August 20, 2012
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Shibatsuji, Executive Director
6-6-1 Ginza, Chuo-ku, Tokyo, Japan(Securities code: 8963)
URL: http: //www.invincible-inv.co.jp/eng/
Asset manager:
Consonant Investment Management Co., Ltd.
Naoki Shibatsuji, CEOContact: Michiko Ishibachi,Manager in charge of Investor Relations(Tel. +81-3- 5411-2731)

Notice concerning Revision of Forecasted Results for
18th Fiscal Period Ended June 2012
Invincible Investment Corporation (INV) announces the revision of its forecasted results for thefiscal period ended June 2012 (18th: from January 1, 2012 to June 30, 2012) announced in thepress release titled “Notice concerning Revision of Forecasted Results for 18th Fiscal PeriodEnding June 2012” dated June 18, 2012 as stated below.
Details
1.

Revision of forecasted results for 18th fiscal period (from January 1, 2012 to June 30, 2012)
OperatingOperating
OrdinaryNet
revenues
incomeincomeincomePrevious forecast
Million JPY
Million JPY
Million JPY
Million JPY
(A)
2,172
868
103
102
(June 18, 2012)
Million JPY
Million JPY
Million JPY
Million JPY
Revised forecast(B)2,176894
125128Million JPY
Million JPY
Million JPY
Million JPY
Amount of variance(B) – (A)425
2225%%%%
Rate of variance[(B) − (A)] ÷ (A)
0.2
3.0
22.0
24.8
(Reference)
Million JPY
Million JPY
Million JPY
Million JPY
Actual results
2,202-409−3,466–2,476(17th fiscal period)

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Previous forecast(A)(June 18, 2012)

JPY

Exceeding
profitdistribution
per unit
JPY

200

Revised forecast(B)

Distributionper unit
(excluding exceeding
profit distribution per unit)

Amount of variance(B) – (A)Rate of variance[(B) − (A)] ÷ (A)(Reference)
Actual results(17th fiscal period)(Note 1)
(Note 2)

(Note 3)

2.

Reversal ofsurplus

Totaldistribution
amountMillion JPY

Million JPY

0166269

JPY200JPY

JPY0JPY

Million JPY269
Million JPY

－－%%

－－

Million JPY
141Million JPY
-25%
-15.3

JPYJPY

Million JPY

Million JPY

20002,745269－%－

The number of investment units issued and outstanding of 1,348,292 units
Total distribution amount (Revised forecast) for the 18th fiscal period ended June 2012 is calculated using thefollowing formula:
Total distribution amount (JPY 269 million) =Net income (JPY 128 million) + Reversal of surplus (JPY 141 million)
Figures are rounded down to the indicated unit and percentages are rounded to one decimal place.

Reason for revision of forecasted results for 18th fiscal period
INV disclosed the forecasted results for the 18th fiscal period ended June 2012 based on theactual results from January 2012 to April 2012 and the estimated results from May 2012 toJune 2012 in the previous forecast dated June 18, 2012. Most of the performance results forthe 18th fiscal period ended June 2012 have become clear and net income of JPY 102 million
in the previous forecast is estimated to increase by JPY 25 million to JPY 128 million. Therefore,
the revision to the forecasted results has been decided to be made at this time as describedabove.
Main reasons are as follows.
(1) As an internal growth strategy for the purpose of the improvement / stabilization in
occupancy rate of INV's properties from May 2012 to June 2012, INV has worked onchange of some property management companies (hereinafter, “PM companies”) of its
properties and on issuing instructions to, and conducting supervision of, PM companies
thoroughly based on formulating a strategy after taking into consideration trends of market
and competitions, etc. In addition, INV has also strived diligently to conduct leasing
activities for maintenance and improvement of quality control. As a result of such efforts,
operating revenues is expected to increase by JPY 4 million than the previous-assumedforecast.
(2) In the previous forecast, the repair costs, which are included in operating expenses, wereconservatively estimated at JPY 36million including JPY 10 million of unexpectedexpenditure, however, the actual repair costs is expected to become JPY 21 million and isexpected to decrease by JPY 14 million than the previous-assumed forecast.
(3) In the previous forecast, other taxes and dues, which are included in other expenses, wereconservatively estimated at JPY 30 million, however, the actual amount of tax report is2

expected to be JPY 23 million calculated by a tax accountants’ corporation as of the end ofJune 2012, therefore, the actual other taxes and dues is expected to decrease by JPY 6million than the previous-assumed forecast.
3.

Other: about surplus
Following upon such revision of forecasted results, balance of surplus is expected to become
JPY 157 million (Previous forecast: JPY 132 million) after the distribution of the 18th fiscal
period ended June 2012.

4.

Future outlook
Announcement of the financial summary (Kessan-Tanshin) for the 18th fiscal period ended
June 2012 (18th: from January 1, 2012 to June 30, 2012) is scheduled to be made on August27, 2012.

Note: This English language notice is a translation of the Japanese language notice released on August20, 2012 and was prepared solely for the convenience of, and reference by, non-Japanese investors. No
warranties or assurances are given for the accuracy or completeness of this English translation.

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