Starts Proceed Investment CorporationTSE: 8979

Notice Concerning the Change of Credit Rating Outlook

· Issued by Starts Proceed Investment Corporation

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. +81-3-6202-0856

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/