Ichigo Office REIT Investment : New Loan

Make The World

More Sustainable

[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.

January 26, 2022

Issuer

Ichigo Office REIT Investment Corporation ("Ichigo Office," 8975)

1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo

Representative: Yoshihiro Takatsuka, Executive Director

www.ichigo-office.co.jp/en

Asset Management Company

Ichigo Investment Advisors Co., Ltd.

Representative: Hiroshi Iwai, President

Inquiries: Norio Nagamine, Head of Ichigo Office

Tel: [phone]

New Loan

Ichigo Office today decided to borrow funds via a new loan.

1. Loan Rationale

The new loan will be used to repay an existing loan (JPY 500 million). Details of the existing loan to be repaid are in Section 3 below.

2. New Loan Details

				Loan			Repayment		Repayment
Loan Date		Lender		Amount	Interest Rate		Date			Collateralized
				(JPY million)			(Loan Term)		Terms
Jan 31, 2022		Development Bank		500	TBD		Jan 25, 2029		Lump-sum		No
	of Japan		(fixed rate)1		(7.0 years)		repayment

1 Interest payment date is the 25th of every third month following the first interest payment date (the first payment date will be April 25, 2022 and the last payment date will be the same as the principal repayment date). In the event the interest payment date is not a business day, payment shall be made on the following business day. If the following business day falls into the following month, payment shall be made on the previous business day. Ichigo Office will announce the interest rate after it is determined.

1

3.

Existing Loan Being Repaid

Loan

Repayment

Repayment

Loan Date

Lender

Amount

Interest Rate

Date

Collateralized

(JPY million)

(Loan Term)

Terms

Nov 2, 2016

Development Bank

500

0.70801%

Jan 31, 2022

Lump-sum

No

of Japan

(fixed rate)

(5.3 years)

repayment

4.

Earnings Outlook

The impact of the new loan on Ichigo Office's April 2022 and October 2022 fiscal period earnings has already been reflected in the forecast presented in Ichigo Office's December 14, 2021 release "October 2021 Fiscal Period Earnings."

5. Other

Risks related to the loan have no material impact on the "Investment Risks" described in the latest Financial Report submitted on July 29, 2021.

2

Loan and Bond Composition after New Loan
Outstanding Loan and Bond Balance								(JPY	million)
			Before				After				Change
			New Loan				New Loan
									(B) - (A)
			(A)				(B)
Short-term bank loans			-			-				-
Long-term bank loans			104,334		104,334					-
Total bank loans			104,334		104,334					-
Bonds			6,900		6,900					-
Total bank loans and bonds			111,234		111,234					-

Distribution of Loan and Bond Maturities

Before New Loan

■ Bank Loans (floating rate)	■ Bank Loans (fixed rate)	■ Bonds
9,633	9,623			9,812		9,056
				8,846	8,908
	7,647			1,000		1,200			7,767
			7,346
				1,000
	4,600			5,494					4,947	4,899
				7,953
			4,192	7,246		4,118
			7,856	4,027	1,200
						1,000
		2,900		6,346
	3,047	2,000					3,118		3,747
500
	900			955
			600

(JPY million)

1,500

Apr	Oct	Apr	Oct	Apr	Oct	Apr	Oct	Apr	Oct	Apr	Oct	Apr	Oct	Apr	Oct	Apr	Oct	Apr	Oct	Apr
2022	2022	2023	2023	2024	2024	2025	2025	2026	2026	2027	2027	2028	2028	2029	2029	2030	2030	2031	2031	2032

After New Loan

■ Bank Loans (floating rate)	■ Bank Loans (fixed rate)	■ New Loan	■ Bonds				(JPY million)
	9,633	9,623							9,812			9,056
								8,846		8,908			8,267
								1,000				1,200
			7,647
					7,346							500
						1,000
			4,600				5,494			7,953					4,947	4,899
				4,192						4,118	4,027
							7,246				7,856		1,200
				2,900		6,346						1,000		7,767
			3,047	2,000									3,118			3,747				1,500
				900				600			955
Apr	Oct	Apr	Oct	Apr	Oct	Apr	Oct	Apr	Oct		Apr	Oct	Apr	Oct	Apr	Oct	Apr	Oct	Apr	Oct	Apr
2022	2022	2023	2023	2024	2024	2025	2025	2026	2026	2027	2027	2028	2028	2029	2029	2030	2030	2031	2031	2032

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