April 11, 2016
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 Revision to Forecasts for the Fiscal Periods Ending July 31, 2016
and January 31, 2017
Star Asia Investment Corporation (SAR) announces that it has revised the operating results forecasts for the fiscal
periods ending July 31, 2016 (December 1, 2015 – July 31, 2016) and January 31, 2017 (August 1, 2016 – January31, 2017) announced on March 16, 2016 and revised on April 1, 2016, as described below.
1. Reason for revisions to the operating results forecasts
Concerning issuance of new investment units and secondary offering of investment units which wasresolved at the Board of Directors meeting held on March 16, 2016, issue price and other matters forthe issuance of new investment units through public offering was determined today. Revisions to theoperating results forecasts for the fiscal periods ending July 31, 2016 and January 31, 2017 were madeaccordingly.
(1) Issue price of new investment unit used as assumption for revisions in line with the determination ofprovisional conditions
90,000 yen or more but not exceeding 100,000 yen per unit
(2) Finalized issue price of new investment unit
100,000 yen per unit

Disclaimer: This document is an English translation of a press release for public announcement concerning revision to forecasts for the fiscal
periods ending July 31, 2016 and January 31, 2017 by Star Asia Investment Corporation, and has not been prepared for the purposeof solicitation of investment. We caution investors to refer to Star Asia Investment Corporation’s prospectus and notice ofamendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

12. Details of revisions
Operatingrevenue

OperatingincomeOrdinary
income(million yen)(million yen)(million yen)

Net Income(million yen)

Cash distribution
per unit(not including cash
distribution in excessof earnings)(yen)Cash distribution
in excess ofearnings per unit(yen)

Previous forecasts (announced on April 1, 2016)
Fiscal period ending
July 31, 2016(1st Period)

1,811

1,145

285

285

827 - 829―

Fiscal period ending
January 31, 2017
(2nd Period)

1,952

1,185

1,044 1,050

1,044 1,050

3,029 - 3,046―

Fiscal period ending
July 31, 2016
(1st Period)

1,811

1,145

285

285

829

―

Fiscal period ending
January 31, 2017
(2nd Period)

1,952

1,185

1,050

1,050

3,046

―

Revised forecast

In line with the determination of issue price and other matters described in the above 1., “Assumptions forForecasts for the Fiscal Periods Ending July 31, 2016 and January 31, 2017” (the “Assumptions”) described in
the Attachment of “Notice Concerning Forecasts for the Fiscal Periods Ending July 31, 2016 and January 31,
2017” dated March 16, 2016 and revised on April 1, 2016 is partially revised as below. As a result, ordinary
income, net income and cash distribution per unit (not including cash distribution in excess of earnings) arerevised as described above.

In “Non-operatingExpenses”:

The previously expected total of interest expense and financing expenses is revised from604-607 million yen to 604 million yen for the fiscal period ending July 31, 2016, and from
135-141 million yen to 135 million yen for the fiscal period ending January 31, 2017.
The previously expected expenses for issuance of new investment units and expenses
related to listing/offering of investment units for the fiscal period ending July 31, 2016
are revised from 137-140 million yen to 140 million yen.

In “Debt Financing”:

Total liabilities is revised from 32,600-34,830 million yen to 32,600 million yen for theend of the fiscal period ending July 31, 2016, and from 29,918-32,600 million yen to29,918 million yen for the end of the fiscal period ending January 31, 2017.
The total amount of borrowings planned to be made on April 20, 2016 from the qualified
institutional investors defined under Article 2 Paragraph 3 item 1 of Financial Instruments
and Exchange Act is revised from 32,600-34,830 million yen to 32,600 million yen.
Furthermore, the previously expected LTV at the end of the fiscal period ending July 31,
2016 (1st fiscal period) is revised from around 47.55%-50.92% to around 47.55%, andthat at the end of the fiscal period ending January 31, 2017 (2nd fiscal period) is revised
from around 44.92%-48.19% to around 44.92%.

Disclaimer: This document is an English translation of a press release for public announcement concerning revision to forecasts for the fiscal
periods ending July 31, 2016 and January 31, 2017 by Star Asia Investment Corporation, and has not been prepared for the purposeof solicitation of investment. We caution investors to refer to Star Asia Investment Corporation’s prospectus and notice ofamendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

2(Reference)Fiscal period ending July 31, 2016 (1st Period):
Forecast number of investment units issued and outstanding at the end of the fiscal period: 344,700 units(unchanged from the previous announcement)
Fiscal period ending January 31, 2017 (2nd Period):
Forecast number of investment units issued and outstanding at the end of the fiscal period: 344,700 units(unchanged from the previous announcement)(Notes)1. Fiscal periods of SAR are from February 1 to July 31 and from August 1 to January 31 of the following year for everyyear. As for the first fiscal period, SAR conducted capital increase through private placement on January 14, 2016,acquired the properties-already-acquired (defined in the Attachment) and started asset management. Therefore, thesubstantial first fiscal period is from January 14, 2016 to July 31, 2016 (200 days). Furthermore, SAR plans to acquire
the properties-to-be-acquired (defined in the Attachment) on April 20, 2016 during the first fiscal period.
2. The forecasts are the current figures calculated under the certain assumptions. The actual operating revenue, operating
income, ordinary income, net income and cash distribution per unit (not including cash distribution in excess ofearnings) may be subject to change due to additional acquisition/disposition of real estate, etc., trends of the real estatemarket, etc., the actual number of new investment units to be issued, fluctuations in interest rates, additional issuanceof new investment units and changes in other conditions surrounding SAR, etc. in the future. In addition, SAR does notguarantee any actual cash distribution amount by announcing the forecast figures.
3. The forecasts may be subject to revision when a disparity beyond a certain degree is expected between the above
forecasts and actual figures
4. The scheduled date for the listing of SAR’s investment units on the Real Estate Investment Trust Securities Market ofthe Tokyo Stock Exchange is April 20, 2016.
5. Amounts are rounded down to the nearest specified unit.

* 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://starasia-reit.com/en/

Disclaimer: This document is an English translation of a press release for public announcement concerning revision to forecasts for the fiscalperiods ending July 31, 2016 and January 31, 2017 by Star Asia Investment Corporation, and has not been prepared for the purposeof solicitation of investment. We caution investors to refer to Star Asia Investment Corporation’s prospectus and notice ofamendments thereto, if any, without fail and to undertake investment at their own decision and responsibility.

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