Investment
Invincible Corporation

Audited Financial Statements
for the 21st Fiscal Period(from July 1, 2013 to December 31, 2013)

Greetings from Naoki Fukuda, Executive Director of Invincible Investment
Corporation and President & CEO of Consonant Investment Management Co., Ltd.
It gives me much pleasure to take this opportunity to express my sincere gratitude to all
investors of Invincible Investment Corporation (INV) for your ongoing support.
We hereby provide you with a report of the results of INV’s financial results andoperational condition for the 21st period (covering the period from July 1, 2013 toDecember 31, 2013).
First, with respect to the operation of our properties, as a result of our continued
strengthening of leasing activities and thorough management of property related and otherexpenditures, the average occupancy rate for our portfolio as a whole increased from 95.9%
for the prior fiscal period to 96.3%, and despite a relative decline in revenues from rental
properties due to seasonal factors, we were able to record NOI (Note 1) of JPY 2,006 million,
which is almost the same level as the prior fiscal period (representing only a 0.1%
decrease).
With respect to financial management, on December 20, 2013 we successfully refinanced
the existing syndicate loans and Shinsei Trust Loans A and B (total outstanding balance ofJPY 22,760 million with an average interest rate of 4.98%) through a new syndicate loan(borrowing amount of JPY 20,350 million with an interest rate of 1.68%) arranged by
Sumitomo Mitsui Banking Corporation and The Bank of Tokyo‐Mitsubishi UFJ, Ltd. on
December 21, 2013, and a capital increase via third‐party allotment (total newly issued
investment units: 224,887; total issue value: JPY 2,000 million). As a result, we significantlyenhanced our earnings potential through lower interest expenses, improved ourloan‐to‐value (LTV) ratio and enhanced our ability for future external growth.
Notwithstanding the increase in units outstanding resulting from the third‐party allotment
and the recognition of certain one‐time expenses in connection with the refinancing, we arepleased to report distributions per unit of JPY 237, which exceeds the previous forecasted
level of JPY 200.
Furthermore, we expect that the distribution per unit for the fiscal period ending June 30,2014, for which the decrease in interest expenses resulting from the refinancing will beevident for the full fiscal period, will be JPY 464.

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Under the sponsorship from July 2011 by Calliope Godo Kaisha, an affiliate company ofFortress Investment Group LLC (together with other related companies, the “FortressGroup”) (Note 2), we have been able to achieve a financial restructuring, increases in
occupancy rates, cost reductions and an increase in earnings potential through property
acquisitions. With the implementation of the refinancing discussed above, we have beenable to establish earnings potential and a financial foundation to make a leap into a newstage in our development.
Going forward, we will seek further growth for INV and further enhancement ofunitholders’ value through proactive asset management that takes advantage of theimproving leasing market (such as through increases in occupancy rates and rent levels), as
well as through internal growth resulting from additional reductions in borrowing costs
and external growth by fully utilizing the Fortress Group’s expertise in the real estatebusiness and pipeline.
We look forward to receiving the continued support of all of our unitholders.
Naoki Fukuda
Executive Director, Invincible Investment Corporation
President and CEO, Consonant Investment Management Co. Ltd.
(Note 1)NOI = rental revenues – property-related expenses + depreciation expense(Note 2)In July 2011, Calliope Godo Kaisha acquired 97.35% (note 3) of the outstanding shares ofConsonant Investment Management Co, Ltd., and the Investment Corporation conducted acapital increase via third‐party allotment with Callope Godo Kaisha as the principal investor.

(Note 3)

In October 2013 the investment ratio became 100%FixedDistributions

The 21st fiscal period(the fiscal period ended
December 2013)

Per investment unit JPY 237

ForecastDistributions

The 22nd fiscal period(the fiscal period endingJune 2014)

Per investment unit JPY 464(Note)We are forecasting operating revenues of JPY 2,760 million and net income of JPY 231 million
for the 22nd fiscal period.

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The forward‐looking statements, forecasts and goals mentioned above are based on
available information, assumptions and estimates as of February 26, 2014. Theseassumptions and estimates are unavoidably uncertain, and could be affected by various
risks and factors beyond INV’s control. Thus, no guarantee can be made regarding therealization of such future forecasts and targets, and actual results may vary significantly.

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Invincible Investment Corporation (T. 8963)

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Invincible Investment Corporation (T. 8963)