[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
July 8, 2015
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: Akiko Watanabe,Manager of Planning Department(Tel. +81-3-5411-2731)

Notice concerning Determination of the Issue and Offer Prices of Investment Units
Invincible Investment Corporation (“INV”) announced today that, at the Board of Directors Meetingof INV held on July 8, 2015, a resolution was passed concerning the issue and offer price and otherrelated matters for the issuance of new investment units and secondary offering, which wasapproved at the Board of Directors Meeting of INV held on June 25, 2015, as outlined below:
1. Issuance of new investment units through public offering(1) Number of investment units to: 500,000 units
be offered
Domestic public offering: 211,250 units
International offering: 288,750 units(2) Amount to be paid in: 55,941 yen per unit
(issue value)(3) Total amount to be paid in: 27,970,500,000 yen(total issue value)(4) Issue price: 57,817 yen per unit
(offer price)(5) Total issue price: 28,908,500,000 yen(Total offer price)(6) Subscription period: July 9, 2015 to July 10, 2015
(Domestic Public Offering)(7) Payment date
: July 15, 2015(8) Delivery date
: July 16, 2015
(Note) The underwriters shall underwrite the investment units at the amount to be paid in (issuevalue) and offer at the issue price (offer price).

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
to above 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 of securities in the United States.

12. Secondary offering of investment units (overallotment secondary offering)(1) Number of investment units to: 25,000 units
be offered in the secondaryoffering(2) Offer price: 57,817 yen per unit
(3) Total offer value: 1,445,425,000 yen(4) Subscription period: July 9, 2015 to July 10, 2015
(5) Delivery date
: July 16, 2015
3. Issuance of new investment units through third-party allotment(1) Amount to be paid in: 55,941 yen per unit
(issue value)(2) Total amount to be paid in: 1,398,525,000 yen(total issue value)(3) Subscription period: August 11, 2015
(Subscription date)(4) Payment date
: August 12, 2015(5) Investment units for which no application for subscription has been made during theSubscription period (Subscription date), mentioned in (3) shown above, shall not be issued.
<Reference>
1. Basis for calculating the issue price and offer price(1) Reference date of calculation and price: July 8, 2015 59,300 yen(2) Discount rate: 2.50 %2. Syndicate cover transaction period:
July 11, 2015 to August 7, 2015
3. Amount, use and schedule of expenditure of proceeds from the Offerings
INV will use the proceeds from the Domestic Public Offering (11,817,536,250 yen) and theOverseas Offering (16,152,963,750 yen) to fund a portion of the acquisition price of new
specified assets announced in “Notice concerning Acquisition of Assets and Entering into
Leasing Contract” on June 25, 2015. In case that the rest occurs, it will be retained with themaximum proceeds from the issuance of new investment units through the Third-Party
Allotment Concerned (1,398,525,000 yen) as cash on hand and deposited in monetary facilities
to fund for the future 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
to above 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 of securities in the United States.

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