April 27, 2012
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Shibatsuji, Executive Director
6-6-1 Ginza, 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: Michiko Ishibachi,Manager in charge of Investor Relations(Tel. +81-3-5411-2731)

Notice concerning Change of Master Lease and Property Management Companies
Invincible Investment Corporation (INV) has announced its decision to change master lease andproperty management companies (hereinafter, “ML and PM Companies”) of the properties under
INV management as of today.
Details
1. Outline of Change
ML and PM Companies of 25 properties out of 54 properties under INV management will bechanged as the following list.
After Change
No.

Property Name

A28

Growth Maison Gotanda

A29

Growth Maison Kameido

A31

Harmonie Ochanomizu

A32

Suncrest Shakujii Koen

A33

Growth Maison Shin Yokohama

A36

Growth Maison Ikebukuro

A37

Growth Maison Yoga

A38

Route Tachikawa

Before Change
Apamanshop
Sublease Co.,Ltd.
Apamanshop
Sublease Co.,Ltd.
Apamanshop
Leasing Co.,Ltd.
Apamanshop
Leasing Co.,Ltd.
Apamanshop
Sublease Co.,Ltd.
Apamanshop
Sublease Co.,Ltd.
Apamanshop
Sublease Co.,Ltd.
Apamanshop
Leasing Co.,Ltd.

1<Please see theattachment for thedetails>

TOKYU LIVABLE,INC.
Mitsui Home EstateCo., Ltd.
TOKYU LIVABLE,INC.
Mitsui Home EstateCo., Ltd.
TOKYU LIVABLE,INC.
TOKYU LIVABLE,INC.
Mitsui Home EstateCo., Ltd.
TOKYU LIVABLE,INC.

Scheduled date

May 1, 2012

After Change
No.

Property Name

Before Change<Please see theattachment for thedetails>

Apamanshop
Leasing Co.,Ltd.
Apamanshop
Leasing Co.,Ltd.
Apamanshop
Leasing Co.,Ltd.
Apamanshop
Leasing Co.,Ltd.
Apamanshop
Leasing Co.,Ltd.
Apamanshop
Leasing Co.,Ltd.
Apamanshop
Sublease Co.,Ltd.
Apamanshop
Sublease Co.,Ltd.
Apamanshop
Sublease Co.,Ltd.
Apamanshop
Sublease Co.,Ltd.

TOKYU LIVABLE,
INC.
Mitsui Home EstateCo., Ltd.
Mitsui Home EstateCo., Ltd.
TOKYU LIVABLE,INC.
TOKYU LIVABLE,
INC.
Mitsui Home EstateCo., Ltd.
Mitsui Home EstateCo., Ltd.
Mitsui Home EstateCo., Ltd.
Mitsui Home EstateCo., Ltd.
TOKYU LIVABLE,
INC.

Apamanshop
Sublease Co.,Ltd.

Mitsui Home EstateCo., Ltd.

Apamanshop
Sublease Co.,Ltd.
Apamanshop
Sublease Co.,Ltd.
Apamanshop
Sublease Co.,Ltd.
Apamanshop
Sublease Co.,Ltd.

TOKYU LIVABLE,INC.
Mitsui Home EstateCo., Ltd.
TOKYU LIVABLE,INC.
TOKYU LIVABLE,
INC.
ONE-EYEDCAPITALADVISERS CO.,LTD.
ONE-EYEDCAPITALADVISERS CO.,
LTD.

A39

Shibuya Honmachi Mansion

A40

City Heights Kinuta

A42

Capital Heights Kagurazaka

A44

Belair Meguro

A45

Wacore Tsunashima I

A46

Foros Nakamurabashi

A47

Growth Maison Kaijin

A51

City House Tokyo Shinbashi

A52

Winbell Kagurazaka

A53

Nishiwaseda Cresent Mansion

A54

Lexington Square
Akebonobashi

A56

Casa Eremitaggio

A59

Towa City Coop Shin-otsuka II

A62

Lexel Mansion Ueno Matsugaya

A63

Towa City Coop Sengencho

A64

Royal Park Omachi

Apamanshop
Sublease Co.,Ltd.

A65

Lexington Square Haginomachi

Apamanshop
Sublease Co.,Ltd.

2

Scheduled date

May 1, 2012

2. Reason for Change
In order to realize the idea of which INV provides stable medium-and long-term cash flow to its
investors, INV has worked on all kinds of measures for establishing its stable financial base andgrowth strategy, and today, INV decided to change the ML and PM Companies of the above 25
properties as one part of such measures for the purpose of its cost reductions related to suchproperties.
3. Transaction with Related Parties
As of today, the new ML and PM Companies above do not fall under the category of a related
sponsor (Note) as defined in a self-rule of the asset manager as a countermeasure of a conflict ofinterest.
(Note) A related sponsor represents: (a) a party or person who falls under the category of Related Parties etc.
defined by the Law concerning Investment Trusts and Investment Corporations, (b) all stockholders of theAsset manager, and (c) special purpose companies which entrust its asset management to a party or aperson falling under the category of (b) above, invest in or makes silent partnership contributions in.

Note: This English language notice is a translation of the Japanese language notice released on April 27,
2012 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.

3

[Attachment]
Company Profile<TOKYU LIVABLE, INC.>
TOKYU LIVABLE, INC.
Company NameOffice Address
1-9-5, Dougenzaka, Shibuya-ku, Tokyo
Foundation date
March 10, 1972
Representative
CEO & President Yoshihiro Nakajima
CapitalJPY 1,396,300 thousand- Agent business for properties
Business- Business for sale on consignment- Leasing business for properties- Business for sale of properties<Mitsui Home Estate Co., Ltd.>
Company Name
Mitsui Home Estate Co., Ltd.
Apple Bldg. 6F, 2-3-11 Fujimi Chiyoda-ku, Tokyo
Head Office
Date ofNovember 1, 1986
Establishment
CEO & President
Yukio Shimada
CapitalJPY 100 million
Consulting business for the utilization of landBusiness- Planning, leasing and management of lease property
Description- Selling, representation and brokerage of real estate- Design and construction of building renovation and repair- Property and casualty insurance agency<ONE-EYED CAPITAL ADVISERS CO., LTD.>

Company Name

ONE-EYED CAPITAL ADVISERS CO., LTD.

Office Address

Kotodai Sanoya Building 5F, 3-6-17 Honcho Aoba-ku Sendai City, Miyagi
Prefecture

Foundation date

April 3, 2006

Representative

CEO & President Osamu Taguchi

CapitalJPY 10 million- Consulting business relating to asset management- Business for the acquisition / holding / disposition / leasing / management /agent/ appraisement / others: consulting of properties, of properties- Business for the information-gathering / investigation / analysis / sale and sales
planning of statistical data, of properties- Business for consulting of building planBusiness4