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 25, 2014
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 New Loan and Repayment of Existing Loan
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) has decided to borrow funds andrepay an existing loan as follows.

1. Reason for New Loan
Ichigo REIT is working to strengthen its financial base, improve loan terms, and extend anddiversify debt maturities.
2. Loan Details
Resona Bank Syndicate LoanLenders
Loan Amount
Use of Proceeds
Loan Date
Principal Repayment Date
Principal Repayment Terms
Interest Rate
Interest Payment Date

Resona Bank, Limited.; The Bank of Fukuoka, Ltd.
2,000,000,000 yen
Repayment of existing loans
April 30, 2014 (expected)
April 30, 2019 (expected)
Bullet payment
3 M JPY TIBOR + 0.90 % (p.a.) (Note 1)
Final business day of January, April, July, andOctober following the Loan Date (the firstpayment date will be July 2014 and the last
payment date will be the same as the Principal
Repayment Date)
Yes

Collateralized(Note 1) The interest rate for the period from April 30, 2014 to July 31, 2014 is 1.11182%.
The interest rates from July 31, 2014 onwards will be announced as soon as they
are determined.

13. Repayment Details
Resona Bank Loan
LenderOutstanding Balance before Repayment
Outstanding Balance after Repayment
Loan Date
Repayment Date
Interest Rate
Collateralized

Resona Bank, Limited.
2,000,000,000 yen
None
June 29, 2011
April 30, 2014 (expected)
1.64636%
Yes

4. Earnings Outlook
Since the new loan and loan repayment are already reflected in the forecasts for the April 2014
fiscal period as announced in the “Financial Report for the Fiscal Period Ending October 2013”
on December 16, 2013. Therefore, there are no changes to the earnings forecast.
5. OtherRisks related to this new loan and loan repayment have no material impact on the "Investment
Risks" described in the latest Securities Report (submitted January 27, 2014).

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Reference (After Execution of New Loan and Loan Repayment)
Outstanding Loan Balance (as of April 30, 2014)(million yen)
Lenders

Balance

Sumitomo Mitsui Banking Corporation
Aozora Bank, Ltd.

11,671
6,640

GE Japan Corporation
Shinsei Bank, Limited

6,500
5,874

Resona Bank, Limited
Mizuho Trust & Banking Co., Ltd.

4,616
3,840

Prudential Mortgage Asset Holdings 1 Japan LPSTokyo Star Bank, Limited

3,531
2,962

Shinsei Trust & Banking Co., Ltd. (Note 2)
Mizuho Bank, Ltd.

2,809
1,785

MetLife Alico
The Kagawa Bank, Ltd.
Shinsei Trust & Banking Co., Ltd. (Note 3)
The Bank of Fukuoka, Ltd.
ORIX Bank Corporation
Total

1,750
1,372
1,100
1,000954
56,409Lender Base (as of April 30, 2014)

Shinsei Trust (Note 3)
2%

ORIX Bank 2%

Kagawa Bank 2%

MetLifeAlico
3%MizuhoBank 3%

Bank ofFukuoka
2%SMBC
21%

Shinsei Trust (Note 2)5%Tokyo StarBank 5%

Aozora Bank
12%

Prudential LPS
6%
Mizuho Trust
7%
ResonaBank8%

ShinseiBank10%3GE JapanCorporation
12%

(Note 2) Source of funds is Investment LPS managed by AXA Real Estate Investment
Managers Japan KK(Note 3) Source of funds is Ichigo Group Holdings as sponsor(Note 4) Above figures reflect the loan repayment which is conditional upon the saleof COI Shinbashi Building scheduled for April-end. However, there can be
no guarantee that the sale will be completed as scheduled.
(Note 5) Above figures are rounded to the nearest one decimal place.

Distribution of Repayment Dates (as of April 30, 2014)(million yen)

20,000

10,15810,000

8,930
7,530
6,825

6,685
5,900

5,366
3,607

0
Oct 2014

Apr 2015

Oct 2015

Apr 2016

Oct 2016

Apr 2017

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

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Oct 2017

Apr 2018

Oct 2018

Apr 2019

Oct 2019