Creating peace of mind through honest and committed management.

[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.

December 6, 2013
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

New Loan and Interest Rate Swap
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) has decided to borrow funds andenter an interest rate swap agreement.
1. New Loan
(1) Reason
Ichigo REIT is acquiring four assets through a public offering as announced in theNovember 15, 2013 releases “Issuance of New Shares and Secondary Share Offering” and“Asset Acquisitions and Sale.” Ichigo REIT will acquire these assets using funds from thepublic offering, loans from megabanks, and cash on hand.
(2) Loan Details
SMBC Syndicate Loan II (Term Loan 2) (5 year maturity)
Lenders

Loan Amount
Use of Proceeds
Loan Date
Principal Repayment Date
Principal Repayment Terms

Partial Principal Repayment Date
Interest Rate

Sumitomo Mitsui Banking Corporation; Aozora
Bank, Ltd.; Mizuho Bank, Ltd.; Shinsei Bank,Limited
4,000 million yen
Acquisition of specified assets and related costs
December 10, 2013
November 30, 2018
5 million yen of the principal will be repaid on
each Partial Principal Repayment Date; theremainder will be repaid in full on the Principal
Repayment Date.
Same as the Interest Payment Date
3 M JPY TIBOR + 0.95 % (p.a.)1Interest Payment Date

Collateralized

Final business day of January, April, July, andOctober following the Loan Date (the firstpayment date will be January 2014 and the last
payment date will be the same as the Principal
Repayment Date)
Yes

2. Interest Rate Swap
(1) Reason
To fix the interest payment amount and hedge against a rise in interest rates.
(2) Swap Details
Counterparty
Notional Principal
Interest Rate
Contract DateCommencement Date
Termination Date
Interest Payment Date

Sumitomo Mitsui Banking Corporation
4,000 million yen (Amortized by 5 million yen
on each Interest Payment Date)
Fixed Interest Rate: 0.51856%
Floating Interest Rate: 3 M JPY TIBOR
December 6, 2013
December 10, 2013
November 30, 2018
Final business day of January, April, July, andOctober following the Loan Date (the firstpayment date will be January 2014 and the last
payment date will be the same as the Principal
Repayment Date)(Note) The interest rate swap agreement shall, in effect, fix the interest rate of theabove-mentioned borrowing at 1.46856%.
3. Future Outlook
There is no amendment to Ichigo REIT’s earnings and dividend forecast as announced in“Earnings and Dividend Forecast Revision for the October 2013 Fiscal Period and Earnings andDividend Forecast for the April 2014 Fiscal Period” on November 15, 2013.
4. OtherRisks related to this loan and swap have no material impact on the “Investment Risks” describedin the latest Securities Report (submitted November 15, 2013).

2Reference: Loan Composition after New Borrowing■ Outstanding Loan Balance (as of December 10, 2013)(million yen)
Balance
12,500GE Japan Corporation
Sumitomo Mitsui Banking Corporation

11,714

Aozora Bank, Ltd.

6,821

Shinsei Bank, Limited

6,047

Resona Bank, Limited

5,630

Mizuho Trust & Banking Co., Ltd.

3,852

Prudential Mortgage Asset Holdings 1 Japan LPS

3,803

Shinsei Trust & Banking Co., Ltd. *1

3,039

The Tokyo Star Bank, Limited

2,977

MetLife Alico

1,820

Mizuho Bank, Ltd.

1,792

The Kagawa Bank, Ltd.

1,372

Shinsei Trust & Banking Co., Ltd. *2

1,100988

ORIX Bank Corporation

63,462Total*1: Source of fund is Investment LPS managed by AXA Real Estate Investment Managers
Japan KK
*2: Cash funding is provided by Ichigo Group Holdings Co., Ltd.

■ Distribution of Repayment Dates (As of December 10, 2013)(million yen)
20,00014,93010,49810,000
8,049

6,825

6,685
5,366
3,607

3,900

2,000
0Apr 2014 Oct 2014 Apr 2015 Oct 2015 Apr 2016 Oct 2016 Apr 2017 Oct 2017 Apr 2018 Oct 2018 Apr 2019

Website of Ichigo REIT: www.ichigo-reit.co.jp/english3