Investment
Invincible Corporation

Audited Financial Statements
for the 20th Fiscal Period(from January 1, 2013 to June 30, 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.
My name is Naoki Fukuda, and I have recently been appointed to serve as Executive
Director of INV. I look forward to this opportunity to fully utilize the work experience I
have gained in both the real estate and financial industries in Japan and overseas, and todedicating myself to INV’s optimal management.
Since the merger in February 2010 and the sponsorship from July 2011 by Calliope Godo
Kaisha, an affiliate company of Fortress Investment Group LLC (together with otherrelated companies, the “Fortress Group”) (Note), we have been able to achieve a financial
restructuring and an improvement and strengthening of our earnings potential. We are
now at a crucial point in making a leap to a new stage in our development.
INV has a highly stable portfolio with a careful balance among asset types and geographicareas. I believe we are greatly advantaged in being able to fully utilize not only the theproperty management, planning and financial management ability of Consonant
Investment Management Co., Ltd., the Asset Manager, but also the expertize of the FortressGroup, one of the world’s leading alternative investment companies, in the real estate andfinancial business. Under the new management structure, we will seek operations thatmaximize these advantages and contribute to further growth for INV and furtherenhancement of unitholders’ value.
We hereby provide you with a report of the results of INV’s financial results andoperational condition for the 20th period (covering the period from January 1, 2013 to June30, 2013).
During the 20th period, due in part to the full fiscal period contribution of the 24 residential
properties acquired during the previous fiscal period, operating revenues were JPY 2,760
million, up JPY 283 million from the previous period, operating income was JPY 1,231
million, up JPY 147 million, and ordinary income and net income both increased
significantly by JPY 220 million to reach JPY 335 million. In addition, making use of aportion (JPY 20 million) of the surplus of the negative goodwill attributable to the February2010 merger, we were able to set the distribution per unit for the 20th at JPY 264, the1highest post‐merger level.
Going forward, we will continue to focus on internal growth, including maintaining andincreasing occupancy rates and rent levels and maximizing net operating income (NOI)
from our properties. In addition, in order to prepare for future refinancings of ourborrowings, we will seek to increase the value of our assets, while strengthening ourexisting relationships with lenders and forging new relationships with other lenders.
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)In July 2011, Calliope Godo Kaisha acquired 97.35% of the outstanding shares of Consonant
Investment Management Co, Ltd., and the Investment Corporation conducted a capital increase
via third‐party allotment with Calliope Godo Kaisha as the principal investor.

Fixed
Distributions

The 20th fiscal period(the fiscal period ended June2013)

Per investment unit JPY 264

Forecast
Distributions

The 21st fiscal period(the fiscal period endingDecember 2013)

Per investment unit JPY 200(Note) We are forecasting operating revenues of JPY 2,740 million and net income of JPY 270 million forthe 21st fiscal period.

2

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)

Invincible Investment Corporation (T. 8963)