Investment
Invincible Corporation

Audited Financial Statements
for the 18th Fiscal Period(from January 1, 2012 to June 30, 2012)

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 18thperiod (covering the period from January 1, 2012 to June 30, 2012).
During the 18th period, we diligently focused on the asset management in order to makethe ordinary income profitable, resulting in recording the ordinary income of JPY 125
million. In order to achieve this goal, we focused on improving profitability through ourinternal growth strategy. In regards to our existing properties, we established strategies
in coordination with and supervision of our property managers (PM), taking into
account the property market environment, in order to achieve high occupancy via
proactive leasing activities. Furthermore, we have implemented the following thoroughcost management measures such as (i) the reduction of building management expenses
and (ii) the reduction of PM fees through a revision of terms and a change of selectcompanies. In addition, we continue to focus on implementation of various cost
reduction measures at the investment corporation.
With respect to the financial results for the 18th period, we initially estimated JPY 2,176
million for operating revenues, JPY 803 million for operating income, JPY 33 million
for ordinary income and JPY 32 million for net income on February 22, 2012.
However, initial estimates were exceeded due to the implementation of a series ofinternal growth measures; operating revenues were JPY 2,176 million, operating income
was JPY 894 million, ordinary income was JPY 125 million and net income was JPY
128 million.
As a result of the above mentioned internal growth measures, INV’s property appraisalvalue (year-end calculation value) increased by JPY 907 million compared to theappraisal value at the end of the previous fiscal period (ended December 31, 2011).
We seek to further improve INV’s profitability for the next fiscal period (endingDecember 31, 2012). With respect to the properties held by INV, we strive tocontinually improve both PM and building management qualities, while implementing1

cost reductions by reviewing current terms of all management contracts. Lastly, we aim
to further solidify business operations and reduce costs at the investment corporation.
We look forward to the continued support from all of our unitholders.
Naoki Shibatsuji
Executive Director, Invincible Investment Corporation
President and CEO, Consonant Investment Management Co., Ltd.
FixedDistributions

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

Per investment unit JPY 200

ForecastDistributions

The 19th fiscal period(the fiscal period ending
December 2012)

Per investment unit JPY 177(Note 1)

(Note 1)

INV assumes that, by utilizing approximately full of the retained earnings carried toward of JPY 157
million which is the balance after the distribution for the 19th fiscal period, JPY 238 million in total will
be distributed for the 19th fiscal period.

INV forecasts the retained earnings carried toward of JPY 370

thousand (Note 2) as the balance after the distribution for the 19th fiscal period and the amount of theretained earnings carried toward that can be utilized for distribution will be de-minimis.

Therefore thedistribution for the 20th period and the subsequent periods will be distributed mainly out of net income foreach period.
(Note 2) The balance of retained earnings carried toward after the distribution for the 19th fiscal period (forecasted)(JPY 375,648) = the balance of retained earnings carried toward after the distribution for the 18th fiscalperiod (JPY 157,688,394) + net income for the 19th period (JPY 81,334,938) – (distribution per unit forthe 19th period (forecasted) (JPY 177) × (The number of investment units issued and outstanding)(1,348,292 units))

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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)

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Invincible Investment Corporation (T. 8963)

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Invincible Investment Corporation (T. 8963)