Invincible Investment : Notice concerning Changes in Major Shareholder and Specified Related Corporations at CIM

[For Information Purpose Only.

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

May 23, 2023

To All Concerned Parties

Name of REIT Issuer:

Invincible Investment Corporation

Naoki Fukuda, Executive Director

(Securities code:8963)

Asset manager:

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

Contact: Jun Komo

General Manager of Planning Department (Tel. [phone])

Notice concerning Changes in Major Shareholder

and Specified Related Corporations at CIM

Invincible Investment Corporation ("INV") today announced that, there will be changes in major shareholder and specified related corporations (the "Changes") at Consonant Investment Management Co., Ltd. ("CIM"), the asset manager of INV as follows.

Regarding matters which have not yet been determined as of today, INV will announce such matters once they are determined.

1. Event leading up to the Changes

SoftBank Group Corp. ("SoftBank Group") has been an indirect parent company of CIM through direct shareholding of 20%, and indirect investment through Fortress CIM Holdings L.P. in remaining 80%, of outstanding shares of CIM, and is deemed a specified related corporation, as stipulated under Article 12-3 of Cabinet Office Ordinance on Disclosure of Contents, etc. of Specified Securities.

On May 22, 2023 (EST), Fortress Investment Group LLC ("Fortress"), an indirect subsidiary of SoftBank Group, has announced that Fortress and Mubadala Capital, the asset management subsidiary of Mubadala Investment Company, a leading global sovereign investor headquartered in Abu Dhabi, have entered into definitive agreements to acquire the equity of Fortress that is currently held by SoftBank Group. Such acquisition is expected to be made through the acquisition of interests in an indirect parent company of Fortress CIM Holdings L.P., after the sale of SoftBank Group's direct shareholding in CIM to Fortress CIM Holdings L.P. (collectively, the "Transaction"). Upon completion of the Transaction, Fortress management is expected to own 30% of Fortress equity interest and will hold a class of equity entitling Fortress management to appoint a majority of seats on the board, and Mubadala Capital will own 70% of Fortress equity.

After the closing, Fortress will continue to operate as an independent investment manager under the Fortress brand, with full autonomy over investment processes and decision making, personnel and

operations. Upon completion of the Transaction, SoftBank Group will cease to be a major

This English language notice is a translation of the Japanese-language notice released on May 23, 2023 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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shareholder and specified related corporation of CIM. On the other hand, Fortress CIM Holdings L.P., Fortress Investment Group Japan GK and other Fortress group companies remain as sponsor of INV, and therefore, INV and CIM believes the Changes will not have any material impact of the management and financial results of INV.

1. Dates of the Changes (Scheduled)
   Change in Major Shareholder: May 23, 2023
   Change in Specified Related Corporations: In the first quarter of 2024
2. 
   (Subject to certain regulatory approvals and other customary closing conditions)
3. Overview of major shareholder and specified related corporations subject to Change.
4. 1. New Specified Related Corporation

None

1. Companies which cease to be Major Shareholder or Specified Related Corporations
2. 1. SoftBank Group

Name		SoftBank Group Corp.
Location		1-7-1 Kaigan, Minato-ku, Tokyo
Title	and name of	Masayoshi Son,
representative	Representative Director, Corporate Officer, Chairman and CEO
officer
Business	Holding company
Capital		238,772 million yen (As of March 31, 2022)
Date of		September 3, 1981
establishment
Total		equity	11,707,762 million yen (As of March 31, 2022)
(consolidated)
Total assets	47,544,670 million yen (As of March 31, 2022)
(consolidated)
Major	shareholder	Masayoshi Son;	29.04%
and	shareholding	The Master Trust Bank of Japan, Ltd. (Trust Account); 19.10%
ratio			Custody Bank of Japan, Ltd. (Trust Account);	7.48%
(As	of	September
30, 2022)
Relationship		As of today, SoftBank Group Corp. is the parent
between	INV/Asset	Capital	company of CIM, directly holding 20% of issued
Manager	shares of CIM and indirectly owning 80% of issued
relationships
			share of CIM through fully-owned overseas
				subsidiaries.
			Personal	As of today, there are no personal relationships that
			relationships	should be noted between INV/CIM and SoftBank

This English language notice is a translation of the Japanese-language notice released on May 23, 2023 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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			Group Corp.
		Transactional	As of today, there are no transactional relationships
		that should be noted between INV/CIM and SoftBank
		relationships
		Group Corp.
(ii) Foundation Holdings LP

Name		Foundation Holdings LP
Location		Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital
		Road, George Town, Grand Cayman KY1-9008, Cayman Islands
Title and	name of	Acts by its general partner, SB Foundation Holdings (GP) LLC (a
representative	Cayman Islands limited liability company). Alex Clavel is President,
officer		David N. Brooks is Vice President, Co-General Counsel, Secretary
		and Security Officer, and Stephen Lam is Co-General Counsel of SB
		Foundation Holdings (GP) LLC.
Business		Intermediate holding company
Capital		N/A1
Date of		June 20, 2017
establishment
Net assets	(Not disclosed)2
Total assets	(Not disclosed)2
Investor and holding	SoftBank Group Corp., 90.01%
ratio		MIC FH Aggregator LP. 9.99%
Relationship	Capital	As of today, Foundation Holdings LP is a parent
between	INV/Asset	company of CIM, indirectly owning 80% of issued
relationships
Manager		share of CIM.
		Personal	As of today, there are no personal relationships that
		should be noted between INV/CIM and Foundation
		relationships
		Holdings LP.
		Transactional	As of today, there are no transactional relationships
		that should be noted between INV/CIM and
		relationships
		Foundation Holdings LP.

(Note1) This entity does not have an item equivalent to capital.

(Note2) Not disclosed because consent from the entity has not been obtained.

(iii) SB Foundation Holdings LP

Name	SB Foundation Holdings LP
Location	Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital
	Road, George Town, Grand Cayman KY1-9008, Cayman Islands
Title and name of	Acts by its general partner, SB Foundation Holdings (GP) LLC (see
representative	(ii) Foundation Holdings LP above).
officer
Business	Intermediate holding company

This English language notice is a translation of the Japanese-language notice released on May 23, 2023 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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Capital	N/A1
Date of	February 6, 2017
establishment
Net assets	(Not disclosed) 2
Total assets	(Not disclosed) 2
Investor and holding	Foundation Holdings LP, 100%
ratio
Relationship	Capital	As of today, SB Foundation Holdings LP is a parent
between INV/Asset	company of CIM, indirectly owning 80% of issued
relationships
Manager	share of CIM.
	Personal	As of today, there are no personal relationships that
	should be noted between INV/CIM and SB
	relationships
	Foundation Holdings LP.
	Transactional	As of today, there are no transactional relationships
	that should be noted between INV/CIM and SB
	relationships
	Foundation Holdings LP.

(Note1) This entity does not have an item equivalent to capital.

(Note2) Not disclosed because consent from the entity has not been obtained.

(iv) SB Foundation Holdings (GP) LLC

Name		SB Foundation Holdings (GP) LLC
Location		Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital
		Road, George Town, Grand Cayman KY1-9008, Cayman Islands
Title and	name of	Alex Clavel is President, David N. Brooks is Vice President, Co-
representative	General Counsel, Secretary and Security Officer, and Stephen Lam
officer		is Co-General Counsel of SB Foundation Holdings (GP) LLC.
Business		General Partner of Foundation Holdings LP, SB Foundation Holdings
		LP, and Foundation Holdco LP
Capital		N/A1
Date of		February 6, 2017
establishment
Net assets	(Not disclosed) 2
Total assets	(Not disclosed) 2
Investor and holding	SoftBank Group Corp., 100%
ratio
Relationship		As of today, SB Foundation Holdings (GP) LLC is
between	INV/Asset	Capital	the general partner of limited partnerships that
Manager		relationships	indirectly own 80% of issued share of CIM, and the
			parent company of CIM.
		Personal	As of today, there are no personal relationships that
		should be noted between INV/CIM and SB
		relationships
		Foundation Holdings (GP) LLC.

This English language notice is a translation of the Japanese-language notice released on May 23, 2023 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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Transactional relationships

As of today, there are no transactional relationships that should be noted between INV/CIM and SB Foundation Holdings (GP) LLC.

(Note1) This entity does not have an item equivalent to capital.

(Note2) Not disclosed because consent from the entity has not been obtained.

4. Number of Shares (voting rights) Held by the Major Shareholders and Specified Related Corporations of

CIM

SoftBank Group

Number of Voting Rights

Major

Status

Directly Held

Indirectly Held

Total

Shareholder

Ranking

Parent

Company,

Before

Major

1,674

6,698

8,372

Shareholder

2

the Changes

(20.0%)

(80.0%)

(100%)

and Specified

Related

Corporation

After

N/A

0

0

0

N/A

the Changes

(0%)

(0%)

(0%)

Parent Company listed in 3. Above other than SoftBank Group

Number of Voting Rights

Major

Status

Directly Held

Indirectly Held

Total

Shareholder

Ranking

Parent

Before

Company and

0

8,372

8,372

Specified

N/A

the Changes

(0%)

(100%)

(100%)

Related

Corporation

After

N/A

0

0

0

N/A

the Changes

(0%)

(0%)

(0%)

Further, SB Foundation Holdings (GP) LLC does not directly or indirectly hold the shares or voting rights of CIM, however, it has been a parent company as it is the general partner of each of Foundation Holdings LP, SB Foundation Holdings LP and Foundation Holdco LP that holds indirectly 80% of the shares and voting rights of CIM respectively. Upon completion of the Transaction, SoftBank Group will cease to be the owner of SB Foundation Holdings (GP) LLC.

This English language notice is a translation of the Japanese-language notice released on May 23, 2023 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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