April 14, 2016
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, CEOContact: Jun Komo, Planning Department(Tel. +81-3-5411-2731)

Notice concerning Change of Key Employee of Asset Manager
Invincible Investment Corporation (INV) hereby announces that its asset manager, Consonant
Investment Management Co., Ltd., has, at the board of directors’ meeting held today, decided tomake the following key employee change.
Details
Change of key employee
Key employee to be appointed (as of April 15, 2016)
General Manager, Planning Department Jun Komo*
Key employee to retire (as of April 14, 2016)
General Manager, Planning Department Masayuki Inagaki* For the details of the brief personal history of new General Manager of Planning Department,
please refer to the Attachment on the next page.
Required procedures such as notification etc. of the above change will be taken in accordance withthe provisions of the Financial Instruments and Exchange Act, the Building Lots and Building
Transactions Business Act and other applicable laws and regulations.
EndThis English language notice is a translation of the Japanese-language notice released on April 14, 2016 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 originalJapanese-language notice is provided for informational purposes only, and no warranties or assurances are given regarding the accuracy
or completeness 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.

<Attachment>

Title
General Manager,
Planning
Department

NameJun
Komo

Oct. 2000
Oct. 2005
Mar. 2008

Dec. 2008
Dec. 2010
Sep. 2015

Apr. 2016

Brief Personal History
Joined PriceWaterhouseCoopers Consultants
Co., Ltd. (Current: IBM Japan, Ltd.）
Joined Pacific Investment Advisors Corporation(Current: AD Investment Management Co., Ltd.）
Joined Pacific Management Corporation
Seconded to Pacific Investment Partners Inc.
(Current: Cushman & Wakefield AssetManagement K.K.)
Seconded to Pacific Commercial Co., Ltd.
Joined Japan REIT Advisors Co., Ltd.
Joined Consonant Investment Management Co.,
Ltd. as Staff General Manager of Planning
Department
To be Appointed as General Manager ofPlanning Department of the same.(planned)

This English language notice is a translation of the Japanese-language notice released on April 14, 2016 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
or completeness 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.