August 30, 2010
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Shibatsuji, Executive Director
Nihon-bashi Nishikawa Bldg.
1-5-3 Nihon-bashi, Chuo-ku, Tokyo, Japan(Securities code: 8963)
URL: http: //www.invincible-inv.co.jp/eng/
Asset manager:
Consonant Investment Management Co., Ltd.
Naoki Shibatsuji, CEOContact: Yuji Kubo, CFO(Tel. +81-3-3272-7311)

Notice concerning Change of Stockholders of Asset Manager
Invincible Investment Corporation (INV) has today announced that its asset manager, Consonant
Investment Management Co., Ltd. (CSNT), has, at the board of directors’ meeting, resolved toapprove partial transfer of the stocks of the asset manager as stated below.
1. Details of stock transfer
ZECS Principal Investment Co., Ltd. (ZECS Principal Investment) and KITACONSTRUCTION CO., LTD. (KITA CONSTRUCTION) decided to transfer total 912 stocks ofCSNT (ZECS Principal Investment Co., Ltd.: 608 stocks, KITA CONSTRUCTION CO., LTD.:304 stocks) to The LCP Group L.P., the largest stockholder of CSNT. CSNT resolved toapprove the stock transfer of ZECS Principal Investment and KITA CONSTRUCTION at theboard of directors meeting as of Today.
2. Structure of stockholders<Before transfer>
Company name
The LCP Group L.P.
KYOKUTO SECURITIES CO., LTD.
ZECS Principal Investment Co., Ltd.
NISSHIN FUDOSAN Co., Ltd.
YAHAGI CONSTRUCTION CO., LTD.
KITA CONSTRACTION CO., LTD.
SOKEN CO., LTD.
ANABUKI KOSAN INC.
Suncity CO., LTD.
BIG CO., LTD.
Total

Number of stock held
4,380 stocks
1,104 stocks
608 stocks
608 stocks
608 stocks
304 stocks
304 stocks
228 stocks
228 stocks
228 stocks
8,600 stocks

1Ratio of stocks held
50.93%
12.84%
7.07%
7.07%
7.07%
3.53%
3.53%
2.65%
2.65%
2.65%
100.00%<After transfer>
Company name
The LCP Group L.P.
KYOKUTO SECURITIES CO., LTD.
NISSHIN FUDOSAN Co., Ltd.
YAHAGI CONSTRUCTION CO., LTD.
SOKEN CO., LTD.
ANABUKI KOSAN INC.
Suncity CO., LTD.
BIG CO., LTD.
Total

Number of stock held
5,292 stocks
1,104 stocks
608 stocks
608 stocks
304 stocks
228 stocks
228 stocks
228 stocks
8,600 stocks

Ratio of stocks held
61.53%
12.84%
7.07%
7.07%
3.53%
2.65%
2.65%
2.65%
100.00%3. Schedule of stock transferAug. 30, 2010
: Approval for the stock transfer by resolution and conclusion of thestock transfer agreement and execution of stock transfer at the boardof directors meeting of Asset Manager
Sep. 3, 2010
: Execution of stock transfer (scheduled)
4. Others“Support (Provision of Information) Agreements on Real Estate Acquisitions, etc.” concluded
among ZECS Co., Ltd.*, KITA CONSTRUCTION, INV and CSNT as of November 8, 2005 isscheduled to be terminated on September 3, 2010 on the mutual consent of the above
mentioned parties.
* Although the stockholder of CSNT is ZECS Principal Investment, the Agreement was made with theparent company (ZECS Co., Ltd.) of ZECS Principal Investment.

Furthermore, there are no impact on INV by the stock transfer and the termination ofagreements.

Note: This English language notice is a translation of the Japanese language notice released on
August 30, 2010 and was prepared solely for the convenience of, and reference by, non-Japanese
investors. No warranties or assurance are given for its accuracy or completeness of this English
translation.

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