[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
December 8, 2021
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Naoki Fukuda, Executive Director(Securities code: 8963)
Asset manager:
Consonant Investment Management Co., Ltd.
Naoki Fukuda, President & CEO
Contact: Jun Komo
General Manager of Planning Department(Tel. +81-3-5411-2731)

Notice concerning Conclusion of Memorandum of Understanding to Amend the Fixed-term
Building Lease and Property Management Agreement pertaining to the rent conditions forthe period from October to December, 2021 with Major Tenant
Invincible Investment Corporation (“INV”) announced the decision to enter into a Memorandum ofUnderstanding (the “MOU”) to amend each fixed-term building lease and property management agreement("MLPM Agreements") pertaining to the rent conditions for the period from October 1, 2021 to December 31,
2021 for domestic hotels owned by INV with INV's main tenant, MyStays Hotel Management Co., Ltd. (“MHM”)
and its affiliates (the "MHM Group"), who operate the hotels, as decided today by Consonant Investment
Management Co., Ltd. (“CIM”), the asset manager of INV.
The MHM Group has received investments through funds managed by affiliates of the Sponsor, Fortress
Investment Group LLC (“FIG”). Therefore, CIM has treated the MHM Group as equivalent to Sponsor-related
Persons. As such, CIM and INV have sincerely deliberated, discussed, and resolved to enter into the MOU in
accordance with the internal rules of CIM to handle the related party transactions.
1. Outline of the MOU
Since the spread of the new coronavirus (COVID-19) began to have a tremendous impact on the hotel
sector, INV entered into a MOU with the MHM Group to amend each MLPM Agreement five times in total
starting from May 11, 2020 (collectively referred to as the “Executed MOU”). For details of the previously
Executed MOU, please refer to each press release described in "7. Reference Press Release List" below.
These Executed MOU were agreed as a tentative measure with respect to the 73 domestic hotels leased
through the trustees to the MHM Group (the “Subject Properties”) for the period from March 1, 2020 to
September 30, 2021. Thus, unless otherwise agreed, from October 2021 onward, the terms and conditions
under the MLPM Agreements prior to the amendment by each MOU (hereinafter referred to as theThis English language notice is a translation of the Japanese-language notice released on December 8, 2021 and was prepared solely for theconvenience of, and reference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers toundertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language notice isprovided 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 theJapanese original, the latter shall prevail in all respects.

1

"Original Leasing Terms and Conditions") will be applied. On the other hand, the impact of the spread of
COVID-19 on the hotel sector remains enormous. As of today, while the number of new COVID-19 cases
in Japan has decreased significantly, and there are emerging signs of improvement in domestic hotel
demand, it remains impossible for the MHM Group to pay the full amount of the fixed rent under theOriginal Leasing Terms and Conditions. In order to continue the operation of the Subject Properties by
the MHM Group, a certain amount of rent reduction is unavoidable during the period from October 2021
onward as well.
Under such circumstances, INV has concluded that INV must accept to amend a part of the MLPM
Agreement as an additional tentative measure in order to continue the operation of the Subject Properties,
upon giving due consideration to INV’s interests to the fullest extent as well as its financial conditions.
Consequently, as a result of discussions and negotiations with the MHM Group, INV and CIM determined
to enter into the MOU with the MHM Group and change the Original Leasing Terms and Conditions as
described below as a tentative measure for the period from October 1, 2021 to December 31, 2021 (the"Fourth Quarter of 2021") with respect to the Subject Properties. The period to be covered by the
temporary reduction measures will be three months, the same as the MOU to amend MLPM Contractconcluded on September 10, 2021 (hereinafter referred to as the “September 2021 MOU”). In calculating
the variable rent, in summary, if the total GOP of all Subject Properties (73 properties) is positive after
deducting the management services fees and the total fixed rent on a three-month basis, INV will receive
the positive amount as variable rent.

This English language notice is a translation of the Japanese-language notice released on December 8, 2021 and was prepared solely for theconvenience of, and reference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers toundertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language notice isprovided 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 theJapanese original, the latter shall prevail in all respects.

2

(For Reference)

Items subject toOriginal Leasing Terms

Tentative Measures

Changeand Conditions(Fourth Quarter of 2021)

Fixed rent (Total

Approx. JPY 2,700 million

Tentative Measures(Third quarter of 2021)

JPY 950 million (Approx. 35% of theJPYrent for 3 months

amount under the Original Leasing(Approx. 26% of the

1,000

millionfor 73 properties)

Terms and Conditions)amountunder

theOriginal Leasing Terms
and Conditions)
Variable rent

Calculated on a 3-monthCalculated by summing up the rent ofSame as in the column

basis for each hotel.

all 73 properties for three months as

to the left.

described below.
The amount obtained bydeducting

(i)

the

total

The amount obtained by deducting

amountofexpenses,(i) the above total fixed rent (the total

management

services

fees, and fixed rents of the

rent

for

three

monthsfor73

properties) from (ii) the aggregate of

hotel property from (ii) thethe amount for three months for 73

total monthly sales of theproperties, which amount is obtained

hotel

property

calculation

(if

the

resultsarenegative, the amount shallbe JPY 0).

bydeductingthemanagement

services fees for the hotel for each
month

from

the

monthly

GOP(operating gross profit) for each hotel
for the same month (if the calculation
results are negative, the amountshall be JPY 0).

Payment

Paid on a hotel-by- hotel

Paid on a total basis of 73 hotel

Same as in themethod of rent

basis.

properties.

column to the left.

Payment date

The due date is the 11th of

On February 10, 2022, the sum of theOnthe month which is two

total fixed rent and the total variable

2021, the sum of themonths from the month inrent must be paid.

total fixed rent and theNovember

11,

which the last day of thetotal variable rent shallcalculation period falls (forbe paid.

the

fixed

month,

rent,

and

every

for

the

variable rent, every threemonths).

The total fixed rent (for 73 properties for three months in aggregate) of JPY 950 million after the amendment
above is determined in view of the level that MHM Group is highly likely to be capable to pay despite thecurrent severe operating conditions.

If the GOP for the Subject Properties (after deducting theThis English language notice is a translation of the Japanese-language notice released on December 8, 2021 and was prepared solely for theconvenience of, and reference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers toundertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language notice isprovided 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 theJapanese original, the latter shall prevail in all respects.

3management services fees) for the Fourth Quarter of 2021 performs well, and thereby the actual result
exceeds the total amount of the fixed rent (for 73 properties for three months in aggregate), INV will receive
the amount of such excess amount as variable rent. Moreover, the MHM Group receives employment
adjustment subsidies, and the amount of such employment adjustment subsidies will be included in theamount of sales, which is the basis for calculating variable rents. Please refer to "5. Treatment of
Employment Adjustment Subsidies" below for details on the treatment of the subsidies.

Contrary to the MOU to amend the MLPM Contract concluded on May, 2020, INV will not bear the property
management costs nor increase the amount of the management fees payable to the MHM Group under
the provisional measure by the MOU.
For the list of the Subject Properties, please refer to the Appendix. For an overview of the current leaseagreements, including the terms and conditions of rent for each Subject Property, please refer to "Part I
Fund Information / 1 Status of Fund / 5 Management Status / (2) Investment Assets" of the Securities
Report for the 36th fiscal period (from January 1, 2021 to June 30, 2021) filed by INV on September 24,
2021 (available in Japanese only).
The outlook for the future status of the spread of COVID-19 infections and its impact on the demand forhotels is still inevitably uncertain. Therefore, INV plans to make this change a provisional measure for theperiod up to the end of December 2021, and, if necessary, to discuss the details of the changes in theleasing terms and conditions after such period based on the future situation.
2. Background and Reasons for Conclusion of the MOU and its Impact on INV(1) Background and Reasons
The Japanese economy has deteriorated rapidly since late February 2020 due to the effects of COVID19. On April 7, 2020, the Japanese government declared a state of emergency. In addition, the numberof foreign tourists visiting Japan declined by 99.9% (year-over-year) for each month from April to Julybecause of global travel restrictions. Also, the demand for inbound travel has not recovered due to theJapanese government’s strengthened quarantine measures and restrictions on travel by other countries. The
2020 Tokyo Olympics and Paralympics were held, mostly without spectators. As a result, the recovery indomestic demand for travel has been stagnant which has had a serious impact on Japan’s overall economy,
especially on the hotel sector.
The measures under the Executed MOU were tentative ones only applicable for the period from March 1,
2020 to the end of September 2021, and as a result, the MHM Group was able to continue to operate the
Subject Properties to date, and avoid a short-term loss for INV due to a potential bankruptcy of the MHM
Group (i.e., complete loss of rent income, cost burden associated with rebranding, etc.) and a medium- tolong-term loss due to change of the operators (i.e., deterioration of the rent level from the Original Leasing
Terms and Conditions, increase in the management services fees, etc.), which INV and CIM were mostconcerned about.
As of today, the number of newly infected people with COVID-19 in Japan has decreased significantly
This English language notice is a translation of the Japanese-language notice released on December 8, 2021 and was prepared solely for theconvenience of, and reference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers toundertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language notice isprovided 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 theJapanese original, the latter shall prevail in all respects.

4compared to July-September this year, when preventative measures such as state of emergency and quasistate of emergency declarations were widely applied, which are helping to show signs of improvement indomestic hotel demand.

However, the absence of inbound demand which accounted for about 30% of the

MHM Group's hotel demand before the COVID-19 pandemic, is still a major factor that is both limiting anddelaying the recovery of INV’s hotels, including those managed by the MHM Group. In addition, following
the recent reports of infections with a new COVID-19 variant (Omicron variant) around the world, theJapanese government has effectively halted non-resident foreigners from entering Japan for the time
being, which will extenuate the adverse impact on hotel demand.
INV and CIM have closely monitored the performance of the hotel GOP for the Subject Properties andcontinue to request the MHM Group to maximize its cost-cutting efforts, while closely reviewing its financial
condition. However, if INV and CIM claim payment of the rent to the MHM Group in the same rent structure
for October 2021 and thereafter as stated in the Original Leasing Terms and Conditions, the MHM Groupwill inevitably default on its obligations, which INV has determined in turn would most likely impair its
medium- to long-term profits.

On the other hand, INV and CIM have continued to consider all options,

including the replacement of the tenant, but in light of the current market environment, it remains extremely
difficult to find a successor tenant that can operate all of the Subject Properties under the conditions
equivalent to the Original Leasing Terms and Conditions.
Under such circumstances, INV has entered into the MOU after deciding to continue certain tentative
measures as above for the Fourth Quarter of 2021 to the extent that there is no significant adverse effecton INV’s cash flow, upon giving due consideration to the fullest scope of INV’s interests.
(2) MOU’s impact on INVGiven the amendment under the MOU, the timing of the next rent payment by the MHM Group will be
postponed to February 10, 2022. The amount of INV’s cash reserves as of the end of October 2021 wasapproximately JPY 8.7 billion, and the amount of INV’s cash reserves are expected to be approximately
JPY 9.2 billion as of the end of January 2022 after considering the reduction of rent from October toDecember 2021 under the MOU. The estimated amount of (i) payment of operation costs (approximately
JPY 0.3 billion) and (ii) interest payments for the time being (the total amount of interest for INV’s interestbearing debt due during the period from November 2021 to January 2022 is approximately JPY 0.3 billion).
Therefore, there is no concern about INV’s operation and cash position.
Moreover, the above estimation does not include the asset sale described below. As announced today
in the "Notice concerning Sale of Domestic Trust Beneficiary Interests" INV plans to transfer 13 residential
properties on December 22, 2021 and January 12, 2022. INV is expected to receive a total of JPY 10.6
billion as sale proceeds. The sale proceeds will be reserved as cash on hand, and INV plans to repay apart of existing borrowings to maintain an appropriate LTV ratio. INV also plans to appropriate a portionof the proceeds as a source of cash distribution.

This English language notice is a translation of the Japanese-language notice released on December 8, 2021 and was prepared solely for theconvenience of, and reference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers toundertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language notice isprovided 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 theJapanese original, the latter shall prevail in all respects.

53. Outline of MHM
(i)
(ii)

Name

(iii)

Title and name of
President and CEO, Ryoichi Shirota
representative officer
Business
Hotel and Ryokan (Japanese inn) operation and management
CapitalJPY 100 million (as of end of November 2021)
Date of establishment
July 8, 1999
Relationship between INV/Asset Manager and the Tenant/Operator

Location

(iv)
(v)
(vi)
(vii)

(Note 1)MyStays Hotel Management Co., Ltd.
Roppongi Hills North Tower 14th Floor, 6-2-31, Roppongi, Minato-ku,
Tokyo, Japan

Capital relationships

While there are no capital relationships that should be noted between
INV/CIM and MHM, the parent company of MHM is owned by a fundoperated by affiliates of FIG. FIG is a subsidiary of SoftBank Group
Corp., which directly and indirectly holds 100% of CIM’s outstanding
shares.

Personnel relationships

As of today, among the directors of INV and the officers andemployees of CIM, Naoki Fukuda, who is Executive Director of INV
and CEO of CIM, Naoto Ichiki, who is Chairman and Director of CIM,
and Christopher Reed, who is a part-time director of CIM, areseconded from Fortress Investment Group Japan Godo Kaisha, asubsidiary of FIG.

Transactional relationships

As of today, INV has entered into lease agreements (Note 1) with MHM
with respect to 73 hotel properties.

Whether the
Tenant/Operator is arelated party

MHM is not a related party of INV/CIM. Further, related persons andaffiliates of MHM are not related parties of INV/CIM. Furthermore,
MHM is not an interested party, etc. of CIM as provided in the Act on
Investment Trusts and Investment Corporations.

Agreements with MHM subsidiaries and management contracts between MHM and tenants are included.

4. Transactions with Interested Persons etc.
The MHM Group, tenants and operators of the Subject Properties, are not Sponsor-related Persons (Note)under the voluntary rules established by CIM as countermeasures against conflicts of interests in the
management of INV’s investments. However, MHM or its Affiliates have received investments throughfunds managed by affiliates of the Sponsor, FIG. Therefore, CIM has treated MHM or its Affiliates as
equivalent to Sponsor-related Persons.
In accordance with Sponsor-Related Person Transaction Rules and Sponsor-Related Person Transaction
Management Manual, which are internal rules of CIM, and following the deliberation and resolution of thecompliance committee meeting and the investment committee meeting both held on December 8, 2021,
the boards of directors of CIM and INV held on the same date each approved conclusion of the MOU.
(Note) A Sponsor-related Person is (i) any person who falls under the “Interested Persons, etc.” set forth in the Investment Trust
Act and the Orders for Enforcement of the Act on Investment Trust and Investment Corporations, (ii) all shareholders of CIM
and (iii) special purpose companies (tokubetsu mokuteki kaisha) (a) which delegate their management to persons who fallunder (ii) above, or (b) which are invested by or invested through anonymous partnership (tokumei kumiai) by persons who
fall under (ii) above. Hereinafter the same.
This English language notice is a translation of the Japanese-language notice released on December 8, 2021 and was prepared solely for theconvenience of, and reference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers toundertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language notice isprovided 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 theJapanese original, the latter shall prevail in all respects.

65. Treatment of Employment Adjustment Subsidies
As demand for hotels has fallen sharply due to the outbreak of COVID-19, the MHM Group is receiving
employment adjustment subsidies to maintain the employment of its employee.

The employment

adjustment subsidies are recognized as part of the monthly sales of each MHM Group managed hotel.
Based on such amount of sales, the monthly GOP and the variable rent to be paid to INV will be calculated
based on the MLPM agreement.
While the MHM Group started using the employment adjustment subsidies for the first time last year, thenumber of Subject Properties managed by the MHM Group is numerous, and it takes time foradministrative procedures to confirm the application details and payment amount. It takes about six
months to finalize the amount of employee adjustment subsidies. On the other hand, the Executed MOU
stipulates that the rent payment date is about 40 days after the last day of the variable rent calculation
period. Therefore, the amount of variable rent actually paid on the due date is not calculated based on
the sales including the final fixed employment adjustment subsidy, but inevitably based on provisionalsales including an estimated amount of employment adjustment subsidies that were reasonably andconservatively estimated by the MHM Group as at the time of calculation of the variable rent.
In response to this situation, INV and the MHM Group have continued discussions with legal advisors andaccounting / tax counsel regarding the handling of cases where the employment adjustment subsidies
officially confirmed after payment of variable rent differed from the estimated amount.
As a result, INV and the MHM Group have agreed that when the employment adjustment subsidies are
finalized, and if (a) the variable rent amount recalculated pursuant to MLPM Agreement based on the
finalized employment adjustment subsidies exceed (b) the variable rent amount already paid on the rent
payment date, MHM Group pay the excess amount to INV.
Since the total amount of employment adjustment subsidies actually received at each of the 73 hotels
that INV owns managed by MHM Group from April 2020 to December 2020 exceeded the estimatedamount, the variable rent was recalculated based on the above agreement. As a result, the MHM Groupwill pay JPY 234 million as an additional variable rent to INV. The additional variable rent will be paid
during the fiscal period ending December 2021.
Regarding the employment adjustment subsidies received at each MHM Group managed hotel in eachmonth after January 2021, INV and MHM Group plan to respond in the same manner as soon as thepayment amount is officially fixed and discussions are completed.
6. Future Outlook
For information on the revision of INV’s forecasts including this Executed MOU and other factor for
financial results for the fiscal period ending December 2021 (from July 1, 2021 to December 31, 2021),
please refer to “Notice concerning Revision of Forecast of Financial Results and Distribution for the 37th
Fiscal Period Ending December 2021” announced today.

This English language notice is a translation of the Japanese-language notice released on December 8, 2021 and was prepared solely for theconvenience of, and reference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers toundertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language notice isprovided 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 theJapanese original, the latter shall prevail in all respects.

77. Reference Press Release List
May 11, 2020
Notice concerning Conclusion of Memorandum of Understanding to Amend the Fixed-term Building
Lease and Property Management Agreement with Major Tenant
September 11, 2020
Notice concerning Conclusion of Memorandum of Understanding to Amend the Fixed-term Building
Lease and Property Management Agreement pertaining to the rent conditions for the period from July to
September, 2020 with Major Tenant
December 11, 2020
Notice concerning Conclusion of Memorandum of Understanding to Amend the Fixed-term
Building Lease and Property Management Agreement pertaining to the rent conditions forthe period from October to December, 2020 with Major Tenant
March 11, 2021
Notice concerning Conclusion of Memorandum of Understanding to Amend the Fixed-term
Building Lease and Property Management Agreement pertaining to the rent conditions forthe period from January to June, 2021 with Major Tenant
September 10, 2021
Notice concerning Conclusion of Memorandum of Understanding to Amend the Fixed-term
Building Lease and Property Management Agreement pertaining to the rent conditions forthe period from July to September, 2021 with Major Tenant

Website of INV: https://www.invincible-inv.co.jp/en/

This English language notice is a translation of the Japanese-language notice released on December 8, 2021 and was prepared solely for theconvenience of, and reference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers toundertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language notice isprovided 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 theJapanese original, the latter shall prevail in all respects.

8

(Appendix)
List of Subject Properties
Property No.

Property Name

D1

Hotel MyStays Kanda

D2

Hotel MyStays Asakusa

D3

Hotel MyStays Kyoto-Shijo

D4

MyStays Shin- Urayasu Conference Center

D5

Hotel MyStays Maihama

D6

Hotel MyStays Premier Dojima

D7

Hotel MyStays Nagoya-Sakae

D8

Hotel MyStays Sakaisuji-Honmachi

D9

Hotel MyStays Yokohama

D10

Hotel MyStays Nippori

D11

Hotel MyStays Fukuoka-Tenjin-Minami

D12

Flexstay Inn Iidabashi

D13

Hotel MyStays Ueno Inaricho

D14

Flexstay Inn Shinagawa

D15

Flexstay Inn Tokiwadai

D16

Flexstay Inn Sugamo

D17

Hotel MyStays Otemae

D18

Flexstay Inn Kiyosumi Shirakawa

D19

Flexstay Inn Nakanobu P1

D20

Flexstay Inn Nakanobu P2

D22

Hotel MyStays Hakodate-Goryokaku

D23

Flexstay Inn Shirogane

D24

Hotel MyStays Haneda

D25

Hotel MyStays Kameido P1

D26

Hotel MyStays Ueno Iriyaguchi

D27

Hotel MyStays Kameido P2

D28

Hotel MyStays Shimizu

D30

Flexstay Inn Higashi-Jujo

This English language notice is a translation of the Japanese-language notice released on December 8, 2021 and was prepared solely for theconvenience of, and reference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers toundertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language notice isprovided 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 theJapanese original, the latter shall prevail in all respects.

9

D31

Hotel MyStays Utsunomiya

D32

Flexstay Inn Kawasaki-Kaizuka

D34

Flexstay Inn Kawasaki-Ogawacho

D35

Flexstay Inn Ekoda

D38

Hotel MyStays Shinsaibashi

D43

Hotel MyStays Gotanda Station

D44

Hotel Epinard Nasu

D45

Hotel MyStays Fukuoka Tenjin

D46

Hotel MyStays Hamamatsucho

D47

Hotel MyStays Premier Kanazawa

D49

Hotel MyStays Premier Hamamatsucho

D50

Hotel MyStays Shin Osaka Conference Center

D51

Hotel MyStays Premier Omori

D52

Beppu Kamenoi Hotel

D53

Hotel MyStays Sapporo Station

D54

Hotel MyStays Yokohama-Kannai

D55

Art Hotel Joetsu

D56

Art Hotel Hirosaki

D57

Hotel MyStays Oita

D58

Hotel MyStays Gotanda

D59

Hotel MyStays Tachikawa

D60

Hotel MyStays Premier Akasaka

D61

Hotel MyStays Premier Sapporo Park

D62

Hotel MyStays Ueno East

D63

Hotel MyStays Midosuji Honmachi

D64

Hotel MyStays Sapporo Aspen

D65

Art Hotel Ishigakijima

D66

Hotel MyStays Fuji Onsen Resort

D67

Sonia Otaru

D68

Hotel MyStays Kanazawa Castle

D69

Art Hotel Niigata Station

This English language notice is a translation of the Japanese-language notice released on December 8, 2021 and was prepared solely for theconvenience of, and reference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers toundertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language notice isprovided 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 theJapanese original, the latter shall prevail in all respects.

10

D70

Hotel MyStays Nagoya Nishiki

D71

Nord Otaru

D72

Hotel MyStays Kagoshima Tenmonkan

D73

Art Hotel Asahikawa

D74

Hotel MyStays Matsuyama

D75

Hotel MyStays Sapporo Susukino

D76

Hotel MyStays Sapporo Nakajima Park

D77

Hotel MyStays Sapporo Nakajima Park Annex

D78

Flexstay Inn Sakuragicho

D79

MyCUBE by MYSTAYS Asakusa Kuramae

D80

Hotel MyStays Kagoshima Tenmonkan Annex

D81

Hotel MyStays Nayoro

D82

Hotel MyStays Premier Narita

D83

Art Hotel Morioka

This English language notice is a translation of the Japanese-language notice released on December 8, 2021 and was prepared solely for theconvenience of, and reference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers toundertake investment decisions based on their own investigation and responsibility. This translation of the original Japanese-language notice isprovided 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 theJapanese original, the latter shall prevail in all respects.

11