August 22, 2019
For Immediate Release
Real Estate Investment Trust:
MIRAI Corporation
Michio Suganuma, Executive Director(Securities Code: 3476)
Asset Management Company:
Mitsui Bussan & IDERA Partners Co., Ltd.
Michio Suganuma, Representative Director, President
Contact: Shosaku Ikeda, Depuity General Manager,
Finance & Administrative Divison
TEL: +81-3-6632-5950
Real Estate Investment Trust:
Sakura Sogo REIT Investment Corporation
Makoto Muranaka, Executive Director(Securities Code: 3473)
Asset Management Company:
Sakura Real Estate Funds Management, Inc.
Makoto Muranaka, Representative Director and President
Contact: Mayumi Kobiki, Chief Financial Officer
TEL: +81-3-6272-6608

Notice Concerning Execution of Merger Agreementby and between MIRAI Corporation and Sakura Sogo REIT Investment Corporation (Follow-up II)MIRAI Corporation (hereinafter “MIRAI”) and Sakura Sogo REIT Investment Corporation (hereinafter “SAKURA”)(hereinafter the “Two Investment Corporations” collectively with MIRAI and SAKURA), are pleased to provide new
supplementary material relating to the merger agreement by and between MIRAI Corporation and Sakura Sogo
REIT Investment Corporation (hereinafter the “Merger”) with the effective date being November 1, 2019.
1.

Reason for new Supplementary Material for Merger
MIRAI and SAKURA believe the Merger will result in various synergistic effects, and entered into the Merger
Agreement on August 5, 2019. The Merger Agreement was executed after completing due diligence, discussions
and arms length negotiations of the merger ratio based on valuations and advice from their respective independent
financial advisors.
MIRAI and SAKURA have conducted ongoing explanatory meetings with institutional investors and analysts andwith SAKURA’s individual investors on August 17 (Saturday) and August 18 (Sunday), where many questions wereraised with regard to the appropriate way of exercising their voting rights to support the Merger between MIRAIand SAKURA and comparison between the proposal announced by Star Asia group. This is understandable given
there are two separate unitholders meetings on August 30, 2019 with contradicting agenda.
New supplementary material has been prepared to explain in the simplest possible terms how to vote in favour ofthe merger of SAKURA and MIRAI and provide answeres to frequesntly asked questions (FAQ).
Further, Star Asia group continues to announce materials, including the merger ratio for the merger with SAKURA
and Star Aisa Investment Corporation (hereinafter “Star Asia REIT”) after the execution of the Merger Agreementwith MIRAI and SAKURA. However, all materials were announced as reported by Lion Partners, a unitholder of
SAKURA, to Star Aisa REIT and its asset manager, Star Asia Investment Management Co., Ltd., and as of the dateof this announcement, any determination by Star Aisa REIT as the party to the merger as proposed by Star Asiagroup or Star Asia Investment Management Co., Ltd. has not been confirmed. In addition, it was stated in “Star Asia
Group Announces Detailed Proposal for Merger between Sakura Sogo REIT and Star Asia Investment Corporation”
announced by Star Aisa REIT on Augusut 7, 2019 (hereinafter the “Proposal Material as of August 7, 2019”) thateach director of Star Aisa REIT confirmed and approved announcement of the merger ratio proposed by Star Asiagroup. However, such announcement raises concern on their corporate governance because the directors of Star Asia
REIT have aporoved the announcement of the merger ratio with possible conflict of interest for the unitholders ofStar Aisa REIT without obtaining multi-demensional analysis by independent financial advisors. It was also statedin the Proposal Material as of August 7, 2019 that asset replacement of SAKURA assets with the assets subject to1the preferential negotiation rights of Star Aisa Investment Corporation before merger will be considered, however,
it is not clear whether and how the Star Asia Investment Management Co., Ltd. makes decisions on such transactions
considering the potential conflict of interest with unitholders of Star Asia REIT. Further, it is stated in suchannouncement that such asset replacements, if any, will be reflected in the merger ratio properly giving consideration
to fairness to unitholders of Star Asia REIT and SAKURA, and that the merger ratio may differ from the current
proposed merger ratio. .
In addition, with regard to the statement by MIRAI and SAKURA that “the merger ratio proposed by Star Asiagroup may be changed without appropriate reason, ground, timing and degree”, Star Asia group states in anannouncement by Star Asia REIT1 a rebuttal that “such change will cause loss of confidence in Star Asia groupfrom SAKURA unitholders and it is obvious that the merger will not be approved at the unitholders’ meeting. Suchstatement should have been made on the assumption that the unitholders is not capable of making proper
determination on whether to accept the merger and disrespectful to unitholders.” However, such statement by Star
Asia group is also simply the opinion of Lion Partners as a minority unitholder of SAKURA and not Star Asia
Investment Management Co., Ltd., the asset manager of Star Asia REIT, as the party to the proposed merger.
MIRAI and SAKURA believe that the merger between J-REITS cannot be achieved emphasizing the benefit ofunitholders of eiher party only, and merger terms proposed, including the proposed merger ratio and DPU figures,
based only on opinion of Lion Partners, as unitholder of SAKURA, therefore cannot be relied upon by Sakura
unitholders to assess the merits, if any, of the proposal.
Taking into consideration of such concerns as above, among others, MIRAI and SAKURA believes that the Merger
between MIRAI and SAKURA is the best viable option to achive maximization of unitholders’ value of MIRAI andSAKURA. Please judge the “hostile takeover” by Star Asia group based on their actual intention and theappropriateness of their proposed process from various perspectives, and exercise unitholder rights and support theMerger between MIRAI and SAKURA.
2.

Filing of Injunction relating to Unitholders’ Meeting convened by Lion Partners
Lion Partners did not include proposals by GALAXY JREIT PTY LIMITED which is the sponsor and unitholder of
SAKURA (hereinafter “SAKURA’s Sponsor”) in the convocation notice it convenes, trying to deny opportunity for
SAKURA’s unitholders to fairly consider any alternate proposal other than that proposed by Star Asia. Both
SAKURA and its Sponsor consider that such convocation procedure and resolution is illelgal and extremely unfair,and SAKURA’s Sponsor and the supervisory director of SAKURA has filed with the Tokyo District Court on August19, 2019 a petition for injunction to prohibit resolution on agenda items of election of one executive director (electionof Mr. Toru Sugihara as the executive director) and execution of asset management agreement (execution of asset
management agreement with Star Asia Investment Management Co., Ltd.).
We cordially ask SAKURA unitholders to proactively exercise their voting rights through proxy (or if it is difficult
to submit proxy, through voting card) in support of the Merger of MIRAI and SAKURA having reference to the new
supplementary material.
(End)*URL of the Two Investment Corporations:
MIRAI Corporation：http://3476.jp/en
Sakura Sogo REIT Investment Corporation ：http://sakurasogoreit.com/en
This press release is the English translation of the announcement in Japanese on MIRAI and SAKURA’s
website. However, no assurance or warranties are given for the completeness or accuracy of this English
translation(Reference press release, etc.)
Dated 7/19/2019 “Notice concerning Execution of Memorandum of Understanding regarding Merger of MIRAI Corporation and Sakura Sogo REIT
Investment Corporation”
Dated 7/19/2019 “Merger of MIRAI Corporation and Sakura Sogo REIT Investment Corporation Execution of Memorandum of Understanding Supplementary Material for the Press Release Dated July 19, 2019-”
Dated 8/5/2019“Notice Concerning Execution of Merger Agreement by and between MIRAI Corporation and Sakura Sogo REIT Investment
Corporation”“Notice concerning Lion Partners’ thought on the disclosure material by Sakura Sogo REIT Investment Corporation
dated August 15, 2019” dated August 16, 20191

2

Dated 8/5/2019
Dated 8/5/2019
Dated 8/15/2019
Dated 8/22/2019“Merger of MIRAI Corporation and Sakura Sogo REIT Investment Corporation Execution of Merger Agreement - Supplementary
Material for the Press Release Dated August 5, 2019-”“Notice Concerning the Forecast of Operating Results and Distributions Subsequent to the Merger of MIRAI Corporation and
Sakura Sogo REIT Investment Corporation for the Fiscal Periods Ending April 30, 2020 and October 31, 2020”“Supplementary Material for the Merger Agreement between MIRAI Corporation and Sakura Sogo REIT Investment Corporation② - Proposal Comparison with Star Asia Group and Superiority of MIRAI and SAKURA’s proposal”“Supplementary Material for the Merger Agreement between MIRAI Corporation and Sakura Sogo REIT Investment Corporation③ - Way of Exercise Voting Rights and FAQs”

3Supplementary Material for
the Merger Agreement by and between
MIRAI Corporation and Sakura Sogo REIT
Investment Corporation③- Way of Exercise Voting Rights and FAQs ※In this material, MIRAI Corporation may be abbreviated to “MIRAI”, Sakura Sogo REIT
Investment Corporation may be abbreviated as “SAKURA”, collectively referred to as“Investment Corporations” or “We”, and a merger with MIRAI corporation and Sakura Sogo
REIT Investment Corporation may be abbreviated as “the Merger”

August 22, 2019MIRAI Corporation
Security Code:3476
AM Company: Mitsui Bussan & IDERA Partners Co., Ltd.
http://3476.jp/en
Sakura Sogo REIT Investment Corporation
Security Code:3473
AM Company: Sakura Real Estate Funds Management, Inc.
http://sakurasogoreit.com/en

Contents

1

This material is summarized as follows:

For unitholders
who support
the Merger with MIRAIFor unitholders
who are undecided

Background and otherrelated matters

Please refer to “Section ①: For Unitholders Who Support the Merger withMIRAI”

Please refer to “Section ②: Advantages of the Merger with MIRAI”. Then if you

agree with the proposal, please refer to “Section①”

Please refer to “Section ③: Background and Other Related Matters” forfrequently asked questions and ”Section ②” . If you agree with the proposal,
please refer to “Section ①”

Note: This material is additional explanatory material of the "Execution of Merger Agreement by and between MIRAI Corporation and Sakura Sogo REIT Investment Corporation - Supplementary Material for the Press Release dated August 5, 2019 -" dated August 5, 2019. As a general rule, thecalculation basis for the various numerical values in this material are the same as the material

① For Unitholders Who Support the Merger with MIRAI

① For Unitholders Who Support the Merger with MIRAI

3

Q: Which is most effective: attendance at an unitholders' meeting, submission of a proxy, or submission of a voting
card?

◼ You are welcome to attend both unitholders' meetings on
August 30 and express your opinion actively as a unitholder.
◼ Due to the nature of the document, voting cards cannot becounted in the vote for “procedural motion" resolutions. If you
are unable to attend the unitholders' meeting, please submit
your proxies to SAKURA carefully following the instructions
herein.
◼ If it is difficult to submit the proxy due to various reasons,please submit a voting card ("No" to all resolutions for theunitholders' meeting convened by Lion Partners).

①Attendance At
Unitholders’ Meeting②Submission of a proxy③Submission ofa voting card

① For Unitholders Who Support the Merger with MIRAI

4

Q: What should I do with the proxies and voting cards from SAKURA?
Proxy for the morning unitholders’ meeting◼ We encourage you to attend the unitholders'meetings on August 30 and express yourintention as a unitholder.

1 Fill in the date.

◼ If you do not attend the unitholders' meetings,
please fill out the pink and white proxy forms
sent by SAKURA as shown on the right(instruction in red) and submit them to
Sakura Real Estate Funds Management(“SREFM”).
◼ If it is difficult for you to submit the proxy form,
please fill out the white voting card sent toyou by SAKURA as shown (instruction inblue) and submit it to Sumitomo Mitsui Trust
Bank, Ltd., Stock Transfer Agency Business
Planning Department (c/o SAKURA).

2 Mark 〇 as shownfor each resolution
on the agenda.

3 Confirm your name andaddress, then sign andseal.

Proxy for the afternoon unitholders’ meeting

1 Mark 〇 asshown for eachresolution on
the agenda.

1 Mark 〇 as shownfor each resolution
on the agenda.

2 Fill in the date.

3 Confirm your nameandaddress, then signand seal.

① For Unitholders Who Support the Merger with MIRAI
Q: I have received a lot of documents so I don't know what to submit.
For the unitholders’ meeting in the morning

For the unitholders’ meeting in the afternoon

Please return the proxy sent from SAKURA and a voting card sentfrom Lion Partners or an identification document in the enclosed
envelope.

Please return the proxy and a voting card sent from SAKURA in theenclosed envelope.

5

① For Unitholders Who Support the Merger with MIRAI

6

Q: How to fill a proxy for “Unitholders’ meeting in the morning”
Please follow the direction below:① Fill in the date.
② Mark 〇 as shown for each resolution on
the agenda.
③ Confirm your name and address, thensign and seal.
④ Return the proxy from SAKURA with thevoting card sent from Lion Partners or an
identification document in the enclosed
envelope.

The proxy sent in July does not list
the number of units held andthe address, but they are listed in
the proxy re-sent in August.

① For Unitholders Who Support the Merger with MIRAI
Q: How to fill a proxy for “Unitholders’ meeting in the afternoon”
Please follow the direction below:※Nothing to fill in the voting card

① Fill in the date.
② Mark 〇 as shown for each resolution
on the agenda.

※Please do not separate
the proxy from the voting card

③ Confirm your name and address, thensign and seal.
④ Return with a voting card in theenclosed envelope.

“SREFM” will be the proxy7

① For Unitholders Who Support the Merger with MIRAI
Q: What should I do with a proxy and a voting card from Lion Partners?
◼ Please send them back to Sakura Real Estate Fund Management in the enclosed envelopewith the proxy sent from SAKURA for the morning unitholders‘ meeting, and do not send
anything back to Lion Partners.
Proxy of SAKURA withsign and seal
(Refer to P6 to fill)
Sign and seal

Voting card of Lion Partners
without sign and seal

No need to fill8

① For Unitholders Who Support the Merger with MIRAI9

Q: What should I do for voting cards if I cannot submit proxies due to various reasons◼ How to deal with voting cards which differ between the morning unitholders’ meeting and the afternoon unitholders’meeting. Furthermore, there is a high possibility that a “procedural motion" will be issued on the day of voting, and due tothe nature of the document, a voting card cannot be counted as a vote for the resolution of “procedural motion“. We
request that you submit a proxy if possible.

“No” to all the
resolutions

Unitholders’ meetingin the morning

Return to Sumitomo Mitsui Trust Bank, Ltd.,
Stock Transfer Agency Business Planning
Department (c /o SAKURA)

FRONTUnitholders’ meetingin the afternoon

Return to Lion Partners

No.1 resolution Yes
No.2 resolution Yes
No.3 resolution No
BACK

① For Unitholders Who Support the Merger with MIRAI10

Q: Can I attend the unitholders' meeting even though I have already submitted my proxy and voting
card?

◼ Even if you send a proxy or a voting card in advance, you can attend the unitholders’ meeting if
your identity as unitholder can be confirmed at the meeting.
◼ If you attend the meeting, the proxy or the voting card will no longer be valid and yourexpression on the day will be prioritized.
Passport◼ Example of identity verification documents✓ Driver's license✓ Passport

Driver’s license✓ Health insurance card, etc.

Please bring the copy of identity verification document

① For Unitholders Who Support the Merger with MIRAI11

Q: How do I correct a proxy or a voting card that I have already submitted?
◼ Proxy and voting card can be corrected by resubmitting theproxy.
◼ Voting rights take precedence in the order of attendance atthe unitholders’ meeting, submission of proxy and votingcard.

◼ As for the proxy, it is interpreted that the latest one
submitted is legally effective whether you send it to SAKURA
or Star Asia.
◼ Therefore, in order to correct your opinion by proxy and voting
card that have already been submitted, there are 3 options:① to resubmit the proxy② to attend the unitholders‘ meeting③ to submit a document with priority over the above (In thecase of correction of a voting card, by submission of a proxy).

Methods for correcting
proxy/voting cardalready submitted① Resubmit the proxy② Attendance atunitholders' meetings③ Submission of proxy（In the case of correction of a voting card,by submission of a proxy)② Advantages of the Merger with MIRAI

② Advantages of the Merger with MIRAI

13

Q: Which proposal is more advantageous?
◼ Star Asia Group disclosed the merger ratio for the merger of Star Asia Investment Corporation (SAR) and
SAKURA in "Star Asia Group Announces Detailed Proposal for Merger between Sakura Sogo REIT and Star
Asia Investment Corporation " as of August 7, 2019. However, no merger agreement has beenconcluded between SAR and SAKURA, no due diligence has been completed by SAR, andcalculation of the merger ratio by an independent financial advisor has not been considered.
◼ For the reasons stated above, SAR has clearly indicated that their merger ratio is not fixed at this momentand remains subject to variation. On the other hand, the merger ratio of MIRAI and SAKURA is basedon a legally binding merger agreement that the investment corporations and their asset managementcompanies have agreed upon through due diligence and negotiations involving independent financial
advisors, and satisfies the requirements for an agenda and proposal to be submitted atunitholders' meeting.
◼ We believe that it is not appropriate to evaluate the two proposals with different feasibility as "merger
proposal" on the same level. In addition, since the Star Asia Group did not present a merger ratio at thetime of its unilateral announcement in May 2019, we believe that Star Asia Group should be accountable
for the reasonable explanation for adding a proposal for a merger ratio by analyzing out timely disclosurematerial regarding the Merger after disclosure of the merger ratio by MIRAI and SAKURA.

② Advantages of the Merger with MIRAI

14

Q: What risks does the Star Asia's hostile merger proposal carry?
◼ Star Asia Group has mentioned that the proposed merger
ratio could vary due to (1) market condition (2) advice fromthe third party including FA (3) potential asset replacement.
However, Star Asia Group has not provided clear explanation
on how and to what extent the merger ratio is affected.
◼ With regard to (3) potential asset replacement, it could carrya risk of deterioration of SAKURA’s asset portfolio quality.
Although it also carries a risk of conflict of interest, it is
not yet clear that Star Asia Investment Management
has undertaken requisite consideration.
◼ Star Asia’s proposal is disclosed in a manner that Star Asia
obtains reporting from Lion Partners. However, Star Asia
Investment Corporation and Star Asia Investment
Management have not made any management decisionon the proposed merger ratio (No timely disclosure wasmade).

Organizational Diagram about Star Asia’s Proposals

Star Asia GroupStar Asia
Investment
Management
Asset Management Contract

Star Asia
Investment
Corporation- Conduct timely disclosurein response to the reporting from Lion
Partners- Nothing disclosed about
management decision making within
this entity

ReportLion Partners

Units of c. 5.1％ owned
andReportHostile takeover

Sakura Sogo REIT

② Advantages of the Merger with MIRAI

15

Q: What will happen to investment units if SAKURA merges with MIRAI? (merger ratio)◼ The investment units of MIRAI will be delivered at a ratio of 1: 1.67 pursuant to the Merger
Agreement (Effective Date of Merger - November 1, 2019 ).
◼ As of August 21, 2019, the investment unit price of MIRAI was ¥57,600, which is equivalent topurchasing the investment unit price of Sakura at ¥96,192 (Note) (For fractional units of lessthan one unit, the proceeds from the sale of those units in the market will be paid tounitholders in cash).

Merger ratio
MIRAI

1：1.6757,600 yen
Note: This calculation is based on the closing unit price as of August 21, 2019 and the merger ratio, and does not guarantee the price of investment units after the Merger.

SAKURA

96,192 yen (Note)

② Advantages of the Merger with MIRAI16

Q: How was the merger ratio with MIRAI determined? Are there any possibilities for future changes?

◼ The merger ratio was determined after both Investment Corporations completed due diligence,
obtained valuation and advice from independent financial advisors and completed arms lengthbona fide negotiations. The negotiations were undertaken on the basis that clear benefits must
be delivered to all unitholders in a medium- to long-term perspective, recognizing thatunitholders of both Investment Corporations must approve the merger.
◼ The Merger is legally binding, subject to approval at the unitholders' meeting, and the merger
ratio will be not be changed.

Merger ratio
Financial Advisor

Mitsubishi UFJ
Morgan Stanley Securities

1：1.67
Financial Advisor
SMBC Nikko Securities

② Advantages of the Merger with MIRAI17

Q: What will be DPU forecast after merger with MIRAI?
◼ MIRAI and SAKURA disclosed the DPU forecasts after
merger based on clear and firm grounds in a mannerof the timely disclosure in the press release “NoticeConcerning the Forecast of Operating Results andDistributions Subsequent to the Merger of MIRAICorporation and Sakura Sogo REIT Investment
Corporation for the Fiscal Periods Ending April 30,
2020 and October 31, 2020” dated 5 th August 2019.
◼ MIRAI and SAKURA also disclosed the stabilized DPU
after removing effect from one-off items such as
profit from property sales in the press release “NoticeConcerning Execution of Merger Agreement by andbetween MIRAI Corporation and Sakura Sogo REIT
Investment Corporation (Follow-up)” dated 15 thAugust. Those DPU forecasts represent that themerger between MIRAI and SAKURA is highly
likely to deliver enhanced levels of DPU for all
unitholders.

MIRAI

SAKURA(SAKURA equivalent)

Forecasted DPU(Standalone)

1,560 yen
（Oct 2019）

2,427 yen
（Dec 2019）

DPU First FP
after merger（Apr 2020）

1,600 yen

2,672 yen

DPU Second FP
after merger（Oct 2020）

1,640 yen

2,738 yen

Stabilized DPU

1,540 yenor more2,571 yenor moreStabilized DPU(After cost
reduction)

1,570 yenor more2,621 yenor more③ Background and Other Related Matters③ Background and Other Related Matters

19

Q: Why will two unitholders’ meetings be convened in a day?
◼ In order to achieve a "hostile takeover" of SAKURA, Lion Partner’s has attempted to abuse minority
investor rights. Lion Partners filed a request with the Kanto Local Finance Bureau to permit convocation ofa unitholders' meeting without giving SAKURA enough time to consider the matter. As a result, Lion
Partners was permitted to convene the unitholders' meeting.
◼ On the other hand, a unitholders' meeting convened by SAKURA is to be held to propose unitholders the
Merger with MIRAI as a tangible option in response to the proposal by Lion Partners, and to obtainapproval for the Merger that Investment Corporations have determined to be the best strategy for
maximizing unitholders' value.
◼ Lion Partners did not make any concrete merger proposal to SAKURA, nor did Lion Partners make any
indication to discuss to negotiate. Therefore, SAKURA decided to hold its own unitholders' meeting in orderto make concrete counter proposal that would benefit unitholders as soon as practicable.

③ Background and Other Related Matters

20

Q: Is there any possibility that the afternoon unitholders’ meeting will not be held depending on the outcome of themorning unitholders’ meeting?

◼ The agenda for the morning unitholders' meeting is whether to change the executive director
and the asset manager of SAKURA and essentially different from the agenda, the Merger
approval, for the afternoon unitholders’ meeting. Therefore, there is basically no relationshipbetween the possibility to convene the afternoon unitholders' meeting and the results of themorning unitholders' meeting.
◼ If the Merger between MIRAI and SAKURA is approved by at least 2/3 of the unitholders at theunitholders' meeting held in the afternoon, the Merger is expected to be completed regardlessof the outcome of the morning unitholders' meeting.
◼ Even if Lions Partners' proposal is approved at the morning unitholders’ meeting and an
executive director is replaced, the two remaining supervisory directors, who belongs to
SAKURA, will supervise the execution of Mr. Sugihara's duties from an independent standpoint.
Therefore, it is not possible to cancel the afternoon unitholders' meeting by the sole authorityof the executive director.

③ Background and Other Related Matters

21

Q: Star Asia Group has visited and phoned to unitholders of SAKURA. How did they acquire the private informationof unitholders?

◼ Lion Partners, a unitholder of SAKURA, has been granted the right to use SAKURA’s unitholders
list to the extent necessary to convene the unitholders' meeting through a request to the court.
◼ The sending of convocation notices and voting cards is considered to be a necessary procedure
for convening a unitholders’ meeting. However, there is information that Lion Partners conduct
proxy solicitations and home visiting based on telephone numbers obtained through its own
research utilizing the list of unitholders, and it is questionable whether such actions are in linewith the purpose allowed through a request for inspection by a court.
◼ SAKURA and SREFM are managing personal information thoroughly and plan to request thatthe unitholder list of SAKURA, which was obtained by Lion Partners, be destroyed after the
meeting.

③ Background and Other Related Matters

22

Q: What will happen to the executives, employees and business of Sakura Real Estate Funds Management after the
Merger?

◼ As described in the "Notice Concerning the Forecast of Operating Results and Distributions
Subsequent to the Merger of MIRAI Corporation and Sakura Sogo REIT Investment Corporation
for the Fiscal Periods Ending April 30, 2020 and October 31, 2020" dated August 5, 2019,
SREFM as the asset manager of SAKURA and the Galileo Group, which is a sponsor of SREFM,
have confirmed and agreed to withdraw from the respective roles after the Merger.
◼ The board members and employees of SREFM will not assume the position of board membersof Mitsui Bussan & IDERA Partners, the asset manager of MIRAI, and the Investment
Corporation after the Merger will be managed under the strict governance of Mitsui & Co.
Group.
◼ On the other hand, since the employees of SREFM have experience and knowledge regarding
the portfolio management of SAKURA, there is a possibility that they will become employees ofMitsui Bussan & IDERA Partners if they wish and employment conditions at Mitsui Bussan &IDERA Partners are fulfilled. However, there is no fact that a decision has been made at thistime.
◼ The future business of Galileo Group in Japan or SREFM has not yet been determined.

Disclaimer
Monetary amounts are rounded down to the nearest unit.
Percentage figures are rounded off to the first decimal place.
This material contains forward-looking business results, plans, and management targets and strategies. Such forward-looking statements are based on current
assumptions and conditions, including those regarding anticipated future developments and business environmental trends, and these assumptions andconditions may not always be correct. Such forward-looking statements assume the investment policy of Investment Corporations, the market environment,interest rate conditions, business practices and other fact relationships and applicable laws and regulations as of the date this material was published and they do
not reflect or take into consideration any change in circumstances occurring after such date. Forward-looking statements involve known and unknown risks,
uncertainties and other factors, whether express or implied, and the actual performance, operating results, financial situation and other results of MIRAI mayvary significantly due to a variety of factors.
This material is provided for your information and does not constitute a solicitation to buy the investment securities of Investment Corporations or to conclude
any other financial instrument transaction contract. In making investments, investors should do so based on judgements and responsibilities of their own.
The investment units of Investment Corporations are closed-end fund investment units, whereby investment units are not redeemable at the request of investors.
Investors wishing to liquidate their investment units will in principle need to sell them to third parties. The market value of the investment units will be influenced
by investor supply and demand at securities exchanges and will fluctuate in accordance with the situation for interest rates, economic circumstances, real estate
prices, and other market factors. It is therefore possible that investors will not be able to sell the investment units at their acquisition price and, as a result, may
suffer losses.
Investment Corporations plans to make cash distributions to investors, but whether or not distributions are made and the amount of distributions thereof are notguaranteed under any circumstances. Gains or losses on the sale of real estate, losses on the disposal of fixed assets accompanying the replacement ofstructures, and other factors would cause fiscal-period income to vary greatly, which would result in change in amount of distribution to be made.
Information provided herein does not constitute any of the disclosure documents or performance reports required by the Financial Instruments and Exchange Act
or the Act on Investment Trusts and Investment Corporations or by the Securities Listing Regulations of the Tokyo Stock Exchange.
This material is to be read and used at the responsibility of customers. Investment Corporations and related persons involved in the preparation and publicationof this material will not bear any responsibility for any damage arising from the use of this material (whether for direct or indirect damage, and regardless of thecause thereof).
While every effort has been made to avoid errors and omissions regarding the information presented in this material, the material has been created as an easy
reference for customers, and the presented information may contain inaccuracies of misprints. MIRAI bears no responsibility for the accuracy. This material issubject to change/discontinuation without notice. Investment Corporations is not obliged to update or announce any of the information contained in this material(including forward-looking statements).
Investment Corporations holds the copyrights to the information appearing in this material. Copying, altering, publishing, distributing, appropriating, or displaying
this information or using it for commercial purposes without the prior approval of Investment Corporations is prohibited. Also, trademarks (trademarks, logos,
and service marks) related to MIRAI appearing in this material are owned by Investment Corporations, and copying, altering, publishing, distributing,appropriating, or reproducing such trademarks or using them for commercial purposes without the permission of Investment Corporations is prohibited.
@ Investment Corporations. All rights reserved.
Asset Manager : Mitsui & IDERA Partners Co., Ltd.
-Financial Instruments Business Operator (Director of Kanto Finance Bureau (Kinsho) No.2876)
Asset Manager : Sakura Real Estate Funds Management, Inc.
-Financial Instruments Business Operator (Director of Kanto Finance Bureau (Kinsho) No.2907)

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