February 21, 2012
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Shibatsuji, Executive Director
Nihon-bashi Nishikawa Bldg.
1-5-3 Nihon-bashi, 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. +81-3-3272-7311)

Notice concerning Revision of Forecasted Results for17th Fiscal Period Ended December 2011
Invincible Investment Corporation (INV) announces the revision of its forecasted results for the17th
fiscal period ended December 2011 (from July 1, 2011 to December 31, 2011) announced in thefinancial summary (Kessan-Tanshin) for the 16th Fiscal Period (from January 1, 2011 to June 30,2011) dated August 26, 2011 as stated below.
1.

Revision of forecasted results for 17th fiscal period (from July 1, 2011 to December 31, 2011)
OperatingOperating
OrdinaryNet
revenues
incomeincomeincomePrevious forecast
Million JPY
Million JPY
Million JPY
Million JPY(A)
2,274−516−3,716−2,756(August 26, 2011)
Million JPY
Million JPY
Million JPY
Million JPY
Revised forecast(B)
2,202−409−3,466−2,476
Million JPY
Million JPY
Million JPY
Million JPY
Amount of variance(B) – (A)
−71
106
250
280%%%%
Rate of variance[(B) − (A)] ÷ (A)–3.2–––(Reference)
Million JPY
Million JPY
Million JPY
Million JPY
Actual results
2,277
800
−52
–1,308(16th fiscal period)

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Previous forecast(A)(August 26, 2011)

JPY

Exceeding
profitdistributionper unit
JPY200

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(16th fiscal period)(Note 1)

(Note 2)

(Note 3)

2.

Reversal ofearned surplus

Total
distribution
amountMillion JPY

Million JPY–

3,026

269

JPY200JPY–%–JPY–JPY–%–

Million JPY
2,745
Million JPY
–280
%
–9.3

Million JPY
269
Million JPY–%–JPYJPY

Million JPY

Million JPY

200–

1,435

127

Distributions per unit of the fiscal period ended December 2011 in the previous forecast and the present revised
forecast are calculated based on the number of investment units issued and outstanding at the end of the 17th
fiscal period ended December 2011: 1,348,292 units. Also, distribution per unit in actual results is calculated
based on the number of investment units issued and outstanding at the end of the 16th fiscal period ended
June 2011: 636,695 units.
Total distribution amount (Revised forecast) for the 17th fiscal period ended December 2011 is calculated using
the following formula:
Total distribution amount (JPY 269 million) =Net income (JPY −2,476 million) + Reversal of earned surplus (JPY 2,745million)
Figures are rounded down to the indicated unit and percentages are rounded to one decimal place.

Reason for revision of forecasted results for 17th fiscal period
As most of the performance results for the 17th fiscal period have become clear during thecourse of closing procedures, the revision to the forecasted results has been decided to bemade at this time.
The main factors for fluctuations are as follows:(1) Operating expenses decrease JPY 178 million due to the conduction of cost reductions etc.
((a) Reductions of fees for administrative agent and custody of assets (b) Decrease of
several expenses related to the sale of New Edobashi Building) and due to a fall of otherexpenses to a level below the previoiusly-assumed level.
(Note) As for the cost reductions, please refer to the press release titled “Notice concerning Various Measures
for Cost Reductions etc. and External Growth” dated October 31, 2011.

(2) Regarding exit fees of the borrowings: Term Loan (Shinsei Trust A) (hereinafter, “Shinsei
Trust Loan A”) and Term Loan (Term Loan B) (hereinafter, “Shinsei Trust Loan B”) whichwere conducted on July 29, 2011, as a result of discussion among parties concerned, it
has become clear that the initial-assumed total fees (JPY 1,530 million) to be paid arescheduled to decease JPY 93 million (Note 1) at this point in time so finance related costs
are expected to decrease the amount of such reduction.
Also, interest expenses are expected to decrease JPY 33 million due to the execution (Note22) etc.; of partial repayment (JPY 5,589 million) and the waiver of the claim of theremainder (JPY 25 million) of Term Loan (Shinsei Trust and & Banking Co., Ltd.)(hereinafter, the “Securitized Loan”); and of the additional debt financing (JPY 900 million)
to Term Loan (Syndicate A) (hereinafter, “Syndicate Loan A”); and of the partial
repayments (JPY 200 million each (Total: JPY 400 million)) both in Shinsei Trust Loan A
and Shinsei Trust Loan B.
(Note 1) The exit fees after such deduction is expected to be JPY 1,436 million.
(Note 2) Regarding the repayment before the maturity date in the Securitized Loan, please refer to the press
release titled “Notice concerning Repayment of Borrowing before Maturity Date” dated October 21,
2011 and for the additional debt financing, the partial repayments both in Shinsei Trust Loan A andShinsei Trust Loan B, please refer to the press release titled “Notice concerning Additional Debt
Financing and Repayment of Borrowing and Determination of Interest Rate”. Dated October 21,
2011(3) Regarding the Securitized Loan, since the lender waived its claim of the remainder of JPY
25 million, the amount of such waiver of its claim is scheduled to be recognized as theextraordinary profits.
(4) Operating revenues are expected to decrease JPY 71 million due to the sale of New
Edobashi Building during the fiscal period ended December 2011 and due to a fall of rental
revenues etc. to a level below the previoiusly-assumed level.
Furthermore, the detail of Pre-Conditions and Assumptions Underlying ForecastedPerformance, please see “(attachment)” in this document.
3.

Other: about earned surplus
Following upon such revision of forecasted results, balance of earning surplus is expected tobecome JPY 299 million (Previous forecast: JPY 18 million) after the distribution of the 17th
fiscal period ended December 2011.

4.

Future outlook
Announcement of the financial summary (Kessan-Tanshin) for the 17th fiscal period ended
December 2011 (July 1, 2011 to December 31, 2011) is scheduled to be made on February 22,
2012.

(Disclaimer)
The amounts for the 17th fiscal period above are the expected amounts based on current
assumptions. Please take due note that the statements on the expected amounts assumed above
are not provided as a guarantee of these by INV and the expected amounts assumed above are no
more than amounts calculated based on certain presumptions assumed by INV.

Note: This English language notice is a translation of the Japanese language notice released onFebruary 21, 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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(Attachment)<Pre-Conditions and Assumptions Underlying Forecasted Performance for 17th Fiscal Period(from July 1, 2011 to December 31, 2011)>
ItemAssumptions

Fiscal period

From July 1, 2011 to December 31, 2011

Assets under management

Since New Edobashi Building was sold as of October 21, 2011, the number of theproperties held by INV as of today becomes 54.
For the details of the sales of New Edobashi building, please refer to the press release
titled “Notice concerning Sale of Asset (New Edobashi Building)” dated October 21, 2011.

Units outstanding

1,348,292 units

Interest-bearing liabilities

Repayments of the existing borrowings and new borrowings were conducted as of July29, 2011. Also, as a result of the sale of New Edobashi Building as of October 21, 2011,
the partial repayment in the Securitized Loan was made before the maturity date and thelender waived its claim of the remainder of the loan (JPY 25 million) as of the same day.
Furthremore, the additional debt financing to the Syndicate Loan A and the partial
repayments (JPY 200 million each (Total: JPY 400 million)) both in the Shinsei Trust Loan
A and the Shinsei Trust Loan B were conducted as of October 31, 2011.
As a result of these, the balance of the outstanding borrowings as of the end ofDecember, 2011 becomes JPY 31,734 million.
INV assumes it will incur operating revenues of JPY 2,202 million. The breakdown is asfollows:

Operating revenues• Rental revenues

JPY 2,202 million

INV assumes it will incur property related expenses of JPY 1,137 million. The breakdown
is as follows:

Operating expenses• Facility management fees(of which, repair costs)• Taxes and other public charges• Insurance expenses• Other expenses• Depreciation expenses

JPY 395 million(JPY 49 million)
JPY 150 million
JPY 4 million
JPY 165 million
JPY 422 millionIn addition, other than the property related expenses, INV assumes it will incur operating
expenses (excluding loss from sales of properties) of JPY 461 million.
Moreover, INV assumes it will incur JPY 1,012 million as a loss from sales of properties
associated with the sale of New Edobashi Building.

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Item

Assumptions
INV assumes it will incur non-operating expenses of JPY 3,060 million. The breakdown isas follows:

Non-operating expenses• Interest revenues• Finance related costs(of which, fees to Calliope)(of which, exit fees(Note))• Other non-operating expenses

JPY 766 million
JPY 2,155 million(JPY 336 million)(JPY 1,436 million)
JPY 138 million
JPY 3,060 million

Finance related costs are scheduled to include expenses payable as exit fees in theamount of JPY 1,436 million (The amount of accrued expenses: JPY 1,372 million) thatare to be recorded on an accrual basis.
(Note) As mentioned above, JPY 93 million is scheduled to be deducted from theinitial-assumed exit fees of JPY 1,530 million at this point in time so the exit fees isexpected to be JPY 1,436 million.
INV assumes it will record extraordinary profits of JPY 1,000 million in gain on forgivenessof debts. The breakdown is as follows:
Extraordinary profits

Gain on forgiveness of debts for the Securitized Loan
• the amount implemented on July 29, 2011
JPY 975 million• the amount implemented on October 21, 2011
JPY 25 million

INV assumes it will incur extraordinary loss of JPY 9 million. The breakdown is as follows:• Loss on disaster
Extraordinary loss

JPY 9 million

In addition, loss on disaster posts the estimated amount of repair costs arising from theGreat East Japan Earthquake.
INV expects capital expenditures of JPY 53 million. Of these, INV expects the primary
capital expenditures arising from restoration work for the Earthquake will be JPY 8 million.

Distribution per unit

The distribution per unit is calculated in accordance with the cash distribution policy set
forth in INV’s Articles of Incorporation.
INV assumes that, by utilizing JPY 2,745 million out of the earned surplus of JPY 3,044
million which is the balance after the distribution of the 16th fiscal period ended June
2011, JPY 269 million (the distribution per unit : JPY 200)will be distributed in the 17th
fiscal period.
The distribution per unit may vary due to various factors, such as fluctuations in rental
revenues in accordance with changes in the portfolio composition, changes in the tenantcomposition, etc. and incurrence of unexpected repairs.

Exceeding profit distribution
per unit

INV currently does not expect to make distributions exceeding profits (exceeding profit
distribution per unit).

OtherINV assumes there will be no amendments to laws and ordinances, the taxation system,
accounting standards and other regulations that will affect the foregoing forecasts.
In addition, INV assumes there will be no unforeseen material changes in theenvironment, including general economic trends and real estate market conditions.

5