Invincible Investment Corporation
From the Merger to June 30, 2010

The Merger
gAbsorbed LCP Investment Corporation with Feb. 1, 2010 as the effective date andg its name from TGR Investment Inc. to Invincible Investment Corporationpchanged(INV).

Effective date of the merger

Sale ofProperties

Repayments ofBorrowings(Feb 1,(Feb.
1 2010)Sold 49 properties
under management

104 properties

Jun. 30, 2010
55 properties (Note 4)【49 properties sold】
Total acquisition price: JPY43,676 mn, Total book value: JPY 43,036 mn, Sale price: JPY 32,544 mn
Difference between sale price and book value: JPY- 10,491 mn

Effective date of the merger

RepaidJPY 31,950 mn ofborrowings

Jun. 30, 2010

(Feb. 1, 2010)

JPY 7575,285285 million

JPY 43,334 million- 4.3 %L T V
(Based on Appraisal Value)

Effective date of the merger

Jun. 30, 2010

(Feb. 1, 2010)

67.4 %

63.1 %(Note 1) Figures are rounded down to the indicated unit.
(Note 2) Regarding the acquisition price of the properties which LCP used to hold, the appraisal value as of February 1, 2010 is basically used and the actual acquisition price may vary.
(Note 3) The appraisal value of TGR properties is the figure as of December, 2009 and the appraisal value of the properties which LCP used to hold is the figure as of February 1, 2010.
Also, the book value of TGR properties is the figure as of December, 2009 and regarding the book value of the properties which LCP used to hold, the appraisal value as of February 1, 2010 is basically used.
(Note 4) Please refer to the following link to see the list of properties INV ‘s management as of June, 2010.
http://www.invincible-inv.co.jp/eng/portfolio/index.php

1Repayments of Borrowings【Repaid JPY 31,950 mn】【JPY 75,285 mn】
Term loan
24 individual credit loan

【JPY 43,334 mn】
25 individual credit loan
Term loan D
GE loan
Shinsei Trust loan
Norinchukin Trust loan

Effective date of themerger(Feb. 1, 2010)

Jun. 30, 2010

(unit: mn JPY)

Outstandig ofborrowings as ofeffective date of themerger (Feb.1, 2010)
Aozora syndicateloan

Term loan
24 individual credit loan
25 individual credit loan
Subtotal

Term loan D
GE loanShinsei Trust loan
CMBS

Norinchukin Trust loan
Subtotal

Total(Note 1) Figures are rounded down to the indicated unit.
(Note 2) Please refer to the following link to see each of loan details.

Outstanding ofborrowings as ofJun 30,Jun.
30 2010

15,146
4,641
1,338
21 12621,126
11,4994,200
25,600
5,211
7 648
7,648
38,45911,4043,722
0
15 12615,126
11,4070
16,80000
16,80075,28543,334

http://www.invincible-inv.co.jp/cms/press_finance.html

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Portfolio summary~Diversified REIT focusing on residences in the Greater Tokyo Area
As of effective date of the merger ( Feb. 1, 2010)

As of Jun. 30, 2010

Hotels 2.0% 4.0% Seniors
Parking lots 2.6%

Parking lots 0.1%

6.5 %Seniors

Commercial facilities

Commercial facilities

6.4%

7.9%

By Property Type
Offices

19.6%

Residences

Offices

22.9%
62.5%

65.4%

Residences

Focusing on
residences
Property number
Residences
OfficesCommercial facilities
Parking lots
HotelsSeniors
Total

64
85191
7104

Acquisition price(mn JPY)
74,68522 351
22,351
7,319
2,939
2,270
4,608
114,173

Investment
ratio(%)
65.419 6
19.6
6.4
2.6
2.0
4.0
100.0

Property number
Residences
OfficesCommercial facilities
Parking lots
HotelsSeniors
Total

39621
755

Investment
ratio(%)
62.5
22 9
22.9
7.9
0.1
6.5
100.0

14.4%

21.2%

By Geography

Main Provincial Cities

The Greater Tokyo Area

Main Provincial Cities

The Greater Tokyo Area

Focusing on

78.8%

85.6%

The Greater Tokyo area
Acquisition price(mn JPY)
The Greater Tokyo Area
Main Provincial Cities
Total

Acquisition price(mn JPY)
44,04016 151
16,151
5,600
97
4,608
70,497

89,91324,260114,173

Investmentratio(%)
78.8
21.2
100.0

The Greater Tokyo Area
Main Provincial Cities
TotalAcquisition price(mn JPY)
60,371
10,12670,497

Investment
ratio(%)
85.6
14.4
100.0

(Note 1) The above Investment ratio (%) is based on the acquisition price. However, regarding the acquisition price of the properties which LCP used to hold, the appraisal value as of February 1, 2010 is basicallyused and the actual acquisition price may vary.
(Note 2) "Tokyo " and "Kanagawa, Chiba, and Saitama prefectures" are defined as “The Greater Tokyo Area"(Note 3) Figures are rounded down to the indicated unit.

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