[For Information Purpose Only.
The Japanese language press release should be referred to as the original.]
September 10, 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 July to September, 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 July 1, 2021 to September 30, 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
As announced in “Notice concerning Conclusion of Memorandum of Understanding to Amend the Fixedterm Building Lease and Property Management Agreement with Major Tenant” dated May 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” dated September 11, 2020, “Notice concerning Conclusion ofMemorandum of Understanding to Amend the Fixed-term Building Lease and Property Management
Agreement pertaining to the rent conditions for the period from October to December, 2020 with Major
Tenant” dated December 11, 2020 and “Notice concerning Conclusion of Memorandum of Understanding
to Amend the Fixed-term Building Lease and Property Management Agreement pertaining to the rentThis English language notice is a translation of the Japanese-language notice released on September 10, 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conditions for the period from January to June, 2021 with Major Tenant” dated March 11, 2021, INV
entered into a Memorandum of Understanding with the MHM Group to amend each MLPM Agreement on
May 11, 2020, September 10, 2020, December 11, 2020 and March 11, 2021 (each MOU is referred toas the “May 2020 MOU”, “September 2020 MOU”, “December 2020 MOU” and “March 2021 MOU”,
respectively).
Each of the May 2020 MOU, the September 2020 MOU, the December 2020 MOU and the March 2021
MOU were agreed as a tentative measure with respect to the 73 domestic hotels leased through thetrustees to the MHM Group (the “Subject Properties”) for the period (i) from March 1, 2020 to June 30,
2020, (ii) from July 1, 2020 to September 30, 2020, (iii) from October 1, 2020 to December 31, 2020, and(iv) from January 1, 2021 to June 30, 2021, respectively. Thus, unless otherwise agreed, from July 2021
onward, the terms and conditions under the MLPM Agreements prior to the amendment by each MOU(hereinafter referred to as the "Original Leasing Terms and Conditions") will be applied. On the other hand,
the impact of the spread of the new coronavirus (COVID-19) on the hotel sector remains enormous due tothe “fifth wave” of COVID-19 and the subsequent reissuance of the state of emergency and quasi-state of
emergency declarations, expansion of their subject areas and extension of their duration in July 2021
onward. Given the hotel operation track record since July 2021, and that a quick recovery is difficult toforesee after the lifting of the state of emergency and quasi-state of emergency declarations, it remains
impossible for the MHM Group to pay the full amount of the fixed rent under the Original 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 July 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 July 1, 2021 to September 30, 2021 (the "Third
Quarter of 2021") with respect to the Subject Properties. The level of profit from the Subject Properties
during the period from July to September 2021 remains sluggish due to the impact of the “fifth wave” of
COVID-19, and the state of emergency and quasi-state of emergency declarations that have been applied
to 70% of all 47 prefectures in Japan as of today. On the other hand, there is a good possibility that thedemand for hotels will improve upon the eventual lifting of the emergency declarations, and the increasein vaccination rates in Japan. Given these factors, the period to be covered by the temporary reduction
measures will be three months this time instead of six months. 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 asvariable rent.

This English language notice is a translation of the Japanese-language notice released on September 10, 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

Items subject to Original Leasing Terms
ChangeFixed rent

and Conditions(For Reference)

Tentative Measures

Tentative Measures(Third Quarter of 2021)
JPY 1,000 million (Approx.

JPY 1,000 million (Approx. 20%(Total rent for 3

26% of the amount underof the amount under themonths forthe

Original Leasing Terms and73 properties)

Terms and Conditions)

Conditions) (Note 1)

Calculated on a 3-monthCalculated by summing

Calculated by summing up

basis for each hotel.

up the rent of all 73

the rent of all 73 properties forproperties

for

six

The amount obtained bymonthsdescribed

deducting (i) the total

below.

Variable rent

Approx. JPY 3,783 million(First Half of 2021)

amountOriginalas

Leasing

threemonthsasdescribed

below.

ofexpenses,management

services

The amount obtained bydeducting (i) the above total

fees, and fixed rents of thededucting (i) the above

fixed rent (the total rent for six

total fixed rent (the totalmonths for 73 properties)

total monthly sales of therent for three months forfrom (ii) the aggregate of thehotel

73 properties) from (ii)amount for six months for 73

hotel property from (ii) the
property

calculation

(if

the

resultsareTheamountobtainedbythe aggregate of theproperties, which amount isnegative, the amount shallamountforthreeobtained by deducting thebe JPY 0).

monthsfor73

management services fees forproperties, which amountthe hotel for each month fromis obtained by deducting

the monthly GOP (operating

the management services

gross profit) for each hotel forfees for the hotel for eachthemonth from the monthly

calculation

GOP (operating grossnegative, the amount shall be

profit) for each hotel for

JPY 0).

same

month
results

(if

the
are

the same month (if thecalculation results arenegative,theamountshall be JPY 0).
Payment

Paid on the hotel-by-

Paid on a total basis ofSame as in the column to themethod of rent

hotel basis

73 hotel properties.

left.

This English language notice is a translation of the Japanese-language notice released on September 10, 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

Payment date

The due date is the 11th

On November 11, 2021,

On August 11, 2021, the sumof the month which is two

the sum of the total fixedof the total fixed rent and themonths from the monthrent and the total variable

total variable rent shall bein which the last day ofrent must be paid.

paid.

the

calculation

periodfalls (for the fixed rent,
every month, and for thevariable rent, every threemonths).
(Note 1) The period covered by the March 2021 MOU was six months from January to June 2021, and the subject total fixed rent
covered by the March 2021 MOU was also for the said six-month period.

The total fixed rent (for 73 properties for three months in aggregate) of JPY 1,000 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 themanagement services fees) for the Third 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.

Contrary to the May 2020 MOU, INV will not bear the property management costs nor increase the amountof the management fees payable to the MHM Group under the provisional measure by the MOU as was
the case with the September 2020 MOU, the December 2020 MOU and the March 2021 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 35th fiscal period (from July 1, 2020 to December 31, 2020) filed by INV on March 26, 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 are inevitably uncertain. Therefore, INV plans to make this change a provisional measure for theperiod up to the end of September 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, affected by
global travel restrictions, the number of foreign tourists visiting Japan declined by 99.9% (year-over-year)
for each month from April to July. Also, the demand for inbound travel has not recovered due to the Japanese
government’s strengthened quarantine measures and restrictions on travel by other countries. On thedomestic demand, there was a temporary recovery in travel demand from summer to autumn 2020 due to theThis English language notice is a translation of the Japanese-language notice released on September 10, 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

“Go To Travel” campaign, but travel demand has been sluggish since the “GoTo Travel” campaign was
suspended due to the subsequent spread of COVID-19 infections. The 2020 Tokyo Olympics and Paralympics
were held, but most of the events were held without spectators. As a result, the recovery in domestic 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 May 2020 MOU, the September 2020 MOU, the December 2020 MOU and the
March 2021 MOU were tentative ones only applicable for the period from March 1, 2020 to the end ofJune 2021, and as a result, the MHM Group was able to continue to operate the Subject Properties todate, and avoid the 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 the medium- to long-term loss due
to change of the operators (i.e., deterioration of the rent level from the Original Leasing Terms andConditions, increase in the management services fees, etc.), which INV and CIM were most concerned
about.
However, the continued impact of COVID-19 has caused a drastic decline in the number of hotel guests,
limiting and stalling the recovery of INV’s hotels, including those managed by the MHM Group. In July
2021, the average occupancy rate of hotels operated by the MHM Group reached 48.1% (40.7% in thesame period of the previous year) partly because the state of emergency was temporarily lifted nationwide
from late June to early July. However, since August, the number of hotel guests has declined again as
the government issued subsequent state of emergency and quasi-state of emergency declarations,
expanded their target areas and extended their duration in reaction to the “fifth wave” of COVID-19, which
increased the number of newly infected cases to a record high almost every day. It is difficult to expectthat the number of hotel customers will recover to pre COVID-19 levels within a short time.
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 July 2021 and thereafter as state in the Original Leasing Terms and Conditions, the MHM Group will
inevitably default on its obligations, which INV has determined, in turn, would most likely impair its mediumto 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 tofind 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 Third Quarter of 2021 to the extent that there is no significant adverse effect on
INV’s cash flow, upon giving due consideration to the fullest scope of INV’s interests.

This English language notice is a translation of the Japanese-language notice released on September 10, 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(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 November 11, 2021, but the amount of INV’s cash reserves as of the end of August 2021
was approximately JPY 9.1 billion, and the amount of INV’s cash reserves are expected to beapproximately JPY 8.9 billion as of the end of October 2021 after considering the reduction of rent from
July to September 2021 under the MOU and the estimated amount of payment of operation costs(approximately JPY 0.2 billion).

Therefore, there is no concern about INV’s ability to pay interest

payments for the time being (the total amount of interest for INV’s interest-bearing debt due during theperiod from September to October 2021 is approximately JPY 0.2 billion). In addition, in July and August
2021, INV refinanced existing borrowings in the amount of JPY 41,606 million in total. Furthermore, INV
has maintained good relationships with its lenders and as announced in “Notice concerning Debt
Financing (Refinance)” dated today, INV has executed a new loan agreement in order to repay existing
borrowings in a total amount of JPY 3.0 billion due on September 14, 2021.

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 August 2021)
Date of establishment
July 8, 1999
Relationship between INV/Asset Manager and the Tenant/Operator

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

(Note 1)

Location

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, two employees of CIM are seconded from MHM, andamong the directors of INV and the officers and employees 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, are seconded from Fortress
Investment Group Japan Godo Kaisha, a subsidiary 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.

This English language notice is a translation of the Japanese-language notice released on September 10, 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

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 September 10, 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.

5. Future Outlook
INV’s forecasts for financial results and distribution for the fiscal period ending December 2021 (from July
1, 2021 to December 31, 2021) still remain to be determined since it remains difficult to predict the future
situation of COVID-19 and its impact on the hotel industry and operators. INV will make an announcementof the forecasts for the fiscal period ending December 2021 when it determines such forecast.
Website of INV: https://www.invincible-inv.co.jp/en/

This English language notice is a translation of the Japanese-language notice released on September 10, 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

(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 September 10, 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

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 September 10, 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

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 September 10, 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