[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
August 9, 2023
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Fukuda, Executive Director(Securities code: 8963)
Asset manager:
Consonant Investment Management Co., Ltd.
Naoki Fukuda, President & CEO
Contact: Jun Komo
General Manager of Planning Department(Tel. +81-3-5411-2731)

Notice concerning Changes to Organization and Key Employees of Asset Manager
Invincible Investment Corporation (INV) announces today that its asset manager, Consonant
Investment Management Co., Ltd. (the “Asset Manager”), has decided to make organizationalchanges as well as changes in key employees as follows.
1. Change of Organization(1) Detail of Change
The Asset Manager will split the Planning Department into the Planning Department and theBusiness Administration Department. Consequently, the Asset Manager’s organization willconsist of four departments: Asset Management Department, Finance Department, Planning
Department, and Business Administration Department.
Please refer to [Reference 1] for the organizational chart before (current) and after the change
as well as an outline of the duties of each department.
(2) Purpose of Change
The purpose of the change is to establish a more functional management structure, by meansof dividing the Planning Department into the Planning Department, which is mainly responsiblefor investor relations and disclosure of the investment corporation, and the Business
Administration Department, which is mainly responsible for general affairs and managementof board meetings.
(3) Date of Change
August 9, 2023
2. Change of Key Employees (As of August 9, 2023)
Due to the organizational changes described above, the key employees will be changed as follows.

This English language notice is a translation of the Japanese-language notice released on August 9, 2023 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 their owninvestigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven 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.

1NameNoburu Yokoyama

Before change
Director and Compliance Officer

Ikuo Kondo*

AdvisorAfter change
Director and General Manager ofBusiness Administration
Department
Compliance Officer* For the details of the brief personal history, please refer to [Reference 2].

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.
Website of INV: https://www.invincible-inv.co.jp/en/

This English language notice is a translation of the Japanese-language notice released on August 9, 2023 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 their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven 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.

2[Reference 1] Structure of Organization<Before Change>(Note) The change is underlined above.

The same shall apply hereinafter.

The description of departments that are not related to the operation of INV are omitted.

Department

Outline of work of each organization

Planning

1. Business about personnel of the Asset Manager
2. Business about accounting, cash receipts and disbursements, and budget of theAsset Manager
3. Business about operation of Shareholder’s meeting and the Board of Directors
meeting of the Asset Manager
4. Business about investor relations, disclosure and public relations activities of INV
5. Business about operation of Unitholder’s meeting and the Board of Directors
meeting of INV
6. Business about formulation, change and abolishment of the rules and regulations
7. Business about formulation of management plans
8. Business about correspondence with government agencies and related
associations
9. REIT market analysis
10. Business of supporting Compliance Officer
11. Business about legal affairs
12. Business about examining various contracts
13. Business about managing information system equipment
14. Task support accompanied with the operation of Compliance Committee
15. Business about receiving inquiries, complaints and claims
16. Business about storage and management of confidential information

Department

This English language notice is a translation of the Japanese-language notice released on August 9, 2023 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 their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven 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.

3<After Change>(Note) The changes are underlined above. The same shall apply hereinafter.
The description of departments that are not related to the operation of INV are omitted.

Department

PlanningDepartment

BusinessAdministration
Department

Outline of work of each organization

1. Business about investor relations, disclosure and public relations activities of INV
2. Business related to the issuance of investment units (including correspondencewith underwriters)
3. Business about operation of Unitholder’s meeting of INV (excluding registrationrelated business after the Unitholder’s meeting)
4. Reporting to and consultation with the Tokyo Stock Exchange
5. Promotion of ESG-consideration initiatives (including duties related to theformulation, amendment and abolition of rules and regulations concerning ESG,
and duties related to assets under management are shared with the AssetManagement Department)
6. REIT market analysis and proposals based on such analysis
7. Business about receiving and responding to inquiries, complaints and claims fromUnitholders
1. Business about personnel, general affairs and systems of the Asset Manager
2. Business about accounting, cash receipts and disbursements, and budget of theAsset Manager
3. Business about the operation of Shareholder’s meeting and the Board of Directors
meeting of the Asset Manager
4. Business about the operation of the Board of Directors meeting of INV andregistration-related business after the Unitholder’s meeting
5. Business about formulation of management plans of the Asset Manager and INV
6. Business about formulation, change and abolishment of the rules and regulationsof the Asset Manager and INV (excluding those related to ESG)
7. Business about correspondence with government agencies and relatedorganizations related to the Asset Manager and INV (excluding reporting to andconsultation with the Tokyo Stock Exchange)
8. Business of supporting Compliance Officer

This English language notice is a translation of the Japanese-language notice released on August 9, 2023 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 their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven 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.

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9. Administrative support for the operation of the Compliance Committee
10. Business about receiving and responding to inquiries, complaints and claims for
the Asset Manager and INV (excluding those from Unitholders)
11. Legal affairs and various contract-related services, as well as services related tothe storage and management of confidential information, etc. that do not belong toother departments or offices

This English language notice is a translation of the Japanese-language notice released on August 9, 2023 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 their own
investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven 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.

5[Reference 2] Brief Personal History
Title

Name

Compliance

Ikuo Kondo

Brief Personal History
Apr. 1979

Joined Nichii Corporation (current Aeon RetailOfficerCo., Ltd.)
Oct. 2001

Joined Maruwa Unyu Kikan Co., Ltd.

Feb. 2007

Joined Mitsubishi Corp.-UBS Realty Inc. (currentKJR Management Inc.)
Compliance Officer

Dec. 2014

Joined Spring Investment Co., Ltd.
(current Tokyo Gas Real Estate Investment
Advisors Co., Ltd.)
Chief Compliance Officer

Nov. 2015

Joined Oedo Onsen Asset Management Co., Ltd.
Director, Chief Compliance Officer

May 2023

Joined Consonant Investment Management Co.,
Ltd. as Advisor

Aug. 2023

Compliance Officer of the same

This English language notice is a translation of the Japanese-language notice released on August 9, 2023 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 their owninvestigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties or assurances aregiven 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.

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