Invincible Investment : Financial Summary for the June 2017 Fiscal Period (from January 1, 2017 to June 30, 2017)

Invincible

Investment Corporation

Financial Summary for the June 2017 Fiscal Period (from January 1, 2017 to June 30, 2017) August 22, 2017

Name : Invincible Investment Corporation Representative : Naoki Fukuda, Executive Director Stock Listing : Tokyo Stock Exchange

Securities Code : 8963

URL : http://www.invincible‐inv.co.jp/eng/

Contact : Consonant Investment Management Co., Ltd.

(Asset Manager of Invincible Investment Corporation) Jun Komo, General Manager of Planning Department Tel. +81‐3‐5411‐2731

Start date for

dividend distribution : September 26, 2017

This English language notice is a translation of the Japanese‐language notice released on August 22, 2017 and was prepared solely for the convenience of, and reference by, non‐Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese‐language notice is provided for informational purposes only, and no warranties or assurances are given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese‐language notice. In the event of any discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

(values are rounded down to the nearest JPY million)

1. Financial Results for the Fiscal Period ended June 30, 2017 (from January 1, 2017 to June 30, 2017)

2. Operating Results

   (Percentages indicate percentage change from the preceding period)

   Operating Revenues	Operating Income	Ordinary Income	Net Income
   Fiscal period ended June 30, 2017	JPY million %	JPY million %	JPY million %	JPY million %
   	9,260 (2.6)	5,344 (9.9)	4,702 (13.4)	4,702 (13.4)
   Fiscal period ended	9,511 16.6	5,934 17.0	5,431 24.5	5,431 24.5
   December 31, 2016

   Net Income per Unit	Net Income / Unitholders' Equity	Ordinary Income / Total Assets	Ordinary Income / Operating Revenues
   Fiscal period ended June 30, 2017	JPY	%	%	%
   	1,241	3.5	1.6	50.8
   Fiscal period ended December 31, 2016	1,477	4.2	1.9	57.1

   (Note) "Net Income per Unit" is calculated based on the average number of investment units during the period and is rounded to the nearest yen. Net income per unit calculated based on the number of investment units issued and outstanding at the end of the each fiscal period ended June 30, 2017 (3,860,824 units) and rounded down to the nearest yen is JPY 1,217.

3. Distributions

   Distribution (Excluding excess profit distribution)		Excess Profit Distribution		Distribution (Including excess profit distribution)		Dividend Payout Ratio	Distribution / Net Assets
   Per Unit	Total	Per Unit	Total	Per Unit	Total
   Fiscal period ended	JPY	JPY million	JPY	JPY million 81 0	JPY	JPY million	%	%
   June 30, 2017	1,243	4,799	21		1,264	4,880	102.1	3.5
   Fiscal period ended December 31, 2016	1,477	5,429	0		1,477	5,429	100.0	4.2

   (Note 1) Distribution (excluding excess profit) differs from net income for the fiscal period ended June 2017, since INV distributes almost all of the profit as defined in Article 136, Paragraph 1 of the Investment Trust and Investment Corporation Act, which includes deferred gain on hedge of the interest rate swap.

   (Note 2) The distribution in excess of profit for the fiscal period ended June 30, 2017 is JPY 81 million, of which JPY 46 million (JPY 12 per unit) is the allowance for temporary differences adjustment arising from different rules and practices in tax and accounting and JPY 34 million (JPY 9 per unit) is the refund of investment for the purpose of stabilizing distributions.

   (Note 3) The "Dividend Payout Ratio" is calculated in accordance with the following formula: Dividend Payout Ratio = Distribution Amount (Excluding excess profit distribution) ÷ Net Income × 100 "Dividend Payout Ratio" is rounded to the nearest one decimal place.

   (Note 4) "Distribution/ Net Assets" is calculated based on the figures excluding excess profit distribution.

4. Financial Position

   Total Assets	Net Assets	Net Assets / Total	Net Assets per Unit
   Fiscal period ended June 30, 2017 Fiscal period ended December 31, 2016	JPY million	JPY million	%	JPY
   	306,421	139,062	45.4	36,019
   	277,361	131,455	47.4	35,762

   (Note) "Net Assets per Unit" is calculated based on the number of investment units issued and outstanding at the end of each period, and is rounded to the nearest yen.

5. Cash Flows

Cash Flows from Operating Activities	Cash Flows from Investment Activities	Cash Flows from Financing Activities	Closing Balance of Cash and Cash Equivalents
Fiscal period ended June 30, 2017	JPY million	JPY million	JPY million	JPY million
	6,830	(35,704)	24,257	9,598
Fiscal period ended December 31, 2016	9,818	(8,457)	(3,910)	14,214

6. Forecast for the Fiscal Period ending December 31, 2017 (from July 1, 2017 to December 31, 2017)

Operating Revenues	Operating Income	Ordinary Income	Net Income	Distribution per Unit (excluding excess profit distribution)	Excess Profit Distribution per Unit	Distribution per Unit (including excess profit distribution)
Fiscal Period ending	JPY million %	JPY million %	JPY million %	JPY million %	JPY	JPY	JPY
December
31, 2017	10,781 (16.4)	6,512 (21.8)	5,885 (25.1)	5,884 (25.1)	1,524	21	1,545

(Percentages indicate percentage change from the preceding period)

(Reference) Estimated net income per unit for the fiscal period ending December 31, 2017 is JPY 1,524.

* Others

1. Changes in Accounting Policies, Accounting Estimates or Restatements

2. Changes in Accounting Policies due to Revisions to

   Accounting Standards and Other Regulations None

3. Changes in Accounting Policies due to Other Reasons None

4. Changes in Accounting Estimates None

5. Restatements None

6. Number of Investment Units Issued and Outstanding

7. Number of Units Issued and Outstanding as of the

   End of the Fiscal Period (Including Treasury Units) June 30, 2017 3,860,824 December 31, 2016 3,675,824

8. Number of Treasury Units as of the End of the Fiscal Period June 30, 2017 0 December 31, 2016 0

(Note) Please refer to "Notes Related to Per Unit Information" regarding the number of investment units which is the basis for the calculation of net income per unit.

ͤThe Implementation Status of Statutory Audit

At the time of this financial report, the audit procedures for the financial statements pursuant to the Financial Instruments and Exchange Act are yet to be completed.

ͤExplanation on the Appropriate Use of the Forecast of Results and Other Matters of Special Consideration(Explanation on the Appropriate Use of the Forecast of Results)

The forward‐looking statements in this financial report are based on the information currently available to us and

certain assumptions which we believe are reasonable. Actual operating performance may differ significantly due to factors we cannot predict as of this date, including gains or losses from the disposition of properties, repayment of borrowings, decreases in rents and changes in operating conditions. Further, there is no guarantee of the payment of the forecast distribution amount.

Please refer to "Assumptions Underlying the Forecast of Financial Results and Distribution for the Fiscal Period ending December 31, 2017 (from July 1, 2017 to December 31, 2017)," on page 18 for assumptions used in the forecasts and precautions regarding the use of such forecasts.

Unless otherwise specified herein, amounts less than JPY 1 are rounded down, and ratios are rounded to the nearest one decimal place.