IMPORTANT INFORMATION FOR SAKURA UNITHOLDERSResponse to Notice Received From Star Asia
Sakura Sogo REIT Investment Corporation （Code：3473）
 THE SAKURA SOGO REIT INVESTMENT CORPORATION BOARD URGES ALL
UNITHOLDERS TO CAREFULLY CONSIDER THE CONTENTS OF THIS DISCLOSURE THE VALUE OF YOUR INVESTMENT IS UNDER THREAT

Sakura Sogo REIT Presentation Material

Sakura Sogo REIT Investment Corporation

To the unitholders of Sakura Sogo REIT Investment Corporation (Sakura)

WARNINGThe notice from Star Asia Group is a blatant attempt to deceive Sakura unitholders!
It has been issued on the pretense of a merger proposal. The deception involves trying to force a merger with avote of more than 50% of Sakura unitholders voted or present at the meeting. Any merger proposal should be
subject to the current legal requirement of the approval of two-thirds (67%) of Sakura unitholders.
This action has been facilitated by a minority unitholder whose sole motivation is to ultimately force Sakura
unitholders into a merger, which in the opinion of Sakura could lead to significant destruction of value forSakura unitholders and is not in the best interests of Sakura unitholders.

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Sakura Sogo REIT Investment CorporationWARNING
If the current Executive Director and asset management company arechanged by majority vote, Sakura unitholders will practically have toaccept the merger with Star Asia Investment Corporation (Star Asia).
There is an extreme risk that Sakura unitholders could be forced
to proceed with a severely disadvantageous merger in thesecircumstances.
The content of the notice from Star Asia Group is abusive,grossly misleading and lacking substance. The notice shouldmake no reference to any merger due to the fact that there is no
meaningful content about the tangible benefits to Sakura unitholders,
if any, of a proposed merger of Sakura and Star Asia.

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Sakura Sogo REIT Investment CorporationWARNING
If the notice was an ordinary proposal for merger, it would include themerger ratio, other key financial data and all other benefits for Sakura
unitholders to consider. The notice provided does not include anyof this important information.
Any merger should be decided by the approval of two thirds (67%) ofSakura unitholders only after careful consideration of all merger
information provided. However, Star Asia is trying to force amerger without any proposal on the merger ratio by demagogic
replacement of the executive director and the asset managementcompany.
If both REITs are managed by the same asset management company,
there is an extreme risk that the merger could be one-sided tobenefit Star Asia, in which the Star Asia Group is the largest
unitholder owning almost 18% of the units on issue.

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4THE REAL FACTS ABOUT THE NOTICE FROM Star Asia Group

Sakura Sogo REIT Investment Corporation1Star Asia has made their investment in Sakura for a single purpose - to acquire the Sakura
portfolio from Sakura unitholders at less than fair market value

2Star Asia Group are seeking to remove the current asset manager and executive director of Sakura- not because they are concerned with the performance of Sakura or the asset manager as they
purport – but because their sole objective is to acquire Sakura’s portfolio at far less than fair marketvalue

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Star Asia Group owns 17.9% of Star Asia and 3.6% of Sakura - they have no aligned interest withSakura unitholders and they are seeking to destroy Sakura unitholder value by forcing a merger inwhat could undoubtedly be extremely unfavorable terms for Sakura unitholders. If Star Asia Group
had any real interest in completing a fair merger that would deliver benefits to Sakura unitholders
they would have made some attempt to discuss merger opportunities with Sakura - the truth is they
made no attempt and actively avoided any contact.

4Star Asia Group is singularly focused on growing their assets under management to create value
for the private sponsor group, not Star Asia unitholders. Despite Star Asia Group growing theassets under management for Star Asia the compound annual growth in NAV per unit for Star Asia
(1.27%) is lower than Sakura (2.22%) over the past four fiscal periods (being the period during
which the growth took place).

These are the facts - if you do not want your investment acquired via ahostile, deceitful and abusive competitor, all Sakura unitholders should
resist this attempt to implement a hostile takeover
Sakura Sogo REIT Presentation Material5Sakura Sogo REIT Investment CorporationWARNING
Sakura considers the notice to be abusive, coercive, deceptive
and without reliability, which ignores the interests of Sakura
unitholders. Sakura considers the notice as a “hostile takeover”
attempt and rejects such notice and request without hesitation andwill continue to resist by any means.
If the notice as a “hostile takeover” is allowed to proceed, it
could be a significant threat not only to Sakura unitholders but
also to all of the J-REIT market.
The Board of Directors of Sakura and Sakura Real Estate Funds
Management reject the notice received from Star Asia Group andremain fully committed to continue to protect the best interestsof Sakura unitholders at all times.
For further detailed information regarding Sakura’s position on thenotice as a whole, we will disclose a supplemental information
presentation in the near future.

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6Disclaimer

Sakura Sogo REIT Investment Corporation

This presentation material has been prepared solely for providing information, and not for soliciting investments
in certain products.
The presentation material includes, in addition to a description of Sakura Sogo REIT Investment Corporation(hereinafter the “Investment Corporation”), data published by third parties. Furthermore, it includes presentanalysis, judgements and other opinions of the Sakura Real Estate Funds Management, Inc. (hereinafter the“Asset Management Company”) regarding such information.
The Investment Corporation or the Asset Management Company bear no responsibility with regard to theaccuracy of the data published by third parties.

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