July 20, 2020
For Immediate Release
Real Estate Investment Trust Securities Issuer
Sakura Sogo REIT Investment Corporation
Representative:
Toru Sugihara, Executive Director(Code : 3473)
Asset Management Company
Star Asia Investment Management Co., Ltd.
Representative:
Atsushi Kato, President and CEO
Inquires:
Akiko Kanno, Director and CFO
TEL: 03-5425-1340

Notice Concerning Organizational Changes and Transfers of Directors at the Asset Manager
Sakura Sogo REIT Investment Corporation (“SSR”) (“Asset Manager”), the asset manager for Star Asia
Investment Corporation (“SAR”), has approved at its board meeting held today, certain changes to be made toits organization and transfer of directors, each to be implemented upon the effectuation of the scheduled
merger between SSR and Star Asia Investment Management Co., Ltd. (“SAR”) (the “Merger”) announced in thepress release dated March 2,2020 entitled “Notice Concerning Execution of a Merger Agreement by andbetween Star Asia Investment Corporation and Sakura Sogo REIT Investment Corporation”, on the condition thatsuch Merger comes into effect as scheduled. Details are as follows.
Under the new organization, the Asset Manager intends to go back to the basis to expand its asset
management operations by further pursuing “maximization of unitholders’ interest”.
1.

Organizational Changes at Asset Manager<Current Status of the Organization (up to July 31, 2020)>
Currently, “SSR Investment Management Division” is responsible for asset management at SSR, and “SAR
Investment Management Division” is responsible for asset management at SAR, and management
operations are conducted while paying attention to avoid conflict of interests between the two investmentcompanies.

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■ Organization Chart (before change)<Organization after Change (from August 1, 2020 (the date of effectuation of the Merger)) (scheduled)>
The SSR Investment Management Division and SAR Investment Management Division will be consolidated
into the “Investment Management Division”, and will be responsible for asset management of SAR after theMerger.
■Organization Chart2

2.

Transfer of Directors
Given organizational changes at the Asset Manager, certain transfers of directors of the Asset Manager
are scheduled, as described below.
Name
Up to July 31, 2020
From August 1, 2020
Atsushi Kato
President and CEO
No change
Satoshi Obara
Director and Division Manager of SAR To resignInvestment Management DivisionAkiko Miyazawa
Director and CFONo change（Name on the maiden and theduties are Akiko Kanno)
Takeshi Kirihara
Director and Division Manager of SSR Director and CIO
Investment Management Division
Satoshi Obara will return to Star Asia Management Japan Limited, Tokyo Branch from which he wasseconded, and engage in projects which contribute to the growth of Star Asia Group.
Furthermore, required procedures such as notification, etc. of the above transfer will be conducted inaccordance with the provisions of Financial Instruments and Exchange Act, the Building Lots and Buildings
Transaction Business Act, and other applicable laws and regulations.

3.

Effect on Management StatusThe above described matters will have no impact on the management status of SSR for its Fiscal Period
ending July 31, 2020 (from January 1, 2020 to July 31, 2020), and there is no change to the management
status forecast for the same period.
＊ * Sakura Sogo REIT Investment Corporation website address:

http://sakurasogoreit.com/en/

This is an English translation of the announcement in Japanese dated July 20, 2020. However, no assurance orwarranties are given for the completeness or accuracy of this English translation.

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