July 20, 2020
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 Organizational Changes and Transfers of Directors at the Asset Manager
Star Asia Investment Management Co., Ltd. (“Asset Manager”), the asset manager for Star Asia Investment
Corporation (“SAR”), has approved at its board meeting held today, certain changes to be made to its
organization and transfer of directors, each to be implemented upon the effectuation of the scheduled merger
between SAR and Sakura Sogo REIT Investment Corporation (“SSR”) (the “Merger”) announced in the press
release dated March 2,2020 entitled “Notice Concerning Execution of a Merger Agreement by and between Star
Asia Investment Corporation and Sakura Sogo REIT Investment Corporation”, on the condition that such Merger
comes into effect as scheduled. Details are as follows.
Under the new organization, the Asset Manager intends to go back to the basis to expand its asset
management operations by further pursuing “maximization of unitholders’ interest”.
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Organizational Changes at Asset Manager<Current Status of the Organization (up to July 31, 2020)>
Currently, “SSR Investment Management Division” is responsible for asset management at SSR, and “SAR
Investment Management Division” is responsible for asset management at SAR, and management operations
are conducted while paying attention to avoid conflict of interests between the two investment companies.

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■ Organization Chart (before change)<Organization after Change (from August 1, 2020 (the date of effectuation of the Merger)) (scheduled)>
The SSR Investment Management Division and SAR Investment Management Division will be consolidated
into the “Investment Management Division”, and will be responsible for asset management of SAR after theMerger.
■Organization Chart22.

Transfer of Directors
Given organizational changes at the Asset Manager, certain transfers of directors of the Asset Manager arescheduled, as described below.
NameUp to July 31, 2020
From August 1, 2020
Atsushi Kato
President and CEO
No change
Satoshi Obara
Director and Division Manager of SAR To resign
Investment Management DivisionAkiko Miyazawa
Director and CFONo change（Name on the maiden and theduties are Akiko Kanno)
Takeshi Kirihara
Director and Division Manager of SSR Director and CIO
Investment Management Division
Satoshi Obara will return to Star Asia Management Japan Limited, Tokyo Branch from which he wasseconded, and engage in projects which contribute to the growth of Star Asia Group.
Furthermore, required procedures such as notification, etc. of the above transfer will be conducted inaccordance with the provisions of Financial Instruments and Exchange Act, the Building Lots and Buildings
Transaction Business Act, and other applicable laws and regulations.

3.

Effect on Management Status
The above described matters will have no impact on the management status of SAR for its Fiscal Period
ending July 31, 2020 (from February 1, 2020 to July 31, 2020), and there is no change to the management
status forecast for the same period.
* Star Asia Investment Corporation website address: http://starasia-reit.com/en/

This is an English translation of the announcement in Japanese dated July 20, 2020. However, no assurance orwarranties are given for the completeness or accuracy of this English translation.
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