[For Information Purpose Only.

The Japanese language press release should be referred to as the original.]

September 21, 2017

To All Concerned Parties

Name of REIT Issuer:

Invincible Investment Corporation Name of representative:

Naoki Fukuda, Executive Director Roppongi Hills Mori Tower

6-10-1 Roppongi, Minato-ku, Tokyo, Japan (Securities code: 8963)

Asset manager:

Consonant Investment Management Co., Ltd. Naoki Fukuda, CEO

Contact: Jun Komo

General Manager of Planning Department (Tel. +81-3-5411-2731)

Notice concerning Issuance of New Investment Units and Secondary Distribution of Investment Units

Invincible Investment Corporation ("INV") today announced its decision concerning the issuance of new investment units and secondary distribution of investment units, as follows.

  1. Issuance of new investment units through public offering

    1. Number of Investment Units to be offered

    2. Amount to be paid (issue value)

    3. Total amount to be paid (total issue value)

    4. Issue price (offer price)

      : 887,959 investment units

      : To be determined

      (The amount to be paid shall be determined at the Board of Directors Meeting to be held on Wednesday, October 4, 2017 or Thursday, October 5, 2017 (the "Issue Price Determination Date"). Amount to be paid (issue value) refers to an amount which INV shall receive from the Underwriters (as defined in (5)(ii) below) as payment proceeds for the investment units).

      : To be determined

      : To be determined

      The issue price (offer price) shall be determined at the Board of

      Directors Meeting to be held on the Issue Price Determination Date, taking into consideration the level of demand and other factors, using as a tentative price a figure obtained by multiplying a number between 0.90 and 1.00 by the closing price of the investment units of INV (investment units of INV are hereinafter referred to as the "Investment Units") for ordinary trading on the Tokyo Stock Exchange, Inc. (the "Tokyo Stock Exchange") on the Issue Price Determination Date (in the event of no closing price on such date being available, the closing price on the immediately preceding date) (any fraction of one yen shall be rounded down to the nearest yen).

    5. Offering method : Investment Units shall be offered simultaneously in Japan and

      overseas (the Domestic Public Offering, the Overseas Offering, the Overallotment Secondary Offering mentioned in "2. Secondary offering of Investment Units (overallotment secondary offering)" (each as defined below) shall be collectively referred to as the "Global Offering," for which certain of the Underwriters (as defined below) shall serve as joint global coordinators).

      1. Domestic Public Offering

        Investment Units shall be offered through a public offering in Japan (the "Domestic Public Offering"), and all Investment Units for the Domestic Public Offering shall be underwritten and purchased by certain domestic underwriters (collectively referred to as the "Domestic Underwriters").

        Certain of the Domestic Underwriters shall serve as joint lead managers for the Domestic Public Offering.

      2. Overseas Offering

        Investment Units shall be offered in overseas markets, consisting mainly of the U.S., European, and Asian markets (provided, however, that offering in the U.S. market shall be restricted to qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933) (referred to as the "Overseas Offering" and, together with the Domestic Public Offering, the "Offerings"). Certain overseas underwriters (referred to as the "Overseas Underwriters" and together with the Domestic Underwriters, the "Underwriters"), shall conduct the Overseas Offering through the individual underwriting and purchase of all the Investment Units.

      3. Details of the

        underwriting agreements

        (iii) The total number of Investment Units to be issued in the Offerings shall be 887,959, consisting of 515,017 units for the Domestic Public Offering and 372,942 units for the Overseas Offering, the ultimate details of which shall be determined on the Issue Price Determination Date, taking into consideration the level of demand and other factors.

        : The Underwriters shall, on the payment date stated in (9) shown below, pay INV the total amount to be paid (total issue value), and any difference between the total amount of the issue price (total offer price) and the total amount to be paid (total issue value) arising in the Offerings shall be retained by the Underwriters. No underwriting fee shall be paid by INV to the Underwriters.

      4. Subscription unit : One unit or more in multiples of one unit

      5. Subscription period (Domestic Public Offering)

        : From the Japanese business day immediately following the Issue Price Determination Date to the second Japanese business day following the Issue Price Determination Date

      6. Payment date : A business day during the period from Thursday, October 12, 2017

        to Friday, October 13, 2017 which shall be five business days after the Issue Price Determination Date.

      7. Delivery date : The following business day of the Payment Date as specified in (9)

        above.

      8. The issue price (offer price), the amount to be paid (issue value), the final breakdown of the number of Investment Units for the Domestic Public Offering and for the Overseas Offering and any other matter required for the issuance of the new Investment Units shall be determined at a future Board of Directors Meeting .

      9. Among the above-mentioned items, the Domestic Public Offering-related matters shall be subject to the securities registration under the Financial Instruments and Exchange Act becoming effective.

      10. Secondary offering of Investment Units (overallotment secondary offering) (please see "Reference" below)

        1. Seller : A Domestic Underwriter

        2. Number of Investment Units to be offered in the secondary offering

          : 44,398 Investment Units

          The above-mentioned number of Investment Units to be offered in the secondary offering is the number of Investment Units to be offered in an overallotment secondary offering that will be conducted by a Domestic Underwriter (the "Overallotment Secondary Offering"), taking into consideration the level of demand and other factors in the Domestic Public Offering. The above-mentioned number of Investment Units in the secondary offering is the maximum number of Investment Units to be offered in the Overallotment Secondary Offering, and, depending on the level of demand and other factors, such number may decrease or such Overallotment Secondary Offering itself may not take place at all. The number of Investment Units to be offered in the Overallotment Secondary Offering shall be determined at a Board of Directors Meeting to be held on the Issue Price Determination Date, taking into consideration the level of demand and other factors in the Domestic Public Offering.

        3. Offer price : To be determined

          (To be determined at the Board of Directors Meeting to be held on the Issue Price Determination Date. The offer price shall be identical to the issue price (offer price) for the Domestic Public Offering)

        4. Total offer value : To be determined

        5. Offering method : Apart from the Domestic Public Offering, one of the Domestic

          Underwriters shall offer Investment Units in the secondary offering up to a maximum of 44,398 units to be borrowed from Calliope Godo Kaisha ("Calliope"), a holder of Investment Units (such borrowed Investment Units shall be referred to as the "Borrowed Units"), taking into consideration the level of demand and other factors in the Domestic Public Offering.

        6. Subscription unit : One unit or more in multiples of one unit

        7. Subscription period : Identical to the subscription period for the Domestic Public Offering

        8. Delivery date : Identical to the delivery date for the Domestic Public Offering

        9. In the event the Domestic Public Offering is suspended, the Overallotment Secondary Offering shall also be suspended.

        10. The offer price and other matters required for the Overallotment Secondary Offering shall be determined at a future Board of Directors Meeting.

        Invincible Investment Corporation published this content on 21 September 2017 and is solely responsible for the information contained herein.
        Distributed by Public, unedited and unaltered, on 21 September 2017 08:49:05 UTC.

        Original documenthttp://www.invincible-inv.co.jp/eng/cms/whats/20170921_174040vkWF.pdf

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