Investment
Invincible Corporation

Audited Financial Statements
for the 16th Fiscal Period(from January 1, 2011 to June 30, 2011)

Greetings from Naoki Shibatsuji, Executive Director of Invincible Investment
Corporation and President & CEO of Consonant Investment Management Co.,Ltd.
It gives me great pleasure to take this opportunity to express my sincere gratitude foryour ongoing support of Invincible Investment Corporation (INV). INV would like toexpress its heartfelt sympathies to all those affected by the Great East Japan Earthquake(the Earthquake) that occurred on March 11, 2011.
During the 16th period (covering the period from January 1, 2011 to June 30, 2011), theJapanese economy showed signs of recovery in the backdrop of the global economic
recovery trend, however economic conditions still remain severe due to factors such as
deflation and the failure to alleviate a feeling of unsteadiness in regards to the outlookon employment. Additionally, after the Earthquake, it has proven hard for theJapanese economy to dispel the sense of uncertainty regarding the future of theeconomy with fragile consumer expectations and a decline in production due to theeffect of the nuclear accident, etc.
In this operating environment, with respect to our performance for the 16th period,
operating revenue was JPY 2,277 million, operating income was JPY 800 million,ordinary income was JPY (52) million, and net income was JPY (1,308) million. With
respect to the distribution for the 16th period, we have determined to implement thedistribution of a total of JPY 127 million (distribution per unit of JPY 200), by utilizing
JPY 1,435 million from retained earnings carried forward of JPY 4,480 million after thedistribution for the previous fiscal period.
INV believes that, in order for INV to establish a stable financial foundation andimplement a viable medium to long-term growth strategy, it is vital to invite a reliable
sponsor, and has conducted extensive discussions and negotiations in this regard. As aresult of these negotiations, on July 29, 2011, INV has invited Calliope Godo Kaisha(Calliope), an affiliate of Fortress Investment Group LLC (FIG), the first publicly listed
alternative investment manager in the U.S. and a global investment management firm(Calliope, FIG and its affiliate are referred to collectively as “Fortress”), to be the parent
company of our asset management company. Furthermore, INV has implemented (i)raising funds through the issuance of new investment units by way of a third-party
allotment with Calliope as the main allottee, and, in addition, (ii) on the same date, new1

long-term borrowings and repayment of, or modification of terms and conditions of, theexisting borrowings. For details, please refer to “To all of our unitholders” on page 4
below.
INV will strive to further increase unitholder value by proceeding to realize steadyinternal growth and external growth, as well as the construction of a stable financial
structure through solid relationships with the Japanese and overseas financial
institutions of Fortress.
Moreover, INV will continue in its commitment to provide stable medium-and
long-term cash flow to investors conduct asset management activities by always
remaining conscious of “asset finance”.
We look forward to receiving the continued support of all of our unitholders.
Naoki Shibatsuji
Executive Director, Invincible Investment Corporation
President and CEO, Consonant Investment Management Co., Ltd.

FixedDistributions

The 16th fiscal period(the fiscal period ended June2011)

Per investment unit JPY 200

Forecast
Distributions

The 17th fiscal period(the fiscal period ending
December 2011)

Per investment unit JPY 2002

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