December 20, 2023
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:
Akiko Kanno
Director and CFO
TEL: +81-3-5425-1340

Notice Concerning the Additional Acquisition of Trust Beneficial Interest in Domestic Real Estate
following Completion of Construction of Building Extensions andNotice of Acquisition of Building-Housing Energy-efficiency Labeling System (BELS) Certificatoin(Funabashi Hi-tech Park Factory I)

Star Asia Investment Corporation (“SAR”), given completion of construction of the building extension portionsof “Funabashi Hi-tech Park Factory I” which is an asset under its management (hereinafter referred to as the“Property”), has today additionally acquired the building extensions (hereinafter referred to as the “Additional
Extensions”) which were announced in the press release dated March 16, 2023 ”Notice Concerning Signing of
Building Lease Option Agreement Presupposing Extension of the Building (Funabashi Hi-tech Park Factory I)” andthe press release dated April 26, 2023 “Notice Concerning Signing of Construction Contract for Building Extension(Funabashi Hi-tech Park Factory I)” (hereinafter referred to as “Building Extension (1)”, and the portion to be
additionally acquired by "Building Extension (1)" is referred to as "Building Extension Portion (1)."), and in the press
release dated July 25, 2023 “Notice Concerning Signing of Construction Contract for Building Extension (2)(Funabashi Hi-tech Park Factory I)” (hereinafter referred to as “Building Extension (2)”, the portion to be
additionally acquired by "Building Extension (2)" is referred to as "Building Extension Portion (2)." and together
with Building Extension (1) shall collectively be referred to as the “Building Extension”, the portion to be
additionally acquired by "Building Extension Portion (1)(2)" is referred to as "Building Extension Portion”.).
Furthermore, SAR has acquired Building-Housing Energy-efficiency Labeling System (“BELS”) certification withrespect to Building Extension Portion (1). Details are described below.
1. The Purpose and Reason for the Building Extension
As a part of active management aiming to maximize unitholders’ interests and with the aim to improve
profitability of the portfolio, SAR is considering multiple options for each of the assets held such asredevelopment, building extension, and asset replacement etc.
Concerning the Property, while possibilities for internal growth by utilizing unused floor area were consideredand verified, a request was received from the current tenant to extend the building in order to enhance capacity.
The Asset Manager confirmed the current tenant’s specific request for the building extension and calculated
the cost for building extension based on such request, negotiated post-extension lease conditions with thecurrent tenant, and considered the profitability of the property after the building extension, and was able toconfirm that the profitability of the Property would be improved by effectively utilizing unused floor area byimplementing the building extension, and therefore the Building Extension was implemented.

1Given the recent completion of construction for the Building Extension Portion, acquisition of such Building
Extension was consummated.
The key points of the Building Extension are as follows.
Revenue improvement measure for a long-term span
Contribute to increase in revenues, as rents will arise for the extended building portion. Also, by(1)
providing for a non-cancellable period for the 10-year ordinary lease will contribute to long-term
stable revenues.

2.

(2)

Effective use of unused floor area under floor area ratio restrictions
Increase NOI and significant increase of appraisal value by effective use of unused floor area.

(3)

Rent revenues will continue to be received during the construction period
During the construction period, the current lease agreement will continue to be in effect, andthere is no downtime for rent revenues.

General Description of the Additional Acquisition
Property Name
Funabashi Hi-tech Park Factory I (Building Extension Portion)
Location
606-11 Suzumi-cho, Funabashi-shi, Chiba and others
Acquisition Price
286 million yen (Note 1)
Acquired area
740.71 ㎡ (Note 2)
Gross floor area
797.68 ㎡
Construction Company
JFE CONFORM Co. Ltd.
Acquisition Date
December 20, 2023
Funds for Acquisition
Cash on hand
(Note 1) The total amount of construction costs etc. have been rounded down to the stated unit amount stated.
(Note 2) This figure is based on the contents of the application to be submitted for registration of building heading change,
to be implemented today or thereafter.

3. General Description of the Acquired Asset (Building Extension)
PropertyNo.

The Property

LGC-09(before extension)

After Building Extension

After Building Extension

(1)

(2)

(Note 1)

(Note 1)Name of specified asset

Funabashi Hi-tech Park Factory I

Type of specified asset

Trust beneficial interest

Trustee

Mitsubishi UFJ Trust and Banking Corporation

Location

606-11 Suzumi-cho, Funabashi-shi, Chiba and others
December 20, 2023

Date acquired (expected)(Building Extension Portion (1) ・ Building
Extension Portion (2))

August 1, 2020

Form of ownership

Land

Proprietary ownership

Site area

13,420.47 ㎡

Use district

Industrial district

Building coverage
ratio(designated)

Floor area ratio(designated)

32.72% (60%)

34.88% (60%)

35.68% (60%)

62.16% (200%)

66.03% (200%)

66.59% (200%)2

Form of ownership

Building(Note 4)

Proprietary ownership

Total floor area

8,340.98 ㎡

Use

Factory

Timing of(Note 2)

May 19, 2003

construction
Structure/

8,868.22 ㎡(Note 3)

9,002.40 ㎡(Note 3)

Factory

Factory / Office

June 21, 2023

August 17, 2023

(Building Extension(Building Extension

Portion (1))

Portion(2))

Steel construction, galvanized steel roof, 2-stories highno. of stories
PM Company

Tokyo Capital Management Co., Ltd.

Master lease company

SAR

Type of master lease

Pass-throughSecurity

UnsecuredSpecial notations

None
Toyo Construction Co.

DesignerLtd. First Class Architect
OfficeContractor

JFE CONFORM Co. Ltd. (Building Extension Portion(1) and (2))

Toyo Construction Co.

JFE CONFORM Co. Ltd. (Building Extension PortionLtd.

(1) and (2))(Note 1) Stated based on the lease sgreement, the construction confirmation application drawings etc., and theconstruction contract, etc.
(Note 2) Total floor space indicates the leasable floor space in the building lease agreement before the Building
Extension Portion.
(Note 3) The total floor area is the area of the entire building as indicated in the application for confirmation(building) for the Building Extension.
(Note 4) The use of the Building Extention is based on the application for confirmation (building) for the Building
Extention.

4. Effect of the Building Extension
Before Building
Extension Portion
Total rentable area
Floor area usage ratio(Note 2)(Current / Designated)
Appraisal value(Survey value)
Annual NOI

8,340.98 ㎡

After Building
Extension (1)8,819.65 ㎡

After Building
Extension (2)8,902.08 ㎡

62.16 %/ 200 %66.03% /200%

66.59% /200%

1,710 million yen-

2,200 million yen

110 million yen(Note 2)134 million yen(Note 3)140 million yen(Note 3)(Note 1) Gross floor area (area subject to floor area ratio restrictions) ÷ site area × 100(Note 2) The figures stated are 2 times the actual figures recorded for the fiscal period ended July 31, 2023.
(Note 3) This is the annual estimate figure, after excluding special factors of the year of construction completion.

3

5.

Summary of real estate appraisal report(Unit: JPY)
Summary of real estate appraisal report

Property Name

Funabashi Hi-tech Park Factory I

Appraisal value (survey value)

2,200,000,000 yen

Appraisal institution

Japan Real Estate Institute

Date of valuation

December 15, 2023
Items

Value indicated by income approach
Value by Direct Capitalization Method

Details

General Description etc.

2,200,000,000
2,230,000,000(1) Operating revenues (A－B)

154,137,000

A. Potential total revenue

154,137,000

B. Losses from vacancies etc.
(2) Operating expenses
Maintenance and operation costs

0
13,234,000

PM Fee0Non-life insurance premiums

Recorded by reference to actual recorded costs, and also by taking into
account the repair and renewal costs in the ER.
Recorded by referring to contract conditions as well as levels at similar realestate properties.
Given that the current lease agreement is a long-term non-cancellable lease
for the whole building, it has been determined that it is appropriate toconsider the costs upon tenant replacement or contract renewal within thecapitalization rate, and therefore such costs are not recorded here.

1,800,000

0
10,430,000

Appraised based on actual recorded costs.

305,000

Other expenses(3) Net Operating Income(NOI＝ (1) － (2) )(4) Investment income of
temporary funds

Not recorded, as utility charges are borne by the lessees.

675,000

Tenant solicitation costs etc.
Taxes and public dues

Recorded by reference to actual recorded costs and levels at similar real estate
properties, and also by taking into account the individuality of the subject realestate property.

24,000Utility charges
Repair costs

Calculated by linking the value by direct capitalization method and the value by
the DCF method.

Appraised taking into account levels of similar real estate properties.

0

None

140,903,000
1,137,000

Investment yield assessed at 1.0%.

(5) Capital expenditures

1,623,000

Appraised taking into account repair and renewal costs in the ER, and the levelof capital expenditures of similar real estate properties.

(6) Net income(NCF＝(3) + (4)－(5) )140,417,000(7) Capitalization Rate
Value by DCF method

Appraised by comprehensively taking into account the competitiveness of thesubject real estate property.

6.3%
2,160,000,000

Discount ratio

6.2%

Terminal Cap Rate

6.6%

Value indicated by cost approach

1,820,000,000

Appraised by comprehensively taking into account the competitiveness of thesubject real estate property.
Appraised by taking into account risks pertaining to aging of the subject realestate property, and market risks etc.
Preliminary calculation made by multiplying the market correction ratio to thetotal of the land price and building price.

Land ratio

66.1%

-

Building ratio

33.9%

-

Matters considered upon adjusting the preliminary calculation value
and upon determining the appraisal value.

Determined by adopting value indicated by income approach, and the value
indicated by the cost approach was taken into account just as reference.

4

6.

Transactions with Interested Parties
None.

7.

The timing and amounts of payment of the total project cost for the Building Extension
The payments are planned to be made by appropriating own funds.
Amount paid in the period
ended July 31, 2023 (15th fiscal period)
Amount expected to be paid in fiscal period
ending January 31, 2024 (16th fiscal period)
Total

34 million yen
252 million yen
286 million yen(Note) The total amount of construction costs etc. have been rounded down to the stated unit amount stated. The
estimated construction cost announced in the Notice Concerning Signing of Construction Contract for Building
Extension (Funabashi Hi-tech Park Factory I) dated April 26, 2023 and "Notice Concerning Signing of Construction
Contract for Building Extension (2) (Funabashi Hi-tech Park Factory I)" dated July 25, 2023, was conservatively estimated,
The finalized amount differs by approximately 11 million yen.

8.

The BELS Certified Property and Results of the Evaluation

Property name

Asset type

Location

Funabashi Hi-tech Park Factory I (A) (Note 1)

Logistics

606-11 Suzumi-cho,
Funabashi-shi, Chiba
and others

Certification rating★★★★★

(Note 1) Pertains only to the Building Extension (1) portion (gross floor area of 576.00 ㎡).

9.

Overview of BELS
Under the Act on the Improvement of Energy Consumption Performance of Buildings (“Building Energy
Efficiency Act”), real estate business operators are required to make efforts to display the energy-saving
performance of buildings. BELS is a system in which third-party institutions evaluate the energy-saving
performance of buildings based on the evaluation standards set by the Ministry of Land, Infrastructure,

Transport and Tourism, and the certification rating is given on a five-star scale (★ to ★★★★★).
For details of BELS, please refer to the following website.
Website on BELS: https://www.hyoukakyoukai.or.jp/bels/bels.html

10. Future Outlook
The Building Extension is included in the assumptions underlying management status forecast announced in
the “Financial Report for Fiscal Period Ended July 31, 2023” dated September 13, 2023, and thus there are
no revisions to the management status forecasts for the fiscal period ending January 31, 2024 (August 1,
2023 to January 31, 2024) and for the fiscal period ending July 31, 2024 (February 1, 2024 to July 31, 2024).
11. Other matters necessary for investors to appropriately understand the relevant information and makedecisionsConcerning the risks related to the Building Extension, there are no changes to the contents described in“Part I: Fund Information / Section 1 - Status of the Fund / 3. Investment Risks” of the Securities Reportsubmitted on October 28, 2023.

*Star Asia Investment Corporation website address:

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

5

<Appendix>
Appendix 1 Photos of Funabashi Hi-tech Park Factory I
Appendix 2 Portfolio list after the Additional Acquisition
Appendix 3 The terms used in the table of Description of Acquired Asset<Reference>
・Press release dated March 16, 2023
”Notice Concerning Signing of Building Lease Option Agreement Presupposing Extension of the Building(Funabashi Hi-tech Park Factory I)”
・Press release dated April 26, 2023
”Notice Concerning Signing of Construction Contract for Building Extension (Funabashi Hi-tech Park Factory I) ”
・Press release dated July 25, 2023
”Notice Concerning Signing of Construction Contract for Building Extension (2) (Funabashi Hi-tech Park FactoryI) ”

6This is an English translation of the announcement in Japanese dated December 20, 2023. However, no assurance
or warranties are given for the completeness or accuracy of this English translation.

7

Appendix 1

Photos of Funabashi Hi-tech Park Factory I

8Appendix 2
Property
No.

Portfolio list after the Additional Acquisition
Location

Property Name

(Note 1)

Acquisition

Real estatePriceappraisal(million

value

yen)

(million yen)

(Note 2)

(Note 3)

Investment
ratio
(%)
(Note 4)

OFC-01

Minami-Azabu Shibuya Building

Minato-ku, Tokyo

2,973

3,040

1.2

OFC-03

Honmachibashi Tower

Chuo-ku, Osaka-Shi, Osaka

6,065

7,080

2.5

OFC-04

Nishi-Shinjuku Matsuya Building

Shibuya-ku, Tokyo

1,763

2,690

0.7

OFC-06

Urban Center Shibuya East(Note 5)

Shibuya-ku, Tokyo

2,042

3,290

0.8

Urban Center Yokohama

Kanagawa-ku, Yokohama-West(Note 5)

Shi, Kanagawa

6,320

8,400

2.6

2,286

3,260

0.9

OFC-08

Hakata-ku, Fukuoka-Shi,

OFC-09Hakata-eki East Place

OFC-10Nihonbashi Hamacho Park Building

Chuo-ku, Tokyo

1,450

1,500

0.6

OFC-11

Amusement Media Gakuin Honkan

Shibuya-ku, Tokyo

2,580

2,790

1.1

OFC-12

Higashi Kobe Center Building

7,600

7,570

3.2

OFC-13

Amusement Media Gakuin Shinkan

Shibuya-ku, Tokyo

1,020

1,230

0.4

OFC-14

Seishin BLDG.

Shinjuku-ku, Tokyo

11,20011,7004.6

OFC-15

Urban Center Kanda Suda-cho

Chiyoda-ku, Tokyo

5,350

5,440

2.2

OFC-16

Urban Center Kanda Tsukasamachi

Chiyoda-ku, Tokyo

4,590

4,570

1.9

OFC-17

Takadanobaba AccessShinjuku-ku, Tokyo

3,990

3,930

1.7

OFC-18

Azabu Amerex BLDG.

Minato-ku, Tokyo

2,780

2,890

1.2

OFC-19Hiei-Kudan BLDG.

Chiyoda-ku, Tokyo

2,400

2,400

1.0

2,300

2,570

1.0

Fukuoka

Higashinada-ku,
Kobe-Shi, Hyogo

Kohoku-ku, Yokohama-Shi,

OFC-20Urban Center Shin-Yokohama

OFC-21The Portal Akihabara

Chiyoda-ku, Tokyo

1,510

1,490

0.6

OFC-22

Urban Center Tachikawa

Tachikawa-Shi, Tokyo

1,804

2,010

0.7

OFC-23

Urban Center Hakata

2,870

3,250

1.2

OFC-24

Urban Center Fujisawa

2,054

2,200

0.9

74,947

83,30031.1

Kanagawa

Hakata-ku, Fukuoka-shi,
FukuokaFujisawa-Shi, Kanagawa
Office Subtotal

RTL-01

La Park Kishiwada

Kishiwada-Shi, Osaka

5,400

5,200

2.2

RTL-02

Suroy Mall Chikushino

Chikushino-Shi, Fukuoka

6,550

6,310

2.7

RTL-03

Seiyu Minakuchi

Koka- hi, Shiga

3,320

3,330

1.4

RTL-05

BAGUS Ikebukuro West

Toshima-ku, Tokyo

2,984

3,500

1.2

9,500

10,500

3.9

Abeno-ku, Osaka-Shi,

RTL-06abeno nini (Retail)27,754

28,840

11.5

RSC-01

Urban Park Azabujuban

Minato-ku, Tokyo

2,045

2,950

0.8

RSC-02

Urban Park Daikanyama

Shibuya-ku, Tokyo

6,315

10,100

2.6

RSC-05

Urban Park Namba

1,490

1,540

0.6

RSC-07

Urban Park Kashiwa

Kashiwa-Shi, Chiba

1,186

1,200

0.5

RSC-08

Urban Park Ryokuchi Koen

Suita-Shi, Osaka

1,550

1,730

0.6

Osaka
Retail Subtotal

Naniwa-ku, Osaka-Shi,
Osaka

9

RSC-10Urban Park Ichigao

RSC-11

Urban Park Gyotoku

RSC-12
RSC-13Aoba-ku, Yokohama-Shi,

1,810

2,180

0.8

Ichikawa-Shi, Chiba

1,430

1,610

0.6

Shiroi Logiman

Shiroi-Shi , Chiba

2,470

2,520

1.0

Urban Park Sekime

Jyoto-ku, Osaka-Shi, Osaka

2,150

2,470

0.9

RSC-14

Urban Park Imazato

Ikuno-ku, Osaka-Shi, Osaka

993

1,110

0.4

RSC-15

Urban Park Yoyogi

Shibuya-ku, Tokyo

1,740

1,990

0.7

RSC-16

Urban Park Tokiwadai Koen

3,506

4,090

1.5

RSC-17

Urban Park Mitsuike Koen

3,160

3,620

1.3

RSC-18

Urban Park Ryogoku

1,115

1,310

0.5

RSC-19Urban Park Mizonokuchi

2,019

2,100

0.8

RSC-20Urban Park Miyamaedaira

1,060

1,250

0.4

RSC-21

Urban Park Tsurumi

1,113

1,190

0.5

RSC-22

Urban Park Mitaka

Mitaka-shi, Tokyo

743

1,010

0.3

RSC-23

Urban Park Kamata Minami I

Ota-ku, Tokyo

641

864

0.3

RSC-24

Urban Park Kamata Minami II

Ota-ku, Tokyo

1,375

1,720

0.6

RSC-25

Urban Park Umejima

Adachi-ku, Tokyo

Kanagawa

Hodogaya-ku, YokohamaShi, Kanagawa
Tsurumi-ku, Yokohama-Shi,
Kanagawa
Sumida-ku, Tokyo
Takatsu-ku, Kawasaki-Shi
Kanagawa
Miyamae-ku, Kawasaki-Shi
Kanagawa
Tsurumi-ku, Yokohama-Shi
Kanagawa

Residence Subtotal
Iwatsuki-ku, Saitama-Shi,

1,032

1,140

0.4

38,94347,694

16.2

6,942

7,690

2.9

3,560

4,330

1.5

LGC-01

Iwatsuki Logistics

LGC-02

Yokohama Logistics

LGC-03

Funabashi Logistics

Funabashi-Shi, Chiba

7,875

8,950

3.3

LGC-04

Baraki Logistics

Ichikawa-Shi, Chiba

4,700

5,230

1.9

LGC-05Tokorozawa Logistics

Tokorozawa-Shi, Saitama

1,300

1,550

0.5

LGC-07

Funabashi Nishiura Logistics II

Funabashi-Shi, Chiba

821

891

0.3

LGC-08

Matsubushi Logistics

Kitakatsushika, Saitama

2,755

3,310

1.1

LGC-09Funabashi Hi-Tech Park Factory I

Funabashi-Shi, Chiba

1,996

2,200

0.8

29,94934,151

12.4

2,069

2,280

0.9

1,750

1,460

0.7

3,827

3,440

1.6

3,248

3,200

1.3

1,970

1,930

0.8

Saitama
Kanagawa-ku, YokohamaShi, Kanagawa

Logistics facility Subtotal
HTL-01
HTL-02
HTL-03
HTL-04
HTL-05
HTL-06
HTL-07

R&B Hotel Umeda East
Smile Hotel Namba
REMBRANDT STYLE Tokyo
Nishikasai
BEST WESTERN Yokohama

Kita-ku, Osaka-Shi, Osaka
Naniwa-ku, Osaka-Shi,
Osaka
Edogawa-ku, Tokyo
Tsurumi-ku, Yokohama-Shi,
Kanagawa

The BREAKFAST HOTEL FUKUOKA

Chuo-ku, Fukuoka-Shi ,TENJIN

Fukuoka

GLANSIT AKIHABARA

Chiyoda-ku, Tokyo

2,500

2,440

1.0

Edogawa-ku, Tokyo

3,180

3,140

1.3

REMBRANDT STYLE Tokyo
Nishikasai Grande

10HTL-08

KOKO HOTEL Osaka Namba

HTL-09abeno nini (Hotel)

HTL-10

KOKO HOTEL Ginza 1-Chome

HTL-11

KOKO HOTEL Sapporo Ekimae

HTL-12

KOKO HOTEL Fukuoka Tenjin

HTL-13

KOKO HOTEL Hiroshima Ekimae

HTL-14HTL-15
HTL-16

KOKO HOTEL Kagoshima
Tenmonkan
Fino Hotel Sapporo Odori

Naniwa-ku,Osaka-Shi,
Osaka
Abeno-ku, Osaka-Shi,
Osaka
Chuo-ku, Tokyo
Chuo-ku, Sapporo-Shi,
Hokkaido
Chuo-ku, Fukuoka-Shi,
FukuokaMinami-ku, Hiroshima -Shi,
Hiroshima
Kagoshima-shi, Kagoshima
Chuo-ku, Sapporo-Shi,
Hokkaido

Best Western Plus Fukuoka Tenjin-

Chuo-ku, Fukuoka-Shi,minamiFukuoka
Hotel Subtotal

Total

2,000

1,450

0.8

3,600

3,770

1.5

17,80018,600

7.4

6,700

7,040

2.8

5,000

5,370

2.1

4,100

4,280

1.7

3,800

4,260

1.6

4,200

4,250

1.7

3,800

4,390

1.6

69,54471,30028.8

241,137

265,285100.0(Note 1) “Location” indicates the minimum independent administrative district of which each asset held by SAR as oftoday (the “Existing Assets (real estate, etc.)”) and Asset to be Acquired is located except for mezzanine loan
debt and silent partner equity interest described in the <Other Assets> below.
(Note 2) “Acquisition price”, with respect to each asset already acquired (real estate properties etc.) other than “MinamiAzabu Shibuya Building” and “Higashi Kobe Center Building”, is the purchase price stated in the respective saleand purchase agreement. The sales price does not include any consumption tax, local consumption tax, andexpenses required for the acquisition. However, with respect to “Minami-Azabu Shibuya Building”, as it is a saleand purchase agreement for multiple real estate properties where the price has not been set for each individual
property, the stated “acquisition price” is the amount calculated by taking the aggregate purchase price of themultiple properties, and pro-rating such amount based on the ratio of the appraisal value amounts at the timeof acquisition of the properties. With respect to “Higashi Kobe Center Building” whici includes the Acquired
Asset, the total amount of the sales price stated in the respective agreements with Seller has been stated.
Furthermore, regarding properties which were inherited due to merger, the amounts stated in the real estateappraisal reports with the valuation date as of July 31, 2020 which is the acceptance value have been stated.
Regarding the Property which includes the Building Extension Portion, the Acquisition price states theconstruction costs for the Building Extension.
(Note 3) Real estate appraisals are outsourced to the Japan Real Estate Institute (JREI), Daiwa Real Estate Appraisal Co.,
Ltd, and the Tanizawa Sogo Appraisal Co., Ltd. Concerning “Real estate appraisal value”, for already acquired
assets (real estate properties etc.) the appraisal values stated in the real estate valuation reports with valuation
dates as of July 31, 2023 are stated, and with respect to the property decided to be acquired as announced in
the press release dated August 7, 2023 entitled “Notice Concerning Acquisition and Lease Contract with New
Tenants, and Transfer, of Real Estate Beneficiary Interests in Trust”, the appraisal value amount stated in the realestate appraisal report with the valuation date of July 1, 2023 is stated. Regarding the Acquired Asset, thenormal price for the complete real estate (full ownership) which has been calculated in order to calculate theappraisal value within the real estate appraisal report with the valuation date being October 31, 2023 is stated.
All such amounts have been rounded down to the stated unit amount. Regarding the Property which includes
the Building Extension Portion, the full appraisal value amount stated in the real estate appraisal report withthe valuation date of December 15, 2023 has been stated rounded down to the stated unit amount.
(Note 4) “Investment ratio” is the ratio of acquisition price for each Existing Asset (real estate, etc.) / Acquired Asset to11

the total of acquisition prices of each Existing Asset (real estate, etc.) / Acquired Asset each rounded to the firstdecimal place.

12Appendix 3

The terms used in the table of General Description of Acquired Asseta. Explanation on “Property no.”Property Number column and Type column: Each Acquired Asset by SAR is categorized by use as OFC (office), RTL(commercial / retail), RSC (residential), LGC (logistics), or HTL (hotel). Then, for each category, serial numbers are
given to the assets in the category. In case of a property which could straddle two or more categories, it shall fallunder the category from which the property generates the largest sum of assumed rent income.
b. Explanation on “Overview of specified asset”(a) "Acquisition Date" column: Herein is shown the date (MMDDYY) of acquisition by SAR.
(b) "Location" column: Herein is shown the certified address in registry. "Indication of residential address" column:
Herein is shown the postal address. If postal address is not available, registered address of the property (if there
are two or more of them, one is selected) is shown.
(c) "Land" and ”Building” column:(i) "Type of ownership" column: Herein is shown the type of right(s) held by respective trustee of the Acquired
Asset.
(ii) "Site area" column: Herein is shown the land area as recorded in registry, unless otherwise noted. For thisreason, it possibly might not be equal to the actual.
(iii) "Use district" column: Herein is shown the type of use in accordance with Article 8, Paragraph 1 and Item 1 of
the Urban Planning Act (Act No.100 of 1968; including its amendments) (“Urban Planning Act”).
(iv) "Building coverage ratio" column and "Floor area ratio" column: Herein is shown the pertinent figure in eachcolumn in accordance with the relevant laws and regulations (the Building Standards Act, the Urban Planning Act,etc.).
(v) "Use" , ”Timing of construction” and ”Structure/no. of stories”column:
This information is based on the indications on the registry, except for the Building Extension.

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