Nomura Real Estate Master Fund : Notice Concerning Debt Financing（Green Loan, etc.）

[For Translation Purposes Only]

August 18, 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（Green Loan, etc.）

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 ¥10,980 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 August 26, 2022.

2.Details

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

	Amount		Drawdown		Repayment	Terms of
Lenders	(millions	Interest Rate	Term	Collateral
Date	Date(Note1)	Repayment
	of yen)
Sumitomo Mitsui Trust Bank,	1,780	Fixed		5 years	August 26,
(To be determined)
Limited		2027
	(Note2) (Note3)
The Dai-ichi Life Insurance		Fixed		5 years	February 26,
1,000	0.47023%		and 6
Company, Ltd.		2028
	(Note3)		month
TAIYO LIFE INSURANCE		Fixed
COMPANY	1,250		7 years	August 26,
(To be determined)
SUMITOMO LIFE INSURANCE		2029
	(Note2) (Note3)
COMPANY
The Dai-ichi Life Insurance		Fixed		7 years	February 26,	Lump-sum
1,000	0.65249%		and 6	repayment
Company, Ltd.	August 26,	2030	Unsecured,
	(Note3)	month	on the
			2022		unguaranteed
Mizuho Bank, Ltd.		Fixed		August 26,	repayment
2,000	(To be determined)		8 years	date
Development Bank of Japan, Inc.		2030
	(Note2) (Note3)
SUMITOMO LIFE INSURANCE		Fixed		8 years	February 26,
COMPANY	2,500	(To be determined)		and 6
	2031
（Green Loan）(Note5)		(Note2) (Note3)		month
MUFG Bank, Ltd.		Fixed			August 26,
Sumitomo Mitsui Banking	200	(To be determined)		9 years
	2031
Corporation		(Note2) (Note4)
The Dai-ichi Life Insurance	1,000	Fixed		10 years	August 26,
0.91688%
Company, Ltd.		2032
	(Note3)
Total	10,730

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(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 August 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 February 26, 2023, 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 November 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 5) This debt financing will be applied to the repayment of the borrowing required for the acquisition of specified assets, PROUD FLAT Shirokane Takanawa(including subsequent refinancing), that meets the criteria (eligible green projects) in accordance with the Green Finance Framework formulated by NMF. For details of green finance, please refer to the "Green Finance" page on the website of NMF at:

https://www.nre-mf.co.jp/en/esg/esg_greenfinance.html

3.Use of Funds

①	Amount	:	¥ 10,730 million
②	Specifics	:	To be used for repayment of the existing borrowings based on each term
			loan(Note) agreement totaling ¥10,980 million which will mature on August 26,
			2022. (The difference, ¥250 million, will be appropriated from cash on hand.)
			(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 September 3, 2014,
			the press releases "Notice Concerning Debt Financing" announced by Nomura Real Estate Office
			Fund, Inc. on February 24, 2015, June 22,2015 and the press releases "Notice Concerning Debt
			Financing and Concluding Interest-Rate Swap Agreements" announced by Nomura Real Estate
			Master Fund, Inc. on February 26, 2016.
③	Scheduled Date of Use	:	August 26, 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	44,572	33,592	－10,980
	borrowings (Note 2)
	Long-term borrowings(Note 3)	441,140	451,870	＋10,730
	Total Borrowings	485,713	485,463	－250
	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	517,713	517,463	－250

(Note 1) Both columns indicate figures excluding the repayment of ¥21.4 million of the agreed repayments scheduled for August 26, 2022. (Note 2) Nature of term is as of the end of the 13th fiscal period (February 28, 2022).

(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 August 31, 2022 (March 1, 2022 to August 31, 2022) and the fiscal period ending February 28, 2023 (September 1, 2022 to February 28, 2023) by the Debt Financing as it has only small impact to the forecast of financial results.

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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, 2022 regarding the risk involved in the Debt Financing.

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

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