Investment
Invincible Corporation

Audited Financial Statements
for the 17th Fiscal Period(from July 1, 2011 to December 31, 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 express my sincere gratitude to all investors in Invincible
Investment Corporation (INV) for your ongoing support. We hereby provide you with areport of the results of INV’s financial results and operational condition for the 17thperiod (covering the period from July 1, 2011 to December 31, 2011)
During the 17th period, in order for INV to establish a stable financial foundation andimplement a viable medium to long-term growth strategy, we invited a new sponsor,
raised capital by way of a third-party allotment, and refinanced borrowings as of July 29,
2011. This led to the removal of the “Note regarding the Going Concern Basis” notice,which INV stated in the semi-annual reports from the 15th period (ended December 31,2010), and we averted the solvency risk, which was a material business issue. Inaddition, on October 21, 2011, we disposed of the New Edobashi Building,collateralized for the term loan (Shinsei Trust & Banking Co., Ltd.) (the “SecuritizedLoan”) and fully repaid the Securitized Loan on the same date. Furthermore, withrespect to internal growth measures, we conducted various measures to improve INV’sprofits, such as implementing various cost reductions resulting in savings of JPY 158
million in total.
With respect to our performance for the 17th period, operating revenues were JPY 2,202
million, operating income was JPY (409) million, ordinary income was JPY (3,466)
million and net income was JPY (2,476) million. With respect to the distribution for the17th period, we determined to distribute a total of JPY 269 million (distribution per unit
JPY 200) by utilizing JPY 2,745 million out of JPY 3,044 million of retained earnings
carried forward after distribution of the previous fiscal period. The balance of retained
earnings carried forward after distribution is expected to be JPY 299 million.
The 17th period resulted in a deficit due to recognition of one-time expenses incurred inconnection with the capital increase by way of third-party allotment and the refinance ofborrowings. However, net income for the 18th period (ending June 30, 2012) is
expected to be JPY 32 million.
Hereafter, INV will strive to further improve profits and increase unitholder value by1

proceeding to implement continued cost reduction measures and to realize acquisition ofnew properties.
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 17th fiscal period(the fiscal period ended
December 2011)Per investment unit JPY 200

Forecast
Distributions

The 18th fiscal period(the fiscal period ending June2012)

Per investment unit JPY 200(Note)(Note) INV assumes that, by utilizing JPY 237 million out of the retained earnings carried forward of JPY 299
million which is the balance after the distribution of the 17th fiscal period, JPY 269 million in total will be
distributed for the 18th fiscal period. INV forecasts the retained earnings carried forward of JPY 62 million
as the balance after the distribution for the 18th fiscal period.

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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)

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Invincible Investment Corporation (T. 8963)