Ichigo Office REIT Investment : Interest Rate Swaps

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.

May 28, 2024

Issuer

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

2-6-1 Marunouchi, Chiyoda-ku, Tokyo

Representative: Keisuke Chiba, Executive Director

www.ichigo-office.co.jp/en

Asset Management Company

Ichigo Investment Advisors Co., Ltd.

Representative: Hiroshi Iwai, President

Inquiries: Yuji Kamo, Head of Ichigo Office

Tel: [phone]

Interest Rate Swaps

Ichigo Office has fixed the interest rates for the first payment date of the six loans announced in the May 20, 2024 release "New Loans for Acquisition of Office Assets," and has executed interest rate swaps to lock in the interest rates on the five floating-rate loans.

1. Interest Rates (Total JPY 8,500 million)

1. Floating-rateloans (Total JPY 7,600 million)

Loan Date		Lender	Loan		Interest Rate for		Repayment		Repayment		Collateralized
	Amount		First Payment		Date		Terms
			(JPY million)			(Loan Term)
		SMBC	3,300
		Mizuho Bank	2,000		0.83325%		Apr 25, 2031
					(p.a.)1,2		(6.91 years)
May 30, 2024		Aozora Bank	1,000				Lump-sum		No
								repayment
		SBI Shinsei Bank	1,000
		SBI Shinsei Bank	300		0.71325%		Apr 25, 2029
			(p.a.)1, 2		(4.91 years)

Disclaimer: This press release has been prepared for the purpose of announcing to the public certain matters relating tointerest rate swaps, and has not been prepared for the purpose of solicitation of investment.

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(2) Fixed-rate loan (Total JPY 900 million)

Loan Date	Lender

Loan

Amount

(JPY million)

Interest Rate for Repayment

First Payment Date (Loan Term)

Repayment

Terms

Collateralized

May 30, 2024

MUFG Bank

900

1.31656%

(p.a.)2

Apr 25, 2029 (4.91 years)

Lump-sum repayment

No

1. The term for the first interest payment date is May 30, 2024 through July 25, 2024.
2. Interest payment date is the 25th of every third month following the first interest payment date (the first payment date will be July 25, 2024 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.
   Note: The base rate for the loans will be JPY TIBOR as published by the Japanese Bankers Association (JBA) two business days before each interest payment date. For current JPY TIBOR rates, please visit the JBA's website: www.jbatibor.or.jp/english/rate

2. Swap Details

Details of interest rate swaps on floating-rate loans (Total JPY 7,600 million)

		Notional	Contract Start		Contract End	Fixed		Floating
Counterparty			Interest Rate		Interest Rate
	(JPY million)	Date		Date
			(Pay)		(Receive)
Mizuho Bank		7,300			Apr 25, 2031	1.65300%		3M JPY TIBOR
			(6.91 years)		+0.61% (p.a.)
			May 30, 2024
Aozora Bank		300		Apr 25, 2029	1.38700%		3M JPY TIBOR
			(4.91 years)		+0.49% (p.a.)

3. Earnings Impact

The impact of the new loans and the interest rate swaps has already been factored into Ichigo Office's May 20, 2024 release "Upward Earnings Forecast Revision for the October 2024 Fiscal Period."

4. Other

Risks related to the new loans have no material impact on the investment risks described in "Section 2: Reference Information, Part 2: Supplementary Information of Documents for Reference, 3: Investment Risks" of the Securities Registration Statement submitted on May 20, 2024.

Disclaimer: This press release has been prepared for the purpose of announcing to the public certain matters relating tointerest rate swaps, and has not been prepared for the purpose of solicitation of investment.

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