CODE3468
August 14, 2019
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

Supplementary Explanatory Material

Contact : Akiko Kanno, Director and CFO
TEL: +81-3-5425-1340

Regarding Today’s Timely Disclosure●Treatment of Unitholder Proposal Received from the Parent Company of Sakura Real Estate

Funds Management, Inc. for the LPGK-Side Unitholders’ Meeting＜Timely Disclosure to Be Announced Today＞●Lion Partners GK Sends Convocation Notice for Sakura Sogo REIT General Meeting of Unitholders

This document was drafted by Lion Partners GK and presented to the unitholders of Sakura Sogo REIT Investment Corporation.
This is an English translation of the announcement in Japanese dated August 14, 2019. However, no assurance or warranties are given for thecompleteness or accuracy of this English translation.

Unitholders of Sakura Sogo REIT Investment Corporation

Treatment of Unitholder Proposal Received from the Parent
Company of Sakura Real Estate Funds Management, Inc. for
the LPGK-Side Unitholders’ Meeting
August 14, 2019

Treatment of Unitholder Proposal Received from the Parent Company of Sakura
Real Estate Funds Management, Inc. for the LPGK-Side Unitholders’ Meeting
Two unitholders’ meetings will be held: “Unitholders’ meeting convened by the REIT ” “Unitholders’ meeting convened based on
official permission obtained by unitholder”
 With respect to the unitholders’ meeting convened based on permission obtained by Lion Partners GK (“LPGK”) as unitholder, aunitholder proposal (request for stating outlines of proposed agenda items) was received from the parent company of SREFM whois also a unitholder. However, because it is illegitimate for other unitholders to make a proposal to a unitholders’ meeting to beconvened based on permission obtained by LPGK, such proposed agenda items shall not be stated in the convocation notice（Proposal is illegitimate
and will not be taken up )Proposalsby Unitholders（Proposal allowed ）Unitholders’ meeting convened based on
official permission obtained by unitholder
A general meeting of unitholders which isconvened by Lion Partners GK to start at 10
a.m. on August 30（Planned)~ Proposed Agenda ~Proposed Agenda Item 1:Removal of Executive Director Makoto Muranaka
Proposed Agenda Item 2: Appointment of Executive Director Toru Sugihara
Proposed Agenda Item 3: Cancellation of the asset management
entrustment agreement with Sakura Real Estate Funds Management, Inc.
Proposed Agenda Item4: Enter into an asset management entrustment
agreement with Star Asia Investment Management Co., Ltd.

Unitholders’ meeting convened by the REIT

Proposed Agenda Item 1:Approval of the Merger Agreement withMIRAI Corporation

A general meeting of unitholders which isconvened by Sakura Sogo REIT to start at 3p.m. on August 30（Planned)

Proposed Agenda Item 2:Cancellation of the asset management
entrustment agreement.
Proposed Agenda Item 3:Partial Amendment of Articles ofIncorporation

Reasons why proposals by unitholders is illegitimate regarding unitholders’ meetings convened by permission
Lion Partners GK has obtained permission to convene a general meeting of unitholders from the Director-General of Kanto Finance
Bureau on June 28, 2019.
Taking into account the structure and legislative intent of the provisions of the Investment Trust Act and the Companies Act which isapplied mutatis mutandis by the Investment Trust Act, proposals made by unitholders to unitholders’ meetings convened based on
permission from the Director-General of the Kanto Finance Bureau is illegitimate, and therefore cannot be taken up.
The above has been confirmed with multiple experts.

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Disclaimer<Inquiries regarding this material>
Lion Partners GK
 Tel: 03-4577-7871
 E-mail: info＠starasia-lp.com
 Video concerning this material:

https://www.youtube.com/channel/UCYasJn4xrns2fhyZFKMAELw



This document has been prepared solely for the purpose of providing information relating to A general meeting of unitholders which isconvened by Lion Partners GK, and not for offering, soliciting or selling any specific productCopying, reprinting or any other use of the contents of this document without prior approval is strictly prohibited. This document includes
charts, graphs, data, etc. publicized by third parties. It also includes descriptions related to analysis, judgments and other opinions byStar Asia Group