October 23, 2013
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, President and CEO
Contact: Akiko Watanabe, Manager(Tel. +81-3-5411-2731)

Notice concerning Change ofMaster Lease Company and Property Management Company
Invincible Investment Corporation (INV) announced today its decision to change the master lease
company and the property management company (hereinafter, the “ML Company and PMCompany”) as detailed below.
Details
1. Outline of Change
The ML Company and PM Company of 14 properties out of 78 properties under INV
management will be changed as follows on November 1, 2013.
No.

Property Name

Before Change

After Change<Please refer to theattachment for the details.>

A28
A31
A33
A36
A38
A39
A44
A45
A53
A56
A62
A63
A75

Growth Maison Gotanda
Harmonie Ochanomizu
Growth Maison Shin-Yokohama
Growth Maison Ikebukuro
Route Tachikawa
Shibuya Honmachi Mansion
Belair Meguro
Wacore Tunashima l
Nishiwaseda Cresent Mansion
Casa Eremitaggio
Lexel Mansion Ueno Matsugaya
Towa City Corp Sengencho
Spacia Ebisu

Tokyu Livable, Inc.

Pacific Development &Management Co., Ltd.

1No.

Property Name

B15

Cross Square NAKANO

Before Change
Nisshin Jutaku Support
Co., Ltd.

After Change<Please refer to theattachment for the details.>
Shin-ei Real Estate BusinessCo., Ltd

2. Reason for Change
INV has worked on various measures in order to provide stable cash flow over the medium tolong term for investors. Therefore, INV decided to change the ML Company and PL Company ofthe previously mentioned 14 properties as a measure to improve the property performance andadministrative efficiency.
3. Transaction with Related Parties
As of today, none of the companies mentioned above (in the section “After Change”) fall under
the category of a related sponsor (Note) as defined in internal rules of the asset manager set for
conflict of interest measures.
(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.

4. Future outlook
The forecast of results for the 21st Fiscal Period ending December 31, 2013 (from July 1, 2013
to December 31, 2013), which was announced in the financial summary (Kessan-Tanshin)
dated August 28, 2013, remain unchanged.

Note: This English language notice is a translation of the Japanese language notice released on October23, 2013 and was prepared solely for the convenience of, and reference by, non-Japanese investors. Nowarranties or assurance are given for the accuracy or completeness of this English translation.

2[Attachment]
Company Profile< Pacific Development & Management Co., Ltd.>
Pacific Development & Management Co., Ltd.
Company Name
Office Address
Fukide Building 4F, 4-1-13, Toranomon Minato-ku, Tokyo, JapanFoundation date
September 3, 1993
Representative
CEO Hiroshi Kasugai
CapitalJPY 50 million- Real Estate BusinessBusiness- Property Management Business- Financial Instruments Business- Real Estate Appraisal Business- Security Services Business< Shin-ei Real Estate Business Co., Ltd >Shin-ei Real Estate Business Co., LtdCompany Name

Office Address
Foundation dateRepresentativeCapitalBusinessShinjuku 6 chome Building 6F, 6-24-16 Shinjuku Shinjuku-ku, Tokyo, Japan
July 17, 1971
President and CEO Takanori Nitta
JPY 50 million- Property Management Business- Leasing Management Business- Building Maintenance Business- Security and Front Service Business- Estate Agency Business for Purchase and Sale
- Consulting and Construction Business3