February 18, 2022

FOR IMMEDIATE RELEASE

CompanyName: PolarisHoldingsCo., Ltd.

Representative:AtsuoUmeki, PresidentandRepresentativeDirector

StockListing: Tokyo StockExchange, Second Section

StockCode: 3010

Inquiries: Satoshi Hosono, Directorand CFO（TEL:03-5822-3010）

[Updated] Polaris to Operate 6Additional Hotels

Polaris Holdings Co., Ltd. announces that there was partial revision to the "Polaris to Operate 6 Additional Hotels" announced on February 14, 2022.The details of the revision is as outlined below.

Details of the revision

Changes are indicated by underline.

Page 1:

[Before revision]

The Board of Directors of Polaris Holdings, Co., Ltd. ("Polaris" or the "Company") is pleased to announce that it resolved today to execute a "Memorandum of Understanding for Hotel Management" (hereinafter referred to as "the MOU") with Star Asia Group, the parent company group of the Company, regarding "Hotel Trusty Kanazawa Korinbo", "Hotel Trusty Shinsaibashi", "Hotel Trusty Nagoya Sakae", "Hotel Trusty Premier Kumamoto", "Hotel Trusty Premier Nihonbashi Hamacho" and "Hotel Trusty Kobe Kyukyoryuchi" (hereinafter referred to as the "Property Portfolio"). This Property Portfolio is in the final stages of being acquired by StarAsia Group (hereinafter referred to as the "Transaction").

[After revision]

The Board of Directors of Polaris Holdings, Co., Ltd. ("Polaris" or the "Company") is pleased to announce that it resolved today to execute a "Memorandum of Understanding for Hotel Management" (hereinafter referred to as "the MOU") with Star Asia Group, the parent company group of the Company, regarding "Hotel Trusty Kanazawa Korinbo", "Hotel Trusty Shinsaibashi", "Hotel Trusty Nagoya Sakae", "Hotel Trusty Premier Kumamoto", "Hotel Trusty Premier Nihonbashi Hamacho" and "Hotel Trusty Kobe Kyukyoryuchi" (hereinafter referred to as the "Property Portfolio"). This Property Portfolio is in the final stages of being acquired or assumed the lease hold rightsby StarAsia Group (hereinafter referred to as the "Transaction").

[Updated version]

February 14, 2022

FOR IMMEDIATE RELEASE

CompanyName: PolarisHoldingsCo., Ltd.

Representative:AtsuoUmeki, PresidentandRepresentativeDirector

StockListing: Tokyo StockExchange, Second Section

StockCode: 3010

Inquiries: Satoshi Hosono, Directorand CFO（TEL:03-5822-3010）

Polaris to Operate 6Additional Hotels

The Board of Directors of Polaris Holdings, Co., Ltd. ("Polaris" or the "Company") is pleased to announce that it resolved today to execute a "Memorandum of Understanding for Hotel Management" (hereinafter referred to as "the MOU") with Star Asia Group, the parent company group of the Company, regarding "Hotel Trusty Kanazawa Korinbo", "Hotel Trusty Shinsaibashi", "Hotel Trusty Nagoya Sakae", "Hotel Trusty Premier Kumamoto", "Hotel Trusty Premier Nihonbashi Hamacho" and "Hotel Trusty Kobe Kyukyoryuchi" (hereinafter referred to as the "Property Portfolio"). This Property Portfolio is in the final stages of being acquired or assumed the lease hold rights by StarAsia Group (hereinafter referred to as the "Transaction").

1. Conclusion of the MOU

  1. Background leading to the conclusion of the MOU

Upon completion of the Transaction, the current hotel operator is scheduled to terminate the operations at each of the hotels. Polaris has entered into the MOU with Star Asia Group as both parties finalize and execute the definitive hotel management agreement for Polaris to take over the operations of these hotels.

The new hotels are attractively located in major business metropolitan cities including Tokyo, Osaka and Nagoya, as well as major regional cities that are key travel hubs frequented by business and tourist travelers, such as Kanazawa, Kumamoto and Kobe. All the properties are highly competitive and located in highly desirable locations convenient for guests in order to capture either tourist or business trip demand. With an average number of rooms per hotel of approximately 200, the portfolio is the ideal size to realize economies of scale in operations. As expected, this portfolio will contribute to the sustainable profit growth for the Company.

By leveraging its relationship with the sponsor, Star Asia Group, the Company has increased the number of rooms under management (excluding franchised hotels) by approximately 1.5x during the 18-month period from the end of Mar 2020 to the end of Dec 2021. Our goal is to further increase the number of rooms under management by over 40% by the end of the fiscal year ending March 2024. With the addition of these 6 hotels, Polaris will have 31 hotels under management totaling 5,706 rooms-increasing the number of rooms under management by approximately 26%.

In addition, we believe that an increase in the number of hotels operated under fee-based management contracts, will further contribute to lowering the break-even point and will further accelerate the realization of our accretive growth strategy.

- 2 -

[Updated version]

(2) Portfolio

Hotel name

Location (residential indication)

Number of

rooms

①

Hotel Trusty Kanazawa Korinbo

1-2-16 Korinbo, Kanazawa City, Ishikawa

207 room

②

Hotel Trusty Shinsaibashi

3-3-17Minami-Senba,Chuo-ku, Osaka City,

211 room

Osaka

③

Hotel Trusty Nagoya Sakae

3-15-21, Nishiki, Naka-ku, Nagoya City,Aichi

204 room

④

Hotel Trusty Premier Kumamoto

3-20Sakura-machi,Chuo-ku, Kumamoto City,

205 room

Kumamoto

⑤

Hotel

Trusty Premier Nihombashi

2-30-4, Hamacho, Nihonbashi, Chuo-ku,Tokyo

223 room

Hamacho

⑥

Hotel Trusty Kobe Kyukyoryuchi

63 Naniwa-cho,Chuo-ku, Kobe City, Hyogo

141 room

Total

1,191 room

(3) Contents of this MOU

①

Contracting party

StarAsia Management LLC

②

Date

of

contract

February 14, 2022

execution

③

Details of the contract

Agreement to proceed with discussions toward the conclusion of

a hotel

management agreement for the hotels in the Property Portfolio

(4) Overview of StarAsia Management LLC

①

Name

StarAsia Management LLC

②

Location

251 Little Falls Drive,Wilmington, County of New Castle, Delaware 19808, USA

③

Name

and

title

of

Director: Malcolm F. MacLean IV, Taro Masuyama

representative

④

Business Description

Investment advisory business and investment management business

⑤

Capital stock

US$50,000

⑥

Date of establishment

December 18, 2019.

⑦

Major shareholders and

Tsuru II LLC (50%)

their shareholding ratios

Suzaku II LLC (50%)

capital ties

The Company has no direct capital relationship with this company, but

it is a subsidiary of the Company's parent company, etc.

Malcolm F. MacLean IV and Taro Masuyama, who are Directors of

Relationship

between

personal

the said company, are also Directors of the Company. In addition, three

relations

members of Star Asia Group, the parent company group, have also

⑧

the Company and the

been appointed as directors of the Company.

company in question

Business

The Company and the said company have entered into a business

Relationship

alliance agreement and have formed a business partnership.

Status as a

As a company with the same parent company as the Company, this

related party

company is a related party of the Company.

2. Schedule

①

Conclusion of this MOU

February 14, 2022

②

Conclusion

of

hotel

April 2022 (tentative)

management contract

③

Hotel operation begins.

July 2022 (tentative)

3. Future prospects

With the conclusion of the MOU, the parties will look to promptly finalize and conclude the definitive hotel management agreement for this property portfolio. Until the execution of the management agreement, the impact of the MOU on our consolidated business performance is negligible. If any matter requiring disclosure arises in the future, we will promptly

- 3 -

[Updated version]

announce it.

NOTE: This is an English translation summary of the Company's announcement in Japanese. No assurances or warranties are

given for completeness or accuracy of this English translation summary.

- 4 -

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KACHIKAIHATSU Co. Ltd. published this content on 18 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 February 2022 07:20:04 UTC.