September 16, 2021
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 Issuance of Investment Corporation Bonds
Star Asia Investment Corporation (“SAR”) announced today that it has decided to issue investment corporation
bonds as described below (the “Investment Corporation Bonds”), based on the comprehensive resolutionconcerning the issuance of investment corporation bonds passed at the board of directors’ meeting held on
August 27, 2021.
1. General Summary of Investment Corporation Bonds(1)
NameStar Asia Investment Corporation First Series Unsecured Investment
Corporation Bonds (Ranking pari passu among specified investment
corporation bonds)(2)
Total issue amount
1,000 million yen(3)Form of bond certificate
As the Investment Corporation Bonds are subject to the provisions of theAct on Book-Entry Transfer of Corporate Bonds and Shares, no bondcertificates will be issued(4)
Issue price
100 yen per 100 yen of each bond(5)
Redemption price
100 yen per 100 yen of each bond
(6)
Interest rate
0.700 % per annum(7)
Denomination price
100 million yen(8)Offering method
Public Offering(9)
Subscription date
September 16, 2021
(10)
Payment date
September 24, 2021
(11)
Collateral and guarantee
Neither collateral nor guarantee is provided for the Investment
Corporation Bonds, and no asset has been particularly reserved for theInvestment Corporation Bonds.
(12)
Redemption method andThe total amount of the principal of the Investment Corporation Bonds
datewill be redeemed on September 21, 2028.
The Investment Corporation Bonds may be retired by purchase at any
time on or after the day following the payment date, unless otherwise
stipulated by the Book-Entry Transfer Institution.
(13)
Interest payment date
March 24 and September 24 of each year
(14)
Financial covenants
A Negative pledge has been established.
(15)
Bond credit rating
A (Japan Credit Rating Agency, Ltd.)(16)
Fiscal agent, issuing agent
Sumitomo Mitsui Trust Bank, Limited

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(17)

and payment agent
Underwriter

SMBC Nikko Securities Inc.

2. Reason for the Issuance
SAR has decided to issue the Investment Corporation Bonds for the purpose of diversifying funding
methods and prolonging the repayment dates of its interest-bearing debts, and also to promote fixing ofinterest rates.
3.Amount of Funds to be Raised, Use of Proceeds and Scheduled Timing of Expenditure(1) Amount of funds to be raised (estimated net proceeds)
985million yen(2) Specific use of proceeds and scheduled timing of expenditure
The proceeds are expected to be appropriated to a part of the repayment for the debt to fall due on
October 20, 2021, the repayment for the debt to fall due on the on October 29, 2021, and working
capital. Any remaining amounts may be kept as cash on hand and appropriated to a portion of the funds
for future acquisition of Specified Assets (as defined in Article 2 Paragraph 1 of the Act on Investment
Trusts and Investment Corporations). The funds procured through the Investment Corporation Bonds
will be managed as cash or cash equivalents until such time of appropriation for the above-mentioned
purpose.
4.Status of Borrowings and Investment Corporation Bonds after the Issuance of the Investment Corporation Bonds(as of September 24, 2021)(Unit: million yen)
Before theAfter theChange
Issuance
Issuance
Short-term borrowings
0－Long-term borrowings
89,44089,440Total borrowings
89,44089,440－Investment corporation bonds
1,0001,000－
Total borrowings and Investment corporation bonds
89,44090,4401,000(Note 1) Borrowings with a repayment period of 1 year or less are classified as “short-term” and borrowings withrepayment periods exceeding 1 year are classified as “long-term”.

5.Other Matters Required for Investors to Understand and Evaluate the Above Information Appropriately
Concerning the risks related to the issuance etc. of the Investment Corporation Bonds, there are no materialchanges to the “Investment Risks” stated in the Securities Report submitted on April 28, 2021.
Regarding the issuance and redemption etc. of the Investment Corporation Bonds, SAR has today submitted
shelf registration supplements to the Director-General of the Kanto Finance Bureau.

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

This is an English translation of the announcement in Japanese dated September 16, 2021. However, no assurance orwarranties are given for the completeness or accuracy of this English translation.

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