March 2, 2020

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

Notice Concerning Split of Investment UnitsStar Asia Investment Corporation (“SAR”) announces that SAR resolved at its board of directors meeting
held on March 2, 2020 to split its investment units (hereinafter referred to as the “Investment Unit Split”).
1.

Purpose of Investment Unit Split
As announced in the “Notice Concerning Execution of a Merger Agreement by and between Star Asia
Investment Corporation and Sakura Sogo REIT Investment Corporation” released today by SAR andSakura Sogo REIT Investment Corporation (“SSR”), SAR and SSR agreed to implement anabsorption-type merger (hereinafter referred to as the “Merger”) on August 1, 2020, as the effective dateof the Merger, with SAR as the surviving corporation and SSR as the dissolving corporation, and today
entered into a merger agreement (hereinafter referred to as the “Merger Agreement”).
The Merger will be carried out through an absorption-type merger with SAR as the surviving corporation.
The merger ratio before the Investment Unit Split is SSR 0.89 to SAR 1. However, on the basis of thatratio, against one SSR investment unit, 0.89 SAR investment units would be allocated and delivered,and this would result in many SSR unitholders being allocated fractions of less than one SAR
investment unit. To make it possible for SSR unitholders to continue holding SAR investment units afterthe Merger, a split of the investment units will be carried out before the effective date of the Merger, inthe ratio of 2 investment units to one SAR investment unit for the purpose of delivering to all SSR
unitholders at least one SAR investment unit, and for every one SSR investment unit, 1.78 SAR
investment units post the Investment Unit Split will be allocated and delivered.

2.

Details of Investment Unit Split(1) Method of Investment Unit Split
SAR investment units owned by the SAR unitholders set forth or recorded in the final unitholder
register on July 31, 2020, which is the day immediately preceding the effective date of the Merger,
will be split 2-for-1. The Investment Unit Split will take effect on August 1, 2020, the effective date ofthe Merger, provided that the Merger Agreement is not terminated.
(2)

Increase of investment units by Investment Unit Split(i)

Total number of outstanding SAR investment units

1：

540,824 unitsprior to the Investment Unit Split
(ii)
(iii)
(iv)
(v)

Number of investment units to increase by theInvestment Unit Split
Total number of outstanding SAR investment units
after the Investment Unit Split
Total number of outstanding SAR investment units
after the Merger
Total number of authorized investment units after theInvestment Unit Split and the Merger：

540,824 units：

1,081,648 units：

1,674,389 units (Note)： 10,000,000 units(Note) The number is calculated on the assumption that, upon the Merger, 1.78 SAR investment units
after the Investment Unit Split will be allocated for each SSR investment unit with respect to all
outstanding SSR investment units (333,001 units) as of today.

3.

Schedule of Investment Unit Split
Announcement of record date for
the Investment Unit Split
Record date for the Investment
Unit Split
Effective date for the Investment
Unit Split：July 10, 2020 (tentative)：July 31, 2020 (tentative)：August 1, 2020 (tentative)
END* This press release has been distributed to the Kabuto Club; the Ministry of Land, Infrastructure, Transport andTourism Press Club, and the Ministry of Land, Infrastructure, Transport and Tourism Press Club for Construction
Publications.
* Websites of SAR
Star Asia Investment Corporation:

http://starasia-reit.com/en/<Reference>
Other press releases SAR issued today・Notice Concerning Execution of a Merger Agreement by and between Star Asia Investment Corporationand Sakura Sogo REIT Investment Corporation
Notice Concerning the Forecast of Operating Results and Distributions Subsequent to the Merger of・Star Asia Investment Corporation and Sakura Sogo REIT Investment Corporation for the Fiscal Periods
Ending January 31, 2021 and July 31, 2021

・・・・・

Notice Concerning Acquisition and Transfer of Trust Beneficialy Interest in Domestic Real Estate (FifthAsset Replacement)
Notice Concerning Acquisition of Mezzanine Loan Debt - Star Asia Mezzanine Loan Debt Investment
Series 5 (B Beneficiary Interest) Notice Concerning Debt Financing
Notice Concerning Revision to Forecasts of Operating Results and Distributions for the Fiscal Periods
ending January 31, 2020 and July 31, 2020
Notice Concerning Partial Amendment to the Management Guildelines of the Asset Manager2

・Supplemental Materials Concerning the Documents Published Today

This is an English translation of the announcement in Japanese dated March 2, 2020. However, no assurance orwarranties are given for the completeness or accuracy of this English translation.

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