Nomura Real Estate Master Fund : Notice Concerning Debt Financing

[For Translation Purposes Only]

January 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 ¥3,500 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 January 26, 2022.

2.Details

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

	Amount		Drawdown		Repayment	Terms of
Lenders	(millions	Interest Rate	Term	Collateral
Date	Date(Note1)	Repayment
	of yen)
						Lump-sum
Sumitomo Mitsui Banking	3,500	Fixed	January 26,	9 years	November 26,	repayment	Unsecured,
Corporation	(To be determined)	2022	and 10	2031	on the	unguaranteed
	(Note2) (Note3)	months	repayment
						date

(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) The interest rates will be determined on or before the anticipated borrowing date based on the contract dated January 24, 2022 concerning this borrowings. We will make an announcement about the interest rates when it is determined.

(Note 3) The interest payment dates are the 26th of every February, May, August and November 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.

3.Use of Funds

①	Amount	:	¥ 3,500 million
②	Specifics	:	To be used for repayment of the existing borrowings based on the term loan(Note)
			agreement totaling ¥3,500 million which will mature on January 26, 2022.
			(Note) For details of the term loan agreement, please refer to the press releases "Notice Concerning
			Debt Financing" announced by Nomura Real Estate Office Fund, Inc. on December 5, 2013.
③	Scheduled Date of Use	:	January 26, 2022

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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	Debt
	Short-term Borrowings	－	－	－
	Current portion of Long-term	39,794	36,294	▲3,500
	borrowings (Note 1)
	Long-term borrowings(Note 2)	445,983	449,483	＋3,500
	Total Borrowings	485,777	485,777	－
	Current portion of Investment	－	－	－
	Corporation Bonds (Note 1)
	Investment Corporation Bonds	32,000	32,000	－
	(Note 3)
	Total Investment Corporation	32,000	32,000	－
	Bonds
	Total Interest-Bearing Debts	517,777	517,777	－

(Note 1) Nature of term is as of the end of the 12th fiscal period (August 31, 2021). (Note 2) Excludes Long-term Borrowings due within one year.

(Note 3) 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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