April 1, 2016
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: Toru Sugihara
Director and CFO
TEL: +81-3-5425-1340

Notice Concerning Revision to Forecasts for the Fiscal Periods Ending July 31, 2016
and January 31, 2017
Star Asia Investment Corporation (SAR) announces that it has revised the operating results forecasts for the fiscal
periods ending July 31, 2016 (December 1, 2015 – July 31, 2016) and January 31, 2017 (August 1, 2016 – January31, 2017) announced on March 16, 2016, as described below.
1. Reason for revisions to the operating results forecasts
Concerning issuance of new investment units and secondary offering of investment units which was resolved

at the Board of Directors meeting held on March 16, 2016, provisional conditions of issue price for theissuance of new investment units through public offering was determined today. Revisions to the operating
results forecasts for the fiscal periods ending July 31, 2016 and January 31, 2017 were made accordingly.
(1) Issue price of new investment unit used as assumption for the forecast announced on March 16, 2016
100,000 yen per unit
(2) Issue price of new investment unit used as assumption for revisions in line with the determination of provisional
conditions
90,000 yen or more but not exceeding 100,000 yen per unit

Issue price is scheduled to be determined on Monday, April 11, 2016.

Disclaimer: This document is an English translation of a press release for public announcement concerning revision to forecasts for the fiscal
periods ending July 31, 2016 and January 31, 2017 by Star Asia REIT Investment Corporation, and has not been prepared for thepurpose of solicitation of investment. We caution investors to refer to Star Asia REIT’s prospectus and notice of amendments
thereto, if any, without fail and to undertake investment at their own decision and responsibility.

12. Details of revisions
Operatingrevenue

OperatingincomeOrdinary
income(million yen)(million yen)(million yen)

Net Income(million yen)

Cash distribution
per unit(not including cash
distribution in excess ofearnings) (yen)Cash distribution inexcess of earnings
per unit(yen)Previous forecasts (announced on March 16, 2016)
Fiscal period ending
July 31, 2016
(1st Period)

1,811

1,145285

285829―Fiscal period ending
January 31, 2017
(2nd Period)

1,952

1,185

1,050

1,050

3,046

―

Fiscal period ending
July 31, 2016
(1st Period)

1,811

1,145

285

285

827 - 829―

Fiscal period ending
January 31, 2017
(2nd Period)

1,952

1,185

1,044 1,050

1,044 1,050

3,029 - 3,046―

Revised forecast

In line with the determination of provisional conditions, etc. described in the above 1., “Assumptions for Forecasts
for the Fiscal Periods Ending July 31, 2016 and January 31, 2017” (the “Assumptions”) described in the Attachment
of “Notice Concerning Forecasts for the Fiscal Periods Ending July 31, 2016 and January 31, 2017” dated March 16,
2016 is partially revised as below.
As a result, operating revenue, ordinary income, net income and cash distribution per unit (not including cash
distribution in excess of earnings) are revised as described above.

In “Non-operatingExpenses”:

The previously expected total of interest expense and other financing expenses is revisedfrom 604 million yen to 604-607 million yen for the fiscal period ending July 31, 2016,
and from 135 million yen to 135-141 million yen for the fiscal period ending January 31,
2017.
The previously expected expenses for issuance of new investment units and expenses
related to listing/offering of investment units for the fiscal period ending July 2016 arerevised from 140 million yen to 137-140 million yen.

In “Debt Financing”:

Total liabilities is revised from 32,600 million yen to 32,600-34,830 million yen for theend of the fiscal period ending July 31, 2016, and from 29,918 million to 29,918-32,600
million yen for the end of the fiscal period ending January 31, 2017.
The total amount of borrowings planned to be made on April 20, 2016 from the qualified
institutional investors defined under Article 2 Paragraph 3 item 1 of Financial Instruments
and Exchange Act is revised from 32,600 million yen to 32,600-34,830 million yen.
Furthermore, the previously expected LTV at the end of the fiscal period ending July 31,
2016 (1st fiscal period) is revised from around 47.55% to around 47.55%-50.92%, andthat at the end of the fiscal period ending January 31, 2017 (2nd fiscal period) is revised
from around 44.92% to around 44.92%-48.19%.

Disclaimer: This document is an English translation of a press release for public announcement concerning revision to forecasts for the fiscal
periods ending July 31, 2016 and January 31, 2017 by Star Asia REIT Investment Corporation, and has not been prepared for thepurpose of solicitation of investment. We caution investors to refer to Star Asia REIT’s prospectus and notice of amendments
thereto, if any, without fail and to undertake investment at their own decision and responsibility.

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(Reference)
Fiscal period ending July 31, 2016 (1st Period):
Forecast number of investment units issued and outstanding at the end of the fiscal period: 344,700 units(unchanged from the previous announcement)
Fiscal period ending January 31, 2017 (2nd Period):
Forecast number of investment units issued and outstanding at the end of the fiscal period: 344,700 units(unchanged from the previous announcement)(Notes)1. Fiscal periods of SAR are from February 1 to July 31 and from August 1 to January 31 of the following year for every year.
As for the first fiscal period, SAR conducted capital increase through private placement on January 14, 2016, acquired theproperties-already-acquired (defined in the Attachment) and started asset management. Therefore, the substantial firstfiscal period is from January 14, 2016 to July 31, 2016 (200 days). Furthermore, SAR plans to acquire the properties-to-beacquired (defined in the Attachment) on April 20, 2016 during the first fiscal period.
2. The forecasts are the current figures calculated under the certain assumptions. The actual operating revenue, operating
income, ordinary income, net income and cash distribution per unit (not including cash distribution in excess of earnings)
may be subject to change due to additional acquisition/disposition of real estate, etc., trends of the real estate market, etc.,
the actual number and issue price of new investment units to be issued, fluctuations in interest rates, and changes in otherconditions surrounding SAR, etc. in the future. In addition, SAR does not guarantee any actual cash distribution amount byannouncing the forecast figures.
3. The forecasts may be subject to revision when a disparity beyond a certain degree is expected between the above forecasts
and actual figures
4. The scheduled date for the listing of SAR’s investment units on the Real Estate Investment Trust Securities Market of theTokyo Stock Exchange is April 20, 2016.
5. Amounts are rounded down to the nearest specified unit.

* This material is distributed to the press club of the Tokyo Stock Exchange (Kabuto Club), the press club of theMinistry of Land, Infrastructure, Transport and Tourism, and the press club for construction trade publicationsof the Ministry of Land, Infrastructure, Transport and Tourism.
* Star Asia Investment Corporation website address: http://starasia-reit.com/en/Disclaimer: This document is an English translation of a press release for public announcement concerning revision to forecasts for the fiscal
periods ending July 31, 2016 and January 31, 2017 by Star Asia REIT Investment Corporation, and has not been prepared for thepurpose of solicitation of investment. We caution investors to refer to Star Asia REIT’s prospectus and notice of amendments
thereto, if any, without fail and to undertake investment at their own decision and responsibility.

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