June 4, 2021
Invincible Investment Corporation

FAQ regarding the following Press Release disclosed on May 31, 2021
Notice concerning Revision of Forecast of Financial Results and Distribution for the 36th Fiscal
Period Ending June 2021

Q: In the earnings forecast, you are expecting little variable rent, which seems that the hotel
market is in a fairly severe condition, but can we regard the current figures as the worst
in this COVID-19 pandemic?
A: As disclosed on page 3 of the earnings forecast press release, in 2021 the occupancy rate
probably bottomed out in February even though it continues to be affected by the declaration ofState of Emergency and quasi-State of Emergency measures, etc. at this point.

We expect that

it will get closer to the 2019 results prior to the COVID-19 pandemic toward the end of the year,
and we do not believe it will deteriorate further.

Q: In the previous fiscal period (ended December 2020), INV kept the financial results in theblack by the sale of residential assets, while in this fiscal period (ending June 2021) thefinancial results are forecasted to be in the red with no disposition of assets .

What isthe background of this difference?
A: As of the fiscal period ended December 2020, vaccinations had not started and it was difficult to
see when the COVID-19 would be brought to a manageable level, therefore, we decided that weshould secure a certain amount of profit in the financial results.
On the other hand, in the fiscal period ending June 2021, while the performances are deteriorating,it is expected that vaccinations will progress going forward in the summer and autumn.
Therefore, we believe it is better that we focus on maximizing profits of our portfolio in order toprepare for the recovery in the post COVID-19 pandemic, without selling properties.

Actually,

we recognize that it is necessary to sell a considerable amount of properties if we try to make up
for the projected net loss of ¥3.7 billion by the gain on sale.

Furthermore, our lenders are notdemanding us to sell the properties for the purpose of preventing our financial result from being
in the red.

Q: What is the current status and outlook for MyStays Hotel Management (MHM), the main
operator. Does MHM needs support from sponsors or INV?
A: As reported in the financial results briefing in February this year, MHM has substantially reduced
its fixed costs, including personnel costs, and has a stronger business structure. The GOP for
the fiscal period ending June 2021 is also expected to be positive, and INV does not plan toprovide any financial support as we did last year.

Also, we understand that Fortress, as asponsor, would continuingly support MHM by various ways as needed.

Q: A large refinancing is coming up in July this year, but are there any concerns?
A: We do not have any concerns about the July refinancing. There was also a large refinancing inMarch, but it was carried out without any problem by the backup centered on the main banks,
while it was difficult for some regional banks to respond to the refinance due to the priority to theirlocal customers. The banks subject to refinancing in July are mainly the main banks and bankswith higher outstanding lending amounts.

On top of that, we will be able to maintain a positive

cash flow, having no problem with any financial covenants, although we have forecasted a net
loss for the fiscal period ending June 2021.

Our lenders understand that our earnings could

improve due to the progress of vaccinations.

Therefore, we do not believe that there are any

concerns about refinancing in July.

Q: Will you wait for the hotel market to recover, watching the increase of vaccination rate?
Or is there a possibility to consider selling properties?
A: We think it depends on the progress of vaccinations. According to the cases in many westerncountries which are ahead in vaccinations, the number of newly infected people has decreased
significantly once the vaccination rate reached a certain level, say, 20-30%.

In the US, asignificant recovery in hotel demand has already been seen, mainly in resort-type hotels. In Japan,
if the vaccination for elderly people and medical workers is completed by the summer, the hotel
market may improve as a result of reduction in the number of newly infected people and seriously
ill people, reducing the burden on the medical system.

We have not made any specific decisionon selling properties at this point of time but will continue to consider all options.

One of theoptions is to not to sell any properties.

End