January 12, 2018
For Immediate Release
Real Estate Investment Trust Securities Issuer
Star Asia Investment Corporation
Representative: Atsushi Kato, Executive Director(Code: 3468)
Asset Management Company
Star Asia Investment Management Co., Ltd.
Representative: Atsushi Kato
President and CEO
Contact: Toru Sugihara
Director and CFO
TEL: +81-3-5425-1340

Notice Concerning Issuance of New Investment Units and Secondary Offering of Investment UnitsStar Asia Investment Corporation (“SAR”) announces that it resolved at the Board of Directors meeting held on January 12,2018 concerning issuance of new investment units and secondary offering of investment units as described below.
1．Issuance of new investment units through public offering (primary offering)(1)
Total number of investment
53,641 units
units to be offered:amount):

To be determined
The paid-in amount shall be determined at a Board of Directors meeting.

(3)

Total paid-in amount (total

To be determined(4)

issue amount):
Offer price:(5)

Total offer price:

To be determined
The offer price shall be determined considering the demand for new
investment units and other circumstances.
To be determined(6)

Offering method:

The offering of investment units shall be through a primary offering,(2)

Paid-in amount (issueand underwritten in full by an underwriting syndicate.
(7)

Payment date:(8)

Delivery date:February 2, 2018 (Friday)
The paid-in amount (issue amount), offer price and other items necessary for the issuance of the newinvestment units shall be determined at a future Board of Directors meeting.
Each of the aforementioned items shall be subject to the securities registration in accordance with theFinancial Instruments and Exchange Act of Japan taking effect.

(9)
(10)

February 1, 2018 (Thursday)

2．Secondary offering of investment units (over-allotment) (please refer to <Reference> 1. below.)
Note:This press release does not in any way constitute any part of an offering of securities for investment. Thispress release has been prepared for the purpose of announcing to the public certain matters relating to theissuance of new investment units and secondary offering of investment units, and not for the purpose ofsoliciting any investment, within or outside of Japan. Additionally, this press release is not an offer ofsecurities for sale in the United States. The securities referred to herein have not been, and will not beregistered under the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be
offered or sold in the United States absent registration or an exemption from registration under the Securities
Act. No offering or sale of securities in the United States will be made in connection with the abovementioned transactions. This press release is not for publication, distribution or release, directly or indirectlyin or into the United States of America.

1(1)Total number of investment
units to be offered:

2,683 units
The above-mentioned number indicates the maximum number ofinvestment units to be offered through secondary offering throughover-allotment. There may be cases where this number is reduced or
the secondary offering through over-allotment itself may not takeplace at all, depending on the demand and other circumstances
concerning the primary offering. The number of investment units to beoffered through the secondary offering shall be determined at a Boardof Directors meeting taking into account the demand for the primaryoffering and other circumstances.

(2)

Seller:(3)

Offer price:(4)

Total offer price:

A bookrunner of the primary offering
To be determined
The offer price shall be same as the offer price for the primary offering.
To be determined(5)

Offering method:

Upon the primary offering, in consideration of the demand and othercircumstances of the primary offering, a bookrunner of the primaryoffering, shall offer the investment units to be borrowed from Star Asia
Capital Japan Godo Kaisha (“SACJ GK”).

(6)

Delivery date:Same as the delivery date for the primary offering.

(7)

The offer price and other items necessary for the secondary offering through over-allotment shall bedetermined at a future Board of Directors meeting.

(8)

Each of the aforementioned items shall be subject to the securities registration in accordance with theFinancial Instruments and Exchange Act of Japan taking effect.

3．Issuance of new investment units through third party allotment (please refer to <Reference> 1. below.)(1)

Total number of investment

2,683 units

units to be offered:(2)

Paid-in amount (issueamount):

To be determined
The paid-in amount shall be determined at a Board of Directors meeting,and shall be same as the paid-in amount (issue amount) for the primaryoffering.

(3)

Total paid-in amount (totalTo be determinedissue amount):(4)

Allottee:

A bookrunner of the primary offering(5)

Payment date:February 27, 2018 (Tuesday)(6)

If there is no subscription for all or a part of the investment units, the issuance of such investment
units shall be canceled.

(7)

The paid-in amount (issue amount) and other items necessary for the issuance of the newinvestment units shall be determined at a future Board of Directors meeting.

Note:

This press release does not in any way constitute any part of an offering of securities for investment. Thispress release has been prepared for the purpose of announcing to the public certain matters relating to theissuance of new investment units and secondary offering of investment units, and not for the purpose ofsoliciting any investment, within or outside of Japan. Additionally, this press release is not an offer ofsecurities for sale in the United States. The securities referred to herein have not been, and will not beregistered under the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be
offered or sold in the United States absent registration or an exemption from registration under the Securities
Act. No offering or sale of securities in the United States will be made in connection with the abovementioned transactions. This press release is not for publication, distribution or release, directly or indirectlyin or into the United States of America.

2(8)Each of the aforementioned items shall be subject to the securities registration in accordance with theFinancial Instruments and Exchange Act of Japan taking effect.

<Reference>
1．Details of the secondary offering through over-allotment
Secondary offering through over-allotment is the offering through which a bookrunner of the primary offering,
shall offer the investment units (up to 2,683 units) borrowed from SACJ GK, upon the primary offering after
taking into account the demand and other circumstances concerning it. The number of investment units to beoffered in the secondary offering through over-allotment is scheduled to be 2,683 units, but the number is themaximum amount. The number may be reduced or the secondary offering through over-allotment itself may
not take place at all, depending on the demand and other circumstances.
In order to allow such bookrunner to acquire the investment units needed to return the investment units
borrowed from SACJ GK (the “Borrowed Investment Units”) in relation to the secondary offering through overallotment, SAR has resolved at its Board of Directors meeting to newly issue 2,683 units of the investment units
through third party allotment (the “Third Party Allotment”), to such bookrunner as the allottee with thepayment date on February 27, 2018 (Tuesday).
In addition, such bookrunner may, within a specified period, purchase investment units up to the maximum
number of investment units offered in the secondary offering through over-allotment on the Tokyo Stock
Exchange, Inc. (the “Syndicate Cover Transaction”) with the aim of returning the Borrowed Investment Units.
Investment units purchased by such bookrunner through the Syndicate Cover Transaction shall be appropriatedin full for returning the Borrowed Investment Units. Such bookrunner, at its discretion, may choose not to enter
into any Syndicate Cover Transaction, or to terminate the Syndicate Cover Transaction prior to reaching themaximum number of investment units to be offered in the secondary offering through over-allotment during
the Syndicate Cover Transaction Period.
Further, such bookrunner may conduct stabilizing transactions in connection with the primary offering andsecondary offering through over-allotment, and appropriate all or part of the investment units that arepurchased through such stabilizing transactions to the return of Borrowed Investment Units.
Such bookrunner intends to agree to the Third Party Allotment to purchase the number of investment units
calculated by deducting the number of investment units purchased through stabilizing transactions and theSyndicated Cover Transaction and then to be appropriated to the return of Borrowed Investment Units fromthe number of investment units sold in the secondary offering through over-allotment. In that case, there may
be no subscription for all or a part of the investments units to be issued through the Third Party Allotment. As aresult, there may be cases in which the subscription right shall be forfeited and the final number of investment
units to be issued through the Third Party Allotment is reduced to the same extent, or the issuance itself may
not take place at all.
2．Specific use of the funds to be procured and schedule of expenditure
Net proceeds from the primary offering will be appropriated to a portion of the acquisition of the properties
Note:

This press release does not in any way constitute any part of an offering of securities for investment. Thispress release has been prepared for the purpose of announcing to the public certain matters relating to theissuance of new investment units and secondary offering of investment units, and not for the purpose ofsoliciting any investment, within or outside of Japan. Additionally, this press release is not an offer ofsecurities for sale in the United States. The securities referred to herein have not been, and will not beregistered under the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be
offered or sold in the United States absent registration or an exemption from registration under the Securities
Act. No offering or sale of securities in the United States will be made in connection with the abovementioned transactions. This press release is not for publication, distribution or release, directly or indirectlyin or into the United States of America.

3described in “Notice Concerning Acquisition of Real Estate Beneficiary Interests in Trust and Lease Contract
with New Tenants”, which was released today. Additionally, the net proceeds from the Third Party Allotment
will be appropriated to a portion of the repayment of borrowings.

Note:This press release does not in any way constitute any part of an offering of securities for investment. Thispress release has been prepared for the purpose of announcing to the public certain matters relating to theissuance of new investment units and secondary offering of investment units, and not for the purpose ofsoliciting any investment, within or outside of Japan. Additionally, this press release is not an offer ofsecurities for sale in the United States. The securities referred to herein have not been, and will not beregistered under the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be
offered or sold in the United States absent registration or an exemption from registration under the Securities
Act. No offering or sale of securities in the United States will be made in connection with the abovementioned transactions. This press release is not for publication, distribution or release, directly or indirectlyin or into the United States of America.

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