September 27, 2021
For Immediate Release
Real Estate Investment Trust Securities Issuer
Star Asia Investment Corporation
Representative: Atsushi Kato, Executive Officer(Code: 3468)
Asset Management Company
Star Asia Investment Management Co., Ltd.
Representative:
Atsushi Kato
President and CEO
Contact:
Akiko Kanno
Director and CFO
TEL: +81-3-5425-1340

Notice Regarding Proposed Amendment of the Articles of Incorporation and Election of Directors
Star Asia Investment Corporation (“SAR”) resolved at its board of directors meeting held today to submit a
proposal to SAR’s Fifth General Meeting of Unitholders scheduled to be held on October 28, 2021 (hereinafterreferred to as the “Relevant Unitholders’ Meeting”) regarding partial amendment of the Articles of Incorporationand Election of Directors, as described below.
The following matters shall come into effect when they are approved by resolution at the Relevant
Unitholders’ Meeting.

1.

The main contents of partial amendment of the Articles of Incorporation and the reason for submitting theproposal(A) In association with the revision of accounting standards related to financial instruments, necessary
amendments are to be made for a part of SAR’s asset valuation method. (Concerning Article 33 of thecurrent Articles of Incorporation.)(B) For the purpose of enhancing the connection between unitholders’ interest and asset management
fees, the calculation formula for the asset management fees payable to the asset managementcompany are to be changed as follows: (a) the upper limit of the rate of On-going Fees I which iscalculated based on the total valuation amount of SAR’s managed assets is to be lowered to 0.2% from
0.3%, and (b) the calculation formula for On-going Fees II which is calculated based on “the amountderived by dividing the distributable amounts prior to deducting On-going Fees II as of the end of therelevant business period by the total number of issued and outstanding investment units” and “thetotal amount of real estate leasing income from the relevant business period after deducting realestate leasing expenses (other than depreciation costs and fixed assets retirement losses)(hereinafter“NOI”)” is to be changed to “an amount to be obtained by multiplying a rate to be separately agreed
with the asset management company, to be capped at 7.5% of NOI for the relevant business period”.
(Concerning Article 37 of the current Articles of Incorporation.)(C) With respect to the amendments to upper limits of On-going Fees I and On-going Fees II as describedin paragraph (B) above (hereinafter referred to as “On-going Fees”), as such amendment will beapplied from On-going Fees for SAR’s 12th business period, such effect shall be stipulated in thesupplementary provisions. (Concerning Article 42 of the proposed amendment)1

(D) In addition to the above, the renumbering of the Articles and other necessary changes associated withthe deletion of provisions will be made.
(For details regarding the amendment of the Articles of Incorporation, please refer to the Attachment“Notice of Convocation of the Fifth General Meeting of Unitholders”(Only available in Japanese))2.

Election of Directors
SAR’s executive officer Atsushi Kato and SAR’s supervisory officers Masahiro Tamaki and Tatsuya Harada
offered to resign as of the end of the Relevant Unitholders’ Meeting in order to adjust the term of office,and 1 executive officer (Atsushi Kato) and 2 supervisory officers (Masahiro Tamaki and Tatsuya Harada) areto be reelected at the same Relevant Unitholders’ Meeting.
Furthermore, to prepare for the circumstance when there is no executive director in office or where
there is a vacancy which results in a shortfall in the number of executive directors prescribed under laws
and regulations, one substitute executive director (Akiko Miyazawa (maiden name and full name on duty isAkiko Kanno)) will be elected.
Also, to prepare for the circumstance when there is on supervisory officer in office or where there is avacancy which results in a shortfall in the number of supervisory officers prescribed under laws andregulations, one substitute supervisory officer (Hirotaka Isayama) will be elected.
(For details regarding election of directors please refer to the Attachment “Notice of Convocation of theFifth General Meeting of Unitholders”(Only available in Japanese))3.

Schedule for the Relevant Unitholders’ Meeting
September 27, 2021 Board of Directors to approve the proposal to be submitted to the Relevant
Unitholders’ Meeting
October 13, 2021
Send Convocation Notices for the Relevant Unitholders’ Meeting (Scheduled)
October 28, 2021
Relevant Unitholders’ Meeting (Scheduled)<Attachment>
Notice of Convocation of the Fifth General Meeting of Unitholders (Only available in Japanese)＊ SAR HP URL: http://starasia-reit.com

This is an English translation of the announcement in Japanese dated September 27, 2021. However, noassurance or warranties are given for the completeness or accuracy of this English translation.

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