28 June 2019
For Immediate Release

REIT Securities Issuer
Sakura Sogo REIT Investment Corporation
3-8-11 Kudan Minami, Chiyoda-ku, Tokyo
Makoto Muranaka
Executive Director(Securities Code 3473)
Asset Management Company
Sakura Real Estate Funds Management, Inc. (“SREFM”)
Contact: Makoto Muranaka.
Representative Director and President
Tel: +81-3-6272-6608

Announcement Regarding the Determination toAllow Convocation of an Extraordinary Unitholders’ Meeting
Sakura Sogo REIT (“Sakura”), as previously announced on May 11, 2019, and May 17, 2019,
received a request from Lion Partners Godo Kaisha (“Lion Partners”), a minority unitholder of Sakura,
to convene an extraordinary unitholders’ meeting, and Lion Partners filed a petition (“Petition”) forallowance to convene an extraordinary unitholders’ meeting with the Director-General of the Kanto
Local Finance Bureau (“KLFB”) on May 16, 2019. Sakura today received the written judgement by
KLFB and announce as follows.
As stated in the announcement dated June 20, 2019, Sakura and SREFM are currently investigating
several strategic options, including forming an alliance with a potential partner. Sakura and SREFM
are confident to be able to announce a revised business strategy to further enhance unitholder value,
which is a more certain, value-enhancing and attractive proposal than that presented by LionPartners and Star Asia Group.
Sakura urges unitholders of Sakura to Take No Action in respect of any instruction or information
sent by Star Asia Group or Lion Partners and wait for Sakura’s further announcements so that they
can determine the best way to enhance the value of their investment.
1. Text of Judgement to Allow Convocation of Unitholders’ Meeting
Allow convocation of unitholders’ meeting of Sakura for the purpose of agenda items below
to be held by September 30, 2019.
• Dismissal of the current executive director• Appointment of a new executive director• Terminate the agreement with the current asset manager• Enter into a new agreement with Star Asia investment Management, Co., Ltd.
2. Background to the Judgement
As previously announced on May 11, 2019, Sakura received the request (“Request”) from Lion
Partners to convene the unitholders’ meeting for the purpose of resolution on the agenda items
as described above on May 10, 2019. As announced on May 17, 2019, Sakura has rejected theRequest because the Request is not only coercive in urging Sakura to hold an extraordinary
unitholders’ meeting to replace the executive director and the asset management company ofSakura without giving any material or information necessary to consider a proposed merger, withthe ultimate aim of a merger of Sakura with Star Asia, which would likely have a material adverse

effect on the interests of Sakura unitholders, but is also a coercive and abusive hostile takeoverproposal, and an abusive exercise of the rights of the unitholder and cannot be accepted.
Lion Partners responded to such rejection and filed the Petition with DKLFB on May 16, 2019with the assertion that Sakura failed to take necessary procedures for the convocation ofunitholders’ meeting.
Sakura has asserted and discussed with DKLFB that the Request is an abusive exercise of theunitholders’ right as described above, however, it received the written judgement by DKLFB toallow the Petition today.
3. Date of the Meeting of the Unitholders’ Meeting to be held by Minority unitholder
The scheduled date of extraordinary unitholders’ meeting to be held by Lion Partners will beproposed by Lion Partners upon the judgement, and Sakura will make announcement of thescheduled date of the meeting and the record date and other matters once determined for theunitholders’ meeting to be held by minority unitholder.
4. Outlook
Sakura is deeply concerned with the KLFB’s judgment which rejected our assertions, andSakura will] seek to protect the interest of Sakura unitholders, including the measuresdescribed below.
As stated in the letter dated June 20, 2019, Sakura strongly believes that Star Asia’s
unsolicited approach will damage the value of unitholders’ investment. It also believes thatassertions made by Star Asia and Lion Partners relating to Sakura’s management are
misleading and intended to deceive Sakura unitholders, as described in detail in the June 20letter. Sakura again urges unitholders to Take No Action in respect of any instruction or
information sent by Star Asia Group or Lion Partners.
Sakura plans to convene its own unitholders’ meeting to allow the unitholders the opportunity
to vote on other proposals that will protect the unitholders’ interest from the abusive andhostile takeover approach, and to vote on the implementation of measures related to therevised business strategy which will be announced soon.
The unitholders’ meeting outlined above Should Not Be Confused With the meeting
convened by Lion Partners. This is a meeting convened by Sakura with a separate agenda,
that will be designed to offer unitholders a better option and submitted by Sakura than LionPartners and Star Asia Groups.
Details of Sakura unitholder meeting below:(1) Date of Meeting:
August 30, 2019 (Friday)(2) Record Date:
June 30, 2019 (Sunday)
Place and Time: To be determined.
Sakura will announce the detail of the date and place and the agenda items for the unitholders’meeting convened by Sakura, upon determination.
-EndsSakura Sogo REIT Investment Corporation website address: http://sakurasogoreit.com/en/