[For Informational Purpose Only]
August 22, 2014
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Fukuda, Executive Director
Roppongi Hills Mori Tower
6-10-1 Roppongi, Minato-ku, Tokyo, Japan(Securities code: 8963)
Asset manager:
Consonant Investment Management Co., Ltd.
Naoki Fukuda, CEOContact: Akiko Watanabe, Manager(Tel. +81-3-5411-2731)

Notice concerning Revision of Forecast of Financial Results and Distribution for the 22nd
Fiscal Period Ended June 2014 and the 23rd Fiscal Period Ending December 2014
Invincible Investment Corporation (INV) today announced the revision of its forecast of financial
results and distribution per unit for the fiscal period ended June 2014 (22nd fiscal period: fromJanuary 1, 2014 to June 30, 2014) and the fiscal period ending December 2014 (23rd fiscal period:
from July 1, 2014 to December 31, 2014) announced in the press release titled “Notice concerning
Revision of Forecast of Financial Results and Distribution for the 22nd Fiscal Period Ending June2014 and concerning Forecast of Financial Results and Distribution for the 23rd Fiscal PeriodEnding December 2014” as of June 23, 2014, as described below.

This English language notice is a translation of the Japanese-language notice released on August 22, 2014 and was prepared solely for theconvenience 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 orcompleteness 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.

1

Details

1.

Revision of forecast of financial results for the fiscal period ended June 2014 (from January 1,
2014 to June 30, 2014)
Earnings per
unit

Reversal of
Surplus per
unit

Operatingrevenues

OperatingincomeOrdinary
incomeNet income

Previous forecast(A)(June 23, 2014)

Million JPY

Million JPY

Million JPY

Million JPY

JPY

JPY

3,752

2,210

837

837

532

17

Revised forecast(B)

Million JPY

Million JPY

Million JPY

Million JPY

JPY

JPY

3,775

2,234

901

901

573

0

Amount of
Variance (B) – (A)Million JPY

Million JPY

Million JPY

Million JPY

JPY

JPY

23

23

64

64

41

▲17

Rate of variance[(B) − (A)] ÷ (A)

%

%

%

%

%

%

0.6

1.1

7.7

7.7

7.7

－

Million JPY

Million JPY

Million JPY

Million JPY

JPY

JPY

2,740

1,265

353

352

224

12

(Reference)
Actual results(21st fiscal period)

Excess profit
distribution perunit(Note 1)

(Note 1)

(Note 1) (Note 2)Distribution
per unit

Distribution per
unit

distribution per unit)(Note 1)(including excess profit
distribution per unit)(Note 1)

Total distribution(excluding excess profit
amountPrevious forecast(A)(June 23, 2014)

JPY

JPY

Million JPY

JPY

0

550

865

550

Revised forecast
(B)

JPY

JPY

Million JPY

JPY

0

573

901

573

Amount of
Variance (B) – (A)

JPY

JPY

Million JPY

JPY

－

23

36

23

Rate of variance[(B) − (A)] ÷ (A)

%

%

%

%

－

4.2

4.2

4.2

JPY

JPY

Million JPY

JPY

0

237

372

237

(Reference)
Actual results(21st fiscal period)(Note 1)
(Note 2)
(Note 3)The number of investment units issued and outstanding at the end of the fiscal period: 1,573,179 units.
Reversal of surplus resulting from the gain on negative goodwill recognized in connection with the merger in
February 2010 (the “Surplus”), as planned in the previous forecast. The same shall apply hereafter.
Figures (including earnings per unit, reversal of Surplus per unit and excess profit distribution per unit) arerounded down to the indicated amount and percentages are rounded to the first decimal place.

This English language notice is a translation of the Japanese-language notice released on August 22, 2014 and was prepared solely for theconvenience 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 orcompleteness 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.

2

2.

Revision of forecast of financial results and distribution per unit for the fiscal period ending
December 2014 (from July 1, 2014 to December 31, 2014)
Earnings
per unit

Reversal of
Surplus per unit

(Note 1)

(Note 1) (Note 2)

Operatingrevenues

OperatingincomeOrdinary
incomeNet income

Million JPY

Million JPY

Million JPY

Million JPY

JPY

JPY

4,090

2,160

1,279

1,279

479

16

Revisedforecast (B)Million JPY

Million JPY

Million JPY

Million JPY

JPY

JPY

4,323

2,429

1,602

1,601

600

0

Amount of
Variance (B) –(A)

Million JPY

Million JPY

Million JPY

Million JPY

JPY

JPY

233

269

322

322

121

▲16

Rate of variance[(B) − (A)] ÷ (A)

%
5.7

%
12.4

%
25.2

%
25.2

%
25.3

%
－

Previous
forecast (A)(June 23, 2014)

Excess profit
distribution perunit(Note 1)

Distribution perunit(excluding excess
profit distribution perunit) (Note 1)

Distribution perunit (including

Total
distribution
amountexcess profit
distribution per unit)(Note 1)

Previous

JPY

JPY

Million JPY

JPY

forecast (A)(June 23, 2014)

103

496

1,601

600

Revisedforecast (B)

JPY

JPY

Million JPY

JPY

0

600

1,601

600

Amount of
Variance (B) –
(A)

JPY

JPY

Million JPY

JPY

▲103

104

－

－

Rate of variance[(B) − (A)] ÷ (A)

%
－

%
21.0

%
－

%
－

(Note 1)
(Note 2)The number of investment units issued and outstanding at the end of the fiscal period: 2,668,686 units.
Figures (including earnings per unit, reversal of Surplus per unit and excess profit distribution per unit) arerounded down to the indicated amount and percentages are rounded to the first decimal place.

This English language notice is a translation of the Japanese-language notice released on August 22, 2014 and was prepared solely for theconvenience 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 orcompleteness 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.

3

3.

Reasons of Revision of Forecast of Financial Results and Distribution for the 22nd Fiscal
Period Ended June 2014 and the 23rd Fiscal Period Ending December 2014
INV reviewed the forecast of the financial results of INV during the course of the preparation of theaccount settlement, which has been largely finalized for the period ended June 2014. Based on
the review, INV decided to revise the forecast of the financial results and distribution for the 22nd
fiscal period ended June 2014 as announced in “Notice concerning Revision of Forecast of
Financial Results and Distribution for the 22nd Fiscal Period Ending June 2014 and concerning
Forecast of Financial Results and Distribution for the 23rd Fiscal Period Ending December 2014”
as of June 23, 2014. INV also decided to revise the forecast of the financial results anddistribution for the 23rd fiscal period ending December 2014 at the same time.
<Fiscal Period Ended June 2014>
The main factors resulting in the revision of the forecast are as follows:(1) Increase in Operating Revenues“Operating Revenues” are expected to increase by JPY 23 million, mainly due to such factors
as an increase in GOP (Note 1) by JPY 19 million related to the two hotels acquired on May 23,
2014 as well as an increase in revenues by JPY 6 million from the existing properties which
INV owned before INV acquired the said two hotels (71 properties), such as an increase in key
money collected by promoting the leasing program.
Of the JPY 19 million increase in GOP from the previous forecast, a JPY 14 million increase isdue to the revision of the recognition period of various expenses related to hotel operations(staff cost, cost of materials and utilities, advertisement cost, and other expenses, hereinafter“Hotel expenses”) to the extent that INV recognizes GOP without the deduction of Hotelexpenses for one month after the acquisition of two hotels, because Hotel expenses arerecorded in the following month on a cash basis under the relevant lease contracts (Note 2).
The remaining JPY 5 million is due to the increase in sales at the two hotels compared with theprevious forecast.
(Note 1)

“GOP”, Gross Operating Profit, is the amount equivalent to gross revenue of hotels minus Hotel expenses
and management fees for operators, and is the amount which INV recognizes as rental revenues of hotels.
(Note 2) INV expected to conservatively recognize Hotel expenses for one month after acquisition of the two hotels
assuming that the expenses were recorded based on accrual basis. However, as a result of consultation
with the audit firm and the tax accountant in the process of settlement of account for 22nd fiscal period, INV
decided to recognize the above Hotel expenses assuming the expenses are recorded on cash basis not on
accrual basis.

(2) Decrease in Non-Operating Expenses“Finance-related costs” in the non-operating expenses are expected to decrease by JPY 27
million due to a decrease in one-time charges which are expected to be recorded for the 22nd
fiscal period related to the refinancing compared with the previous forecast, while INV
estimated conservatively various one-time charges in connection with the Transactions
implemented on July 17, 2014. Further “other costs” in the non-operation expenses are
expected to decrease by JPY 14 million due to a decrease in costs expected to be recorded forThis English language notice is a translation of the Japanese-language notice released on August 22, 2014 and was prepared solely for theconvenience 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 orcompleteness 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.

4the 22nd fiscal period relating to the issuance of investment units through the public offering
completed on July 16, 2014 compared with the previous forecast.
As a result, non-operating expenses are expected to decrease by JPY 39 million from theprevious forecast as a whole.
(3) Change in the plan of Reversal of Surplus
As a result of (1) and (2), net income for 22nd fiscal period is expected to be JPY 901 million,
and distribution per unit is expected to increase by JPY 23 (4.2%) from the previous forecast
even if INV does not utilize the reversal of Surplus. Therefore, INV changed the plan ofreversing the Surplus and decided not to reverse the Surplus.
As a result of the above factors, the total distribution amount for the fiscal period ended June, 2014is expected to be JPY 901 million and the distribution per unit is expected to be JPY 573.
<Fiscal Period Ending December 2014>(1) Increase in Operating Revenues“Operating Revenues” are expected to increase by JPY 233 million, primarily due to theincrease in GOP of JPY 238 million related to the 18 hotels acquired on July 17, 2014
compared with the previous forecast.
Further, out of JPY 238 million increase in GOP from the previous forecast, a JPY 206 million
increase is due to the revision of recognition period of Hotel expenses to the extent that INV
recognizes GOP without the deduction of Hotel expenses for one month after the acquisition of
the 18 hotels, because Hotel expenses are recorded in the following month on a cash basis
under the relevant lease contracts (Note). The remaining JPY 31 million is due to the increasein sales at the hotels compared with the previous forecast.
(Note) INV expected to conservatively recognize Hotel expenses for one month after acquisition of the 18
hotels assuming that the expenses were recorded based on accrual basis. However, as a result ofconsultation with the audit firm and the tax accountant in the process of settlement of account for 22nd
fiscal period, INV decided to recognize the above Hotel expenses assuming the expenses arerecorded on cash basis not on accrual basis.

(2) Change in policy of Reversal of Surplus and Excess Profit Distribution
As a result of the above, net income for 23rd fiscal period is expected to be JPY 1,601 million.
Distribution per unit is expected to be almost the same level as the previous forecast even if
INV does not implement the reversal of Surplus and distributions in excess of profits. Further,simulated earnings per unit (Note) for 23rd fiscal period are expected to be almost the samelevel as the previous forecast. Therefore, INV decided not to make reversal of Surplus anddistributions in excess of profits.
As a result of the above factors, the total distribution amount for 23rd fiscal period is expected to be
JPY 1,601 million and the distribution per unit for 23rd fiscal period is expected to be JPY 600.
(Note)As to “simulated earnings per unit”, please refer to “For Reference” below. As to excess profit distribution
policy, please refer to “Notice concerning Revision of Forecast of Financial Results and Distribution for theThis English language notice is a translation of the Japanese-language notice released on August 22, 2014 and was prepared solely for theconvenience 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 orcompleteness 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.

522nd Fiscal Period Ending June 2014 and concerning Forecast of Financial Results and Distribution for the
23rd Fiscal Period Ending December 2014” and “Notice concerning Partial Revision of Internal Rules (theInvestment Guidelines) of the Asset Management Company” as of June 23, 2014.

4.

Other: Surplus
Following the distribution for the fiscal period ending December 2014, the balance of the
Surplus is expected to be JPY 73 million, unchanged from the fiscal period ended December
2013.

<For Reference>
INV issued new investment units in a public offering (the “Public Offering”) and a third-party allotment inconnection with an over-allotment option granted in relation to the public offering (the “Over-Allotment
Option” and, together with the Public Offering, the “Offering”). Using the proceeds from the Offeringand refinancing of loans (the “Refinancing”), INV acquired 18 hotels (hereinafter together with theOffering and the Refinancing, the “Transactions”). For ease of reference, figures for earnings per unit,
distribution per unit and simulated earnings per unit are summarized in the table below.
Forecasts for simulated earnings per unit are shown for reference purposes, and indicate simulated
earnings per unit after excluding one-time costs associated with the Transactions and treating theAcquisitions, the Offerings and the Refinancing as if they had taken place prior to the beginning of fiscal
period ended June 2014. For details on the method for calculating simulated earnings per unit, pleaserefer to Appendix 2.
The simulated earnings per unit is purely a simulation intended to describe the effect of the transactions,etc. described above and is neither a forecast nor prospect relating to INV’s earnings or distribution perunit for a given operating period.
Reversal of
Surplus perunit (Note 2)

Excess profit
distribution perunit (Note 2)

JPY

JPY

573

Earnings perunit (Note 2)
Forecast for the
fiscal period ended
June 2014
Forecast for the
fiscal period ending
December 2014

Distribution per
unit

Simulated
earnings perunit(including excess
profit distribution
per unit) (Note 2)(Note 1) (Note 2)

JPY

JPY

JPY

0

0

573

600

JPY

JPY

JPY

JPY

JPY

600

0

0

600

628

(Note 1) For details on the simulated earnings per unit, please refer to Appendix 2. As noted in Appendix 2, thesimulated earnings per unit for the fiscal period ended June 2014 is calculated based on the assumption that a
total of 1,095,507 units (issued during the fiscal period ending December 2014 through the Public Offering andthe Over-Allotment Option) were issued at the beginning of the fiscal period ended June 2014 and the numberof investment units issued and outstanding is 2,668,686. On the other hand, the forecasts for the earnings perunit and distribution per unit for the fiscal period ended June 2014 is based on the number of investment units
issued and outstanding at the end of the fiscal period ended June 2014: 1,573,179 units.
(Note 2) The number of investment units issued and outstanding at the end of the fiscal period ending December 2014:
2,668,686 units.
(Note 3) Figures are rounded down to the indicated amount and percentages are rounded to the first decimal place.
This English language notice is a translation of the Japanese-language notice released on August 22, 2014 and was prepared solely for theconvenience 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 orcompleteness 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.

6

(Appendix 1)< Assumptions Underlying Forecast of Financial Results and Distribution
for the 22nd Fiscal Period (From January 1, 2014 to June 30, 2014) andfor the 23rd Fiscal Period (From July 1, 2014 to December 31, 2014)>
Item
Fiscal period

Assets under management

Units outstanding

Assumptionsnd
The 22 fiscal period : from January 1, 2014 to June 30, 2014 (181 days)rd
The 23 fiscal period: from July 1, 2014 to December 31, 2014 (184 days)

Properties held as of the end of the 22nd fiscal period: 73 properties
Properties held as of the end of the 23rd fiscal period: 91 properties
INV assumes that there will be no change to the managed 91 assets through the endof the fiscal period ending December 2014.
As of the end of the 22nd fiscal period: 1,573,179 unitsrd
As of the end of the 23 fiscal period: 2,668,686 units
INV assumes that there will be no additional issuance of units through the end of the
fiscal period ending December 2014.
Balance as of the end of the 22nd fiscal period: JPY 41,000 million
Balance as of the end of the 23rd fiscal period: JPY 67,260 million

Interest-bearing liabilities
INV assumes that there will be no other borrowings or prepayments through the endof the fiscal period ending December 2014.
INV expects to record rental revenues of JPY 2,772 million for the fiscal period
ended June 2014, and JPY 4,323 million for the fiscal period ending December
2014. The breakdown is as follows:・Rental revenues
Operating revenues

The 22nd fiscal period
JPY 2,772 million(of these, JPY 57 million
are hotel rents)//

The 23rd fiscal period
JPY 4,323 million(of these, JPY 1,740 million
are hotel rents)

Rental revenues are calculated based on historical data taking into account tenant
trends, property competitiveness, market environment and other factors. In addition,
INV assumes there will be no delinquencies or non-payment of rent by tenants.
In addition, for the fiscal period ended June 2014, we expect to record operating
revenues other than rental revenues from gains in connection with the sale of sevensenior housing properties on May 22, 2014 in the amount of JPY1,003 million.
INV expects to incur property related expenses of JPY 1,281 million for the fiscal
period ended June 2014 and JPY 1,661 million for the fiscal period ending
December 2014. The breakdown is as follows:

Operating expenses

The 22nd fiscal period
The 23rd fiscal period
JPY475 million
JPY446 million
・Facility management fees(of these, JPY 40 million (of these, JPY 40 million
are repair costs)
are repair costs)
JPY 163 million
・Taxes and other public charges JPY174 million
JPY 4 million
JPY 5 million
・Insurance expenses
JPY 127 million
JPY134 million
・Other expenses
JPY 527 million
JPY 881 million
・Depreciation expenses
In addition to the property related expenses, INV expects to incur other operating
expenses in the amount of JPY 259 million for the fiscal period ended June 2014
and JPY 232 million for the fiscal period ending December 2014.

This English language notice is a translation of the Japanese-language notice released on August 22, 2014 and was prepared solely for theconvenience 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 orcompleteness 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.

7

Item

Assumptions
INV expects to incur non-operating expenses of JPY 1,334 million for the fiscal
period ended June 2014 and JPY 827 million for the fiscal period ending December
2014. The breakdown is as follows:
The 22nd fiscal period
JPY376 million
JPY842 million(of these, JPY 300
million are one-timecharges for
Refinancing)・Other non-operating expenses JPY 115 million(of these, JPY 115
million are expenses
relating to the issuanceof new units for theOffering)
・Interest expense
・Finance related costs

Non-operating expenses

The 23rd fiscal period
JPY370 million
JPY300 million(of these, JPY 194
million are one-timecharges for
Refinancing)
JPY157 million(of these, JPY 157
million are expenses
relating to the issuanceof new units for theOffering)

For details on the Offering, please refer to the “Notice concerning Issuance of New
Investment Units and Secondary Distribution of Investment Units” as of June 23,
2014. For details on the expected new borrowings and prepayment (Refinancing)on July 17, 2014, please refer to the “Notice concerning Debt Financing andPrepayment of Existing Borrowings” as of June 23, 2014.
The distribution per unit is calculated in accordance with the cash distribution policy
as set forth in INV’s Articles of Incorporation.

Distribution per unit

With respect to the distribution for the fiscal period ended June 2014, INV expects todistribute an aggregate amount of JPY 901 million (distribution per unit: JPY 573)
based on the assumption that the earnings for the fiscal period ended June 2014 will
be used as funds.
With respect to the distribution for the fiscal period ending December 2014, INV
expects to distribute an aggregate amount of JPY1,601 million (distribution per unit:
JPY 600) based on the assumption that the earnings for the fiscal period ending
December 2014 will be used as financial funds

Excess profit distribution
per unit

INV does not expect to distribute in excess of profits (excess profit distribution perunit) as of today.

Other

INV assumes there will be no amendments to applicable laws and regulations, thetaxation system, accounting standards and other regulations that would affect theforegoing forecasts.
In addition, INV assumes there will be no unforeseen material changes in general
economic trends, real estate market conditions and other trends and conditions.

This English language notice is a translation of the Japanese-language notice released on August 22, 2014 and was prepared solely for theconvenience 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 orcompleteness 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.

8

(Appendix 2)<Simulated Earnings per Unit>
Net Income per Unit
(Note 1)

Distribution per Unit
(DPU)

Simulated Earnings
per Unit

22nd fiscal period

JPY 573

JPY 573

JPY 600

23rd fiscal period (forecast)

JPY 600

JPY 600

JPY 628(Note 1)

(Note 2)Net Income per Unit in 22nd fiscal period is calculated assuming that the number of investment units
issued and outstanding is 1,573,179 units, and Net Income Unit in 23rd fiscal period is calculated
assuming that the number of investment units issued and outstanding is 2,668,686 units.
Figures in the above table are rounded down to the indicated amount.

Simulated Earnings per Unit refer to earnings per unit calculated by applying the simulated adjustment
below, eliminating the effects of such factors as one-time expenses and treating the two hotels acquired inMay, 2014 and the 18 hotels acquired in July, 2014 were acquired prior to the beginning of 22nd fiscal
period.
Simulated adjustment is based on the total of the following adjustments:(i) Elimination of the gains from the sale of seven senior housing properties as of May, 2014.
(ii) The impact based on the assumption that the repositioning of the portfolio through the sale ofseven senior housing properties and the acquisition of two hotels in May, 2014, and theacquisition of 18 hotels in July, 2014 were implemented prior to beginning of 22nd fiscal period.
(iii) The impact based on the assumption that the refinancing implemented in May, 2014 and July,
2014 were implemented prior to beginning of 22nd fiscal period.
(iv) The tax amount based on the assumption that property taxes and city planning taxes will be
expensed beginning of the 22nd fiscal period on the two hotels acquired in May 2014 and 18
hotels acquired in July, 2014.
(v) Elimination of various one-time charges in connection with the implementation of theTransactions(vi) With respect to both 22nd fiscal period and 23rd fiscal period, calculation is based on theassumption that a total of 1,095,507 units (1,040,000 units through the Public Offering and
55,507 units through the Over Allotment Option) were issued at the beginning of the 22nd fiscal
period and the number of investment unites issued and outstanding is 2,668,686 units
The simulated earnings per unit for the 22nd fiscal period and the 23rd fiscal period is purely asimulation intended to calculate the normalized earnings per unit taking into consideration the effectof the transactions, etc. described above and is neither a forecast nor prospect relating to INV’s
earnings or distribution per unit for a given operating period. Accordingly, there is no guarantee thatthe simulated earnings per unit will ever be realized for any future operating period, and INV is not
obligated to revise any of the simulated figures regardless of any changes in circumstances that
may affect the above simulation.

This English language notice is a translation of the Japanese-language notice released on August 22, 2014 and was prepared solely for theconvenience 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 orcompleteness 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.

9