October 24, 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: 03-5425-1340

Notice Concerning Partial Early Repayment of Borrowings
Star Asia Investment Corporation (SAR) announces today that it has decided on partial early repayment ofborrowings (the “Early Repayment”), as described below.
1. Details of Early Repayment(1) Repayment amount:(2) Repayment date:(3) Source for repayment:

1,218 million yen
November 21, 2016
Part of the amount equivalent to the refunded amount (1,260,011,746yen) in line with SAR receiving refunds of consumption taxes which SAR
paid on the acquisition of properties and other expenses during thefiscal period ended July 2016 (December 1, 2015 to July 31, 2016)

2. Summary of Borrowings of which Early Repayment will be Executed
Short-term Borrowings (Note 1) (Announced in the “Notice Concerning Execution of Debt Financing andEstablishment of Interest Rate Swaps” dated April 20, 2016)

Term

LenderBorrowingamount
Before theEarlyRepayment(million yen)Interestrate

Date ofborrowing

Borrowing
methodMaturity
date

Repayment
methodSecurity

Borrowingbased onindividual
Lump sumterm loan
repayment
2,218
April 20,agreement
April 20,
Unsecured andShort-termon(Note 3)2016
concluded
2017
unguaranteedmaturity
with lenders
datein the left
column dated
April 15, 2016
(Note 1) Short-term refers to borrowing due within one year. The same applies hereinafter.
(Note 2) The syndicate of lenders consists of Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd., Sumitomo Mitsui TrustBank, Ltd., Mitsubishi UFJ Trust and Banking Corporation, Aozora Bank, Ltd., Shinsei Bank, Ltd. and Resona Bank, Ltd.
(Note 3) As described in “Notice Concerning Partial Early Repayment of Borrowings” dated August 4, 2016, an early repaymentof 1,137 million yen out of 3,355 million yen of initial short-term borrowings was conducted on August 22, 2016.
Balance after executing the Early Repayment will be 1,000 million yen.
A syndicate oflenders withSumitomoMitsui Banking
Corporation andMizuho Bank,
Ltd. as arrangers(Note 2)

Baseinterestrate(JBA 1monthyenTIBOR)+0.20%

Disclaimer: This document is an English translation of a press release for public announcement concerning partial early repayment by Star Asia
Investment Corporation, and has not been prepared for the purpose of solicitation of investment.

13. Status of Interest-Bearing Liabilities after Early Repayment

Short-term borrowings
Long-term borrowings (Note)
Total borrowings
Investment corporation bonds
Total borrowings and Investment corporation
bonds
Other liabilities
Total liabilities

Before the Early
Repayment
2,218
29,20031,418After the Early
Repayment
1,000
29,20030,20031,41830,200(million yen)
Increase/Decrease-1,218-1,218-1,218－－－31,41830,200-1,218－－(Note) Long-term refers to borrowings due within one year or more.

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, 2016” dated September 14, 2016, and thus there are no revisions
to the management status forecasts for the fiscal period ending January 2017 (August 1, 2016 to January 31, 2017)
and for the fiscal period ending July 2017 (February 1, 2017 to July 31, 2017).
5. OtherIn conjunction with the risks concerning the Early Repayment and other factors, there are no changes to “Part 2.
Fund Information, I. Overview of the Fund, 3. Investment Risks” stated in the Securities Registration Statement
submitted on March 16, 2016.

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

Disclaimer: This document is an English translation of a press release for public announcement concerning partial early repayment by Star Asia
Investment Corporation, and has not been prepared for the purpose of solicitation of investment.

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