Microsoft Word - FIN_ENG_141224_重要な使用人_141219

To All Concerned Parties

Name of REIT Issuer:

December 24, 2014

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, CEO

Contact: Akiko Watanabe, Manager of Planning Department (Tel. +81-3-5411-2731)

Notice concerning Change of Key Employee of Asset Manager

Invincible Investment Corporation (INV) hereby announces that its asset manager, Consonant Investment Management Co., Ltd., has, at the board of directors' meeting held today, decided to make the following key employee change.

Details

Change of key employee (as of December 24, 2014) Key employee to be appointed

General Manager, Planning Department Masayuki Inagaki*

Key employee to retire

General Manager, Planning Department Ayumi Takenawa

* For the details of the brief personal history of new General Manager of Finance Department, please refer to the Attachment on the next page.

Required procedures such as notification etc. of the above change will be taken in accordance with the provisions of the Financial Instruments and Exchange Act, the Building Lots and Building Transactions Business Act and other applicable laws and regulations.

End

This English language notice is a translation of the Japanese-language notice released on December 24, 2014 and was prepared solely for the convenience of, and reference by, 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 are given 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.

Title

Name

Brief Personal History

General Manager, Planning Department

Masayuki

Inagaki

Apr. 1994

Joined Nikko Securities Co., Ltd. (current: SMBC

Nikko Securities Inc.)

General Manager, Planning Department

Masayuki

Inagaki

Jan. 1997

Joined Salomon Brothers Asia Limited (current: Citigroup Global Markets Japan Inc.) as an analyst

of Investment Banking Division

General Manager, Planning Department

Masayuki

Inagaki

Jan. 2000

Joined UBS Warburg Japan Limited, Tokyo, Japan

(current: UBS Securities Japan Co., Ltd.) as an associate director of Private Client Division

General Manager, Planning Department

Masayuki

Inagaki

Jan. 2003

Joined Mizuho Securities, Tokyo, Japan as an assistant

vice president of Equity Capital Markets Division

General Manager, Planning Department

Masayuki

Inagaki

Jan. 2005

Vice president of Real Estate Fund Division of the

same

General Manager, Planning Department

Masayuki

Inagaki

Jul. 2006

Joined Aetos Japan LLC, Tokyo, Japan as a vice

president of Transactions and Structuring Group

General Manager, Planning Department

Masayuki

Inagaki

Jan. 2009

Vice president of Asset Management, Portfolio

Strategy and Asset Management Group of the same

General Manager, Planning Department

Masayuki

Inagaki

Feb. 2011

Seconded to Simplex Investment Advisors, Tokyo,

Japan as a manager

General Manager, Planning Department

Masayuki

Inagaki

Jan. 2012

Joined the same

Seconded to Simplex Real Estate Management Inc. as a manager of Origination Department

General Manager, Planning Department

Masayuki

Inagaki

Dec. 2014

Consonant Investment Management Co., Ltd.

as General Manager of Planning Department

This English language notice is a translation of the Japanese-language notice released on December 24, 2014 and was prepared solely for the convenience of, and reference by, 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 are given 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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