NEWS RELEASE

Japan Real Estate Investment Corporation

August 25, 2008
To whom it may concern:<Investment Corporation>
Japan Real Estate Investment Corporation
Taketo Yamazaki, Executive Director(TSE code: 8952)<Asset Management Company>
Japan Real Estate Asset Management Co., Ltd.
Kazuhiko Arahata, CEO & President
Contact: Toru Kimura, General Manager, Planning Department
Phone: +81-3-3211-7921

Notice concerning New Loan
Announcement is hereby made that on August 25, 2008, Japan Real Estate Investment Corporation
will procure funds through the following loans:
1. Reason for drawing down of the loan
To apply the funds toward the purchase of trust beneficiary right in trust of real estate (Shin-FujitaBuilding)
2. Details of loan
<Short-term loan>(1) Start of the loan period:
September 1, 2008
(2) Total amount of loan:¥12,000 million(3) Lender, amount of loan, and principal repayment date:Lender

(4)
(5)

(6)
(7)

Amount of loan

Principal repayment date(pre-payment possible)
June 1, 2009
September 1, 2009
September 1, 2009

Mizuho Corporate Bank, Ltd.
¥5,000 million
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
¥5,000 million
Mitsubishi UFJ Trust and Banking Corporation¥2,000 million
Interest rate:
To be determined
Borrowing method:
Loan based on overdraft agreements to be concluded separately withrespective lenders
Unsecured/non-guaranteed loan
Interest payment date:
First of every month until the principal repayment date
Repayment of principal:
Payment in full on the principal repayment date

<Long-term loan (i)>(1) Start of the loan period:(2) Total amount of loan:(3) Lender:(4) Interest rate:(5) Borrowing method:(6) Interest payment date:(7) Repayment of principal:(8) Principal repayment date:<Long-term loan (ii)>(1) Start of the loan period:(2) Amount of loan:(3) Lender:(4) Interest rate:(5) Borrowing method:(6) Interest payment date:(7) Repayment of principal:(8) Principal repayment date:

September 1, 2008
¥8,000 million
The Sumitomo Trust & Banking Co., Ltd. ¥5,000 million
Shinkin Central Bank
¥3,000 million
To be determined
Plan to conclude loan agreements separately with respective lenders on
August 28, 2008.
Unsecured/non-guaranteed loanFirst of March and September of every year until the principal
repayment date
Payment in full on the principal repayment date
September 2, 2013

September 1, 2008
¥2,000 million
The Development Bank of JapanTo be determined
Plan to conclude a loan agreement with the lender on August 27, 2008
Unsecured/non-guaranteed loanFirst of March and September of every year until the principal
repayment date
Payment in full on the principal repayment date
September 1, 2015

3. Balance of interest-bearing debt after the new loan agreements (as of September 1, 2008)(Units: millions of yen)
Before new loans

After new loansIncrease/Decrease

Short-term loans

16,00028,000+12,000

Current portion of long-term loans

7,000

7,000±0

Long-term loans

109,500

119,500+10,000

Total loans

132,500

154,500+22,000

Current portion of investment
corporation bonds
Investment corporation bonds(except for current portion)
Total investment corporation
bonds––±045,000

45,000±045,000

45,000±0

Total interest-bearing debts

177,500

199,500+22,000

We will inform you of the interest rates once they have been decided.

This notice is the English translation of the announcement in Japanese dated August 25, 2008 on ourwebsite. However, no assurance or warranties are given for the completeness or accuracy of thisEnglish translation.