December 3, 2018
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 Partial Early Repayment of Borrowings
Star Asia Investment Corporation (SAR) announces today that it has decided on early repayment of borrowings(the “Early Repayment”), as described below.

1. Details of Early Repayment(1) Repayment date:(2) Repayment amount:(3) Source for repayment :December 20, 2018
190 million yen
Refund of consumption tax and local consumption tax related to the paymentof property acquisition expenses and other expenses.

2. Summary of Borrowings of which Early Repayment will be ExecutedLong-term Borrowings (Note1) (Announced in the “Notice Concerning Debt Financing” dated January 12, 2018)

Term

LenderSumitomo
MitsuiLong- Banking
term Corporationand Mizuho
Bank, Ltd.

BorrowingamountRepayment
before theInterestamount
Earlyrate(million yen)
Repayment(million yen)

1,190
(Note2)190

Date ofborrowing

Borrowing
methodBorrowing basedon individual
term loan
Baseagreement dated
interest
January 31, 2018
ratebased on basic(JBA 1 February 2,agreement dated
month2018
April 15, 2016
yen
assuming
TIBOR)
Sumitomo Mitsui+0.20%
Banking
Corporation as anagent(Note 1) Long-term refers to borrowings due after one year. The same applies hereinafter.
(Note 2) Balance after executing the Early Repayment will be 1,000 million yen.

1Maturity
dateRepayment
methodFebruary
20, 2019

Lump sum
Unsecured
repaymentandon maturity
unguaranteed
dateSecurity

3. Status of Loans, etc. after Early Repayment(Unit: million yen)
Before the Early
After the Early
ChangeRepayment
Repayment
Short-term borrowings
1,360
460
-900
Long-term borrowings
52,07051,880-190
Total borrowings
53,43052,340-1,090Total borrowings and Investment corporation bonds
53,43052,340-1,090Total interest-bearing liabilities
53,43052,340-1,090(Note) Repayment of 900 million yen of short-term borrowings due on December 20, 2018 is also described in addition tothe Early Repayment. Moreover, the repayment of the said short-term borrowings will be made by using (part of)proceeds from the transfer of 49% of quasi-co-beneficiary interest of Hakata-eki Higashi 113 Building (announcedin “Notice Concerning Acquisition and Transfer (Asset Replacement) of Real Estate Beneficiary Interests in Trust”
dated July 23, 2018) as announced in “Notice Concerning Debt Financing” dated August 21, 2018.

4. Future Outlook
The Early Repayment is included in the assumptions underlying management status forecast announced in“Financial Report for Fiscal Period Ended July 31, 2018” dated September 13, 2018, and thus there are no revisions
to the management status forecasts for the fiscal period ending January 2019 (August 1, 2018 to January 31, 2019)and for the fiscal period ending July 2019 (February 1, 2019 to July 31, 2019).
5. Other Matters Required for Investors to Appropriately Understand and Evaluate the above Information
In conjunction with the risks pertaining to the Early Repayment, etc. there are no changes to “Part 1. Fund
Information, I. Overview of the Fund, 3. Investment Risks” stated in the Securities Registration Statement
submitted on October 30, 2018.

* Star Asia Investment Corporation website address: http://starasia-reit.com/en/2