November 20, 2017
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: Toru Sugihara
Director and CFO
TEL: +81-3-5425-1340

Notice Concerning Conclusion of Memorandum on the Change of Sponsor Support Agreement

Star Asia Investment Corporation (SAR) and Star Asia Investment Management Co., Ltd. (the Asset Manager)
announced today that they concluded a memorandum on the change of the sponsor support agreement (includingthe changes made afterwards, the Sponsor Support Agreement) concluded with Star Asia Management Limited (theSponsor) as of January 14, 2016, as described below.
1. Content of the memorandum on the change of sponsor support agreement
SAR and the Asset Manager expect to gain support from Star Asia Sogo Kaihatsu Co., Ltd. (SA Sogo Kaihatsu) bypositioning it as a member of the Sponsor Group in the Sponsor Support Agreement, and have reached an agreement
to change the Sponsor Support Agreement as a result of negotiation with the Sponsor. The underline indicates thechange.
<Definition of sponsor group after the change>(i)
Sponsor (Star Asia Management Limited)(ii) Star Asia Management Japan Ltd.
(iii) Star Asia Asset Management LLC(iv) Star Asia Group LLC(v)
Star Asia Asset Advisors, Co. Ltd.
(vi) Star Asia Sogo Kaihatsu, Co. Ltd.
(vii) Malcolm F. MacLean(viii) Taro Masuyama(ix) Investment vehicles in Japan that are the investment destination of funds (excluding minorityinvestments) for which Malcolm F. MacLean IV and Taro Masuyama make investment decisions(a) that are located in Japan and own or acquire investment assets such as real estate or (b) thatown or acquire investment units of SAR, and companies belonging to Sponsor Group, etc.
(including individuals).

2. Reasons for the conclusion of memorandum on the change of sponsor support agreement
The sponsor group acquired the shares of SA Sogo Kaihatsu through an entity operated by the Sponsor as ofNovember 14, 2017 with an aim to expand functions related to real estate investment in Japan.
SA Sogo Kaihatsu is scheduled to mainly perform real estate development functions as its role in the sponsor
group. SA Sogo Kaihatsu has appointed a professional with 30 years of experience in development, construction
and transaction of real estate as its president and believes that it can utilize the know-how gained from such
experience and a wide range of personal connections to the maximum extent in future business developments.
The sponsor group can expand its real estate development functions and further expand the investment area by
accepting SA Sogo Kaihatsu.
Accordingly, SAR and the Asset Manager recognize and position SA Sogo Kaihatsu as a member of the Sponsor
Group in the Sponsor Support Agreement, considering that properties which are developed by SA Sogo Kaihatsu
from the development phase can also contribute to the growth of SAR if information on those properties can beprovided, and have reached an agreement to change the Sponsor Support Agreement as a result of negotiation
with the Sponsor.
SAR will pursue growth by utilizing the functions which expanded in the sponsor group to the maximum extent.
3. Overview of Star Asia Sogo Kaihatsu Co., Ltd. (as of November 20, 2017)
Name
Star Asia Sogo Kaihatsu Co., Ltd.
(Former trade name: Hamadayama Sogo Kaihatsu, Co. Ltd.)
Location

Atago Green Hills MORI Tower, 18th Floor
2-5-1

Atago, Minato-ku, Tokyo, Japan

Representative

CEO Atsuo Umeki

Main business

1. Development, sales, exchange, ownership, operation, leasing, brokerage, management

description:and disposition of real estate
2. Ownership, sales, management and disposition of corporate bonds, trust beneficiaryrights, silent partnership interest as well as other securities and monetary claims
3. Design and supervision of construction
4. Entrustment and execution of civil engineering and construction work
5. Comprehensive consulting
6. Business concerning market research and advertisement
7. Management guidance, agency of general affairs and accounting
8. Worker dispatch
9. All business incidental to the above

Capital

5 million yen

Established

October 19, 2017

Relationship with SAR or the Asset Manager
CapitalThere is no direct capital relationship but the company is a subsidiary of the parent

relationshipcompany of the Asset Manager

Personnel

There is no personnel relationship to report.

relationshipBusiness

There is no business relationship to report.

relationship
Related party or noThe company does not fall under the category of interested person, etc. as provided in theInvestment Trusts Act, but falls under the category of interested party prescribed in the“Rules on Transactions with Interested Parties,” which are the voluntary rules set forth by
the Asset Manager for preventing conflict of interests regarding its management of SAR’sassets. Upon determination of transactions, the Asset Manager will perform deliberationand resolution in accordance with the voluntary rules.

4. OtherContent of change in rules concerning compliance and interested party, etc.
The definition of “interested party” stipulated in the “Rules on Transactions with Interested Parties,” which
is an internal rule of the Asset Manager, is scheduled to be changed as follows.
<Definition of interest party after the change>(1) The Interested Parties of the Asset Manager as stipulated in Article 201, Paragraph 1 of the Act on
Investment Trusts and Investment Corporations(2) The shareholders and officers of the Asset Manager(3) Special purpose company, etc. (SPC) which executes an investment management agreement with theshareholders of the Asset Manager(4) SPCs in which majority of investment is made by the Asset Manager and the shareholders of the AssetManager(5) Star Asia Management Limited, Star Asia Management Japan Limited, Star Asia Asset Management LLC,Star Asia Group LLC, Star Asia Asset Advisors Co., Ltd., Star Asia Sogo Kaihatsu, Co. Ltd., Malcolm F.
MacLean IV, Taro Masuyama and investment vehicles in Japan that are the investment destination offunds (excluding minority investments) for which Malcolm F. MacLean IV and Taro Masuyama makeinvestment decisions (a) that are in Japan and own or acquire investment assets such as real estate or(b) that own or acquire investment units of SAR.
Furthermore, required procedures such as notification etc. of the above change will be conducted in accordance withthe provisions of the Financial Instruments and Exchange Act, Building Lots and Buildings Transaction Business Act andother applicable laws and regulations.
* Star Asia Investment Corporation website address: http://starasiareit.com/en/