Translation Purpose Only For Immediate Release

January 12, 2012

6-8-7 Ginza, Chuo-ku, Tokyo Frontier Real Estate Investment Corporation Hirohiko Kamei, Executive Director (Securities Code: 8964)

Asset Management Company: Mitsui Fudosan Frontier REIT Management Inc.

Hiroshi Tanaka

Chief Executive Officer and Representative Director

Inquiries: Mitsui Fudosan Frontier REIT Management Inc.

Tatsu Makino

Vice President, Finance Division and Director

Tel: +81-3-3289-0440

Notice Concerning the Execution and the Repayment of Long-term Borrowing

Frontier Real Estate Investment Corporation (the "Investment Corporation") hereby announces that it has decided to execute long-term borrowing. The Investment Corporation, additionally, announces it would repay long-term borrowing on January 16, 2012. Details are provided below.

1. The Execution of Long-term Borrowing

(1) Rational

To appropriate for the repayment of long-term borrowing as of February 16, 2009.

(2) Details