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[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

November 28, 2012
REIT Issuer
Ichigo Real Estate Investment Corporation (8975)
1-1-1, Uchisaiwaicho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
Asset Management Company
Ichigo Real Estate Investment Advisors Co., Ltd.
Representative: Wataru Orii, President & Representative Statutory Executive Officer
Inquiries: Minoru Ishihara, Executive Vice President & Statutory Executive Officer
Tel: 03-3502-4891

Notice of Changes in Terms of Existing Loans
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) decided today to change the partial
loan terms with respect to its existing loans per the following:
1. Reason for Changes
For the Kagawa Bank Loan of 1.4 billion yen maturing on November 30, 2012, Ichigo REIT
decided to extend the maturity date by 3 years at a lower interest rate. The interest rate change
will reduce borrowing costs by approximately 11 million yen per year.
For the Tokyo Star Bank Loan of 2.88 billion yen also maturing on November 30, 2012, thematurity date will be extended by 6 months in order to prepare for a potential broad-scalerefinancing that will support Ichigo REIT’s future growth.
2. Details of Changes(1) Kagawa Bank Loan Terms (Before Change)
Lender
Beginning Loan Amount
Outstanding Loan Amount
Use of Proceeds
Loan Date
Principal Repayment Date
Principal Repayment Terms

Partial Principal Repayment Date
Interest Rate
Interest Payment Date

The Kagawa Bank, Ltd.
JPY 1,500,000,000
JPY 1,400,000,000 (As of November 30, 2012)
Repayment of existing loans
November 30, 2010
November 30, 2012
JPY 12,500,000 of the principal will be repaid
on each Partial Principal Repayment Date, andthe remainder will be repaid in full on thePrincipal Repayment Date.
Same as the Interest Payment Date
3 M JPY TIBOR + 2.00 % (p.a.)
Final business day of February, May, Augustand November following the Loan Date (TheCollateralized

first payment date will be February 28, 2011,
and the last payment date will be the same as thePrincipal Repayment Date)
Yes

After Change (Only Changed Terms Shown)
Principal Repayment Date
Principal Repayment Terms

Partial Principal Repayment Date
Interest Rate
Interest Payment Date

November 30, 2015
JPY 14,000,000 of the principal will be repaid
on each Partial Principal Repayment Date, andthe remainder will be repaid in full on thePrincipal Repayment Date.
Same as the Interest Payment Date
6 M JPY TIBOR + 1.10 % (p.a.)
Final business day of May and November
following the Loan Date(Note) The applicable interest rate for the period from December 1, 2012 to May 31, 2013 is1.51833% p.a. The interest rates for the subsequent periods will be announced whendetermined.
(2) Tokyo Star Bank Loan Terms (Before Change)
Lender
Beginning Loan Amount
Outstanding Loan Amount
Use of Proceeds
Loan Date
Principal Repayment Date
Principal Repayment Terms

Partial Principal Repayment Date
Interest Rate
Interest Payment Date

Collateralized

The Tokyo Star Bank, Limited
JPY 3,000,000,000
JPY 2,880,000,000 (As of November 30, 2012)
Repayment of existing loans
November 30, 2010
November 30, 2012
JPY 15,000,000 of the principal will be repaidon each Partial Principal Repayment Date, andthe remainder will be repaid in full on thePrincipal Repayment Date.
Same as the Interest Payment Date
3 M JPY TIBOR + 2.50 % (p.a.)
Final business day of February, May, Augustand November following the Loan Date (The
first payment date will be February 28, 2011,
and the last payment date will be the same as thePrincipal Repayment Date)
Yes(Note) With respect to this loan, Ichigo REIT purchased an interest rate cap in order to hedge
interest rate risk.
After Change (Only Changed Terms Shown)
Principal Repayment Date

May 31, 2013(Notes) The applicable interest rate for the period from November 30, 2012 to February 27,
2013 is 2.81917% p.a. The interest rates for the subsequent periods will be announced
when determined.
The aforementioned interest rate cap will expire on November 30, 2012 and not be
renewed.

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3. Future Outlook
These changes have no impact on Ichigo REIT’s earnings forecast as announced in “Financial
Report for the Fiscal Period ending April 2012” on June 18, 2012.
4. OtherRisks related to this transaction have no material impact on the “Investment Risks” described in
the latest Securities Report (submitted on July 27, 2012).

Reference
Outstanding Loan Balance (as of November 30, 2012)(million yen)

GE Japan Corporation
Aozora Bank, Ltd.
Shinsei Bank, Limited
Gibraltar Life Insurance Co., Ltd.
Resona Bank, Limited
Mizuho Trust & Banking Co., Ltd. (Loan Backed by Trust Assets)/ Prudential LPS
The Tokyo Star Bank, Limited
Sumitomo Mitsui Banking Corporation
Mizuho Trust & Banking Co., Ltd.
The Kagawa Bank, Ltd.
ORIX Bank Corporation
Total

Distribution of Repayment Dates (as of November 30, 2012)
30,000

Balance
28,4604,5724,409
3,800
2,952
2,898
2,880
2,875
2,875
1,400
498
57,622(million yen)

28,46020,00010,49810,000
5,366
3,800

2,865
2,732

2,000

1,330

0
Apr 2013

Oct 2013

Apr 2014

Oct 2014

Apr 2015

Oct 2015

Website of Ichigo REIT: www.ichigo-reit.co.jp/english

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Apr 2016

Oct 2016

Apr 2017

Oct 2017