[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
December 28, 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 Changes in Parent Companies
and Specified Related Corporations at CIM (Continued)
Invincible Investment Corporation (“INV”) today announced that changes in major shareholders, parent
companies and specified related corporations (the “Changes”) at Consonant Investment Management Co.,
Ltd. (“CIM”), the asset manager of INV, has occurred as announced in the press release “Notice concerning
Changes in Major Shareholders, Parent Companies and Specified Related Corporations at CIM” dated
September 7, 2017 (the “September Press Release”) and that the details of the Changes has been fixed.
1.

Event leading up to the Changes
Fortress Investment Group LLC (“FIG”) is an indirect parent company of CIM and is deemed a specified
related corporation, as stipulated under Article 12-3 of Cabinet Office Ordinance on Disclosure ofContents, etc. of Specified Securities. The acquisition of FIG (the “Merger”) by SoftBank Group Corp.
(“SoftBank Group”) has taken effect, and changes in the parent company and the specified related
corporation of CIM have occurred on December 27, 2017.

2.

Date of the Changes
December 27, 2017 (EST)3.

Overview of parent companies and specified related corporations subject to the Changes.
(1) SoftBank GroupName

SoftBank Group Corp.

Location

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

Title and name of

Masayoshi Son, Chairman and CEO

This English language notice is a translation of the Japanese-language notice released on December 28, 2017 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

representative
officerBusiness

Holding company

CapitalDate ofestablishment

238,772 million yen (As of March 31, 2017)

Total
equity(consolidated)

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

Total assets(consolidated)

24,634,212 million yen (As of March 31, 2017)

Major shareholder
andshareholding
ratio(As of September
30, 2017)

Masayoshi Son; 21.01%
The Master Trust Bank of Japan, Ltd. (Trust Account); 7.99%
Japan Trustee Services Bank, Ltd. (Trust Account); 5.58%

Relationshipbetween INV/AssetManager

September 3, 1981

Capitalrelationships

As of today, SoftBank Group Corp. is the parent
company of CIM, indirectly owning 100% of issued
share of CIM through fully-owned overseas
subsidiaries. There were no capital relationshipsthat should be noted between INV/CIM and
SoftBank Group Corp. before the Changes.

Personal
relationships

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

Transactional
relationships

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

(2) Foundation Holdings LP

NameFoundation Holdings LP

Location

Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital
Road, George Town, Grand Cayman KY1-9008, Cayman Islands

Title and name ofrepresentative
officer

Acts by its general partner, SB Foundation Holdings (GP) LLC (aCayman Islands limited liability company). Masayoshi Son is
Chairman and CEO, Jonathan Bullock is President and Brian
Wheeler is General Counsel of SB Foundation Holdings (GP) LLC.

Business

Intermediate holding company

CapitalN/A1

Date ofestablishment

June 20, 2017

Net assets(Not disclosed)2This English language notice is a translation of the Japanese-language notice released on December 28, 2017 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

Total assets(Not disclosed)2

Investor and holding
ratio

SoftBank Group Corp., 100%

Relationshipbetween INV/AssetManager

Capitalrelationships

As of today, Foundation Holdings LP is a parent
company of CIM, indirectly owning 100% of issued
share of CIM. There were no capital relationshipsthat should be noted between INV/CIM andFoundation Holdings LP before the Changes.

Personal
relationships

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

Transactional
relationships

As of today, there are no transactional relationshipsthat should be noted between INV/CIM andFoundation Holdings LP.

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

(3) SB Foundation Holdings LPName

SB Foundation Holdings LP

Location

Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital
Road, George Town, Grand Cayman KY1-9008, Cayman Islands

Title and name ofrepresentative
officer

Acts by its general partner, SB Foundation Holdings (GP) LLC (see(2) Foundation Holdings LP above).

Business

Intermediate holding company

CapitalN/A1

Date ofestablishment

February 6, 2017

Net assets(Not disclosed) 2

Total assets(Not disclosed) 2

Investor and holding
ratioFoundation Holdings LP, 100%

Relationshipbetween INV/AssetManager

Capitalrelationships

As of today, SB Foundation Holdings LP is a parent
company of CIM, indirectly owning 100% of issued
share of CIM. There were no capital relationshipsthat should be noted between INV/CIM and SB
Foundation Holdings LP before the Changes.

Personal
relationships

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

This English language notice is a translation of the Japanese-language notice released on December 28, 2017 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Foundation Holdings LP.
Transactional
relationships

As of today, there are no transactional relationshipsthat should be noted between INV/CIM and SB
Foundation Holdings LP.

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

(4) Foundation Holdco LP

NameFoundation Holdco LP

Location

Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital
Road, George Town, Grand Cayman KY1-9008, Cayman Islands

Title and name ofrepresentative
officer

Acts by its general partner, SB Foundation Holdings (GP) LLC (see(2) Foundation Holdings LP above).

Business

Intermediate holding company

CapitalN/A1

Date ofestablishment

May 16 2017

Net assets(Not disclosed)2

Total assets(Not disclosed)2

Investor and holding
ratio

SB Foundation Holdings LP, 100%

Relationshipbetween INV/AssetManager

Capitalrelationships

As of today, Foundation Holdco LP is a parent
company of CIM, indirectly owning 100% of issued
share of CIM. There were no capital relationshipsthat should be noted between INV/CIM andFoundation Holdco LP before the Changes.

Personal
relationships

As of today, there are no personal relationships thatshould be noted between INV/CIM and Foundation
Holdco LP.

Transactional
relationships

As of today, there are no transactional relationshipsthat should be noted between INV/CIM andFoundation Holdco 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) FIG Parent, LLCName

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 December 28, 2017 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

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

Capitalrelationships

As of today, FIG Parent, LLC is a parent company of
CIM, indirectly owning 100% of issued share of CIM.
There were no capital relationships that should be
noted between INV/CIM and FIG Parent, LLC
before the Changes.

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.

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

(6) FinCo I LLCName

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

Capitalrelationships

As of today, FinCo I LLC is a parent company of
CIM, indirectly owning 100% of issued share of CIM.
There were no capital relationships that should beThis English language notice is a translation of the Japanese-language notice released on December 28, 2017 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noted between INV/CIM and FinCo I LLC before theChanges.
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.

(7) FinCo I Intermediate HoldCo LLC

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

Capitalrelationships

As of today, FinCo I Intermediate HoldCo LLC is aparent company of CIM, indirectly owning 100% of
issued share of CIM. There were no capital
relationships that should be noted between INV/CIM
and FinCo I Intermediate HoldCo LLC before theChanges.

Personal
relationships

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

(8) SB Foundation Holdings (GP) LLCName

SB Foundation Holdings (GP) LLC

Location

Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital
Road, George Town, Grand Cayman KY1-9008, Cayman Islands

This English language notice is a translation of the Japanese-language notice released on December 28, 2017 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Title and name ofrepresentative
officer

Masayoshi Son is Chairman and CEO, Jonathan Bullock is
President and Brian Wheeler is General Counsel of SB Foundation
Holdings (GP) LLC.

Business

General partner of Foundation Holdings LP, SB Foundation Holdings
LP, and Foundation Holdco LP

CapitalN/A1

Date ofestablishment

February 6, 2017

Net assets(Not disclosed)2

Total assets(Not disclosed)2

Investor and holding
ratio

SoftBank Group Corp., 100%

Relationshipbetween INV/AssetManager

Capitalrelationships

As of today, SB Foundation Holdings (GP) LLC is
the general partner of limited partnerships thatindirectly own 100% of issued share of CIM, and theparent company of CIM. There were no capital
relationships that should be noted between INV/CIM
and SB Foundation Holdings (GP) LLC before theChanges.

Personal
relationships

As of today, there are no personal relationships thatshould be noted between INV/CIM and SB
Foundation Holdings (GP) LLC.

Transactional
relationships

As of today, there are no transactional relationshipsthat should be noted between INV/CIM and SB
Foundation 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.

After the Merger, FIG will be a wholly owned direct subsidiary of FinCo I Intermediate HoldCo LLC.
Therefore, there will be no change in Calliope Godo Kaisha (“Calliope”) who is the direct parent
company of CIM, and other indirect parent companies including FIG.

This English language notice is a translation of the Japanese-language notice released on December 28, 2017 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

4.

Number of Shares (voting rights) Held by the Parent Company of CIM
SoftBank Group and other Parent Company Listed in 3. above other than SB Foundation Holdings(GP) LLC
Number of Voting Rights
Major
Status
Beforethe Changes

Directly Held

Indirectly Held

Total

0

0

0

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

N/A

After

Parent

0

8,372

8,372

the Changes

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

Further, SB Foundation Holdings (GP) LLC will not directly or indirectly hold the shares or voting rights
of CIM, however, it will be a parent company as it will be the general partner of each of Foundation
Holdings LP, SB Foundation Holdings LP and Foundation Holdco LP that holds indirectly all shares andvoting rights of CIM respectively.

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.

This English language notice is a translation of the Japanese-language notice released on December 28, 2017 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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.
In addition, as announced in the September Press Release, Calliope plans to transfer 80% of the issued
shares of CIM owned by Calliope to FIG or an affiliate designated by FIG, and 20% to SoftBank Group or anaffiliate designated by SoftBank Group (the “Share Transfer”) and the Share Transfer is expected to becompleted by the end of March, 2018. If the Share Transfer is implemented, there will be a change in CIM’smajor shareholders, parent companies and specified related corporations. INV will announce the details of the
Share Transfer once they are determined.
Along with this transaction, INV expects the planned acquisition by SoftBank Group of its asset manager,
together with Fortress ownership, to significantly 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 theresources that are expected to become available through SoftBank Group. Moreover, SoftBank Group has
market-leading expertise in technology fields such as digital marketing for both mobile and desktop, 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 digitalmarketing, minimize labor costs and increase customer engagement. For example, INV plans to pursue
opportunities to better manage the increased number of foreign visitors and their related online research,bookings and payments, improve the process in setting hotel rates and manage overbooking through the useof sophisticated AI algorithms, and reduce labor costs while enhancing customer service through the use ofrobotics.
Website of INV: http://www.invincible-inv.co.jp/eng

This English language notice is a translation of the Japanese-language notice released on December 28, 2017 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