| ● | Star Asia Investment Management Co., Ltd. (Asset Manager) determines investment stance for each asset type and each area based on its own analysis. |
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| ● | Investment policy for the time being calls for focused investment in real estate, etc. in Greater Tokyo, which serves as the center of economy, culture, and population for Japan. |
| ● | While focusing on the Tokyo area, selective investments are also made in Main Metropolitan Areas composed of Osaka, Fukuoka and Nagoya and other areas. |
| (Note 1) | Asset types SAR invests in are offices, retail facilities, residences, logistics facilities, hotels, student accommodations and their lands. |
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| (Note 2) | “Tokyo area” refers to Tokyo, Kanagawa, Saitama and Chiba prefectures. “Osaka area” refers to Osaka-shi, Osaka prefecture. and hotels, neighboring areas are included. “Fukuoka area” refers to Fukuoka-shi, Fukuoka prefecture. “Nagoya area” refers to Nagoya-shi, Aichi prefecture. For residenses, logistics facilities, and hotels, neighboring areas are included. |
| ● | Capitalize on the capabilities to collect information, to analyze markets, etc. of Star Asia which boasts an extensive track record in the real estate-related market in Japan and has been recognized by foreign investors. |
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| ● | Obtain opportunities to consider acquisitions by receiving sales information of pipeline properties which Star Asia has acquired utilizing its expertise in real estate investment. |
| ● | With the Star Asia Group holding investment units, intend to align interests of SAR and unitholders of Star Asia |
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| ● | Employ an asset management fee system that is linked to net income per unit. |
| ● | Constant, "out-of-the-box" active management |
| ● | Consider unitholder return through the acquisition of treasury investment units and optimization of capital cost |
| ● | Realize diversification of income opportunities by allowing investment in mezzanine loan debt up to 5% of total assets and utilizing such investment in accordance with circumstances |