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Unitholders' Capital & Major Unitholders

Unitholders' Capital

The total unitholders' capital of Invincible Investment Corporation (hereinafter, "INV") as of November 1, 2017, the total number of issuable INV investment units, and the total number of issued and outstanding INV investment units are as follows.
 Unitholders' Capital JPY 168,798 million  
 Issuable investment units 10,000,000 units  
 Issued investment units 4,793,181 units  
Date Particulars Total issued and
outstanding units
Unitholders' Capital (JPY) Notes
Change   Balance   Change   Balance  
 Jan. 18, 2002  Private placement-establishment 400   400   200,000,000   200,000,000   (Note 1)
 Dec. 26, 2003  Private placement-capital increase 2,700   3,100   1,012,500,000   1,212,500,000   (Note 2)
 Jan. 09, 2004  Private placement-capital increase 1,350   4,450   506,250,000   1,718,750,000   (Note 2)
 Jan. 21, 2004  Private placement-capital increase 1,333   5,783   499,875,000   2,218,625,000   (Note 2)
 Jan. 27, 2004  Private placement-capital increase 267   6,050   100,125,000   2,318,750,000   (Note 2)
 Jan. 28, 2004  Private placement-capital increase 800   6,850   300,000,000   2,618,750,000   (Note 2)
 Jan. 31, 2004  Private placement-capital increase 266   7,116   99,750,000   2,718,500,000   (Note 2)
 Feb. 05, 2004  Private placement-capital increase 800   7,916   300,000,000   3,018,500,000   (Note 2)
 Feb. 07, 2004  Private placement-capital increase 1,333   9,249   499,875,000   3,518,375,000   (Note 2)
 May 17, 2004  Public offer-capital increase 9,000   18,249   3,377,250,000   6,895,625,000   (Note 3)
 Feb. 07, 2005  Public offer-capital increase 10,650   28,899   3,937,667,100   10,833,292,100   (Note 4)
 Jul. 31, 2006  Public offer-capital increase 25,000   53,899   8,301,125,000   19,134,417,100   (Note 5)
 Feb. 01, 2010  Investment unit split 215,596   269,495   -   19,134,417,100   (Note 6)
 Feb. 01, 2010  Merger 367,200   636,695   -   19,134,417,100   (Note 7)
 Jul.  29, 2011  Third-party allotment 711,597   1,348,292   6,999,979,689   26,134,396,789   (Note 8)
 Dec. 20, 2013  Third-party allotment 224,887   1,573,179   2,999,992,580   29,134,389,369   (Note 9)
 Jul. 16, 2014  Public offer-capital increase 1,040,000   2,613,179   22,747,920,000   51,882,309,369   (Note 10)
 Aug. 13, 2014  Third-party allotment 55,507   2,668,686   1,214,104,611   53,096,413,980   (Note 11)
 Jul. 15, 2015  Public offer-capital increase 500,000   3,168,686   27,970,500,000   81,066,913,980   (Note 12)
 Aug. 12, 2015  Third-party allotment 25,000   3,193,686   1,398,525,000   82,465,438,980   (Note 13)
 Mar. 30, 2016  Public offer-capital increase 459,512   3,653,198   36,123,157,344   118,588,596,324   (Note 14)
 Apr. 27, 2016  Third-party allotment 22,626   3,675,824   1,778,675,112   120,367,271,436   (Note 15)
Feb. 22, 2017  Reversal of allowance for
 temporary differences adjustment
-     3,675,824   224,225,264   120,591,496,700   (Note 16)
 Mar. 13, 2017  Public offer-capital increase 185,000   3,860,824   8,393,450,000   128,984,946,700   (Note 17)
  Oct. 12, 2017  Public offer-capital increase 887,959   4,748,783   37,917,625,218   166,902,571,918   (Note 18)
  Nov. 1, 2017  Third-party allotment 44,398   4,793,181   1,895,883,396   168,798,455,314   (Note 19)
(Note 1) TGR Investment Inc. (now "Invincible Investment Corporation", hereinafter, "INV") was established at an issue price of JPY 500,000 per unit.  
(Note 2) Additional private placement investment units were issued at an issue price of JPY 375,000 per investment unit to procure the funds to acquire new properties. 
(Note 3) New investment units were issued by public offer at an issue price of JPY 395,000 per investment unit (underwriting price of JPY 375,250) to procure the funds to acquire new properties. 
(Note 4) New investment units were issued by public offer at an issue price of JPY 385,140 per investment unit (underwriting price of JPY 369,734) to procure the funds to acquire new properties. 
(Note 5) New investment units were issued by public offer at an issue price of JPY 348,740 per investment unit (underwriting price of JPY 332,045) to procure the funds to acquire new properties.
(Note 6) INV split one investment unit into five units. 
(Note 7) INV and LCP Investment Corporation (hereinafter, "LCP") conducted an absorption-type merger as specified in Article 147 of the Law Concerning Investment Trusts and Investment Corporations, with INV as the surviving corporation and LCP as the corporation being dissolved.                                    
In conjunction with the absorption-type merger, four Investment units of INV after the abovementioned split were allocated and issued for each investment unit of LCP. Furthermore, the number of issued investment units of LCP when it was absorbed was 91,800.
(Note 8) New investment units were issued by way of third-party allotment at an issue price of JPY 9,837 per investment unit to repay existing borrowings etc.
(Note 9) New investment units were issued by way of third-party allotment at an issue price of JPY 13,340 per investment unit to repay existing borrowings etc.
(Note 10) New investment units were issued by public offer at an issue price of JPY 22,688 per investment unit (underwriting price of JPY 21,873) to procure the funds to acquire new properties etc. 
(Note 11) New investment units were issued by way of third-party allotment at an issue price of JPY 21,873 per investment unit to retain as cash reserve to fund for the future repayment of borrowings.
(Note 12) New investment units were issued by public offer at an issue price of JPY 57,817 per investment unit (underwriting price of JPY 55,941) to fund a portion of the acquisition price of new properties . 
(Note 13) New investment units were issued by way of third-party allotment at an issue price of JPY 55,941 per investment unit to retain as cash on hand and deposit in monetary facilities to fund future acquisitions.
(Note 14) New investment units were issued by public offer at an issue price of JPY 81,217 per investment unit (underwriting price of JPY 78,612) to fund a portion of the acquisition price of new properties . 
(Note 15) New investment units were issued by way of third-party allotment at an issue price of JPY 78,612 per investment unit to retain as cash on hand and deposit in monetary facilities to fund future acquisitions.
(Note 16) INV has decided on Board of Directors' Meeting held on February 22, 2017, the reversal of allowance for temporary difference adjustments for incorporation into unitholders' capital.
(Note 17) New investment units were issued by public offer at an issue price of JPY 46,897 per investment unit (underwriting price of JPY 45,370) to fund a portion of the acquisition price of new properties . 
(Note 18) New investment units were issued by public offer at an issue price of JPY44,118 per investment unit (underwriting price of JPY42,702) to fund a portion of the acquisition price of new properties . 
(Note 19) New investment units were issued by way of third-party allotment at an issue price of JPY 42,702 per investment unit to retain as cash on hand and deposit in monetary facilities to fund future acquisitions.

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Major Unitholders

As of the end of June 30, 2017, the major unitholders of INV are as follows.
(Total investment units:  3,860,824 units)
Name Number of units held (units)   Holding Ratio (%)  
  Calliope Godo Kaisha 609,942   15.79  
  The Master Trust Bank of Japan, Ltd. (trust account) 393,161   10.18  
  Japan Trustee Services Bank, Ltd.  (trust account) 381,808   9.88  
  Trust & Custody Services Bank, Ltd. (securities investment trust account)  347,515   9.00  
  Rayo Godo Kaisha 149,925   3.88  
  The Nomura Trust and Banking Co., Ltd. (investment trust account)  131,026   3.39  
  THE BANK OF NEW YORK 133970 76,487   1.98  
  THE BANK OF NEW YORK MELLON SA/NV 10 62,156   1.60  
  STATE STREET BANK AND TRUST COMPANY 505012 50,939   1.31  
  JP MORGAN CHASE BANK 385628 47,626   1.23  
Total 2,250,585   58.29  
(Note) Percentages (ratio of outstanding units against total issued) are rounded down to the second decimal place.
Composition of unitholders (As of the end of June 2017)
  Breakdown of the number of units held by unitholders
(Total units: 3,860,824 units) 
  Breakdown of the number of unitholders
(Total unitholders: 17,493)
 
  Individuals  8.56%   96.63%  
  Financial Institutions (including securities companies) 37.30%   0.42%  
  Other domestic companies 21.20%   1.37%  
  Foreign companies etc. 32.92%   1.56%  
Total 100.00%   100.00%  
(Note) Percentages (breakdown) are rounded down to second decimal place.