September 1, 2017
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
President and CEO
Contact: Toru Sugihara
Director and CFO
TEL: +81-3-5425-1340

Notice Concerning Conclusion of Memorandum on the Change of Sponsor Support Agreement
Star Asia Investment Corporation (SAR) and Star Asia Investment Management Co., Ltd. (the Asset Manager)
announced today that they concluded a memorandum on the change of the sponsor support agreement (includingthe changes made afterwards, the Sponsor Support Agreement) concluded with Star Asia Management Limited(the Sponsor) as of January 14, 2016, as described below.
1. Functional expansion related to real estate investment in the sponsor group
The Sponsor Group acquired the shares of Star Asia Asset Advisors Co., Ltd. (SAAA) through Star Asia Group LLC asof today and accepted it as a member of the Group with an aim to expand functions related to real estate
investments in Japan. SAAA is scheduled to perform the following functions in the sponsor group.
1. Asset management function of SPCs (investment vehicles) owning investment properties Sponsor funds.
The Sponsor Group continues to conduct special investment and SAAA has been entrusted withmanagement and operation business related to investment properties, however, SAAA will aim to enhancefunctions through personnel dispatched from the Sponsor Group and shall conduct management andoperation in the future.
2. Asset management functions related to warehousing functions for SAR provided by the sponsor group
Provision of warehousing functions by the Sponsor Group is stipulated in the Sponsor Support Agreement,and SAAA is scheduled to also conduct management and operation of properties related to warehousing.
3. Sponsor Group research functions on investment targets including the provision of information to the AssetManagerProvision of sales information of properties owned by third parties that can be considered investment
targets of SAR is stipulated in the Sponsor Support Agreement and information obtained by SAAA isscheduled to be provided to the Asset Manager excluding certain cases.
As mentioned above, it is considered that the Sponsor Group’s real estate management and operation functions
will be enhanced and the support system for SAR and the Asset Manager will be strengthened by accepting SAAA
as a member of the Sponsor Group.
2. Content of the memorandum on the change of sponsor support agreement
Under “1. Functional expansion related to real estate investment in the sponsor group,” SAR and the AssetManager expect to gain support from SAAA by recognizing and positioning it as a member of the Sponsor Groupin the Sponsor Support Agreement, and have reached an agreement to change the Sponsor Support Agreement
as a result of negotiation with the Sponsor.

<Definition of sponsor group after the change>(i)
Sponsor (Star Asia Management Limited)(ii) Star Asia Management Japan Ltd.
(iii) Star Asia Asset Management LLC(iv) Star Asia Group LLC(v)
Star Asia Asset Advisors, Co. Ltd.
(vi) Malcolm F. MacLean(vii) Taro Masuyama(viii) Investment vehicles in Japan that are the investment destination of funds (excluding minorityinvestments) for which Malcolm F. MacLean IV and Taro Masuyama make investment decisions(a) that are located in Japan and own or acquire investment assets such as real estate or (b) thatown or acquire investment units of SAR, and companies belonging to Sponsor Group, etc.
(including individuals).
3. Overview of Star Asia Asset Advisors Co., Ltd. (as of September 1, 2017)
Name

Star Asia Asset Advisors Co., Ltd. (formerly Will Seeds Co. Ltd.)

Location

Shin-Kodenmacho Building 9F, 2-8 Nihonbashi-Kodenmacho, Chuo-ku, Tokyo

Representative

CEO Keiji Watanabe

Main business description:

1. Financial instruments business (Type II financial instruments business, investment
advisory and agent)
2. Building lots and buildings transaction
3. Real estate management and operation

Capital10 million yen

EstablishedMay 2, 2008

Relationship with SAR or the Asset ManagerCapitalThere is no direct capital relationship but the company is a subsidiary of the parent
relationshipcompany of the Asset Manager
Personnel
relationship

Eita Sugawara, a part-time auditor of the Asset Manager, has assumed the position ofBusiness
relationship

There is no business relationship to report.

Related party or no

The company does not fall under the category of interested person, etc. as provided indirector of Star Asia Asset Advisors Co., Ltd. as of today.

the Investment Trusts Act, but falls under the category of interested party prescribed in
the “Rules on Transactions with Interested Parties,” which are the voluntary rules set
forth by the Asset Manager for preventing conflict of interests regarding its managementof SAR’s assets. Upon determination of transactions, the Asset Manager will perform
deliberation and resolution in accordance with the voluntary rules.

4. OtherContent of change in rules concerning compliance and interested party, etc.
The definition of “interested party” stipulated in the “Rules on Transactions with Interested Parties,”
which is an internal rule of the Asset Manager, is scheduled to be changed as follows.
<Definition of interest party after the change>(1) The Interested Parties of the Asset Manager as stipulated in Article 201, Paragraph 1 of the Act onInvestment Trusts and Investment Corporations(2) The shareholders and officers of the Asset Manager(3) Special purpose company, etc. (SPC) which executes an investment management agreement with theshareholders of the Asset Manager(4) SPCs in which majority of investment is made by the Asset Manager and the shareholders of theAsset Manager(5) Star Asia Management Limited, Star Asia Asset Management LLC, Star Asia Management JapanLimited, Star Asia Group LLC, Star Asia Asset Advisors Co., Ltd., Malcolm F. MacLean IV, TaroMasuyama and investment vehicles in Japan that are the investment destination of funds (excludingminority 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 real estate or (b) thatown or acquire investment units of SAR.
Furthermore, required procedures such as notification etc. of the above change will be conducted in accordancewith the provisions of the Financial Instruments and Exchange Act, Building Lots and Buildings Transaction BusinessAct and other applicable laws and regulations.
* Star Asia Investment Corporation website address: http://starasia-reit.com/en/