Financial Summary
for the 15th Fiscal Period(from January 1, 2010 to December 31, 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)
Michiko Ishibachi,Manager in charge of Investor Relations
Tel. +81-3-3272-7311

Start date fordividend distribution: March 17, 2011
(Note) This financial summary has been prepared in accordance with generally
accepted accounting principles in Japan and Japanese laws.

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

1. Performance for the 15th Fiscal Period Ended December 31, 2010
(from January 1, 2010 to December 31, 2010)
1) Business Results(Percentages in brackets represent change from previous fiscal period)

Operating Revenues
mn JPY

Operating Income%mn JPY

Recurring Profits%

Net Income

mn JPY%

mn JPY%

15th Fiscal Period

5,348(249.4)-5,241(-)-7,078

(-)

4,757

(-)

14th Fiscal Period

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

265(-25.6)

Earningsper Unit

Net Income /
NAV*

JPY

Reference(Annualized)%

Recurring
Profits /Total Assets%

Reference(Annualized)%

Recurring
Profits /OperatingRevenues%%

15th Fiscal Period

7,857

19.2

(19.2)-11.7(-11.7)-132.314th Fiscal Period

4,928

1.4

(2.7)

0.6

(1.2)

17.4

*NAV = Total net assets(Note 1)

“Earnings per Unit” are calculated based on the average of the investment unit outstanding during thefiscal period.

(Note 2)“Net Income” of the 15th Fiscal Period Ended December 31, 2010 is the amount after adding the negative
goodwill generated by the merger and different from the dividend resource.

2) Cash Distributions
Distributionper Unit

Distribution
Amount(Excludingexceeding profit
distribution per unit)
JPY

ExceedingProfit
Distributionper Unit

mn JPY

ExceedingProfit
Distribution
AmountJPY

Dividend
Payout Ratio

JPY

Distribution /NAV%%

15th Fiscal Period

435

276

005.50.1

14th Fiscal Period

4,928

265

00

99.9

1.4

(Note) “Dividend Payout Ratio” is rounded to one decimal place.

3) Financial Position
Total Assets

NAV /Total Assets

NAVmn JPY

mn JPY15th Fiscal Period

75,86130,15614th Fiscal Period

45,145

19,400th(Reference) Unitholders’ Equity: 15 Fiscal Period: JPY 30,156 million

NAV per Unit%

JPY

39.8

47,36443.0

359,934th

14 Fiscal Period: JPY 19,400 million(Note) “Net Assets per Unit” are calculated based on the average of the investment unit outstanding as of the end offiscal period.

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

4) Cash Flows
Cash Flows fromOperating Activities

Cash Flows from
Investment Activities

mn JPY

Cash Flows fromFinancing Activities

mn JPY

Closing Balance of Cashand Cash Equivalents

mn JPY

mn JPY

15th Fiscal Period

33,572-1,148-33,126

5,915

14th Fiscal Period535-65

-971

2,564

2. Forecast of Results for the 16th Fiscal Period Ended June 30, 2011
(from January 1, 2011 to June 30, 2011)(Percentages in brackets represent change from previous fiscal period)
Operating
Revenues
mn JPY

16th Fiscal Period

2,343

Operating
Income%(-)

Reversal ofEarned Surplus
mn JPY

16th Fiscal Period

123%

(-)

mn JPY867

Distributionper Unit

Ordinary
Income%mn JPY(-)

4%(-)(Excluding
Net Income
exceeding
profit distributionper unit)
mn JPY%
JPY3(-)

200

ExceedingProfitDistributionper Unit
JPY0Dividend
Resourcemn JPY

127%(-)th(Reference) Estimated earnings per unit for the 16 Fiscal Period: JPY 0(Note 1) 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.
However, the operating period of the 16th Fiscal Period and onwards is from January 1 to June
30 and from July 1 to December 31 every year.
(Note 2) Regarding forecasted distribution for the 16th Fiscal Period Ending June 30, 2011, JPY 123
million out of the earned surplus: JPY 4,480 million will plan to be reversed as the additional
distribution resource.

2/6Invincible Investment Corporation (8963)
Financial Summary for the 15th Fiscal Period

3. Financial Statements
1) Balance Sheet of INV as of December 31, 2010
(Consistent with Japanese GAAP)

Items

14th Fiscal Period

15th Fiscal Period( As of Dec. 2009)
Ths JPY%( As of Dec. 2010)
Ths JPY%

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 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

710,165
1,854,611
42,634
20,45814,33686,452
4,261
5,641
-564
2,737,997
644,977
144,503
9,170
939
3,653,526
14,777,703
2,257,721
147,90153,48820,520,574
42,210,507

6.1

3,515,629
2,399,430
22,3709,322
147,692-56
6,094,389

93.5

2,627,42938,461
3,144
2,713,620
23,380,314
3,682,786
200,540
54,79037,028,008
69,729,097

0.0

2,366
2,366

0.4
93.9
100.0

10,06025,25735,317
69,766,781
75,861,170

103
3,686
3,790
140,226
955
51,745
192,927
42,407,224
45,145,222

ChangesThs JPY%

8.0

2,805,464
544,819-20,264-11,135-14,336
61,239-4,261-5,641508
3,356,391

122.6

91.9

1,982,452-106,041-6,025-939-939,905
8,602,610
1,425,064
52,638
1,302
16,507,434
27,518,590

65.2

0.0

-103-1,320-1,423

-37.6

0.0
92.0
100.0

-130,166-955-26,487-157,609
27,359,556
30,715,947

-81.7
64.5
68.0

14th Fiscal Period

15th Fiscal Period( As of Dec. 2009)
Ths JPY%( As of Dec. 2010)
Ths JPY%

Ths JPY%

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

54.9

144,429
26,165,485
16,800,000
13,724
170,665
593,170
295,659
5,680
44,188,814

58.2

22,605
14,665,510
3,941,000-1,14839,216-5,601
593,170
138,428-5,07019,388,110

78.2

2.157.0

1,332,118
183,579
1,515,698
45,704,512

2.0
60.2

510,399
60,840571,240
19,959,351

60.5
77.5

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

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

3/6

Changes

19,134,417

19,134,417-265,644
265,644
19,400,061
19,400,061
45,145,222

6,264,432
4,757,809
11,022,241
30,156,658
30,156,658
75,861,170

6,264,432
4,492,164
10,756,596
10,756,596
10,756,596
30,715,947

43.0
43.0
100.0

39.8
39.8
100.0

55.4
55.4
68.0

Invincible Investment Corporation (8963)
Financial Summary for the 15th Fiscal Period2) Statement of Income for the 12 months Ended December 31, 2010
(Consistent with Japanese GAAP)

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 revenuesⅣ. 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)

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14th Fiscal Period

15th 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
265,64417.4( 12 months
Ended Dec. 2010)
Ths JPY%
5,348,724
100.0
5,348,724
10,590,560
198.0
2,558,916
964,6123,754,420
7,362,355
5,400
327,747
17,17881,84056
613
236,451-5,241,835-98.0
14,5730.3
2,755
11,818
1,851,268
34.6
1,217,526
629,909
2,180
1,652-7,078,530 -132.3
11,843,160
11,843,160
4,764,630
89.1
1,209
5,641
4,757,778
89.0
30
4,757,809
89.0

ChangesThs JPY
3,817,680
3,817,680
9,625,259
1,806,935
679,8102,690,554
7,362,355
2,500
216,747
5,056
56,442
56-426
175,591-5,807,579
13,293
2,138
11,155
1,551,301
922,671626,791
1,090
1,040
-291
-7,345,587
11,843,160
11,843,160
4,497,573-4,5089,936
4,492,145
19
4,492,164

%
71.4
90.9

110.8
91.2

83.8

103.8

94.4

94.4
94.4

Invincible Investment Corporation (8963)
Financial Summary for the 15th Fiscal Period3) Statement of Cash Flows for the 12 months Ended December 31, 2010
(Consistent with Japanese GAAP)

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 revenues
Increase (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 activitiesPayment 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

15th Fiscal Period( 6 months
Ended Dec. 2009)
Ths JPY( 12 months
Ended Dec. 2010)
Ths JPY

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

4,764,630965,933(11,843,160)
2,180
629,909(2,755)1,217,526(508)(5,774)
181,000
14,336
4,261
140,166
583,913(100,092)(331,601)(145,913)(97,692)(12,612)3,616,615
35,646,756(435,940)
34,791,176
2,755(1,214,233)(7,314)33,572,383(63,312)(2,085)
106(59,868)
59,586(65,573)(945)(121,318)(192,233)
39,395(1,005,932)
132,462(1,148,571)

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

11,499,975(17,960,777)(25,859,000)(2,180)(499,513)(304,678)(33,126,174)(702,361)
2,564,776
4,052,645
5,915,060

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

For further information:
Please contact
Planning & 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 Invincible Investment Corporation (hereinafter, “INV”) dated February 24, 2011 and prepared under thetimely disclosure requirements of the Tokyo Stock Exchange for the 15th Fiscal Period Ended December 31, 2010 (fromJanuary 1, 2010 to December 31, 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. The
Japanese 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, February 24,
2011, and INV does not undertake to revise those forward-looking statements to reflect events occurring after the date ofthis release.
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