Frontier Real Estate Investment Corporation announced that it has decided to execute long-term borrowings. Execution of Long-term Borrowings: Purpose: To appropriate for a part of the payment of the acquisition of the property (Mitsui Shopping Park LaLaport IZUMI (18.5% quasi co-ownership stake)), stated in the press release "Notice Concerning the Acquisition of Trust Beneficiary Rights to Real Estate Property and Real Estate Properties in Japan (Mitsui Shopping Park LaLaport IZUMI (18.5% Quasi Co-Ownership Stake) and Shin-Kawasaki Square)" announced on August 15, 2023. Details: Drawdown Date: September 29, 2023.

Repayment of Principal: Payment in full on the maturity date. Loan Type: Unsecured, Unguaranteed. Lender, Amount, Maturity Date and Interest Rate: Lender The Gunma Bank Ltd. Amount JPY 1,000 Million.

Maturity Date: September 30, 2030. Interest Rate: 0.87625% (Interest Rate is fixed until the maturity date.). Lender: JOYO BANK Ltd. Amount: JPY 1,000 Million.

Maturity Date: September 30, 2030. Interest Rate: 0.87625% (Interest Rate is fixed until the maturity date.). Lender: Shinkin Central Bank.

Amount: JPY 2,000 Million. Maturity Date: September 29, 2032. Interest Rate: 1.15125% (Interest Rate is fixed until the maturity date.).

Lender: The Yamaguchi Bank Ltd. Amount: JPY 1,400 Million. Maturity Date: September 29, 2033. Interest Rate: 1.19625% (Interest Rate is fixed until the maturity date.).