July 17, 2019
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: 03-5425-1340

Lion Partners to Acquire Additional Investment Units of Sakura Sogo REIT

Star Asia Investment Corporation (“SAR”) and Star Asia Investment Management Co., Ltd. (the “AssetManager”), the asset manager for SAR, received a notice today from Lion Partners GK (“LPGK”, Representative
Director: Toru Sugihara), an affiliate of Star Asia Group. Currently LPGK is one of the largest untiholders of Sakura
Sogo REIT Corporation (“SSR”) holding 11,971 investment units or 3.59% of total units outstanding. Details are asfollows:1.

Acquisition of Additional SSR Investment Units
Based on the important reasons described below, LPGK has decided to acquire additional investment units ofSSR through open-market purchases on the Tokyo Stock Exchange (TSE). Initially, LPGK will purchase amaximum amount of JPY 200,000,000 through discretionary transactions under a discretionary investment
contract. Acquisitions started today with the objective to not have a large impact on the day-to-day market
pricing formulation of the investment units.
➢ LPGK, within its proposal to merge SSR with SAR, has called for “A merger of the unitholders, by theunitholders, and for the unitholders”. By acquiring additional investment units of SSR and thereby
increasing its alignment with all SSR unitholders, LPGK wants to clearly reiterate its estrategy and focus
on maximizing unitholders’ value for all unitholders.
➢ At the same time, LPGK aims to have all SSR unitholders understand that Star Asia Group is fullycommitted to supporting SSR.
➢ LPGK firmly believes by replacing the Executive Director (and appointment of Toru Sugihara as the new
Executive Director) and the replacement of the asset management company (and having the AssetManager enter into a more favorable asset management entrustment agreement with SSR), SAR’sactive management strategy will be implemented for SSR’s operations as well. This will result in a much
improved unitholders’ value for all SSR unitholders There is a large gap between the trading price ofSSR investment units in today’s markets and the potential value which LPGK believes the SSR
investment units will have.

2.

Reference Information
Please also refer to the following press releases for further information.

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<Disclosed on May 10th, 2019>・ Notice Concerning Proposal for Merger between Sakura Sogo REIT Investment Corporation and Star Asia
Investment Corporation
・Supplementary Explanatory Material Regarding Today’s Timely Disclosure (1)~Proposal Material from the Star Asia Group to all unitholders of Sakura Sogo REIT Investment Corporation~
・Supplementary Explanatory Material Regarding Today’s Timely Disclosure (2)~Explanatory Material to all unitholders of Star Asia Investment Corporation~<Disclosed on May 16th, 2019>
・Notice Concerning Application for Permission of Holding Sakura Sogo REIT Investment Corporation’s Unitholders’Meeting by Star Asia Group<Disclosed on June 28th, 2019>
・Star Asia Group Receives Approval to Hold Unitholders’ Meeting of Sakura Sogo REIT Investment Corporation<Disclosed on July 1st, 2019>
・Notice Concerning Holding Unitholders' Meeting of Sakura Sogo REIT Investment Corporation By Star Asia Group<Disclosed on July 4th, 2019>
・Lion Partners Files Petition with Tokyo District Court Seeking Injunction Given Illegal Acts Conducted by theExecutive Director of Sakura Sogo REIT (“SSR”). Also Takes Other Further Actions to Protect and Defend the BestInterests of SSR Unitholders<Disclosed on July 5th, 2019>・Supplementary Explanatory Material Regarding Timely Disclosure announced on July 4th, 2019
3. Future Policy
If circumstances should arise which warrant further disclosures, such matters shall be disclosed as deemed
appropriate in a timely manner.
＊ SAR HP URL: http://starasia-reit.com＊ Star Asia Group HP URL: http://starasiamanagement.com/＊ SAR official YouTube channel URL: https://www.youtube.com/channel/UCYasJn4xrns2fhyZFKMAELw
This is an English translation of the announcement in Japanese dated July 17, 2019.However, no assurance or warranties aregiven for the completeness or accuracy of this English translation.

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