Star Asia Investment : Notice Concerning Debt Financing (Determination of Loan Interest Rate)

March 17, 2022

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:	Akiko Kanno
	Director and CFO
	TEL: [phone]

Notice Concerning Debt Financing (Determination of Loan Interest Rate)

Star Asia Investment Corporation ("SAR") announces today that the interest rate of the following loan announced in "Notice Concerning Debt Financing" on March 16, 2022 (the "Debt Financing"), has been determined. Details are as follows.

1. Details of the Debt Financing

Method of Borrowings: Borrowings under individual term loan agreements from the lenders described below.

(Scheduled contract date: March 17, 2022)

					Expected	Principal
Term		Borrowing	Interest rate	Repayment	Repayment
Lenders	Date of	Security
(Note 1)	amount	(Note 4)	Date	method
	borrowing
					(Note 5)
	A syndicate of
	lenders with						Lump sum
	Sumitomo Mitsui						repayment on	Unsecured
Long-term	Banking	3,500		0.82764%	March 22,	May 31,	principal
Fixed	and
borrowings	Corporation and	million yen	(Note 4)	2022	2027	repayment
	Unguaranteed
	Mizuho Bank, Ltd.						date
	As arrangers						(Note 6)
	(Note 2)

(Note 1) Borrowings with repayment periods exceeding 1 year are classified as "long-term".

(Note 2) The syndicate of lenders consists of Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd., Shinsei Bank, Limited., Sumitomo Mitsui Trust Bank, Limited., Aozora Bank, Ltd., Resona Bank, Limited, and The Bank of Fukuoka, Ltd.

(Note3) Financing fees and other charges payable to the lenders are not included.

(Note 4) These first interest payment date is May 31, 2022, and thereafter, interest payment dates shall fall on the last day of every 3 months and on the principal repayment date. However, if such day is a non-business day, the interest payment date shall be the immediately following business day, or if such day falls in the next month, the interest payment date shall be the immediately preceding business day.

(Note 5) If the principal repayment date is not a business day, repayment shall be made on the next following business day; however, if such date falls in the next month, repayment shall be made on the immediately preceding business day.

1

(Note 6) If certain conditions, such as advance notification in writing by SAR, are met during the period between the date of borrowing and the principal repayment date, SAR may prepay the borrowed amounts either in whole or in part prior to maturity.

(Note 7) Certain financial covenants, such as stipulating that certain financial figures should be maintained based on assets and liabilities, are expected to be established for the Debt Financing.

2. Other matters required for investors to appropriately understand and evaluate the above information

Concerning the risks pertaining to the repayment of the Debt Financing, there are no changes to "Part

1. Fund Information, I. Overview of the Fund, 3. Investment Risks" stated in the securities report (Japanese only) submitted on October 28, 2021.

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

This is an English translation of the announcement in Japanese dated March 17, 2022. However, no assurance or warranties are given for the completeness or accuracy of this English translation.

2