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.

April 9, 2015
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: Hiroto Tajitsu, Head of Administration
Tel: 03-3502-4891

New Loans and Repayment of Existing Loans
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) today has decided to borrow funds
via new loans and repay existing loans.
1. Reason of New Loans
In the current Stage IV Increase Size & Scale (November 2014 – October 2015) of its multi-year
growth strategy, Ichigo REIT is strengthening its lender base to obtain a credit rating andborrow funds on a non-collateralized basis.
These new loans will further lower Ichigo REIT’s borrowing cost, lengthen as well as diversify
loan maturity, and strengthen its lender base.
2. Loan Details
SMBC Syndicate Loan III (Term Loan 1-A)
Lenders (Expected)

Loan Amount
Use of Proceeds
Loan Date
Principal Repayment Date1
Principal Repayment Terms1
Interest Rate1
Interest Payment Date1
Collateralized
1

Sumitomo Mitsui Banking Corporation; Shinsei
Bank, Limited; Mizuho Bank, Ltd.; The Bank ofTokyo-Mitsubishi UFJ, Ltd.
3,000 million yen
Repayment of existing loan
April 30, 2015 (Expected)
TBD
TBD
TBD
TBD
YesPrincipal Repayment Date, Principal Repayment Terms, Interest Rate, and Interest
Payment Date will be announced as soon as they have been decided.

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding new loans and repayment of existing loans, and has not been
prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment Corporation's prospectus and notice of amendments thereto, ifany, without fail and to undertake investment at their own decision and responsibility.

1SMBC Syndicate Loan III (Term Loan 1-B)
Lenders (Expected)

Loan Amount
Use of Proceeds
Loan Date
Principal Repayment Date2
Principal Repayment Terms2
Interest Rate2
Interest Payment Date2
Collateralized
2

Sumitomo Mitsui Banking Corporation; Shinsei
Bank, Limited; Mizuho Bank, Ltd.; The Bank ofTokyo-Mitsubishi UFJ, Ltd.
5,100 million yen
Repayment of existing loan
April 30, 2015 (Expected)
TBD
TBD
TBD
TBD
Yes

Principal Repayment Date, Principal Repayment Terms, Interest Rate, and Interest
Payment Date will be announced as soon as they have been decided.

3. Loan Repayment Details
Shinsei Bank Syndicate Loan I
Lenders

Initial Loan AmountCurrent Outstanding Amount
Outstanding Amount after Repayment
Loan Execution Date
Repayment Execution Date
Collateralized

Shinsei Bank, Limited; MetLife, Inc.; Prudential
Mortgage Asset Holdings 1 Japan LPS; Shinsei
Trust & Banking Co., Ltd. (funded byInvestment LPS; managed by AXA Real Estate
Investment Managers Japan KK)
5,579 million yen
4,784 million yen
NoneJanuary 31, 2013
April 30, 2015 (Expected)
Yes

Shinsei Bank Syndicate Loan IILenders

Initial Loan AmountCurrent Outstanding Amount
Outstanding Amount after Repayment
Loan Execution Date
Repayment Execution Date
Collateralized

Prudential Mortgage Asset Holdings 1 Japan
LPS; Shinsei Trust & Banking Co., Ltd. (fundedby Investment LPS; managed by AXA Real
Estate Investment Managers Japan KK)
3,800 million yen
3,316 million yen
None
March 18, 2013
April 30, 2015 (Expected)
Yes

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding new loans and repayment of existing loans, and has not been
prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment Corporation's prospectus and notice of amendments thereto, ifany, without fail and to undertake investment at their own decision and responsibility.

2Reference: Loan Composition after New Borrowing■ Outstanding Loan Balance(million yen)1

Before execution

After execution(as of April 30,Change2015)
Short-term borrowings

000

Long-term borrowings(due within one year)

11,175

5,999-5,176Long-term borrowings248,476

53,588

5,112

Total borrowings

59,651

59,587-6400059,651

59,587-64000

59,651

59,587-64

Investment corporation bonds
Total borrowings and investment
corporation bonds
Other interest-bearing
liabilities
Total interest-bearing
liabilities
1These figures assume that all loans are executed as planned. Also, the loan amount andloan period of SMBC Syndicate Loan Term Loan 1are not yet determined as of today.
2The principal repayment date of the borrowing is undetermined but because it isexpected to be long-term, it is included in long-term borrowings.
5. Future Outlook
Related to these loans, 200 million yen of borrowing-related expenses will be recorded in theApril 2015 fiscal period. These expenses have been reflected in Ichigo REIT’s earnings anddividend forecast as announced today in “Earnings and Dividend Forecast Revisions for theApril 2015 and October 2015 Fiscal Periods.”
6. OtherRisks related to this loan have no material impact on the “Investment Risks” described in thelatest Securities Report submitted April 9, 2015.

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

Disclaimer: This translation is for informational purpose only. If there is any discrepancy between the Japanese version and the English translation, the Japanese version shallprevail. This document is an English translation of a press release for public announcement regarding new loans and repayment of existing loans, and has not been
prepared for the purpose of solicitation of investment. We caution investors to refer to the Investment Corporation's prospectus and notice of amendments thereto, ifany, without fail and to undertake investment at their own decision and responsibility.

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