Financial Summary for the 14th Fiscal Period(from July 1, 2009 to December 31, 2009)

Name
Representative
Stock Listing
Securities CodeURLContact::::::Invincible Investment Corporation
Naoki Shibatsuji, Executive Director
Tokyo Stock Exchange8963
http://www.tgr-inv.co.jp/eng/
Consonant Investment Management Co., Ltd.
(Asset Manager of INV)
Yuji Kubo, Chief Financial Officer
Tel. +81-3-3272-7311

Start date for dividend
distribution: March 12, 2010

(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 14th Fiscal Period

1. Performance for the 14th Fiscal Period(from July 1, 2009 to December 31, 2009)1) Business Results(Percentages in brackets represent change from previous fiscal period)

Operating Revenues
mn JPY

Operating Income%mn JPY

Recurring Profits%mn JPYNet Income%mn JPY%

14th Fiscal Period

1,531(-5.2)

565(-6.6)

267(-25.4)

265(-25.6)

13th Fiscal Period

1,614(-17.9)605(-40.0)357(-51.4)

356(-51.5)

Earningsper Unit

Net Income /NAV*JPY

Reference(Annualized)%

Recurring
Profits /Total Assets%

Reference(Annualized)%

Recurring
Profits /OperatingRevenues%%

14th Fiscal Period

4,928

1.4(2.7)

0.6(1.2)

17.4

13th Fiscal Period

6,620

1.8(3.7)

0.8(1.6)

22.2

Dividend
Payout Ratio

Distribution /NAV*NAV = Total net assets2) Cash Distributions
Distribution
per Unit

ExceedingProfitDistribution
per Unit

Distribution
Amount(Excluding
exceeding profit
distribution per unit)
JPY

mn JPY

ExceedingProfitDistribution
Amount

JPY

JPY%

%

14th Fiscal Period

4,928265

0099.91.413th Fiscal Period

6,620

35600

100.0

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

3) Financial Position
Total Assets

NAV /Total Assets

NAV

mn JPY

mn JPYNAV per Unit%JPY

14th Fiscal Period

45,145

19,40043.0359,934

13th Fiscal Period

45,771

19,48742.6

361,559

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Invincible Investment Corporation (8963) Financial Summary for the 14th Fiscal Period

4) Cash Flows
Cash Flows fromOperating Activities

Cash Flows from
Investment Activities

mn JPY

Cash Flows from
Financing Activities

mn JPY

Closing Balance of Cashand Cash Equivalents

mn JPY

mn JPY

14th Fiscal Period535-65-971

2,564

13th Fiscal Period

1,530-118-1,4883,066

2. Forecast of Results for the 15th Fiscal Period(from January 1, 2010 to December 31, 2010)(Percentages in brackets represent change from previous fiscal period)
Operating
Revenues
mn JPY

15th Fiscal Period(Reference)

5,496

Operating
Income%(81.0)

mn JPY

2,068

Ordinary
Income%(84.3)

mn JPY226

Net Income(note)%(-57.3)

mn JPY4,679

Distribution
per Unit(Excludingexceeding
profit distribution
per unit)%JPY(789.4)

300

Estimated earnings per unit for the 15th fiscal period: JPY 300(Note) “Pre-Conditionsand Assumptions Underlying OperatingForecasts
for the 15th Fiscal Period” etc. will be disclosed at a later date.

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ExceedingProfitDistributionper Unit
JPY0

Invincible Investment Corporation (8963) Financial Summary for the 14th Fiscal Period

3. Financial Statements
1) Balance Sheet of INV as of December 31, 2009
(Consistent with Japanese GAAP)
Items
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 net of amortization
Other intangible assets
Other intangible assets in trust
Intangible assets
Investments
Lease deposits
Long-term prepaid expenses
Deferred income taxes
Other Investments
Total investments
Total non-current assets
Ⅲ Deferred assets
Offering costs
Total deferred assets
Total assets

Items
Liabilities
Ⅰ Current liabilities
Accounts payable
Short-term debts
Current portion of long-term debts
Accrued liabilities
Accrued expenses
Accrued income taxes
Unearned revenues
Deposits reveived
Delivative liabilities
Total current liabilities
Ⅱ Non-current liabilities
Tenant leasehold and security
Tenant leasehold and security in trust
Total non-current liabilities
Total liabilities
Net assets
Ⅰ Unitholders' equity
1. Unitholders' capital
2. Retained earnings
Unappropriated profit for the year
Total unitholders' equity
Ⅱ Evaluation, currency translation and etc.
Deferred hedge losses
Total evaluation, currency translation and etc.
Total net assets
Total liabilities and net assets

13th Fiscal Period( As of Jun. 2009)
Ths JPY%

1,261,642
1,804,581
24,282
7,275
14,86836,902562
3,336-1,1703,152,281

14th Fiscal Period(As of Dec. 2009)
Ths JPY%

ChangesThs JPY%

6.9710,165
1,854,611
42,634
20,45814,33686,452
4,261
5,641
-564
2,737,997

6.1-551,476
50,02918,352
13,182-532
49,550
3,699
2,305
606
-414,283-13.1

652,079
148,630
9,686
994
3,653,526
14,916,278
2,332,027
149,820
48,541
20,520,574
42,432,158

92.7

644,977
144,503
9,170
939
3,653,526
14,777,703
2,257,721
147,90153,48820,520,574
42,210,507

93.5-7,101-4,127-515-54-138,574-74,305-1,9194,946-221,651

-0.5

103
4,346
4,450

0.0

103
3,686
3,790

0.0-660
-660

-14.8

130,661
1,552
315
50,105
182,635
42,619,244

0.4
93.1

140,226
955
51,745
192,927
42,407,224

0.4
93.9

9,565
-597
-315
1,639
10,291-212,020

5.6
-0.5

291
291
45,771,818

0.0
100.0

45,145,222

100.0

-291
-291
-626,595-100.0-1.4

13th Fiscal Period( As of Jun. 2009)
Ths JPY%

14th Fiscal Period(As of Dec. 2009)
Ths JPY%

Ths JPY%

79,701
24,974,000
15,18492,457513
156,796
7,799
5,861
25,332,314

55.3

121,823
11,499,975
12,859,00014,873
131,448
5,601
157,230
10,75024,800,703

54.9

42,122
11,499,975-12,115,000-311
38,991
5,087
434
2,951
-5,861-531,610

-2.1

2.1
57.4

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

2.1
57.0

-5,384-1,979-7,363-538,974

-0.8
-2.1

827,102124,718
951,820
26,284,135
19,134,417

19,134,417

Changes-356,822
19,491,239

42.6

265,644
19,400,061

43.0-91,177-91,177-0.5-3,556-3,556
19,487,683
45,771,818

-0.0
42.6
100.0

19,400,061
45,145,222

43.0
100.03,556
3,556-87,621-626,595-100.0
-0.4
-1.4

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Invincible Investment Corporation (8963) Financial Summary for the 14th Fiscal Period2) Statement of Income for the 6 months ended December 31, 2009
(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 revenues
Ⅳ. Non-operating expenses
Interest expenses
Finance related costs
Public listing related costs
Other non-operating expenses
Amortization of offering costs
Recurring profits
Income before income taxes
Income and other taxes
Tax adjustments
Net income
Retained earnings (begning balance)
Retained earnings (ending balance)

13th Fiscal Period( Six months
ended Jun. 2009)
Ths JPY%
1,614,835
100.0
1,614,835
1,008,838
62.5
787,253
289,665
1,117,247
23,441
3,300
99,50812,19419,026564
839
62,709605,996
37.5
3,669
0.2
2,423
1,245
251,867
15.6
242,771
6,115
1,090
140
1,750
357,79822.2
357,798
22.2
663
328
356,80622.1
16356,82222.1

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14th Fiscal Period( Six 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
291267,057
17.4
267,057
17.4
5,718-4,294
265,633
17.3
10265,644
17.4

ChangesThs JPY-83,791-83,791-43,537-35,272-4,862-53,381-23,441-400
11,491
-72
6,371
-564
199
-1,849-40,253-2,389-1,806-582
48,09852,083-2,997471-1,459-90,741-90,741
5,054-4,623-91,172-5-91,177

%
-5.2
-4.3

-6.6
-65.1

19.1

-25.4
-25.4

-25.6
-25.6

Invincible Investment Corporation (8963) Financial Summary for the 14th Fiscal Period

3) Statement of Cash Flow for the 6 months ended Dec. 31, 2009
(Consistent with Japanese GAAP)

Items
Cash flow from operating activities
Net income before taxes
Depreciation expenses
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 in trust
OthersSubtotal
Proceeds of interest
Payment of interest
Payment of corporate taxes
Cash flow from operating activities
Cash flow from investment activities
Payment 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 flow from investment activities
Cash flow 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 flow from financing activities
Increase (decrease) in cash and cash equivalents
Beginning balance of cash and cash equivalents
Closing balance of cash and cash equivalents

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13th Fiscal Period( Six monthsended Jun. 2009)
Ths JPY

14th Fiscal Period( Six months
ended Dec. 2009)
Ths JPY

357,798
290,325
1,090
6,115
1,750
(2,423)242,771316(475)(8,827)333(562)(10,495)(29,956)
7,018(5,770)2,543(20,131)(6,814)
935,942(4,153)
1,756,394
2,423(226,790)(1,145)
1,530,881

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(4,282)(43,791)(1,945)
116(95,259)
26,522(118,639)(63,312)(2,085)
106(59,868)
59,586(65,573)(753,000)(1,090)(6,115)(1,090)(1,488,479)(76,238)
3,142,462
3,066,223

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

Invincible Investment Corporation (8963) Financial Summary for the 14th Fiscal Period

For further information:
Please contact 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 INV Investment Inc. (hereinafter, “INV”) dated February 19, 2010 and prepared under the timely
disclosure requirements of the Tokyo Stock Exchange for the 14th fiscal period (from July 1, 2009 to December 31, 2009).
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. TheJapanese 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, “CIM”) or any of their respective directors, officers,employees, partners, shareholders, agents or affiliates will be responsible or liable for the completeness appropriateness 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 this document in relation tothe matters set out in this document, and if given or made, such information or representation must not be relied upon as
having been authorized by INV, CIM or any of their respective directors, officers, employees, partners, shareholders, agentsor 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 19,
2010, and INV does not undertake to revise those forward-looking statements to reflect events occurring after the date ofthis release.

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