November 11, 2016
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
Representative Director and President
Contact: Toru Sugihara
Director, and General Manager of Financial
Management Department
TEL: 03­5425­1340

Notice Concerning Start of Cumulative Investment Unit Investment
by Officers and Employees of the Asset Manager
Star Asia Investment Management Co., Ltd. (the “Asset Manager”), to which Star Asia Investment Corporation(SAR) entrusts the management of its assets, announces its decision on the introduction of the cumulative
investment system of investment units of SAR (the “Cumulative Investment System”) targeting the officers andemployees of the Asset Manager. Details are as follows.
1. Purpose of Introduction of the Cumulative Investment System
The Asset Manager engages in the management of assets of SAR pursuant to a “unitholders’ interest­firstmindset, a management philosophy upheld by Star Asia (Note 1).
The introduction of the Cumulative Investment System enables the officers and employees of the Asset Managerto own SAR’s investment units, aligning the interests of SAR with those of the unitholders as is the case with theSponsor Group (Note 2) already holding approximately 28.1% of SAR’s investment units issued and outstanding. Thisshould encourage the Asset Manager to engage in management of SAR’s assets with the same interest as that ofthe unitholders and further deepen awareness for improvement of SAR’s business performance, through which
we aim for further growth and enhancement of unitholders’ value.
(Note 1) Star Asia is a real estate investment group established by Malcom F. MacLean IV and Taro Masuyama in January
2007 composed of funds where investment decisions and investment destinations (excluding minorityinvestments) are determined by the two founders and Star Asia’s management company(Note 2) The Sponsor Group is Star Asia Management Limited (the Sponsor), Star Asia Asset Management LLC, Star Asia
Management Japan Limited, Malcolm F. MacLean IV, Taro Masuyama and investment vehicles in Japan that are theinvestment destination of funds (excluding minority investments) for which Malcolm F. MacLean IV and TaroMasuyama make investment decisions (a) that are in Japan and own or acquire investment assets such as realestate or (b) that own or acquire SAR’s investment units.

2. Overview of the Cumulative Investment System
This is a system which allows the officers and employees of the Asset Manager to acquire the investment units ofSAR by utilizing the cumulative investment system (Note) provided by securities companies.
Moreover, acquisition and sales of investment units through the Cumulative Investment System are restricted by“rules on handling of information on corporate relationship,” which is the internal rules of the Asset Manager.
Careful attention will be paid to prevent insider trading upon introduction and in managing the Cumulative
Investment System.
(Note)

A system to continuously acquire a fixed amount of SAR’s investment units per month via securities companies.

Disclaimer: This document is an English translation of a press release for public announcement concerning start of cumulative investment unit
investment by officers and employees of the Asset Manager by Star Asia Investment Corporation, and has not been prepared forthe purpose of solicitation of investment.

13. Commencement Period
To be contributed from December 2016 (schedule)
4. Future Outlook
There is no impact of the introduction of the Cumulative Investment System on the operating results of SAR.

* This material is distributed to the press club of the Tokyo Stock Exchange (Kabuto Club), the press club of theMinistry of Land, Infrastructure, Transport and Tourism, and the press club for construction trade publicationsof the Ministry of Land, Infrastructure, Transport and Tourism.
* Star Asia Investment Corporation website address: http://starasia­reit.com/en/

Disclaimer: This document is an English translation of a press release for public announcement concerning start of cumulative investment unit
investment by officers and employees of the Asset Manager by Star Asia Investment Corporation, and has not been prepared forthe purpose of solicitation of investment.

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