Nomura Real Estate Master Fund : Notice Concerning Debt Financing

[For Translation Purposes Only]

February 17, 2022

For Immediate Release

To Whom It May Concern

Nomura Real Estate Master Fund, Inc.

Securities Code: 3462

Shuhei Yoshida, Executive Director

Asset Management Company:

Nomura Real Estate Asset Management Co., Ltd.

Koki Miura, President & Chief Executive Officer

Inquiries:

Hiroshi Ishigooka

Executive Officer

Head of NMF Investment Management Group

TEL [phone]

Notice Concerning Debt Financing

Nomura Real Estate Master Fund, Inc. ("NMF" or the "Fund") announced the decision made today that it will procure debt financing (the "Debt Financing") to refinance the existing debt totaling ¥11,250 million (the "Existing Debt") as described below.

I.Debt Financing

1.Purpose

The Fund has decided to procure the loan in order to repay current outstanding loans, which mature on February 28, 2022.

2.Details

Loan Type：Term Loan (Scheduled contract date: February 24, 2022)

	Amount		Drawdown		Repayment	Terms of
Lenders	(millions	Interest Rate	Term	Collateral
Date	Date(Note1)	Repayment
	of yen)
Sumitomo Mitsui Trust Bank,	1,500	Fixed		7 years	February 26,
(To be determined)
Limited		2029
	(Note2) (Note3)			Lump-sum
		Fixed	February 28,	9 years	August 26,	repayment	Unsecured,
Mizuho Bank, Ltd.	3,500	(To be determined)	and 6	on the
		(Note2) (Note3)	2022	month	2031	repayment	unguaranteed
MUFG Bank, Ltd.		Fixed			February 26,	date
Sumitomo Mitsui Banking	6,250	(To be determined)		10 years
	2032
Corporation		(Note2) (Note4)
Total	11,250

(Note 1) Repayment Date is the following business day if the date is a non-business day, or the prior business day if the following business date is in the next month.

(Note 2) These interest rates will be determined on or before the anticipated borrowing date based on the contract dated February 24, 2022 concerning these borrowings. We will make an announcement about the interest rates when they are determined.

(Note 3) The interest payment dates are the 26th of every February and August, beginning August 26, 2022, until the Repayment Date, as well as the Repayment Date. If any of these days is a non-business day, the interest payment date will be the following business day, or the prior business day if the following business day is in the next month.

(Note 4) The interest payment dates are the 26th of every February, May, August and November, beginning May 26, 2022, until the Repayment Date, as well as the Repayment Date. If any of these days is a non-business day, the interest payment date will be the following business day, or the prior business day if the following business day is in the next month.

3.Use of Funds

① Amount

: ¥ 11,250 million

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②	Specifics	:	To be used for repayment of the existing borrowings based on each term
			loan(Note) agreement totaling ¥11,250 million which will mature on February 28,
			2022.
			(Note) For details of each term loan agreement, please refer to the press releases "Notice Concerning
			Debt Financing" announced by Nomura Real Estate Residential Fund, Inc. on February 25, 2014
			and the press releases "Notice Concerning Debt Financing" announced by Nomura Real Estate
			Office Fund, Inc. on March 25, 2014 and August 22 2014.
③	Scheduled Date of Use	:	February 28, 2022

II.Status of Interest Bearing Debts after Financing and Repayment of the Existing Debt

(Millions of Yen)

		Before Financing and	After Financing and	Increased/Decrea
		Repayment of the Existing	Repayment of the Existing
		sed Amount
		Debt(Note 1)	Debt(Note 1)
	Short-term Borrowings	－	－	－
	Current portion of Long-term	36,272	25,022	▲11,250
	borrowings (Note 2)
	Long-term borrowings(Note 3)	449,483	460,733	＋11,250
	Total Borrowings	485,756	485,756	－
	Current portion of Investment	－	－	－
	Corporation Bonds (Note 2)
	Investment Corporation Bonds	32,000	32,000	－
	(Note 4)
	Total Investment Corporation	32,000	32,000	－
	Bonds
	Total Interest-Bearing Debts	517,756	517,756	－

(Note 1) Both columns indicate figures excluding the repayment of ¥21.4 million of the agreed repayments scheduled for February 28, 2022.

(Note 2) Nature of term is as of the end of the 12th fiscal period (August 31, 2021). (Note 3) Excludes Long-term Borrowings due within one year.

(Note 4) Excludes Investment Corporation Bond due within one year.

III.Forecasts of Financial Results

There is no revision to Nomura Master Fund's forecasts of financial results for the fiscal period ending February 28, 2022 (September 1, 2021 to February 28, 2022) and the fiscal period ending August 31, 2022 (March 1, 2022 to August 31, 2022) by the Debt Financing as it has only small impact to the forecast of financial results.

IV.Other

No significant change has been made to the content of "Section 1 Fund Information / 1 Status of Fund / 3 Investment Risks" of the Securities Report (in Japanese) filed on November 29, 2021 regarding the risk involved in the Debt Financing.

* URL: https://www.nre-mf.co.jp/en/

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