Starts Proceed Investment : Notice Concerning the Change of Credit Rating Outlook

July 26, 2021

Translation Purpose Only

For Immediate Release

REIT Issuer

Starts Proceed Investment Corporation

3-1-8 Nihonbashi, Chuo-ku, Tokyo

Kazuya Hiraide, Executive Director

(Security Code: 8979)

Asset Management Company

Starts Asset Management Co., Ltd.

Kazuya Hiraide, Representative Director

Inquiries: Shigeru Matsuda, General Manager of

Financial Control and Administration Division

TEL. [phone]

Notice Concerning the Change of Credit Rating Outlook

Starts Proceed Investment Corporation ("SPI") announces that Japan Credit Rating Agency, Ltd. ("JCR") made an announcement today that it has changed the Long-term issuer Rating Outlook of SPI, as described below.

1. Content of the Change
		Rating Agency			Rating Category			Before Change			After Change
					Long-term issuer Rating			A-			A-
		JCR
				Outlook			Stable			Positive

2. Reasons for the Change of Rating

Please refer to the website of JCR (http://www.jcr.co.jp/en/) for the details concerning the reasons for the changes.

*SPI website:http://www.sp-inv.co.jp/en/