Nomura Real Estate Master Fund : Notice Concerning Debt Financing

[For Translation Purposes Only]

Novemver 15, 2021

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 ¥8,900 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 November 26, 2021.

2.Details

Loan Type：Term Loan (Scheduled contract date: November 24, 2021)

	Amount		Drawdown		Repayment	Terms of
Lenders	(millions	Interest Rate	Term	Collateral
Date	Date(Note1)	Repayment
	of yen)
The Nomura Trust and Banking		Fixed		5 years	February 26,
1,000	(To be determined)		and 3
Co., Ltd.		2027
	(Note2) (Note3)		months
THE BANK OF FUKUOKA,	1,000	Fixed		7 years	November 26,
(To be determined)
LTD.		(Note2) (Note4)			2028
Mizuho Trust & Banking		Fixed		8 years	May 26,	Lump-sum
1,000	(To be determined)		and 6
Co., Ltd.		2030	repayment
	(Note2) (Note4)	November 26,	month	Unsecured,
				on the
		Fixed	2021	9 years		unguaranteed
Nippon Life Insurance Company	1,000	May 26,	repayment
(To be determined)		and 6	2031	date
		(Note2) (Note4)		months
Resona Bank, Limited	1,900	Fixed		10 years	November 26,
(To be determined)
		(Note2) (Note4)			2031
Development Bank of Japan Inc.	3,000	Fixed		10 years	November 26,
(To be determined)
		(Note2) (Note4)			2031
Total	8,900

(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 November 24, 2021 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 February 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.

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(Note 4) The interest payment dates are the 26th of every May 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	:	¥ 8,900 million
②	Specifics	:	To be used for repayment of the existing borrowings based on each term
			loan(Note) agreement totaling ¥8,900 million which will mature on November 26,
			2021.
			(Note) For details of each term loan agreement, please refer to the press releases "Notice Concerning
			Debt Financing" announced by Former Nomura Real Estate Master Fund, Inc. on December 10,
			2013 and May 22, 2014 and the press releases "Notice Concerning Debt Financing" announced by
			Nomura Real Estate Residential Fund, Inc. on February 25, 2015.
③	Scheduled Date of Use	:	November 26, 2021

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	55,069	46,169	▲8,900
	borrowings (Note 2)
	Long-term borrowings(Note 3)	430,708	439,608	＋8,900
	Total Borrowings	485,777	485,777	－
	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	517,777	517,777	－

(Note 1) Both columns indicate figures excluding the repayment of ¥21.4 million of the agreed repayments scheduled for November 26, 2021.

(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 May 27, 2021 regarding the risk involved in the Debt Financing.

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

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