[For Information Purpose Only]
November 18, 2015
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Name of representative:
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 of Planning Department(Tel. +81-3-5411-2731)

Notice concerning Revision of Forecast of Financial Results and Distributions for the 26thFiscal Period Ending June 2016 and 27th Fiscal Period Ending December 2016Invincible Investment Corporation (“INV”) announces the revision of its financial results anddistribution per unit (“DPU”) forecast for the fiscal periods ending June 2016 (26th fiscal period) andDecember 2016 (27th fiscal period), as previously announced in “Summary of Financial Results(REIT)” dated August 26, 2015 as follows, for the purpose of presenting forecast information on thecondition that the agendum of partial amendment to the Articles of Incorporation regarding the asset
management fees is approved at the General Meeting of Unitholders scheduled to be held on
December 18, 2015 as announced today in “Notice concerning Amendments of Articles ofIncorporation and Appointment of Directors”.
.

This English language notice is a translation of the Japanese-language notice released on November 18, 2015 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 forecasts of financial results and DPU for the fiscal periods ending June 2016
(January 1, 2016 to June 30, 2016) and December 2016 (July 1, 2016 to December 31, 2016)<Fiscal Period Ending June 2016>
Total
distribution
amountOperatingrevenues

OperatingincomeOrdinary
incomeMillion JPY

Million JPY

Million JPY

Million JPY

Million JPY

6,500

3,631

3,225

3,224

3,222

Million JPY

Million JPY

Million JPY

Million JPY

Million JPY

6,500

3,739

3,333

3,332

3,331

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

Million JPY

Million JPY

Million JPY

Million JPY

－108

108

108

108

Rate of variance((B) – (A)) / (A)

%%%%%

－

3.0

3.4

3.4

3.4

Previous forecast (A)(announced on
August 26, 2015)
Revised forecast (B)Net income

Distribution
per unit

Earnings perunit (Note)

Reversal ofSurplus perunit (Note)JPY

JPYJPY

JPY

JPY

1,009

01,00901,009JPY

JPY

JPY

JPY

JPY

1,04301,04301,043

Amount of variance(B) – (A)

JPY

JPY

JPY

JPY

JPY34－34－

34

Rate of variance((B) – (A)) / (A)

%%%%%

3.4－

3.4－

3.4

Previous forecast (A)(announced on
August 26, 2015)(excluding excess
profit distribution
per unit) (Note)

Excess profit
distribution
per unit (Note)

Distribution
per unit

Revised forecast (B)(including excess
profit distribution
per unit) (Note)(Note) The number of investment units issued and outstanding at the end of the fiscal period: 3,193,686 units.

This English language notice is a translation of the Japanese-language notice released on November 18, 2015 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<Fiscal period ending December 2016>
Total
distribution
amountOperatingrevenues

OperatingincomeOrdinary
incomeMillion JPY

Million JPY

Million JPY

Million JPY

Million JPY

7,008

4,117

3,717

3,716

3,714

Million JPY

Million JPY

Million JPY

Million JPY

Million JPY

7,008

4,227

3,826

3,826

3,826

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

Million JPY

Million JPY

Million JPY

Million JPY－109109109111

Rate of variance((B) – (A)) / (A)%%%%%－

2.7

3.0

3.0

3.0

Earnings perunit (Note)

Reversal ofSurplus perunit (Note)

JPY

JPY

JPY

JPY

JPY

1,163

0

1,1630

1,163

JPY

JPY

JPY

JPY

JPY

1,198

0

1,198

0

1,198

Amount of variance(B) – (A)

JPY

JPY

JPY

JPY

JPY

35－35－

35

Rate of variance((B) – (A)) / (A)

%%%%%

3.0－

3.0－

3.0

Previous forecast (A)(announced on
August 26, 2015)
Revised forecast (B)Previous forecast (A)(announced on
August 26, 2015)

Net income

Distributionper unit
(excluding excess
profit distributionper unit) (Note)

Excess profit
distribution
per unit (Note)

Revised forecast (B)Distribution
per unit(including excess
profit distribution
per unit) (Note)(Note) The number of investment units issued and outstanding at the end of the fiscal period: 3,193,686 units.

This English language notice is a translation of the Japanese-language notice released on November 18, 2015 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

(Reference)
For ease of reference, full-year figures for earnings per unit and distribution per unit (including excess profitdistribution per unit) are summarized in the table below.
<Full-year 2016> (Aggregate of the fiscal periods ending in June 2016 and December 2016)
Distributionper unit
(includingexcess profit
distributionper unit)

Earnings perunit

Reversal ofSurplus perunit

Distributionper unit
(excludingexcess profit
distribution perunit)

JPY

JPY

JPY

JPY

JPY

2,172

0

2,1720

2,172

JPY

JPY

JPY

JPY

JPY

2,241

0

2,24102,241

Amount of variance(B)- (A)

JPY

JPY

JPY

JPY

JPY

69－69－69

Rate of variance((B) – (A)) / (A)

%%%%%

3.2－

3.2－

3.2

Previous forecast (A)(August 26, 2015)
Revised forecast (B)2.

Excess profit
distribution
per unit

Reasons for the revision of forecast of financial results and distribution
INV plans to propose an agendum of partial amendment to the Articles of Incorporation
including an amendment to the asset management fees (Note) to be applied from January
2016 at the General Meeting of Unitholders scheduled to be held on December 18, 2015. INV
is hereby announcing the forecast of the financial result and distribution for the fiscal period
ending June 2016 and December 2016 for the purpose of presenting forecast information on
the condition that the above proposal is approved at such meeting. Further, the assumptions
underlying the forecast other than the asset management fees have not been changed from theprevious forecast for the purpose of this forecast revision.
Under the current Articles of Incorporation, the asset management fee as applicable fromJanuary 2016 will be the monthly fees calculated as higher of either (A) the amount calculated
by multiplying the total amount of the relevant assets recorded as of the end of each relevant
month by 0.4%, and then dividing by 12 (disregarding any amounts less than one yen) or (B) 25
million yen. Upon the approval of the above proposal, the asset management fees asapplicable from January 2016 to December 2016 will be the fees for every three months
calculated as an amount not exceeding the lower of either (A) the amount calculated bymultiplying the total amount of the relevant assets recorded as of the end of the relevant threemonths period by 0.4%, and then dividing by 4 (disregarding any amounts less than one yen) or(B) 125 million yen. INV estimates the effect of this amendment in the asset management
fees as follows:This English language notice is a translation of the Japanese-language notice released on November 18, 2015 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Fiscal Period Ending
June 2016
Fiscal Period Ending
December 2016
Full Year 2016

Previous Forecast（A）(JPY)

Revised Forecast（B）(JPY)

Amount of variance（B）-（A）(JPY)

358 million

250 million▲108 million

359 million

250 million▲109 million

717 million

500 million▲217 million

As a result, INV estimates the total distribution amount for each fiscal period ending June 2016
and December 2016 is expected to be JPY 3,331 million and JPY 3,826 million, respectively,and DPU for each fiscal period is expected to be JPY 1,043 (3.4% increase from the previousforecast) and JPY 1,198 (3.0% increase from the previous forecast), respectively.
(Note) With respect to the asset management fees, which have been reduced as a temporary measure for the period from January
2013 to December 2015, the proposal is to reduce the amount of asset management fees for the period from January 2016 toDecember 2016 to the amount which is lower than the amount applicable if such reduction were not made, but which ishigher than the amount applied in 2015, so that the amount of asset management fees become appropriate, considering theexpansion of the INV’s asset scale, profit level and other factors resulting from its internal and external growth.

This English language notice is a translation of the Japanese-language notice released on November 18, 2015 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