Commentary & Deal Flow

Reoffer: 5yr: MS+117bp / 99.273 / 3.913%
Benchmark: 5yr: OBL 2.5 16-Apr-31 @ 99.49 / B+130.2 / HR 100%

Final Books: in excess of €1.9bn

Launched: 5yr: €500m @ MS+117bp - Books > €1.75bn
Guidance: 5yr: MS+120a +/- 3 WPIR - Books > €1.7bn
IPTs: 5yr: MS+145a

• Issuer: Hines Real Estate Master FCP– FIS – Hines European Core Fund, the segregated sub-fund of Hines Real Estate Master FCP-FIS (Ticker: HECF LX, Country: LU)
• Issuer LEI: 254900LFKLEYCW76MO98
• Issuer Rating: BBB+ stable by Fitch
• Issue Rating (expected): A- by Fitch
• Format of the Notes: Senior, Unsecured, Reg S Registered (Cat 2), Green
• Settlement Date: 08-Jul-26 (T+5)
• Size: €500m
• Maturity: 08-Jul-31 (5-year Fixed)
• Re-offer: MS+117bp / 99.273 / 3.913%
• Benchmark: B+130.2 vs OBL 2 ½ 16-Apr-2031 #193 @99.49 (HR: 100%)
• MWC: B+20
• Coupon: 3.750% Fixed, Annual, ACT/ACT (ICMA)
• ISIN: XS3333155052
• Terms of the Notes: Standalone / English Law / €100k x €1k / Luxembourg Stock Exchange (Euro MTF Market) / MWC / Clean-Up call (75%) / 3m Par-Call / Change of Control put (101%) / Asset Sale put (101%) / Negative Pledge / Cross Default
• Financial Covenants: Incurrence of additional financial indebtedness subject to compliance with: (1) Net Borrowings / Total Assets ≤ 60% ; (2) Secured Debt / Total Assets ≤ 40% ; (3) Fixed Charge Coverage Ratio ≥ 1.5x ; (4) Total Unencumbered Assets Test ≥ 150%
• Use of Proceeds: An amount equal to the net proceeds of the issue of the Notes will be used to finance and/or refinance, in whole or in part, new or existing Eligible Green Projects ("Eligible Green Projects") and existing green debt, including repayment in full of the ING/Postbank Facility 3, as further described in the Issuer's green finance framework dated February 2026 (the "Green Finance Framework")
• Global Coordinators & Joint Bookrunners: BNP Paribas, Crédit Agricole CIB, ING (B&D)
• Sole ESG Structuring Coordinator: ING
• Target Market: Relevant stabilisation regulations including FCA/ICMA will apply. Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in the EEA or in the UK.
• Selling Restriction: As set out in the Preliminary Prospectus dated 29 June 2026 and the final Prospectus, when published. The offer and marketing of the Notes to prospective investors established within the EEA is being conducted only in Belgium, Denmark, Finland, France, Germany, the Republic of Ireland, Italy, the Grand Duchy of Luxembourg, the Netherlands, Norway, Portugal, Spain and Sweden (the "Approved EEA Jurisdictions") and is not being conducted in any other Member State of the EEA. If a potential investor in the EEA is not in an Approved EEA Jurisdiction the Notes are not being marketed or offered to it and it should not participate in the offering
• Advertisement Language: The final Prospectus, when published, will be available on the website of the Luxembourg Stock Exchange (https://www.luxse.com/)
• Timing: TOE 15:13 UKT | FTT 15:45 UKT