February 1, 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 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 amount:(2) Repayment date:(3) Source for repayment:

5,100 million yenFebruary 20, 2023
It is planned to appropriate the funds procured from borrowings envisioned
to be implemented on February 20, 2023. Details of the borrowing will beannounced as soon as it is determined.

2. Summary of Borrowings for which Early Repayment will be Executed
JPY 5,100 million long-term (Note 1) borrowing to mature on February 28, 2023
Please refer to the press release disclosed by Sakura Sogo REIT (Note 2) Investment Corporation dated August22, 2018 entitled “Notice Concerning Debt Financing” and the press release dated August 29, 2018 entitled “NoticeConcerning Determination of Interest Rate”

TermLong-term

LenderA syndicateof lenders
arranged by
Sumitomo
Mitsui
BankingCorporation
as anarranger

Borrowingamount before
the Early
Repayment(million yen)

5,100Interest
rate

1.07777%

Date ofborrowing

August 31,2018(Note 3)

Borrowing
methodBorrowing basedon a loan
agreement
concluded withthe banks shownin the column oflenders to theleft on August29, 2018

Maturity
date

Repayment
methodFebruary
28, 2023

Lump sum
repaymentUnsecuredonandmaturity
unguaranteed
dateSecurity(Note 2)

(Note 1) Borrowings with a repayment period of 1 year or less are classified as “short-term” and borrowings with repayment
periods exceeding 1 year are classified as “long-term”.
(Note 2) Due to the absorption-type merger executed on August 1, 2020, where SAR was the juridical person surviving theabsorption-type merger, and Sakura Sogo REIT Investment Corporation was the investment corporation extinguished in1

the absorption-type merger, SAR has assumed the liabilities under the relevant borrowing of Sakura Sogo REIT Investment
Corporation.
(Note 3) The syndicate of lenders consists of Sumitomo Mitsui Banking Corporation, SBI Shinsei Bank, Limited, Resona Bank,Limited Aozora Bank, Ltd. and Sumitomo Mitsui Trust Bank, Limited.

3. Status of Borrowings, etc. after the Early Repayment(Unit: million yen)
Before the Early
Repayment
Short-term borrowings
Long-term borrowings
Total borrowings
Investment corporation bonds
Total interest-bearing liabilities

95,84095,8401,000
96,840After the Early
Repayment
90,74090,7401,000
91,740Change-5,100-5,100-5,100(Note) The borrowing expected to be implemented on February 20, 2023 is not included in the above table, asthe term (short-term vs. long-term) and other details of the borrowing have not yet been determined.
4. Future Outlook
The impact of the Early Repayment on operating results will be immaterial, however, due to the announcements
made today in the press releases entitled “Notice Concerning the Transfer of Trust Beneficial Interests of Domestic
Real Estate (Funabashi Hi-Tech Park Factory II” and “Notice Concerning Acquisition of Mezzanine Loan Debt: Star
Asia Mezzanine Loan Debt Investment Series 8 (Class A Beneficial Interest and Class B Beneficial Interest)”, changes
will arise to the assumptions used for the forecast of operating results for the fiscal period ending July 31, 2023
(February 1, 2023 to July 31, 2023) which was announced in the “(REIT) Financial Report for Fiscal Period Ended
July 31, 2022” on September 13, 2022. For details, please refer to the press release announced today “NoticeConcerning Revision to Forecasts for Operating Results and Distributions for the 15th Fiscal Period Ending July 31,2023”.
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. FundInformation, I. Overview of the Fund, 3. Investment Risks” stated in the semiannual securities report (Japaneseonly) on October 28, 2022.
<Other press releases announced today>
・Notice Concerning the Transfer of Trust Beneficiary Interests of Domestic Real Estate (Funabashi Hi-Tech Park
Factory II)・Notice Concerning Acquisition of Mezzanine Loan Debt Star Asia Mezzanine Loan Debt Investment Series 8(Class A Beneficial Interest and Class B Beneficial Interest)
・Notice Concerning Revision to Forecasts for Operating Results and Distributions for the 15th Fiscal PeriodEnding July 31, 2023

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

This is an English translation of the announcement in Japanese dated February 1, 2023. However, no assurance
or warranties are given for the completeness or accuracy of this English translation.

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