April 13, 2011
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Shibatsuji, Executive Director
Nihon-bashi Nishikawa Bldg.
1-5-3 Nihon-bashi, Chuo-ku, Tokyo, Japan(Securities code: 8963)
URL: http: //www.invincible-inv.co.jp/eng/
Asset manager:
Consonant Investment Management Co., Ltd.
Naoki Shibatsuji, CEOContact: Michiko Ishibachi,Manager in charge of Investor Relations(Tel. +81-3-3272-7311)

Notice concerning Impact of “the Great East Japan Earthquake” (Second Release)
Invincible Investment Corporation (INV) expresses its deepest condolences to all the victims
from the Great East Japan Earthquake that occurred on March 11, 2011.
After reporting the impact of the Great East Japan Earthquake (the “Earthquake”) on INV’sproperties under management as of 7:00 pm, March 13, 2011 in the press release titled ‘Noticeconcerning “The 2011 off the Pacific coast of Tohoku Earthquake”’ announced on the sameday, INV conducted further investigations which have revealed more details on the damage
situation, primarily focused on the impact, etc. on the five properties it owns in the Tohoku
Region (the “5 Tohoku Properties”), as INV reports below.
Furthermore, as to the impact of the earthquake that occurred at around 11:23 pm on April 7,2011 with an epicenter off the coast of Miyagi Prefecture (the “Aftershock”), please refer to(Note 3) of “1. Damage situations, etc. of the 5 Tohoku Properties as of today” below.
Moreover, if there is any new damage that would have a significant impact on INV’s businessoutlook caused by any aftershock subsequent to the Aftershock, INV will make further
announcements promptly once any findings are confirmed.
Details
1. Damage situation, etc. of the 5 Tohoku Properties as of today
Consonant Investment Management Co., Ltd., INV’s asset manager, had on-site building
investigations conducted by a third party investigation entity (Tokio Marine & Nichido Risk
Consulting Co., Ltd.) with regard to the impact of the Earthquake on the 5 Tohoku
Properties, and confirmed the building damage situation indicated below. In addition, INV
also hereby reports the operational status of the commercial facilities among the 5 Tohoku
Properties.

1Property Overview

A64 Royal Park Omachi(Residence)(Aoba Ward, Sendai
City, Miyagi Prefecture)

A65 Lexington Square
Haginomachi(Residence)(Miyagino Ward, Sendai
City, Miyagi Prefecture)

B16 Ohki Aoba Building(Office building)(Aoba Ward, Sendai
City, Miyagi Prefecture)

B17 Lexington Plaza
Hachiman(Commercial Facility)(Aoba Ward, Sendai
City, Miyagi Prefecture)

Building Damage Situation(1) Slightly damaged(2) Repair items
Short-term repairs (Note 1)- Repair of cracks on exterior walls (2ndfloor on the west side and 2nd and 3rdfloors on the east side)- Repair of wall cracks in common-use
corridor on the 3rd floor- Repair of cracks in corner areas ofbalcony walls on the 3rd floor- Repair of cracks on internal staircase
walls on the 2nd floor- Repair of floor cracks in elevator
machine room(1) Slightly damaged(2) Repair items
Short-term repairs (Note 1)- Repair of wall cracks in common-use
corridors on the 1st, 2nd and 6th floors- Repair of cracks along boundaries ofexternal wall bases on the parking lot
side and on the surface of the parking lot- Repair of cracks and clearances on thestructure and the surface boundaries ofthe parking lot(1) Slightly damaged(2) Repair items
Short-term repairs (Note 1)- Repair of clearances of stair elevationsin the entrance, etc.
- Repair of movement of paving ironplates in front of the multi-story parking
lot- Repair of exfoliated external tiles- Inspection and repair of fire extinguisher
pipes in the piping space on the 2ndfloor- Repair of cracks of miscellaneous
drainage pipes inside the piping spaceon the 1st floor- Coating of seismic isolation equipment
and repair of mortar(1) Slightly damaged(2) Repair items
Short-term repairs (Note 1)- Repair of fallen concrete blocks ofexternal unit bases on the roof
- Repair of cracks on internal staircase
walls- Repair of cracks of floor concrete in
exclusive areas- Repair of cracks on inner corners ofwalls in exclusive areas
2

Operational Status

Not applicableNot applicableNot applicable- All shops re-started
operations by the end ofMarch.
- Some tenants have not
yet paid rents for April.

Property Overview

B18 Loc Town
Sukagawa(Commercial Facility)(Sukagawa City,Fukushima Prefecture)

Building Damage Situation(1) Damaged (however, no damage
involving building structure)(2) Repair items
Short-term repairs (Note 1)- Repair and renovation of interior
decoration boards- Renovation of tile coating and roadbedsof the front doors- Renovation of asphalt pavement androadbeds- Renovation of concrete pavement androadbeds- Repair and renovation of shop ceilings- Renovation of shutters on the south side
- Renovation of tile pavement androadbeds- Renovation of finishing materials forsteel column bases- Renovation of ceiling-mounted
air-conditioning units (fan coils)- Repair of low voltage equipment- Repair of slab concrete
Emergency repairs (Note 2)- Renovation of fire shutters- Renovation of anti-smoke hanging walls- Renovation of ceiling fixtures- Renovation of pilotis ceilings on thesouth side
- Renovation of shop ceilings- Renovation of ceiling light fixtures- Renovation of ceiling-mounted
air-conditioning equipment- Renovation of smoke exhaust vents

Operational Status- Operations havealready re-started
except for some shops.

(Note 1) “Short-term repairs” represent repair items in the damaged sections that were confirmed by on-site
investigations to require repairs within a year.
(Note 2) “Emergency repairs” represent repair items that were confirmed by on-site investigations to require
immediate repairs as they have the potential to cause human casualties, etc.
Furthermore, among the Emergency repairs of B18 Loc Town Sukagawa, the repair items that have thepotential to cause human casualties have already been handled to date and pose no safety issues.
(Note 3) As a result of additional investigations on its own concerning the impact of the Aftershock on the 5Tohoku Properties, INV newly confirmed items that require emergency repairs (renovation of breakage
to machine-welded sections in multi-story parking lots). However, INV expects that these items do nothave the potential to cause any human casualties and their repairs will not have any impact on INV’sbusiness outlook.
(Note 4) INV estimates the repair costs (capital expenditures and maintenance costs) for the 5 Tohoku Properties
due to the Earthquake and the Aftershock to total around 45 million yen.
Furthermore, INV is under discussion with tenants as to the amount to be borne by INV of the estimatedrepair costs.
Moreover, the amounts of capital expenditures and maintenance costs for the accounting purposes arefinalized after the amount to be borne by INV is determined. As such, the impact of these expenses on
INV’s business outlook is yet to be determined.

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2. Situation of other 50 owned properties as of today
Property Name
A26

Nisshin Palacestage Daitabashi

A27

Nisshin Palaistage
Higashi-Nagasaki

A28

Growth Maison Gotanda

A29

Growth Maison Kameido

A30

Emerald House

A31

Harmonie Ochanomizu

A32

Suncrest Shakujii Koen

A33

Growth Maison Shin Yokohama

A34

Belle Face Ueno Okachimachi

A35

Grand Rire Kameido

A36

Growth Maison Ikebukuro

A37

Growth Maison Yoga

A38

Route Tachikawa

A39

Shibuya Honmachi Mansion

A40

City Heights Kinuta

A41

Acseeds Tower Kawaguchi Namiki

A42

Capital Heights Kagurazaka

A43

College Square Machida

A44

Belair Meguro

A45

Wacore Tsunashima Ⅰ

A46

Foros Nakamurabashi

A47

Growth Maison Kaijin

A48

College Square Machiya

A51

City House Tokyo Shinbashi

Location
Suginami Ward,Tokyo
Toshima Ward,Tokyo
Shinagawa Ward,Tokyo
Koto Ward, Tokyo
Itabashi Ward,Tokyo
Bunkyo Ward,Tokyo
Nerima Ward,Tokyo
Yokohama City,
Kanagawa
Prefecture

Type

Condition of damages
to properties

Residence

No damage

Residence

No damage

Residence

No damage

Residence

No damage

Residence

No damage

Residence

No damage

Residence

Slightly damaged(Note 1)

Residence

No damageTaito Ward, Tokyo

Residence

No damage

Koto Ward, Tokyo

Residence

No damageResidence

No damage

Residence

No damage

Residence

No damage

Residence

No damage

Residence

No damageToshima Ward,Tokyo
Setagaya Ward,Tokyo
Tachikawa City,Tokyo
Shibuya Ward,Tokyo
Setagaya Ward,Tokyo
Kawaguchi City,
SaitamaPrefecture
Shinjuku Ward,Tokyo
Machida City,
Tokyo
Meguro Ward,Tokyo
Yokohama City,
Kanagawa
Prefecture
Nerima Ward,Tokyo
Funabashi City,
Chiba Prefecture
Arakawa Ward,Tokyo
Minato Ward,
Tokyo

4

Residence

Slightly damaged(Note 1)

Residence

No damage

Residence

No damage

Residence

No damage

Residence

No damage

Residence

No damage

Residence

No damage

Residence

No damageResidence

No damageProperty Name
A52

Winbell Kagurazaka

A53

Nishiwaseda Cresent Mansion

A54

Lexington Square Akebonobashi

A56

Casa Eremitaggio

A59

Towa City Coop Shin-otsukaⅡ

A61

Bichsel Musashiseki

A62

Lexel Mansion Ueno Matsugaya

A63

Towa City Coop Sengencho

A66

Visconti Kakuozan

A71

Lexington Square Daitabashi

A72

Lexington Square
Honjo-Azumabashi

A73

AMS TOWER Minami 6-Jo

A75

Spacia Ebisu

B8

Kindai Kagaku Sha Building

B9Shinjuku Island

B13

New Edobashi Building

B14

Lexington Plaza Nishigotanda

B15

Cross Square NAKANOC1Stop Parking Kanda-Sudacho

C21

Bon Sejour Chitose Funabashi

Location
Shinjuku Ward,Tokyo
Shinjuku Ward,Tokyo
Shinjuku Ward,Tokyo
Meguro Ward,Tokyo
Toshima Ward,Tokyo
Nerima Ward,Tokyo
Taito Ward, Tokyo
Yokohama City,
Kanagawa
Prefecture
Nagoya City, Aichi
Prefecture
Suginami Ward,
Tokyo
Sumida Ward,Tokyo
Sapporo City,
Hokkaido
Shibuya Ward,Tokyo
Shinjuku Ward,Tokyo
Shinjuku Ward,Tokyo
Chuo Ward, Tokyo
Shinagawa Ward,Tokyo
Nakano Ward,Tokyo
Chiyoda Ward,Tokyo
Setagaya Ward,
Tokyo

Type

Condition of damages
to properties

Residence

No damage

Residence

No damage

Residence

Slightly damaged(Note 1)

Residence

No damage

Residence

No damage

Residence

No damage

Residence

Slightly damaged(Note 1)

Residence

No damage

Residence

No damage

Residence

No damage

Residence

No damage

Residence

No damage

Residence

No damage

OfficeOfficeOffice
OfficeSlightly damaged(Note 1)Slightly damaged(Note 1)Slightly damaged(Note 1)Slightly damaged(Note 1)

OfficeNo damage

Parking lot

Not applicable (Note 2)

SeniorNo damageC22

Bon Sejour Yotsugi

Katsushika Ward,
TokyoSenior

Damaged (Note 3)- Repair of rifts onunderfloor pipes(repair construction
completed)

C23

Bon Sejour Hino

Hino City, TokyoSenior

No damageC24

Bon Sejour Musashi-Shinjo

SeniorNo damageC25

Bon Sejour Komaki

SeniorNo damage

Kawasaki City,
Kanagawa
Prefecture
Komaki City, Aichi
Prefecture5Property NameC26

Bon Sejour Hadano Shibusawa

C27

Bon Sejour Itami

Location
Hadano City,
Kanagawa
Prefecture
Itami City, Hyogo
Prefecture

Type

Condition of damages
to properties

SeniorNo damageSeniorNo damage(Note 1) “Slightly damaged” represents a situation in which there is no urgency but systematic repairs aredesirable in the future on the confirmed damages.
(Note 2) There was no building damage given to “C1 Stop Parking Kanda-Sudacho”, as the property is a flatparking lot and has no building.
(Note 3) “Damaged” represents a situation in which urgency is required and prompt repairs are needed on theconfirmed damages.
(Note 4) INV estimates the repair costs (including capital expenditures and maintenance costs) due to theEarthquake and the Aftershock for the other 50 INV properties under management to total around 5
million yen.
Moreover, since the amounts of capital expenditures and maintenance costs for the accounting
purposes are not yet finalized, the impact of the estimated repair costs on INV’s performance results isyet to be determined.

3. Future forecasts
The impact of the Earthquake and the Aftershock on the forecast of results for the 16th Fiscal
Period ending June 2011 (January 1, 2011 – June 30, 2011) INV announced in the Financial
Summary for the 15th Fiscal Period dated February 24, 2011 are yet to be determined. INV will
disclose them as soon as the impacts have been determined.

Note: This English language notice is a translation of the Japanese language notice released on April 13,
2011 and was prepared solely for the convenience of, and reference by, non-Japanese investors. No
warranties or assurances are given for the accuracy or completeness of this English translation.

6