July 5, 2017
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
Contact: Toru Sugihara
Director and CFO
TEL: +81-3-5425-1340

Notice Concerning Conclusion of Memorandum on the Change of Sponsor Support Agreement
Star Asia Investment Corporation (SAR) and Star Asia Investment Management Co., Ltd. (the Asset Manager)
announced today that they concluded a memorandum on the change of the sponsor support agreement(including the changes made afterwards) concluded with Star Asia Management Limited (the Sponsor) as ofJanuary 14, 2016, as described below.
1. Content of memorandum on the change of sponsor support agreement
The Asset Manager stipulated that advice can be sought from the Sponsor Group for the following items if necessary.
(1) Creation, consideration, management, etc. of repair plans and long-term repair plans of real estate,etc. that are already owned by SAR or that SAR is considering acquiring.
(2) Consideration, assessment, management, etc. of repair and renewal work and large-scale repair workof real estate, etc. that are already owned by SAR or that SAR is considering acquiring.
2. Reasons for the conclusion of memorandum on the change of sponsor support agreement
Star Asia Management Japan Limited, a member of the Sponsor Group (*1), intended to enhance the functions at
foreign real estate funds by hiring personnel who were in charge of ➀ implementing capital expenditure andmaking repair plans with an aim to enhance value and maintain functions upon acquiring real estate and ②
supervising construction work such as renewal and repair work after the acquisition of real estate (refer to the“career summary of the person to be appointed” in the attachment) as the Director of Construction Management
department, and decided to do the same for the Asset Manager.
SAR and the Asset Manager have decided to conclude the memorandum on the change of sponsor support
agreement as they can constantly receive advice on maintenance and improvement of building values from theSponsor Group, and more support for implementing capital expenditure and making repair plans of properties
SAR is considering acquiring as well as for planning renewal work of properties owned by SAR that are highly
appealing to tenants in addition to more strategic repair plans.
(*1)

The Sponsor Group is Star Asia Asset Management LLC, Star Asia Management Japan Limited, Star Asia
Group LLC, Malcolm F. MacLean IV, Taro Masuyama and investment vehicles in Japan that are theinvestment destination of funds (excluding minority investments) for which Malcolm F. MacLean IVand Taro Masuyama make investment decisions (a) that are in Japan and own or acquire investment
assets such as real estate or (b) that own or acquire investment units of SAR.

* Star Asia Investment Corporation website address: http://starasia-reit.com/en/1

(Attachment)
Career summary of the person to be appointed
Name: Tatsuji Ishii
Career summary:
Director of Star Asia Management Japan Limited and Director of Construction Management
department of the Sponsor Group.
In charge of technologies for correction of illegality, repair, renovation, value enhancement, etc. of
all real estate assets as a cross-functional coordinator within the Sponsor Group.
Engaged in the correction of illegality and creation of value enhancement plans and roughestimates as well as adjustment and realization of plans concerning real estate assets acquired forreal estate funds over 10 years before entering Star Asia Management Japan Limited. Also engaged
in various new construction and extension work from the aspects of construction, electricity andconstruction work of facilities for 15 years at a general contractor business.
Brief career summary is as follows
NameTatsuji Ishii

Brief Carrier History
April 1987

Joined Kumagaigumi

Engaged in new construction and extension work for various uses.

Co., Ltd.
April 2002

Joined Index

Engaged in the following projects as a consultant of real estate construction.

Consulting Inc.

・Project of new construction work
・Redevelopment project in special urban renaissance districts utilizing theAct on Special Measures concerning Urban Reconstruction
・Renovation project for managing office buildings at REITs
・Renovation project for enhancing the value of commercial facilities andreviewing legal compliance・Concept making and renovation project aiming to rebrand hotels andincrease occupancy rate
Review concerning capital expenditure, bidding and selection of building
management company and assessment of estimated costs of construction
work.

June 2006

Joined Capmark JapanEngaged in overall construction management business concerning assets at real

(formerly GMAC

estate investment groups (consideration of capital expenditure, construction

Commercial

management concerning renovation, assessment and price negotiation ofMortgage

Japan)

estimated costs of construction work, and businesses to restore soundness
concerning legal compliance, reinforcement of earthquake resistance andhandling of asbestos).

June 2007

Joined Morgan

Improved legal compliance upon acquisition of assets purchased at real

Stanley Capitalestate funds and established and implemented value enhancement plans.
Planned a correction method by investigating illegality and soil contamination at
the stage of actual inspection upon due diligence.
Made a rough estimate and planned a schedule assuming a renovation plan byimagining hotel grade operators for hotels. Had a discussion with thegovernment in parallel and completed the renovation.

July 2017

Joined Star Asia

Appointed as Director of Construction Management department ofManagement Japan

Sponsor Group (current position)

Limited2