August 22, 2024
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 Determination of Prices and Other Conditions with Regard to Issuance ofNew Investment Units and Secondary Offering of Investment UnitsStar Asia Investment Corporation (“SAR”) announces that at the Board of Directors meeting held today, SAR
determined the offer price and other conditions concerning issuance of new investment units and secondaryoffering of investment units of SAR that were approved at the Board of Directors meeting held on August 19,2024, as described below.
1. Issuance of new investment units through public offering (primary offering)(1)
Paid‐in amount (issue
51,198 yen per unit
amount):(2)

Total paid‐in amount (total

16,127,370,000 yen(3)Issue price (offer price):

52,942 yen per unit

(4)

Total issue price (total offer

16,676,730,000 yen

issue amount):

price):(Note) The underwriters shall underwrite the investment units at the paid‐in amount (issue amount) and publicly offer
the investment units at the issue price (offer price).

2. Secondary offering of investment units (over‐allotment)(1)

Total number of

31,504 units

investment units to beoffered:(2)

Offer price:

52,942 yen per unit

(3)

Total offer price:

1,667,884,768 yen

Note:This press release does not in any way constitute any part of an offering of securities for investment. This press release has
been prepared for the purpose of announcing to the public certain matters relating to the issuance of new investment units
and secondary offering of investment units, and not for the purpose of soliciting any investment, within or outside of Japan.
Additionally, this press release is not an offer of securities for sale in the United States. The securities referred to herein
have not been, and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”)
and may not be offered or sold in the United States absent registration or an exemption from registration under theSecurities Act. No offering or sale of securities in the United States will be made in connection with the above‐mentionedtransactions. This press release is not for publication, distribution or release, directly or indirectly in or into the UnitedStates of America.

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1. Calculation of offer prices(1)

Calculation date and price:

August 22, 2024

54,300 yen(Thursday)(2)

Discount rate:

2.50%

2. Total number of investment units to be offered in the primary offering
315,000 units
3. Use of the funds to be procured
Net proceeds from the primary offering will be appropriated to a portion of the acquisition of the four hotels(Assets to be Acquired) described in “Notice Concerning Acquisition of Real Estate Beneficiary Interests in Trust andLease Contract with New Tenants”, which was released on August 19, 2024, by the end of September, 2024. Theremainder, if any, will be treated as cash on hand and will be appropriated to a portion of the funds to acquire
specified assets in the future.
(Note) The proceeds will be deposited to financial institutions until expensed.
*SAR HP URL: https://starasia‐reit.com/en/

Note:

This press release does not in any way constitute any part of an offering of securities for investment. This press release hasbeen prepared for the purpose of announcing to the public certain matters relating to the issuance of new investment units
and secondary offering of investment units, and not for the purpose of soliciting any investment, within or outside of Japan.
Additionally, this press release is not an offer of securities for sale in the United States. The securities referred to herein
have not been, and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”)
and may not be offered or sold in the United States absent registration or an exemption from registration under theSecurities Act. No offering or sale of securities in the United States will be made in connection with the above‐mentionedtransactions. This press release is not for publication, distribution or release, directly or indirectly in or into the UnitedStates of America.

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