

Investments in and management of real estateand credit[Capital relationship]
Infinite holds 57,757 units (holding ratio: 3.67%)
of the issued investment units of INV as ofDecember 31, 2013.
[Personal relationship and Business
relationship]
INV and Asset Manager have no personalrelationships or business relationships to bementioned with Infinite. Furthermore, INV andAsset Manager and their relevant parties andaffiliated companies have no noteworthy
personal relationships or business relationships
with Infinite’s relevant parties and affiliatedcompanies.

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[For Information Purpose Only]
Relationship ofthe executive
officer with INVand AssetManager

INV and Asset Manager have no capital
relationship, personal relationships or business
relationships to be mentioned with SCIA.
Furthermore, INV and Asset Manager and theirrelevant parties and affiliated companies haveno noteworthy capital relationship, personal
relationships or business relationships withSCIA’s
relevant
partiesandaffiliatedcompanies.

Note: This English language notice is a translation of the Japanese-language notice released on January
24, 2014 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 information purposes only, and no warranties or assurances
are given regarding the accuracy or completeness of this English translation. Readers are urged toread the original Japanese language notice. In the event of any discrepancy between this translationand the Japanese original, the latter shall prevail in all respects.

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