December 28, 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 Change of Investment Units Held by Sponsor GroupStar Asia Investment Corporation (SAR) announces that it today completed the change of investment units held byunitholders of Star Asia Investment Corporation (SAR) announced in “Notice Concerning Change of Investment
Units Holders due to Reorganization within the Star Asia Group and Accompanying Change of Interested Party
Transaction Rules and Sponsor Support Agreement, etc.” dated September 14, 2016 as follows.
Ownership of investment units by the Sponsor Group (as defined in “1. Background to the confirmation of thechange” below) will remain unchanged even after the change, and the Sponsor Group’s unitholding ratio against
the total number of investment units issued and outstanding will also remain unchanged at around 28.1%.
1. Background to the Confirmation of the Change
SAR belongs to the Sponsor Group (Note 1), and has been informed by Star Asia Management Limited (the Sponsor) thatStar Asia Capital I LLC, Star Asia Capital II LLC, Star Asia Capital III LLC, Star Asia Capital IV LLC, Japan CRE Securitization
Series I GK, Malcolm F. MacLean IV and Taro Masuyama (collectively, the “New Unitholders”) have acquired all of theinvestment units held by SAR’s unitholders, SA1 Investment Business Limited Partnership, SA2 Investment Business
Limited Partnership, SA3 Investment Business Limited Partnership and SA4 Investment Business Limited Partnership(collectively, the “Existing Unitholders”), due to change of investment unitholders accompanying the reorganization ofwithin the Star Asia (Note 2) Group.
(Note 1) 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 Taro
Masuyama 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.
(Note 2) 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.

12. Number of Investment Units Held by the Sponsor Group and their Unitholding Ratios against the Total
Number of Investment Units Issued and Outstanding

Name

SA1 Investment Business
Limited Partnership (Note 4)
SA2 Investment Business
Limited Partnership (Note 4)SA3 Investment Business
Limited Partnership (Note 4)SA4 Investment Business
Limited Partnership (Note 4)
Star Asia Capital I LLC(Note 5)
Star Asia Capital II LLC(Note 5)
Star Asia Capital III LLC(Note 5)
Star Asia Capital IV LLC(Note 5)
Japan CRE
Securitization Series I GK
(Note 5)
Malcolm F. MacLean IV
Taro Masuyama
Total

Before the change
Unitholding ratio
against total
Number of
number ofinvestment
investment units
units held
issued andoutstanding(Note 3)After the change
Unitholding ratio
against total
Number of
number ofinvestment
investment units
units held
issued andoutstanding(Note 3)

Increase/decrease

47,000 units

13.64%

0 units

0.00%

47,000 units

2,000 units

0.58%

0 units

0.00%

2,000 units

25,620 units

7.43%

0 units

0.00%

25,620 units

22,380 units

6.49%

0 units

0.00%

22,380 units

0 units

0.00%

14,325 units

4.16%

14,325 units

0 units

0.00%

14,325 units

4.16%

14,325 units

0 units

0.00%

14,325 units

4.16%

14,325 units

0 units

0.00%

14,325 units

4.16%

14,325 units

0 units

0.00%

39,480 units

11.45%

39,480 units

0 units

0.00%

110 units

0.03%

110 units

0 units

0.00%110 units

0.03%

110 units

97,000 units

28.14%

97,000 units

28.14%±0 units(Note 3) Unitholding ratio against total number of investment units issued and outstanding is the ratio against thetotal number of SAR’s investment units issued and outstanding as of today (344,700 units) and is rounded
to two decimal places.
(Note 4) This is an investment destination of funds for which Malcolm F. MacLean IV and Taro Masuyama make investment
decisions.
(Note 5) This is an investment vehicle for which Malcolm F. MacLean IV and Taro Masuyama make investment decisions.

* 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/2