July 15, 2011
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: Michiko Ishibachi,Manager in charge of Investor Relations(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 held on July 15,
2011, resolved to approve the transfer of the stocks (hereinafter, the “Stock Transfer”) of CSNT asstated below.
1. Details of change of stockholders
As announced in the press release titled “Notice concerning Series of Transactions with Calliope
Godo Kaisha” dated today, 8,372 stocks of the outstanding stock of CSNT (8,600 stocks
outstanding in total) will be transferred to Calliope Godo Kaisha (an affiliate of Fortress Investment
Group LLC; hereinafter, “Calliope”), which is a new sponsor of CSNT. The said transfer wasapproved at the board of directors’ meeting of CSNT held on July 15, 2011.
For details of the buyer, Calliope, please refer to the press release titled “Notice concerning
Invitation of New Sponsor and Issuance of New Investment Units by way of Third-Party Allotment”
dated today.
2. Structure of stockholders<Before transfer>
Company name
The LCP Group L.P.
KYOKUTO SECURITIES CO., LTD.
NISSHIN FUDOSAN Co., Ltd.
YAHAGI CONSTRUCTION CO., LTD.
ANABUKI KOSAN INC.
Suncity CO., LTD.
BIG CO., LTD.
Total

Number of stocks held
5,596 stocks
1,104 stocks
608 stocks
608 stocks
228 stocks
228 stocks
228 stocks
8,600 stocks

Ratio of stocks held
65.07%
12.84%
7.07%
7.07%
2.65%
2.65%
2.65%
100.00%Note: This document is an English translation of a public announcement regarding the change of stockholders, etc. at the asset managementcompany and has not been prepared as an inducement or invitation for investment. We caution readers to undertake investment decisions attheir own examination and responsibility. This translation of the original Japanese public announcement is provided solely for information
purposes. Should there be nay discrepancy between this translation and the Japanese original, the latter shall prevail.

1<After transfer>
Company nameCalliope Godo Kaisha
BIG CO., LTD.
Total

Number of stocks held
8,372 stocks
228 stocks
8,600 stocks

Ratio of stocks held
97.35%
2.65%
100.00%3. Schedule of stock transfer
Jul. 15, 2011:
Approval for the Stock Transfer by resolution at the board of directors’
meeting of CSNT and conclusion of the agreement on stock transfer witheach stockholder
Jul. 29, 2011:
Execution of the Stock Transfer (scheduled)
4. Future outlook (impact of stock transfer on INV)
(1) Details of change in asset management agreement with INVThere are no changes planned as of now.
(2) Details of change in mechanism of CSNT
There are no changes planned as of now.
(3) Details of change in decision making mechanism for investment management
There are no changes planned as of now.
(4) Details of change in rules concerning compliance, interested parties, etc.
There are no changes planned as of now.
(5) Details of change in investment policy
There are no changes planned as of now.
(6) Details of change in agreements with sponsors, etc.
In connection with the Stock Transfer, the Information Advisory Agreement concluded between
The LCP Group L.P. and CSNT as of November 1, 2005 is scheduled to be terminated as ofJuly 29, 2011 on the mutual consent of said parties.
Furthermore, the “Support (Provision of Information) Agreements on Real Estate Acquisitions,etc. (hereinafter, the “Agreements”)” concluded respectively between NISSHIN FUDOSAN Co.,
Ltd., YAHAGI CONSTRUCTION CO., LTD., ANABUKI KOSAN INC. and Suncity CO., LTD.
(hereinafter collectively as the “Pipeline Support Companies”) and INV and CSNT as ofNovember 8, 2005 are also scheduled to be terminated as of July 29, 2011 with the consent ofsaid parties.

Note: This document is an English translation of a public announcement regarding the change of stockholders, etc. at the asset managementcompany and has not been prepared as an inducement or invitation for investment. We caution readers to undertake investment decisions attheir own examination and responsibility. This translation of the original Japanese public announcement is provided solely for information
purposes. Should there be nay discrepancy between this translation and the Japanese original, the latter shall prevail.

25. Others
The following properties were acquired by INV with the cooperation ofhas concluded the Agreements.
Property No.

Namecompanies with whom INV

Cooperative Pipeline Support Company

A65

Lexington Square Haginomachi

A66

Visconti Kakuozan

A71

Lexington Square Daitabashi

NISSHIN FUDOSAN Co., Ltd.

A72

Lexington Square Honjo Azumabashi

NISSHIN FUDOSAN Co., Ltd.

B15

Cross Square NAKANO（Note）

B17

Lexington Plaza Hachiman(Note)

Suncity CO., LTD.
YAHAGI CONSTRUCTION CO., LTD.

―Suncity CO., LTD.

This property was not acquired through the cooperation of Pipeline Support Companies.
However, the property management business, etc. has been entrusted to a subsidiary ofNISSHIN FUDOSAN Co., Ltd., which is a pipeline support company.

As stated above, the Agreements that were concluded between each of the Pipeline Support
Companies and INV and CSNT will be terminated with the mutual consent of the above mentioned
parties.
Furthermore, property management and other agreements have been concluded between theabovementioned Pipepline Support Companies or their subsidiaries with regards to Lexington
Square Daitabashi, Lexington Square Honjo Azumabashi and Cross Square NAKANO. INV isplanning to continue with the said agreements for the time being.
Therefore, INV currently expects that the Stock Transfer and the termination of agreements will
have no effect on INV’s business and performance. However, in the event that an incident that must
be notified occurs in the future, INV will disclose the matter immediately.
In addition, INV will undertake all necessary procedures, such as submission of notifications, inaccordance with the Financial Instruments and Exchange Act, Building Lots and Building
Transaction Business Act and other relevant laws and legislations.

Note: This English language notice is a translation of the Japanese language notice released on July 15,
2011 and was prepared solely for the convenience of, and reference by, non-Japanese investors. No
warranties or assurances are given for the accuracy or completeness of this English translation.
Readers are urged to read the original Japanese language notice.

Note: This document is an English translation of a public announcement regarding the change of stockholders, etc. at the asset managementcompany and has not been prepared as an inducement or invitation for investment. We caution readers to undertake investment decisions attheir own examination and responsibility. This translation of the original Japanese public announcement is provided solely for information
purposes. Should there be nay discrepancy between this translation and the Japanese original, the latter shall prevail.

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