Financial Summary
for the 16th Fiscal Period(from January 1, 2011 to June 30, 2011)

Name
Representative
Stock Listing
Securities CodeURLContact::::::

Invincible Investment Corporation
Naoki Shibatsuji, Executive Director
Tokyo Stock Exchange8963
http://www.invincible-inv.co.jp/eng/
Consonant Investment Management Co., Ltd.
(Asset Manager of INV)
Michiko Ishibachi,Manager in charge of Investor Relations
Tel. +81-3-3272-7311

Start date fordividend distribution: September 21, 2011
(Note) This financial summary has been prepared in accordance with generally
accepted accounting principles in Japan and Japanese laws.

Invincible Investment Corporation (8963)
Financial Summary for the 16th Fiscal Period

1. Performance for the 16th Fiscal Period Ended June 30, 2011
(from January 1, 2011 to June 30, 2011)
1) Business Results(Percentages in brackets represent change from previous fiscal period)

Operating Revenues
mn JPY

Operating Income%16th Fiscal Period

2,277 (-57.4)

15th Fiscal Period

5,348 (249.4)

Earningsper Unit

mn JPY%JPYNet Income

mn JPY%

mn JPY%(-)-52(-)-1,308(-)(-)-7,078(-)

4,757(-)

Reference(Annualized)

Ordinary
Income /Total Assets

800-5,241

Net Income /NAV*Ordinary Income%%

Reference(Annualized)%

Ordinary
Income /OperatingRevenues%%

16th Fiscal Period-2,055-4.5(-9.0)-0.1(-0.1)-2.3

15th Fiscal Period

7,857

19.2

(19.2)-11.7(-11.7)-132.3*NAV = Total net assets(Note 1)
(Note 2)

“Earnings per Unit” are calculated based on the average of the investment unit outstanding during thefiscal period.
The period of operation of the 15th fiscal period ended December 31, 2010 is 365 days from January 1,2010 to December 31, 2010.

2) Cash Distributions
Distributionper Unit

Distribution
Amount(Excluding
exceeding profit
distribution per unit)
JPY

ExceedingProfitDistributionper Unit

mn JPY

ExceedingProfitDistribution
AmountJPY

Dividend
Payout Ratio

JPY

Distribution /NAV%%

16th Fiscal Period

200

127

00-0.415th Fiscal Period

435

276

005.50.1(Note 1)
(Note 2)

“Dividend Payout Ratio” is rounded to one decimal place.
The dividend payout ratio for the 16th Fiscal Period is not stated since earnings per unit is negative.

(Note 3)

Regarding forecasted distribution for the 16th Fiscal Period Ended June 30, 2011, part of earned surplus willplan to be reversed as the additional distribution resource.

3) Financial Position
Total Assets

NAV /Total Assets

NAV

mn JPY

mn JPY

16th Fiscal Period

73,16528,571

15th Fiscal Period

75,86130,156th

NAV per Unit%th

JPY

39.1

44,87439.8

47,364(Reference) Unitholders’ Equity: 16 Fiscal Period: JPY 28,571 million
15 Fiscal Period: JPY 30,156 million(Note) “Net Assets per Unit” are calculated based on the average of the investment unit outstanding as of the end offiscal period.

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Invincible Investment Corporation (8963)
Financial Summary for the 16th Fiscal Period

4) Cash Flows
Cash Flows fromOperating Activities

Cash Flows from
Investment Activities

mn JPY

Cash Flows from
Financing Activities

mn JPY

Closing Balance of Cashand Cash Equivalents

mn JPY

mn JPY

16th Fiscal Period

-61

-357

-814

4,682

15th Fiscal Period

33,572-1,148-33,126

5,915

2. Forecast of Results for the 17th Fiscal Period Ending December 31, 2011
(from July 1, 2011 to December 31, 2011)(Percentages in brackets represent change from previous fiscal period)
Operating
Revenues

17th Fiscal Period

Operating
Incomemn JPY%

mn JPY%

mn JPY%(ExcludingNet Income
exceeding
profit distributionper unit)
mn JPY%JPY

2,274(-0.1)

-516

(-)

-3,716(-)-2,756

Reversal ofEarned Surplus
mn JPY

17th Fiscal Period

Distributionper Unit

Ordinary
Income%3,026 (110.8)

(-)

200

ExceedingProfitDistributionper Unit
JPY0Dividend
Resource
mn JPY%269 (111.8)(Reference) Estimated earnings per unit for the 17th Fiscal Period: JPY -2,044(Note) Regarding forecasted distribution for the 17th Fiscal Period Ending December 31, 2011, part of earned surplus
will plan to be reversed as the additional distribution resource.

2/6Invincible Investment Corporation (8963)
Financial Summary for the 16th Fiscal Period

3. Financial Statements
1) Balance Sheet of INV as of June 30, 2011
(Consistent with Japanese GAAP)

Items

15th Fiscal Period

16th Fiscal Period( As of Dec.31, 2010)
Ths JPY%( As of Jun.30, 2011)
Ths JPY%

AssetsCurrent assets
Cash and deposits
Cash and deposits in trust
Accounts receivables
Advances paidPrepaid expenses
Consumption tax receivable
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment, at cost
Buildings
Equipment
Building improvements
LandBuildings in trust
Equipment in trust
Building improvements in trust
Tools, furniture and fixtures in trust
Land in trust
Total property, plant and equipment, at cost
Intangible assets
OthersTotal intangible assets
Investment and other assets
Guarantee deposits
OthersTotal investment and other assets
Total non-current assets
Total assets

Items

3,515,629
2,399,430
22,3709,322
147,692-56
6,094,389

Ths JPY%

6.8-1,037,451-195,565
1,523-8,546-90,192
204,972
56-1,125,204

-18.5

-2.3

8.0

2,478,178
2,203,864
23,893776
57,499204,972
4,969,185

2,627,429
38,461
3,144
2,713,620
23,380,314
3,682,786
200,540
54,79037,028,008
69,729,097

91.9

2,599,824
35,487
3,005
2,713,620
22,970,455
3,568,098
193,267
55,25636,018,054
68,157,070

93.2-27,605-2,973-139-409,859-114,688-7,272466-1,009,954-1,572,027

2,366
2,366

0.0

1,706
1,706

0.0

-660
-660

-27.9

0.0
92.0
100.0

10,00027,29737,297
68,196,073
73,165,258

0.1
93.2
100.0

-60
2,039
1,979
-1,570,707-2,695,911

5.6
-2.3
-3.6

10,06025,25735,317
69,766,781
75,861,170

15th Fiscal Period

16th Fiscal Period( As of Dec.31, 2010)
Ths JPY%( As of Jun.30, 2011)
Ths JPY%

Liabilities
Current liabilities
Accounts payable
Short-term debts
Current portion of long-term debts
Accrued liabilities
Accrued expenses
Accrued income taxes
Accrued consumption taxes
Advances received
Deposits received
Total current liabilities
Non-current liabilities
Tenant leasehold and security deposits in trust
Tenant leasehold and security deposits
Total non-current liabilities
Total liabilities
Net assets
Unitholders' equity
Unitholders' capital
SurplusCapital surplus
Unappropriated retained earnings / loss
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets

144,429
26,165,485
16,800,000
13,724
170,665
593,170
295,659
5,680
44,188,814
1,332,118
183,579
1,515,698
45,704,512

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Changes

58.2

109,999
25,796,425
16,800,000
8,617
284,308
465
292,611
4,466
43,296,894

2.0
60.2

1,113,610
183,579
1,297,190
44,594,084

ChangesThs JPY%

59.2-34,429-369,060-5,107
113,643465-593,170-3,047-1,213-891,919

-2.0

1.8
60.9

-218,507-218,507-1,110,427

-14.4
-2.4

19,134,417

19,134,417-6,264,432
4,757,809
11,022,241
30,156,658
30,156,658
75,861,170

6,264,432
3,172,324
9,436,756
28,571,173
28,571,173
73,165,258-1,585,484-1,585,484-1,585,484-1,585,484-2,695,911

39.8
39.8
100.0

39.1
39.1
100.0

-5.3
-5.3
-3.6

Invincible Investment Corporation (8963)
Financial Summary for the 16th Fiscal Period3) Statement of Cash Flows for the 6 months Ended June 30, 2011
(Consistent with Japanese GAAP)

Items

Cash flows from operating activities
Net income before taxes
Depreciation expenses
Impairment loss
Loss due to disaster
Gain on negative goodwill
Public listing related costs
Finance related costs
Interest received
Interest paid
Increase (decrease) in allowance for doubtful accounts
Amortization of tenant leasehold and security deposits in trust
Decrease (increase) in accounts receivable
Decrease (increase) in deposit payments
Decrease (increase) in consumption tax receivable
Decrease (increase) in guarantee money paid
Increase (decrease) in accrued consumption taxes
Increase (decrease) in accounts payable
Increase (decrease) in accrued liabilities
Increase (decrease) in accrued expenses
Increase (decrease) in advances received
Increase (decrease) in deposits received
Decrease due to sale of tangible assets
Decrease due to sale of tangible assets in trust
OthersSubtotal
Proceeds of interest
Payment of interest
Payment of loss due to disaster
Payment of corporate taxes etc.
Cash flows from operating activities
Cash flows from investment activities
Payment for acquisition of tangible assets
Payment for acquisition of tangible assets in trust
Payment of tenant leasehold and security deposits
Proceeds of tenant leasehold and security deposits
Payment of tenant leasehold and security deposits in trust
Proceeds of tenant leasehold and security deposits in trust
Cash flows from investment activities
Cash flows from financing activities
Proceeds of short-term debt
Repayment of short-term debt
Repayment of long-term debt
Public listing related costs
Finance related costs
Payment of distributions
Cash flows from financing activities
Increase (decrease) in cash and cash equivalents
Beginning balance of cash and cash equivalents
Increase in cash and cash equivalents due to the Merger
Closing balance of cash and cash equivalents

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15th Fiscal Period

16th Fiscal Period( 12 months
Ended Dec.31, 2010)
Ths JPY( 6 months
Ended Jun. 30, 2011)
Ths JPY

4,764,630
965,933(11,843,160)
2,180
629,909(2,755)1,217,526(508)(5,774)
181,000
14,336
4,261
140,166
583,913(100,092)(331,601)(145,913)(97,692)(12,612)3,616,615
35,646,756(435,940)
34,791,176
2,755(1,214,233)(7,314)33,572,383(1,307,917)
428,9071,249,817
5,757
1,265
258,318(887)
598,410(56)(4,324)(1,523)(204,972)
60(593,170)(95)(3,252)
116,936(3,047)(1,213)
3,631
542,644887(601,703)(2,714)(139)(61,025)(945)(121,318)(192,233)
39,395(1,005,932)
132,462(1,148,571)(143,414)(365,062)
150,878(357,598)

11,499,975(17,960,777)(25,859,000)(2,180)(499,513)(304,678)(33,126,174)(702,361)
2,564,776
4,052,645
5,915,060(369,060)(1,265)(167,190)(276,877)(814,392)(1,233,017)
5,915,060
4,682,043

Invincible Investment Corporation (8963)
Financial Summary for the 16th Fiscal Period

2) Statement of Income for the 6 months Ended June 30, 2011
(Consistent with Japanese GAAP)
15th Fiscal PeriodItems

Operating revenues
Rental revenues (1)Operating expenses
Property related expenses (2)Depreciation expenses (3)NOI(1)-(2)+(3)Loss from sales of properties
Directors' remuneration
Asset management fees
Asset custodian fees
Administrative service fees
Provision of allowance for doubtful accounts
Bad debt expenses
Other operating expenses
Operating income / loss
Non-operating revenues
Interest revenues
Other non-operating revenues
Non-operating expenses
Interest expenses
Finance related costs
Public listing related costs
Other non-operating expenses
Ordinary loss
Extraordinary income
Gain on negative goodwill
Extraordinary loss
Impairment loss
Loss on disaster
Income / loss before income taxes
Corporate tax, resident tax and business tax
Tax adjustments
Net income / loss
Retained earnings at the beginning of the period
Unappropriated retained earnings / loss at the end of the period

16th Fiscal Period
Changes( 12 months( 6 months
Ended Dec. 31, 2010) Ended Jun. 30, 2011)
Ths JPY%
Ths JPY%
Ths JPY%
5,348,724
100.0
2,277,374100.0-3,071,349-57.4
5,348,724
2,277,374-3,071,349
10,590,560
198.0
1,477,031
64.9-9,113,528-86.1
2,558,916
1,151,606-1,407,310
964,612428,247-536,365
3,754,420
1,554,015-2,200,404
7,362,355-7,362,355
5,400
2,700
-2,700327,747
150,256-177,491
17,1787,435-9,743
81,84041,316-40,523
56
-56
613
561
-51
236,451
123,155-113,296-5,241,835-98.0
800,34335.1
6,042,178 -115.3
14,573
0.3
5,698
0.3
-8,875-60.9
2,755
887-1,868
11,8184,811-7,006
1,851,268
34.6
858,38437.7-992,883-53.6
1,217,526
598,410-619,116
629,909258,318-371,590
2,180
1,265
-915
1,652
390
-1,261-7,078,530 -132.3-52,342-2.3
7,026,187-99.3
11,843,160
221.4- -11,843,160 -100.0
11,843,160-11,843,160
1,255,574
55.1
1,255,574
1,249,817
1,249,817
5,757
5,757
4,764,630
89.1-1,307,917-57.4-6,072,547-127.5
1,209
605
-604
5,641
-5,641
4,757,778
89.0-1,308,522-57.5-6,066,301-127.530
4,480,847
4,480,816
4,757,809
89.0
3,172,324
139.3-1,585,484
-33.3

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Invincible Investment Corporation (8963)
Financial Summary for the 16th Fiscal Period

For further information:
Please contact
Planning & Finance Department at Consonant Investment Management, Co. Ltd.
Tel. +81-3-3272-7314
Disclaimer
This document contains translations of selected information provided in the Japanese language Financial Report(Kessan-Tanshin) of Invincible Investment Corporation (hereinafter, “INV”) dated August 26, 2011 and prepared under thetimely disclosure requirements of the Tokyo Stock Exchange for the 16th Fiscal Period Ended June 30, 2011 (from January 1,2011 to June 30, 2011).
This English language document was provided solely for the convenience of and reference by non-Japanese investors andneither corresponds to the original Japanese documents nor is it intended to constitute a disclosure document. TheJapanese language Financial Report should always be referred to as the original of this document.
English terms for Japanese legal, accounting, tax and business concepts used herein may not be precisely identical to theconcepts of the equivalent Japanese terms. With respect to any and all terms herein, including without limitation, financialstatements, if there exist any discrepancies in the meaning or interpretation thereof between the original Japanese
documents and English statements contained herein, the original Japanese documents will always govern the meaning andinterpretation.
None of INV, Consonant Investment Management Co., Ltd. (hereinafter, “CSNT”) or any of their respective directors,officers, employees, partners, shareholders, agents or affiliates will be responsible or liable for the completenessappropriateness or accuracy of English translations or the selection of the portions of any documents translated into English.
No person has been authorized to give any information or make any representations other than as contained in thisdocument in relation to the matters set out in this document, and if given or made, such information or representation mustnot be relied upon as having been authorized by INV, CSNT or any of their respective directors, officers, employees,
partners, shareholders, agents or affiliates.
The financial statements are a translation of the audited financial statements of INV, that were prepared in accordance withgenerally accepted accounting principles in Japan (Japanese GAAP) which may materially differ in certain respects fromgenerally accepted accounting principles and practices in other jurisdictions. In preparing the financial statements, certain
reclassifications and modifications have been made to the financial statements issued domestically in order to present themin a format that is more familiar to readers outside Japan.
Many provisions of this document contain forward-looking statements and information. We base these statements on ourbeliefs as well as our assumptions based solely on certain limited information currently involved known and unknown risks,uncertainties and assumptions.
These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there
are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimatesreflected in such forward-looking statements, including without limitation: the general economy, market conditions, financial
markets including the performance of the real market, interest rate fluctuations, competition with our properties, and theimpact of changing regulations or taxation.
INV does not intend, and is under no obligation, to update any particular forward-looking statement included in thisdocument. The forward-looking statements contained in this document speak only as of the date of release, August 26,
2011, and INV does not undertake to revise those forward-looking statements to reflect events occurring after the date ofthis release.
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