[For Information Purpose Only]
April 27, 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 Change of Master Lessee and Property Manager
Invincible Investment Corporation (“INV”) decided today to change the master lessee (“ML”)
and property manager (“PM”) for the property listed below.
1. Details of Change
No.
A34

Property Name
Belle Face Ueno-Okachimachi

Old ML/PMMAINICHI COMNET CO., LTD.

New ML/PM
Tokyo Gakusei-Life Co., Ltd.

2. Effective Date of Change
May 1, 2017 (Expected)
3. Reason for Change
INV aims to further improve the property performance as well as the operational efficiency
by consolidating our ML/PM.

This English language notice is a translation of the Japanese-language notice released on April 27, 2017 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on theirown 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4. Profile of New ML/PM(1) Name(2) Address

Tokyo Gakusei-Life Co., Ltd.
2-7-1 Yoyogi, Shibuya-ku, Tokyo
Yukio Chida, President & CEO(3) Representative
Toshifumi Ibushi, President &COO
(4) Capital
JPY 40 million (as of March 31, 2017)
 Planning and consulting services for student apartment
rental business Management and operation services of student(5) Principal Businessapartments
 Leasing representative and brokerage services ofstudent apartments
 Publishing information magazine “SUMUNDA”(6) Relationship with INV or Asset Management Company
The ML/PM does not have any capital relationship of noteCapital relationshipwith INV or its asset management company.
The ML/PM does not have any personnel relationship ofPersonnel relationshipnote with INV or its asset management company.
The ML/PM is currently engaged as ML/PM of Emerald
Business relationshipHouse, which is owned by INV.
Qualification as
The ML/PM is not an interested party of INV or its asset
interested partymanagement company.
5. Future Outlook
The change of ML/PM is expected to have limited impact on INV’s financial forecasts for thefiscal periods ending June 2017 (January 1, 2017 to June 30, 2017) and December 2017 (July1, 2017 to December 31, 2017). The financial forecasts remain unchanged.

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

This English language notice is a translation of the Japanese-language notice released on April 27, 2017 and was prepared solely for the convenience of, and referenceby, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on theirown 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.

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