Nomura Real Estate Master Fund : Notice Concerning Debt Financing

[For Translation Purposes Only]

July 13, 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 ¥4,180 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 July 26, 2021.

2.Details

Loan Type：Term Loan (Scheduled contract date: July 20, 2021)

	Amount		Drawdown		Repayment	Terms of
Lenders	(millions	Interest Rate	Term	Collateral
Date	Date(Note1)	Repayment
	of yen)
		Fixed		8 years	May 26,	Lump-sum
Mizuho Bank, Ltd.	1,430	(To be determined)		and 10
	2030	repayment
		(Note2) (Note3)	July 26,	months	Unsecured,
				on the
		Fixed	2021	9 years		unguaranteed
Sumitomo Mitsui Banking	2,750	February 26,	repayment
Corporation	(To be determined)		and 7	2031	date
	(Note2) (Note4)		months
Total	4,180

(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 July 20, 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 May, November, beginning November 26, 2021, 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, November, beginning August 26, 2021, 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	:	¥ 4,180 million
②	Specifics	:	To be used for repayment of the existing borrowings based on each term
			loan(Note) agreement totaling ¥4,180 million which will mature on July 26, 2021.
			(Note) For details of each term loan agreement, please refer to the press releases "Notice Concerning
			Debt Financing" announced by Nomura Real Estate Office Fund, Inc. on March 25, 2014.
③	Scheduled Date of Use	:	July 26, 2021
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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	40,569		36,389	▲4,180
	borrowings (Note 1)
	Long-term borrowings(Note 2)	445,251		449,431	＋4,180
	Total Borrowings	485,820		485,820	－
	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	517,820		517,820	－
(Note 1) Nature of term is as of the end of the 11th fiscal period (February	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 August 31, 2021 (March 1, 2021 to August 31, 2021) and the fiscal period ending February 28, 2022 (September 1, 2021 to February 28, 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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