Ichigo Preserves and Improves Real Estate

[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 20, 2018

Issuer

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

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

Representative: Yoshihiro Takatsuka, Executive Directorwww.ichigo-office.co.jp/english

Asset Management Company

Ichigo Investment Advisors Co., Ltd.

Representative: Wataru Orii, President Inquiries: Hiroto Tajitsu, Head of Administration Tel: +81-3-3502-4891

Bond Issuance

Ichigo Office today decided to issue JPY 1 billion of bonds pursuant to its board resolution on May 29, 2017 in order to diversify and extend the maturity of its borrowings.

1. Bond Details

Name

Ichigo Office Second Unsecured Investment

Corporation Bonds (Ranking pari passu among

Ichigo Office investment corporation bonds)

Total Issue Amount

JPY 1 billion

Form of Bond Certificate

Pursuant to the Act on Book Entry of Corporate

Bonds and Shares, bond certificates will not be

issued.

Issue Price

Par (JPY 100)

Redemption Price

Par (JPY 100)

Interest Rate

0.900% p.a.

Bond Denomination Amount

JPY 100 million

Offering Method

Public Offering

Subscription Period

April 20, 2018

Payment Date

April 26, 2018

Collateralized

No

Redemption Date and Method

Lump sum redemption on April 26, 2028.

The bonds may be purchased and cancelled at any

time on and after the date following the payment

date unless otherwise stipulated by the depository.

Interest Payment Date

April 26 and October 26 every year (the first

payment date will be October 26, 2018). If a

payment date is not a business day, payment shall

be made on the previous business day.

Credit Rating

A- Japan Credit Rating Agency (JCR)

Financial Covenants

Subject to negative pledge clause

1

Depository

Japan Securities Depository Center

Fiscal, Issuing, and Paying Agent

MUFG Bank, Ltd.

Underwriters

SMBC Nikko Securities

Mitsubishi UFJ Morgan Stanley Securities

Daiwa Securities

2. Reason for Bond Issuance

To diversify and extend the maturity of Ichigo Office's borrowings.

3. Total Amount to be Raised and Use and Timing of Proceeds a. Amount of Estimated Net Proceeds

JPY 987 million

b. Use of Proceeds and Scheduled Expenditure Dates

The proceeds will be used for the principal repayment (JPY 4,958 million) of a loan maturing on April 27, 2018.

4. Outstanding Loan and Bond Balance (as of April 26, 2018)

(JPY million)

Before Bond Issuance

(A)

After Bond Issuance

(B)

Change (B) - (A)

Short-term bank loans

-

-

-

Long-term bank loans (due within one year)

13,539

13,539

-

Long-term bank loans

88,345

88,345

-

Total bank loans

101,885

101,885

-

Bonds

1,200

2,200

+1,000

Total bank loans and bonds

103,085

104,085

+1,000

Other interest-bearing liabilities

-

-

-

Total interest-bearing liabilities

103,085

104,085

+1,000

5. Other

Risks related to this bond issuance remain unchanged from the "Investment Risks" described in the latest Financial Report submitted on January 26, 2018.

Reference: Distribution of Loan and Bond Maturities (as of April 26, 2018)

■ Long-term bank loans ■ Bonds

(JPY million)

Apr 2018

1,200

1,000

Oct 2018

Apr 2019

Oct 2019

Apr 2020

Oct 2020

Apr 2021

Oct 2021

Apr 2022

Oct 2022

Apr 2023

Oct 2023

Apr 2024

Oct 2024

Apr 2025

Oct 2025

Apr 2026

Oct 2026

Apr 2027

Oct 2027

Apr 2028

Note: The distribution of loan repayment dates is calculated based on the total loans and investment corporation bonds outstanding as of the maturity date of each loan and bond.

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Disclaimer

Ichigo Office REIT Investment Corporation published this content on 20 April 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 20 April 2018 02:56:03 UTC