Interim Financial Summary
for the 15th Fiscal Period(from January 1, 2010 to June 30, 2010)

Name
Representative
Stock Listing
Securities CodeURL
Contact::::::Invincible Investment Corporation
Naoki Shibatsuji, Executive Director
Tokyo Stock Exchange8963
http://www.invincible-inv.co.jp/eng/
Consonant Investment Management Co., Ltd.
(Asset Manager of INV)
Yuji Kubo, Chief Financial Officer
Tel. +81-3-3272-7311(Note) This financial summary has been prepared in accordance with generally
accepted accounting principles in Japan and Japanese laws.

Invincible Investment Corporation (8963)Interim Financial Summary for the 15th Fiscal Period

1. Performance for the First Half of 15th Fiscal Period Ended June 30, 2010
(from January 1, 2010 to June 30, 2010)
1) Business Results(Percentages in brackets represent change from previous fiscal period)

Operating Revenues
mn JPY

Operating Income%mn JPY

Recurring Profits%mn JPY%First half of 15thFiscal Period
Ended June 30,2010

2,978(－)-6,120(－)-7,051(－)

14th Fiscal Period
Ended December
31, 2009

1,531(-5.2)565(-6.6)267(-25.4)

Net IncomeEarnings per Unit

mn JPY%JPYFirst half of 15th
Fiscal Period
Ended June 30,
2010

4,751(－)

8,281

14th Fiscal Period
Ended December
31, 2009

265(-25.6)

4,928(Note 1) “Earnings per Unit” are calculated based on the average of the investment unit outstanding
during the interim fiscal period.
(Note 2) “Net Income” of the interim fiscal period ended June 30, 2010 is the amount after adding thenegative goodwill generated by the merger and different from the dividend resource.
Furthermore, there is no dividend distribution for the interim fiscal period.

2) Financial Position
Total AssetsNet Assetsmn JPY

Equity Ratio

mn JPYNet Assets per Unit%

JPYthFirst half of 15
Fiscal Period
Ended June 30,
2010

76,29630,15039.5

47,35514th Fiscal Period
Ended December
31, 2009

45,145

19,40043.0359,934(Reference) Unitholders’ Equity:
First half of 15th Fiscal Period Ended June 30, 2010 JPY 30,150 million
14th Fiscal Period Ended December 31, 2009 JPY 19,400 million(Note) “Net Assets per Unit” of the interim fiscal period ended June 30, 2010 are calculated based on theaverage of the investment unit outstanding during the interim fiscal period.

2/7Invincible Investment Corporation (8963)
Interim Financial Summary for the 15th Fiscal Period

3) Cash Flows
Cash Flows fromOperating Activities

Cash Flows from
Investment Activities

mn JPY

Cash Flows from
Financing Activities

mn JPY

Closing Balance of Cashand Cash Equivalents

mn JPY

mn JPYFirst half of 15thFiscal Period
Ended June 30,
2010

32,843-1,049-32,496

5,915

14th Fiscal Period
Ended December
31, 2009

535

-65

-971

2,564

2. Forecast of Results for the 15th Fiscal Period Ending December 31, 2010
(from January 1, 2010 to December 31, 2010)(Percentages in brackets represent change from previous fiscal period)
OperatingRevenues
mn JPY

15th Fiscal PeriodEnding December
31, 2010 (annual)

5,381Operating
Income%(－)

mn JPY-5,194

Distribution
per Unit

Recurring
Profits%(－)

mn JPY

-7,134thNet Income%mn JPY(－)

4,672(Excluding
exceeding
profit distribution
per unit)%
JPY(－)

300

ExceedingProfitDistribution
per Unit
JPY0(Reference) Estimated earnings per unit for the 15 fiscal period (annual): JPY 300(Note 1) “Net Income” of the fiscal period ending December 31, 2010 is the amount after adding thenegative goodwill generated by the merger and different from the dividend resource.
(Note 2) As disclosed in the forecast of results for the 15th fiscal period ending December 31, 2010 in thefinancial report (Kessan-Tanshin) for the 14th fiscal period ended December 31, 2009, “loss fromsales of properties” was recognized as “extraordinary loss” and “operating income”& “recurringprofits” were calculated based on this. However, at this forecast above, “loss from sales ofproperties” is recognized as “operating expenses”.
It is considered that there are two ways to recognize “loss from sales of properties” in this case:one is to recognize as “extraordinary loss” in view of its extraordinariness and heaviness of theamount, the other is to recognize as “operating expenses” in view of thinking the buying andselling properties of the normal operating activities in this business.
The former was used in the previous forecast, but the latter was adopted at this time after taking
into consideration advice of specialists and the related laws.
Whichever was chosen, the amount of net income of the 15th fiscal period ending December
2010 does not change.
(Note 3) Following upon the merger of Invincible Investment Corporation (“INV”) and LCP Investment
Corporation (“LCP”) effective February 1, 2010, the first fiscal period (15th fiscal period) including
the effective date of the merger, is from January 1, 2010 to December 31, 2010. Also, theoperating period of 16th fiscal period and onwards is from January 1 to June 30 and from July 1
to December 31 every year.

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Invincible Investment Corporation (8963)
Interim Financial Summary for the 15th Fiscal Period

3. Financial Statements
1) Balance Sheet of INV as of June 30, 2010
(Consistent with Japanese GAAP)

Items
AssetsⅠ Current assets
Cash and cash equivalents
Cash and cash equivalents in trust
Rental receivables
Payment in advance
Deposit payments
Prepaid expenses
Consumption tax refundable
Deferred income taxes
Allowance for doubtful accounts
Total current assets
Ⅱ Non-current assets
Property, plant and equipment, at cost
Buildings
Equipment
Building improvements
Tools, furniture and fixtures
Land
Buildings in trust
Equipment in trust
Building improvements in trust
Furniture and fixtures in trust
Land in trustConstruction in progress in trust
Net property, plant and equipment, at cost
Intangible assets
Other intangible assets in trust
OthersIntangible assets
Investment and other assets
Guarantee deposits
Long-term prepaid expenses
OthersTotal investment and other assets
Total non-current assets
Total assets

Items
Liabilities
Ⅰ Current liabilities
Accounts payable
Short-term debts
Current portion of long-term debts
Accrued liabilities
Accrued expenses
Accrued income taxes
Accrued consumption taxes
Unearned revenues
Deposits reveived
Total current liabilities
Ⅱ Non-current liabilities
Tenant leasehold and security in trust
Tenant leasehold and security
Total non-current liabilities
Total liabilities
Net assets
Ⅰ Unitholders' equity
Unitholders' capital
SurplusInvestment surplus
Unappropriated profits
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets

First Half of
15th Fiscal Period(As of Jun. 2010)
Ths JPY%

3,247,460
2,667,695
63,03142,901
202,188-100
6,223,177

14th Fiscal Period( As of Dec. 2009)
Ths JPY%

ChangesThs JPY%8.2

710,165
1,854,611
42,634
20,45814,33686,452
4,261
5,641
-564
2,737,997

2,654,522
41,4193,273
2,713,620
23,565,223
3,757,398
209,097
52,46837,028,008
691
70,025,724

91.8

644,977
144,503
9,170
939
3,653,526
14,777,703
2,257,721
147,90153,48820,520,574
42,210,507

93.5

2,009,544-103,084-5,897-939-939,905
8,787,519
1,499,676
61,196-1,01916,507,434
691
27,815,217

3,026
3,026

0.0

103
3,686
3,790

0.0

-103
-660
-763

-20.2

0.1
91.8
100.0

140,226
955
51,745
192,927
42,407,224
45,145,222

0.4
93.9
100.0

-120,166-955-27,182-148,304
27,666,148
31,151,328

-76.9
65.2
69.0

20,06024,562
44,62270,073,373
76,296,551

First Half of
15th Fiscal Period(As of Jun. 2010)
Ths JPY%

145,217
26,534,545
16,800,000
15,276141,205
2,278
638,646
292,419
30,71244,600,300
1,390,767
154,916
1,545,684
46,145,984

6.1

2,537,295
813,084
20,39622,443-14,336
115,735-4,261-5,641463
3,485,179

127.3

65.9

14th Fiscal Period

Changes( As of Dec. 2009)
Ths JPY%

Ths JPY%

58.5

121,823
11,499,975
12,859,000
14,873
131,448
5,601
157,230
10,75024,800,703

54.9

23,393
15,034,570
3,941,000
402
9,756-3,322
638,646
135,188
19,961
19,799,596

79.8

2.0
60.5

821,718
122,739
944,457
25,745,160

2.1
57.0

569,049
32,177
601,226
20,400,823

63.7
79.2

19,134,417

19,134,417-

6,264,432
4,751,717
11,016,149
30,150,566
30,150,566
76,296,551

265,644
265,644
19,400,061
19,400,061
45,145,222

6,264,432
4,486,072
10,750,504
10,750,504
10,750,504
31,151,328

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39.5
39.5
100.0

43.0
43.0
100.0

55.4
55.4
69.0

Invincible Investment Corporation (8963)
Interim Financial Summary for the 15th Fiscal Period

2) Statement of Income for the 6 months ended June 30, 2010
(Consistent with Japanese GAAP)First Half of15th Fiscal Period( 6 monthsended Jun. 2010)
Ths JPY%
2,978,118
100.0
2,978,118
9,098,794
305.5
1,375,534
545,395
2,147,980
7,362,355
2,700
175,690
8,330
42,218100
152
131,711-6,120,675-205.5
4,595
0.2
1,644
2,951
935,14331.4
621,559
312,486
1,090
7-7,051,223 -236.8
11,811,116
11,811,116
4,759,892
159.8
2,563
5,641
4,751,687
159.6
30
4,751,717
159.6

Items

Ⅰ. Operating revenues
Rental revenues (1)Ⅱ. Operating expenses
Property related expenses (2)Depreciation expenses (3)NOI(1)-(2)+(3)Loss from sales of properties
Directors' fees
Asset management fees
Asset custodian fees
Administrative service fees
Provision of allowance for doubtful accounts
Bad debt expenses
Other operating expenses
Operating income
Ⅲ. Non-operating revenues
Interest revenues
Other non-operating revenues
Ⅳ. Non-operating expenses
Interest expenses
Finance related costs
Public listing related costs
Other non-operating expenses
Amortization of offering costs
Recurring profits
Extraordinary profits
Gain on negative goodwill
Income before income taxes
Income and other taxes
Tax adjustments
Net income
Retained earnings (begning balance)
Retained earnings (ending balance)*AD=All Decrease

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14th Fiscal Period( 6 months
ended Dec. 2009)
Ths JPY%
1,531,044
100.0
1,531,044
965,300
63.0
751,981284,802
1,063,865
2,900
111,000
12,12225,3981,039
60,859565,743
37.0
1,280
0.1
617
663
299,966
19.6
294,855
3,117
1,090
611
291
267,057
17.4
267,057
17.4
5,718-4,294
265,63317.3
10
265,644
17.4

ChangesThs JPY
1,447,074
1,447,074
8,133,493
623,553
260,593
1,084,114
7,362,355-200
64,690-3,791
16,820100-886
70,851-6,686,419
3,315
1,027
2,288
635,177
326,704
309,368-604-291-7,318,281
11,811,11611,811,116
4,492,835-3,1549,936
4,486,053
19
4,486,072

%
94.5
842.6

AD
258.9

211.7

AD

1,682.3

1,688.8
1,688.7

Invincible Investment Corporation (8963)
Interim Financial Summary for the 15th Fiscal Period

3) Statement of Cash Flows for the 6 months ended June 30, 2010
(Consistent with Japanese GAAP)First Half of15th Fiscal Period( 6 months
ended Jun. 2010)
Ths JPY

Items

Cash flows from operating activities
Net income before taxes
Depreciation expenses
Gain on negative goodwill
Public listing related costs
Finance related costs
Amortization of offering costs
Interest received
Interest paid
Increase (decrease) in allowance for doubtful accounts
Amortization of tenant leasehold and security deposits in trust
Decrease (increase) in accounts receivable
Decrease (increase) in deposit payments
Decrease (increase) in consumption tax receivable
Decrease (increase) in guarantee money paid
Increase (decrease) in accrued consumption taxes
Increase (decrease) in accounts payable
Increase (decrease) in accrued liabilities
Increase (decrease) in accrued expenses
Increase (decrease) in unearned revenuesIncrease (decrease) in deposits received
Decrease due to sale of tangible assets
Decrease due to sale of tangible assets in trust
OthersSubtotal
Proceeds of interest
Payment of interest
Payment of corporate taxes
Cash flows from operating activities
Cash flows from investment activities
Payment for acquisition of tangible assets
Payment for acquisition of tangible assets in trust
Payment of security deposits & guarantee money
Proceeds of security deposits & guarantee money
Payment of security deposits & guarantee money in trust
Proceeds of security deposits & guaranteee money in trust
Cash flows from investment activities
Cash flows from financing activities
Proceeds of short-term debt
Repayment of short-term debt
Repayment of long-term debt
Public listing related costs
Finance related costs
Payment of distributions
Cash flows from financing activities
Increase (decrease) in cash and cash equivalents
Beginning balance of cash and cash equivalents
Increase in cash and cash equivalents due to the merger
Closing balance of cash and cash equivalents

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14th Fiscal Period( 6 months
ended Dec. 2009)
Ths JPY

4,759,892
546,055(11,811,116)
1,090
312,486(1,644)
621,559(463)(2,066)140,338
14,336
4,261
130,166
629,388(49,571)(373,155)(277,457)(100,932)
12,4193,616,615
35,646,756(454,676)
33,364,285
1,644(516,182)(6,105)32,843,643

267,057
285,462
1,090
3,117
291
(617)
294,855(606)(5,102)(18,352)532(3,699)(9,565)42,122(4,400)
4,648
434
2,951
(61,017)799,204
617(263,525)(631)
535,665(900)(48,506)(181,668)
168(905,944)
87,414(1,049,436)(63,312)(2,085)
106(59,868)
59,586(65,573)

11,499,975(17,591,717)(25,859,000)(1,090)(282,780)(261,858)(32,496,471)(702,265)
2,564,776
4,052,645
5,915,156

11,599,980(100,005)(12,115,000)(1,090)(3,117)(352,306)(971,538)(501,446)
3,066,223
2,564,776

Invincible Investment Corporation (8963)
Interim Financial Summary for the 15th Fiscal Period

For further information:
Please contact Finance Department at Consonant Investment Management, Co. Ltd.
Tel. +81-3-3272-7314
Disclaimer
This document contains translations of selected information provided in the Japanese language Financial Report(Kessan-Tanshin) of INV Investment Inc. (hereinafter, “INV”) dated August 20, 2010 and prepared under the timely
disclosure requirements of the Tokyo Stock Exchange for Interim fiscal period for the 15th fiscal period ending December 31,
2010 (from January 1, 2010 to June 30, 2010).
This English language document was provided solely for the convenience of and reference by non-Japanese investors andneither corresponds to the original Japanese documents nor is it intended to constitute a disclosure document. TheJapanese language Financial Report should always be referred to as the original of this document.
English terms for Japanese legal, accounting, tax and business concepts used herein may not be precisely identical to theconcepts of the equivalent Japanese terms. With respect to any and all terms herein, including without limitation, financialstatements, if there exist any discrepancies in the meaning or interpretation thereof between the original Japanese
documents and English statements contained herein, the original Japanese documents will always govern the meaning andinterpretation.
None of INV, Consonant Investment Management Co., Ltd. (hereinafter, “CSNT”) or any of their respective directors,officers, employees, partners, shareholders, agents or affiliates will be responsible or liable for the completenessappropriateness or accuracy of English translations or the selection of the portions of any documents translated into English.
No person has been authorized to give any information or make any representations other than as contained in thisdocument in relation to the matters set out in this document, and if given or made, such information or representation mustnot be relied upon as having been authorized by INV, CSNT or any of their respective directors, officers, employees,partners, shareholders, agents or affiliates.
The financial statements are a translation of the audited financial statements of INV, that were prepared in accordance withgenerally accepted accounting principles in Japan (Japanese GAAP) which may materially differ in certain respects fromgenerally accepted accounting principles and practices in other jurisdictions. In preparing the financial statements, certain
reclassifications and modifications have been made to the financial statements issued domestically in order to present themin a format that is more familiar to readers outside Japan.
Many provisions of this document contain forward-looking statements and information. We base these statements on ourbeliefs as well as our assumptions based solely on certain limited information currently involved known and unknown risks,uncertainties and assumptions.
These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there
are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimatesreflected in such forward-looking statements, including without limitation: the general economy, market conditions, financial
markets including the performance of the real market, interest rate fluctuations, competition with our properties, and theimpact of changing regulations or taxation.
INV does not intend, and is under no obligation, to update any particular forward-looking statement included in thisdocument. The forward-looking statements contained in this document speak only as of the date of release, August 20,2010, and INV does not undertake to revise those forward-looking statements to reflect events occurring after the date ofthis release.
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