Hoshino Resorts REIT, Inc. announced that it resolved, at the Board of Directors' Meeting held on October 16, 2023, to borrow funds (hereinafter the "Borrowings") and conduct interest rate swap transactions (hereinafter the "Interest Rate Swap Transactions") for the purpose of refinancing existing borrowings (hereinafter the "Refinancing") as follows: Of the Borrowings, the borrowing under Contract number 0120 is a loan (sustainability loan) made based on the sustainability finance framework formulated by HRR (hereinafter the "Sustainability Loan"), and the borrowings under Contract Nos. 0111, 0114, and 0117 are loans (green loans) made based on the green finance framework formulated by HRR (hereinafter the "Green Loans"). Furthermore, of the funds to be procured through the Borrowings, the portion to be financed by MUFG Bank Ltd. and Mizuho Bank Ltd. corresponds to funds that these banks have determined are eligible for the "Fund- Supplying Operations to Support Financing for Climate Change Responses (Climate Response Financing Operations)" conducted by the Bank of Japan for private financial institutions.

HRR will continue to further promote sustainability initiatives and aim to strengthen its funding base by expanding the number of investors interested in ESG investment and financing. Lender: MUFG Bank Ltd. Borrowing amount: JPY 400,000,000. Interest rate: To be determined (fixed interest rate).

Borrowing date: October 31, 2023. Borrowing method: Conclusion of an individual lending agreement with the above lender on October 20, 2023. Final repayment date: October 31, 2029.

Repayment method: Lump-sum repayment Interest payment: First payment on January 31, 2024, with subsequent payments on the last day of April, July, dates October and January each year and on the final repayment date. Collateral: Unsecured and unguaranteed.