August 19, 2024
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 Revision to Forecasts forOperating Results and Distribution for the 17th Fiscal Period Ended July 31, 2024
and Revision to Forecasts for Operating Results for the 18th Fiscal Period Ending January 31, 2025
and Forecasts for Operating Results and Distribution for the 19th Fiscal Period Ending July 31, 2025
Star Asia Investment Corporation (“SAR”) announces that it has decided to revise the operating results anddistribution forecasts for the 17th fiscal period ended July 31, 2024 (February 1, 2024 to July 31, 2024) and torevise the operating results forecasts for the 18th fiscal period ending January 31, 2025 (August 1, 2024 toJanuary 31, 2025) announced in the “(REIT) Financial Report for Fiscal Period Ended January 31, 2024” dated
March 15, 2024 (the “Previously Announced Forecasts”).
SAR also newly announces the operating results and distribution forecasts for the 19th fiscal period ending July
31, 2025 (February 1, 2025 to July 31, 2025) as described below.

1. Revision to forecasts for operating results and distribution for the fiscal period ended July 31, 2024
Operatingrevenue(million yen)

Operatingincome(million yen)

Ordinary
income(million yen)

Net income(million yen)Cashdistribution
per unit (notincluding cash
distribution inexcess of
earnings) (yen)Previous
Forecasts
(A)

7,959

4,159

3,477

3,476

1,520

0

Revised
Forecasts
(B)

8,097

4,332

3,663

3,662

1,596

0

Amount ofchange(C)=(B)-(A)

138

173

185

185

76

0

Rate of change(D)=(C)/(A)

1.7 %

4.2 %

5.3 %

5.3 %

5.0 %

－

Cash
distribution
in excess ofearnings perunit (yen)(Reference) Number of investment units issued and outstanding as of the end of the fiscal period: 2,372,000 units.
Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared for the purposeof announcing to the public certain matters relating to the revision to forecasts for operating results and distribution for the 17th fiscal period ended July
31, 2024 and revision to forecasts for operating results for the 18th fiscal period ending January 31, 2025 and forecasts for operating results anddistribution for the 19th fiscal period ending July 31, 2025 and not for the purpose of soliciting any investment, within or outside of Japan. Additionally,
this press release is not an offer of securities for sale in the United States. SAR’s securities have not been, and will not be registered under the UnitedStates Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration or an exemption
from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned
transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.

12. Revision to forecasts for operating results for the fiscal period ending January 31, 2025
Operatingrevenue(million yen)

Operatingincome(million yen)

Ordinary
income(million yen)

Net income(million yen)Cashdistribution
per unit (notincluding cash
distribution inexcess of
earnings) (yen)Previous
Forecasts
(A)

8,156

4,296

3,562

3,561

1,538

0

Revised
Forecasts
(B)

9,141

5,003

4,035

4,035

1,538

0

Amount ofchange(C)=(B)-(A)

984

707

473

473

0

0

Rate of change(D)=(C)/(A)

12.1%

16.5%

13.3%

13.3%

-

-

Cash
distribution
in excess ofearnings perunit (yen)(Reference)
Expected number of investment units issued and outstanding as of the end of the fiscal period: 2,687,000 units.
(Refer to the “Investment units” in the assumptions described in Exhibit.)

3. Forecasts for operating results and distribution for the fiscal period ending July 31, 2025

Forecasts

Operatingrevenue(million yen)

Operatingincome(million yen)

Ordinary
income(million yen)

Net income(million yen)Cashdistribution
per unit (notincluding cash
distribution inexcess of
earnings) (yen)

8,981

4,934

4,086

4,086

1,553

Cash
distribution
in excess ofearnings perunit (yen)0(Reference)
Expected number of investment units issued and outstanding as of the end of the fiscal period: 2,687,000 units.
(Refer to the “Investment units” in the assumptions described in Exhibit.)(Notes)1. The above forecasts are current forecasts based on assumptions described in Exhibit and the actual operating
revenue, operating income, ordinary income, net income, cash distribution per unit (not including cash distribution
in excess of earnings) and cash distribution in excess of earnings per unit may fluctuate from the forecasts, due tothe deviation in assumptions caused by factors such as the future acquisition or sale of real estate properties etc.,
the transition of the real estate market, changes to rent income due to the moving of tenants, changes to theoperational environment including occurrence of unexpected repairs, changes to the number or issue price ofactually issued new investment units, change of interest rate, further issuances of new investment units, or changes
to other conditions surrounding SAR. In addition, the above forecasts are not in any way a guarantee that the above
cash distribution will be made.
2. The forecasts may be subject to revision when a disparity beyond a certain degree is expected between the above
forecasts and actual figures.
3. Amounts are rounded down to the nearest specified unit and percentage figures are rounded to the first decimal
place.

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared for the purposeof announcing to the public certain matters relating to the revision to forecasts for operating results and distribution for the 17th fiscal period ended July
31, 2024 and revision to forecasts for operating results for the 18th fiscal period ending January 31, 2025 and forecasts for operating results anddistribution for the 19th fiscal period ending July 31, 2025 and not for the purpose of soliciting any investment, within or outside of Japan. Additionally,
this press release is not an offer of securities for sale in the United States. SAR’s securities have not been, and will not be registered under the UnitedStates Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration or an exemption
from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned
transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.

2

4. Reason for the revisions and announcement
SAR decided to revise and announce the forecasts for operating results and distribution for the fiscal
period ended July 31, 2024 based on the performance of the existing portfolio as of today mainly due to theincrease in the variable rent from the hotels owned by SAR, which will be higher than expected and lead tothe more than 5.0% increase in the cash distribution per unit.
Also, due to the acquisition and sale of real estate beneficiary interests in trust and lease for the properties
and the investment in mezzanine loan as described in “Notice Concerning Acquisition of Real Estate
Beneficiary Interest in Trust and Mezzanine Loan Debt, and Transfer of Real Estate Beneficiary Interests inTrust (11th Asset Replacement)” already announced in August 2, 2024 and “Notice Concerning Acquisition
of Real Estate Beneficiary Interests in Trust and Lease Contract with New Tenants”, the issuance of new
investment units as announced in “Notice Concerning Issuance of New Investment Units and Secondary
Offering of Investment Units”, and the new debt financings announced in “Notice Concerning Debt
Financing (Green Loans)”, each of which was announced today, material changes have been made to theassumptions underlying the operating results forecasts and distribution forecasts for the fiscal period
ending January 31, 2025 as described in “(REIT) Financial Report for Fiscal Period Ended January 31, 2024”
dated March 15, 2024. In such context, from the standpoint of reflecting such changes, SAR announces
revisions to the forecasts for operating results for the fiscal period ending January 31, 2025, and also newly
announces the operating results forecasts and distribution forecasts for the fiscal period ending July 31,
2025.
<Reference>
Other press releases announced today
・Notice Concerning Issuance of New Investment Units and Secondary Offering of Investment Units
・Notice Concerning Acquisition of Real Estate Beneficiary Interests in Trust and Lease Contract with
New Tenants・Notice Concerning Debt Financing (Green Loans)*SAR HP URL: https://starasia-reit.com/en/

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared for the purposeof announcing to the public certain matters relating to the revision to forecasts for operating results and distribution for the 17th fiscal period ended July
31, 2024 and revision to forecasts for operating results for the 18th fiscal period ending January 31, 2025 and forecasts for operating results anddistribution for the 19th fiscal period ending July 31, 2025 and not for the purpose of soliciting any investment, within or outside of Japan. Additionally,
this press release is not an offer of securities for sale in the United States. SAR’s securities have not been, and will not be registered under the UnitedStates Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration or an exemption
from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned
transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.

3

Exhibit
Assumptions Underlying Operating Results Forecasts and Distribution Forecasts
For Fiscal Periods Ended July 31, 2024, Ending January 31, 2025 and Ending July 31, 2025
Item

Assumptions

 17th Fiscal period ended July 31, 2024: February 1, 2024 – July 31, 2024 (182 days)
 18th Fiscal period ending January 31, 2025: August 1, 2024 – January 31, 2025 (184Calculation perioddays) 19th Fiscal period ending July 31, 2025: February 1, 2025 – July 31, 2025 (181 days)
 Regarding the assets under management, the following are the assumptions.
17th Fiscal
18th Fiscal
19th Fiscal
periodperiodperiodReal Estate Properties etc.
71 properties
74 properties
74 properties
Mezzanine Loan Debt
23
3
Preferred Equity Securities
11
1

Assets undermanagement

 In addition to the assets held by SAR as of today (real estate beneficiary interests intrust over 71 properties, 3 mezzanine loan debt, and 1 preferred equity securities(hereinafter collectively referred to as “Currently Held Assets”, and of the Currently
Held Assets, assets related to real estate trust beneficial interests are referred to as“Currently Held Assets (Real Estate Properties etc.)”, the mezzanine loan debts arereferred to as “Currently Held Assets (Mezzanine), and the preferred equity securities
are referred to as “Currently Held Assets (Preferred Equity)”), it is assumed that the realestate trust beneficiary interests over 4 real estate properties (hereinafter referred toas “Assets to be Acquired (Real Estate Properties etc.)”) described under “Acquisition”
below will be acquired, and the real estate trust beneficial interests over 1 property
described under “Transfer” (hereinafter referred to as “Asset to be Transferred”) will besold.
<Acquisition>
Real Estate Properties etc.: KOKO HOTEL Tsukiji Ginza,
KOKO HOTEL Residence Asakusa Kappabashi,
KOKO HOTEL Residence Asakusa Tawaramachi,
KOKO HOTEL Osaka Shinsaibashi,
Planned Acquisition Date: August 30, 2024
<Transfer>
Real Estate Properties etc.: Urban Park Namba(decided for transfer on August 2, 2024)
Planned Transfer Date: September 6, 2024

Operatingrevenue

Regarding the operating revenue, the following are the assumptions.
17th Fiscal
18th Fiscal
periodperiodOperating revenue
8,097 million
9,141 million
yen
yen(of these, Operating(8,032 million(8,758 million
revenue from real estate
yen)
yen)
leasing)(of these, gain on sales of(-)(314 million
real estate)
yen)(of these, accrued interest(33 million yen)
(37 million yen)on Mezzanine Loan Debt)(of these, lending fees of(31 million yen)
(31 million yen)

19th Fiscal
period8,981 million
yen(8,913 million
yen)(-)(36 million yen)
(30 million yen)

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared for the purposeof announcing to the public certain matters relating to the revision to forecasts for operating results and distribution for the 17th fiscal period ended July
31, 2024 and revision to forecasts for operating results for the 18th fiscal period ending January 31, 2025 and forecasts for operating results anddistribution for the 19th fiscal period ending July 31, 2025 and not for the purpose of soliciting any investment, within or outside of Japan. Additionally,
this press release is not an offer of securities for sale in the United States. SAR’s securities have not been, and will not be registered under the UnitedStates Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration or an exemption
from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned
transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.

4

Item

Assumptions
Preferred Equity
Securities)
 Rent revenues from the Currently Held Assets (Real Estate) are calculated based on theterms stated in the lease agreements that are effective as of today, and rent revenues
from the Assets to be Acquired (Real Estate Properties etc.) are calculated based on
information provided by each seller and terms stated in the lease agreements that are
expected to be effective as of the planned acquisition date, with taking into
consideration market trends, etc. The forecasts for the fiscal period ended July 31, 2024
is based on actual and forecast results available for each asset held. It is also assumed
that no rent payments will be delinquent or defaulted by tenants.
 Gain on sale from the disposition of Asset to be Transferred and “Smile Hotel Namba”,
which was transferred on August 19, 2024,are planned to be recorded in the fiscal
period ending January 31, 2025.
 Interest revenues or dividend revenues in anticipated from the agreements related toloans and beneficiary interests, etc. which are effective as of today. It is also assumed
that no interest payments or dividend payments will be defaulted.
 For Currently Held Assets (Preferred Equity), it is calculated that the assumed loan
income will be generated based on agreement on preferred equity lendingtransactions, etc.

Operatingexpenses

Regarding the operation expenses from real estate leasing which are the main operating
expenses, the following are the assumptions.
17th Fiscal
18th Fiscal
19th Fiscal
periodperiodperiodOperation expenses from3,046 million
3,317 million
3,246 million
real estate leasing
yen
yen
yen
(of these, taxes and etc.)(599 million(600 million(644 million
yen)
yen)
yen)
(of these, repair and(223 million(303 million(244 million
maintenance fee)
yen)
yen)
yen)
(of these, deprecation)(1,034 million(1,142 million(1,167 million
yen)
yen)
yen)
 For the Assets to be Acquired (Real Estate Properties etc.) and “Urban Forum Warabi”,
which was acquired on August 16, 2024, such taxes etc. are (expected to be) settledwith the seller on a pro-rata basis based on the number of days of ownership at thetime of acquisition of the Assets to be Acquired (Real Estate Properties etc.) and“Urban Forum Warabi”. However, SAR will include such settled amount in theacquisition cost, and thus SAR will not record these items for the fiscal year 2024 as
expenses in the fiscal period ending January 31, 2025. It is planned that fixed property
taxes, city planning taxes and other public charges for the Assets to be Acquired (Real
Estate Properties etc.) and “Urban Forum Warabi” will be recorded as expenses
beginning from the fiscal period ending July 31, 2025.
 The expenditures for repair and maintenance of buildings are estimated, based on
repair and maintenance plans drawn up by the Star Asia Investment Management Co.,
Ltd. However, the actual expenditures for repair and maintenance for the fiscal periods
may differ significantly from the estimated amounts, as expenditures may arise
urgently due to damage to buildings caused by unexpected factors, and generally
speaking, such expenditures tend to vary significantly from year to year and also are
not amounts which arise regularly.
 Depreciation expenses including ancillary costs are calculated using the straight-line
method.
Regarding operating expenses other than the expenses related to rent business, thefollowing are the assumptions.

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared for the purposeof announcing to the public certain matters relating to the revision to forecasts for operating results and distribution for the 17th fiscal period ended July
31, 2024 and revision to forecasts for operating results for the 18th fiscal period ending January 31, 2025 and forecasts for operating results anddistribution for the 19th fiscal period ending July 31, 2025 and not for the purpose of soliciting any investment, within or outside of Japan. Additionally,
this press release is not an offer of securities for sale in the United States. SAR’s securities have not been, and will not be registered under the UnitedStates Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration or an exemption
from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned
transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.

5

Item

Assumptions

Operating expenses(other than operation
expenses from real estateleasing)

NOI(Net Operating
Income)17th Fiscal
period719 million yen

18th Fiscal
period819 million yen

19th Fiscal
period800 million yen

Regarding the total portfolio NOI expected, the following are the assumptions.
17th Fiscal
18th Fiscal
19th Fiscal
periodperiodperiodNOI
6,021 million
6,583 million
6,833 million
yen
yen
yen
 NOI is calculated by using the following calculation method.
NOI = Operating revenue from real estate leasing – Expenses related to rent business(excluding depreciation)
Regarding the non-operating expenses, the following are the assumptions.

Non-operating
expensesNon-operating expenses(ofthese,
interest
expense)(of these, interest expense
on investment corporation
bonds)(of these, loan related
cost)(of these, amortization ofissuance cost of new
investment bond)(of these, amortization ofissuance cost of new
investment units)

17th Fiscal
period671 million yen(504 million
yen)(3 million yen)

18th Fiscal
period967 million yen(662 million
yen)(3 million yen)

19th Fiscal
period847 million yen(675 million
yen)(3 million yen)(141 million
yen)(1 million yen)(278 million
yen)(1 million yen)(145 million
yen)(1 million yen)

(20 million yen)

(22 million yen)

(22 million yen)

Regarding the total amount of interest-bearing liabilities, the following are theassumptions.

Borrowings
Investment bond17th Fiscal
period120,840 million
yen
1,000 million
yen

18th Fiscal
period137,280 million
yen
1,000 million
yen

19th Fiscal
period136,480 million
yen
1,000 million
yen

Debt financing
 As of today, SAR has 120,840 million yen of outstanding borrowings and 1,000 million
yen of outstanding investment corporation bonds. In addition, new borrowings totaling
17,640 million yen are anticipated in August 2024 from qualified institutional investors
as defined in Article 2, paragraph 3, item 1 of the Financial Instruments and Exchange
Act is assumed.
 Of the new borrowings described above, 1,200 million yen are planned to be prepaid
during the fiscal period ending January 31, 2025 from the proceeds from the sale of theAsset to be Transferred and “Smile Hotel Namba” and 800 million yen are planned to
be prepaid during the fiscal period ending July 31, 2025 from the proceeds of refunds ofNote: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared for the purposeof announcing to the public certain matters relating to the revision to forecasts for operating results and distribution for the 17th fiscal period ended July
31, 2024 and revision to forecasts for operating results for the 18th fiscal period ending January 31, 2025 and forecasts for operating results anddistribution for the 19th fiscal period ending July 31, 2025 and not for the purpose of soliciting any investment, within or outside of Japan. Additionally,
this press release is not an offer of securities for sale in the United States. SAR’s securities have not been, and will not be registered under the UnitedStates Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration or an exemption
from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned
transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.

6

Item

Assumptions
consumption tax etc.
 Other than as stated above, borrowings falling due for repayment during the fiscal
period ending January 31, 2025 and the fiscal period ending July 31, 2025 are expected
to be refinanced for the same amounts.

Regarding the total issued and outstanding investment units, the following are theassumptions.
The end of 17th The end of 18th The end of 19th
Fiscal period
Fiscal period
Fiscal period
The total issued and2,372,000 units
2,687,000 units
2,687,000 units
outstanding
investment
Investment units
units It is assumed that a total of 2,687,000 units will be issued and outstanding, which is thetotal number of investment units issued and outstanding as of today (2,372,000 units),
plus the new investment units to be issued through public offering (315,000 units)
which was approved at the Board of Directors meeting held today.
 Cash distribution per unit (not including cash distribution in excess of earnings) is
calculated based on the money distribution policy set forth in SAR’s articles ofincorporation.
 With respect to temporary difference adjustment reserve, SAR’s policy is that 1% ormore of the initial reserve amount will continue to be reversed every fiscal period andbe utilized mainly to mitigate negative impact on cash distribution from temporary
decrease in income or temporarily incurred expenses, and also to avoid incurring tax
expenses such as corporate taxes etc. arising due to the mismatch of tax andaccounting treatments.
Regarding the cash distribution of respective fiscal period, the following are theassumptions.
17th Fiscal period
18th Fiscal period
19th Fiscal period
Net income
3,662 million yen
4,035 million yen
4,086 million yen
Cash distribution
3,785 million yen
4,132 million yen
4,172 million yen
Cash distribution
1,596 yen
1,538 yen
1,553 yen
Cash distribution
per unit
per unit(not including
cash distribution  As to cash distribution for the fiscal period ended July 31, 2024, it is assumed that a
total of 3,785 million yen (1,596 yen per unit) will be distributed, which is the total ofin excess of
estimated net income for the fiscal period of 3,662 million yen plus the expected
earnings)
reversal amount from the temporary difference adjustment reserve of 88 million yen,
and a portion of profit carried forward from the previous period of 34 million yen.
 As to cash distribution for the fiscal period ending January 31, 2025, it is assumed that a
total of 4,132 million yen (1,538 yen per unit) will be distributed, which is the total of
estimated net income for the fiscal period of 4,035 million yen plus the expected
reversal amount from the temporary difference adjustment reserve of 88 million yen,
and a portion of profit carried forward from the previous period of 8 million yen.
 Also, as to cash distribution for the fiscal period ending July 31, 2025, it is assumed thata total of 4,172 million yen (1,553 yen per unit) will be distributed which consists of
estimated net income for the fiscal period of 4,086 million yen plus the expected
reversal amount from the temporary difference adjustment reserve of 88 million yen
which is the maximum amount that is an integer multiple of the expected number ofinvestment units issued and outstanding as of the end of the fiscal period.
 The distribution per unit may change due to various factors including changes to theassets under management, changes to rent revenues given movements etc. of tenants,or the occurrence of unexpected repairs.
Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared for the purposeof announcing to the public certain matters relating to the revision to forecasts for operating results and distribution for the 17th fiscal period ended July
31, 2024 and revision to forecasts for operating results for the 18th fiscal period ending January 31, 2025 and forecasts for operating results anddistribution for the 19th fiscal period ending July 31, 2025 and not for the purpose of soliciting any investment, within or outside of Japan. Additionally,
this press release is not an offer of securities for sale in the United States. SAR’s securities have not been, and will not be registered under the UnitedStates Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration or an exemption
from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned
transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.

7

Item

Assumptions

Cash distribution  SAR has no plan to make distribution in excess of earnings as of the date of thisin excess ofannouncement.
earnings per unit

Others It is assumed that no amendments affecting the above forecast numbers will be madeto relevant laws and regulations, tax policies, accounting standards, listing rules, andthe rules of the investment trusts association, etc.
 It is assumed that there will be no unforeseen material change in general economic
conditions or real estate market conditions, etc.

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared for the purposeof announcing to the public certain matters relating to the revision to forecasts for operating results and distribution for the 17th fiscal period ended July
31, 2024 and revision to forecasts for operating results for the 18th fiscal period ending January 31, 2025 and forecasts for operating results anddistribution for the 19th fiscal period ending July 31, 2025 and not for the purpose of soliciting any investment, within or outside of Japan. Additionally,
this press release is not an offer of securities for sale in the United States. SAR’s securities have not been, and will not be registered under the UnitedStates Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration or an exemption
from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned
transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.

8

<Reference > Changes in Distribution Per Unit and Net Income Per Unit
The followings are changes in distribution per unit and net income per unit, regarding "Management Status Forecast for
Fiscal Periods ended July 31, 2024 and Fiscal Period ending January 31, 2025" announced in the "(REIT) Financial Report for
the Fiscal Period ended January 31, 2024" dated March 15, 2024, and "Forecasts for Operating Results and Distribution for
the Fiscal Periods ended July 31, 2024, the Fiscal Period ending January 31, 2025 and the Fiscal Period ending July 31, 2025"
announced today.

(Note 1) “Distribution per unit” are expected net income divided by the (expected) number of investment units issued andoutstanding at the end of the period.
(Note 2) The amount of retained earnings used per unit is the estimated amount as of today, and the actual amount may
differ from the said amount. The prior forecasts have been changed by the new forecasts, and the estimated amountof the new forecasts or forecast may differ from the actual amount.
(Note 3) Please refer to “(REIT) Financial Report for Fiscal Period Ended January 31, 2024” dated March 15, 2024 forassumptions underlying prior forecast for FP ended July 31, 2024 (17FP) and assumptions underlying prior forecast
for FP ending January 31, 2025 (18FP).
(Note 4) Please refer to “Exhibit” for assumptions underlying new forecast for FP ended July 31, 2024 (17FP), FP ending
January 31, 2025 (18FP), and forecast for FP ending July 31, 2025 (19FP).
(Note5) The above figures are forecasts of SAR as of the date of each release of such forecasts, and are not guarantees orpromises of their realization.

This is an English translation of the announcement in Japanese dated August 19, 2024. However, no assurance orwarranties are given for the completeness or accuracy of this English translation.

Note: This press release does not in any way constitute any part of an offering of securities for investment. This press release has been prepared for the purposeof announcing to the public certain matters relating to the revision to forecasts for operating results and distribution for the 17th fiscal period ended July
31, 2024 and revision to forecasts for operating results for the 18th fiscal period ending January 31, 2025 and forecasts for operating results anddistribution for the 19th fiscal period ending July 31, 2025 and not for the purpose of soliciting any investment, within or outside of Japan. Additionally,
this press release is not an offer of securities for sale in the United States. SAR’s securities have not been, and will not be registered under the UnitedStates Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration or an exemption
from registration under the Securities Act. No offering or sale of securities in the United States will be made in connection with the above-mentioned
transactions. This press release is not for publication, distribution or release, directly or indirectly in or into the United States of America.

9