[For Translation Purposes Only]
February 14, 2023

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. +81-3-3365-8767 nmf3462@nomura-re.co.jp

Notice Concerning Debt Financing
Nomura Real Estate Master Fund, Inc. (“NMF” or the “Fund”) announced the decision made today that it willprocure debt financing (“Debt Financing”) to refinance the existing debt totaling ¥4,100 million (“Existing DebtI”) and ¥10,000 million (“Existing Debt II”) respectively. The Existing Debt I and II are collectively referred toas the “Existing Debts”.

I.Debt Financing
1.Debt financing to refinance the Existing Debt I(1) Purpose

The Fund has decided to procure the loan in order to repay current outstanding loans (Existing Debt I) which mature
on February 27, 2023.

(2) Details
Loan Type：Term Loan (Scheduled contract date: February 22, 2023)
AmountDrawdown
Repayment
Lenders(millionsInterest Rate
Term
Date
Date(Note1)of yen)Fixed
THE BANK OF FUKUOKA,
6 years and August 26,
500(To be determined)LTD.
6 months
2029(Note2) (Note3)
Mizuho Trust & Banking Co.,Ltd.
The Norinchukin Bank
Resona Bank, Limited

2,300

Development Bank of Japan Inc.

1,300

Fixed
February
7 years and August 26,(To be determined)27,
6 months
2030(Note2) (Note3)
2023
Fixed
(To be determined)(Note2) (Note3)

Total

8 years

Terms ofRepayment

CollateralLump-sum
repayment Unsecured,on the unguaranteed
repayment
dateFebruary 26,2031

4,100(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 businessdate is in the next month.
(Note 2) The interest rate will be determined on or before the anticipated borrowing date based on the contract dated February 22, 2023
concerning this borrowing. We will make an announcement about the interest when it is determined.
(Note 3) The interest payment dates are the 26th of every February and August, beginning August 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 businessday, or the prior business day if the following business day is in the next month.

－ 1 －(3) Use of Funds① Amount:¥4,100 million② Specifics:

To be used for repayment of the Existing Debt I (¥4,100 million) based on eachterm loan agreement (Note) which will mature on February 27, 2023.

③ Scheduled Date of Use:

February 27, 2023

(Note) For details of each term loan agreement, please refer to the press release “Notice Concerning Debt Financing” announced byNomura Real Estate Residential Fund, Inc. on February 25, 2015 and the press release “Notice Concerning Debt Financing andConcluding Interest-Rate Swap Agreements” announced by NMF on February 26, 2016.

2. Debt financing to refinance the Existing DebtⅡ(1) Purpose

The Fund has decided to procure the loan in order to repay current outstanding loans (Existing Debt II) which mature
on February 28, 2023.

(2) Details
Loan Type：Term Loan (Scheduled contract date: February 24, 2023)
AmountDrawdown
Lenders(millionsInterest RateDateof yen)
Basic interest rate
Sumitomo Mitsui Trust Bank,
1,800+0.17%
Limited(Note2) (Note3) (Note4)
Sumitomo Mitsui Trust Bank,
Limited.
Mizuho Bank, Ltd.

Fixed
1,800 (To be determined)

Repayment Terms ofDate(Note1) Repayment

3 years

February 26,
2026

6 years

February 26,
2029(Note5) (Note6)

Fixed
1,300 (To be determined)(Note5) (Note6)

Mizuho Bank, Ltd.

Term

Fixed
1,000 (To be determined)

February28,2023

7 years

8 years(Note5) (Note6)

MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Corporation

Fixed
2,050 (To be determined)

MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Corporation

Fixed
2,050 (To be determined)

Total(Note5) (Note7)

February 26, Lump-sum
2030
repayment
Unsecured,on theunguaranteed
February 26, repayment
date2031

8 years

February 26,
2031

9yearsFebruary 26,
2032(Note5) (Note7)

Collateral

10,000(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 businessdate is in the next month.
(Note 2) Base interest rate, which applies to the calculation period of the interest rate to be paid on the interest payment date, will be Japanese
Bankers Association (“JBA”) 1-month JPY TIBOR(“Tokyo Interbank Offered Rate”) as of two business days before the previous
interest payment date of the respective interest payment dates (however, the Drawdown Date for the first interest rate calculation
period) announced by the JBA TIBOR Administration(“JBATA”).
(Note 3) Base interest rate indicated in (Note 2) is reviewed on each interest payment date. However, in the case the rate that applies to thecalculation period of the interest rate does not exist, what is calculated based on the method stated in the contract will be the baseinterest rate that applies to the concerned period. For JBA Japanese yen TIBOR, please refer to JBATA website.
(http://www.jbatibor.or.jp/english/rate/)(Note 4) The interest payment dates are the 26th of every month beginning March 26, 2023, until the Repayment Date, as well as theRepayment Date. If any of these days is a non-business day, the interest payment date will be the following business day, or theprior business day if the following business day is in the next month.
(Note 5) The interest rate will be determined on or before the anticipated borrowing date based on the contract dated February 24, 2023
concerning this borrowing. We will make an announcement about the interest when it is determined.
(Note 6) The interest payment dates are the 26th of every February and August, beginning August 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 businessday, or the prior business day if the following business day is in the next month.

－ 2 －(Note 7) The interest payment dates are the 26th of every February, May, August and November, beginning May 26, 2023, until theRepayment Date, as well as the Repayment Date. If any of these days is a non-business day, the interest payment date will be thefollowing business day, or the prior business day if the following business day is in the next month.

(3) Use of Funds① Amount:¥10,000 million② Specifics:

To be used for repayment of the Existing Debt II (¥10,000 million) based oneach term loan agreement (Note) which will mature on February 28, 2023.

③ Scheduled Date of Use:February 28, 2023

(Note) For details of each term loan agreement, please refer to the press release “Notice concerning Borrowing” announced by Top
REIT Inc. on February 24, 2016.

II.Status of Interest Bearing Debts after Financing and Repayment of the Existing Debts(Millions of Yen)

After Financing andBefore Financing and Repayment
Repaymentof the Existingof the Existing Debts(Note1)
Debts(Note1)

Increased/Decreased
AmountShort-term Borrowings－－－

Current portion of Longterm borrowings (Note 2)

44,94230,842－14,100

Long-term borrowings(Note 3)

440,477454,577＋14,100

485,420

485,420－－－－

32,00032,000－32,00032,000－517,420

517,420－

Total Borrowings
Current portion ofInvestment Corporation
Bonds(Note 2)
Investment Corporation
Bonds(Note 4)
Total Investment Corporation
Bonds
Total Interest-Bearing Debts(Note 1) Both columns indicate figures excluding the repayment of ¥21.4 million of the agreed repayments scheduled for February 27, 2023.
(Note 2) Nature of term is as of the end of the 14th fiscal period (August 31, 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 February 28,2023 (September 1, 2022 to February 28, 2023) and the fiscal period ending August 31, 2023 (March 1, 2023 to August 31,2023) by the Debt Financing as it has only small impact to the forecast of financial results.

IV.Other
No 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, 2022 regarding the risk involved in the debt financing.

*<Nomura Real Estate Master Fund, Inc.> URL: https://www.nre-mf.co.jp/en/－ 3 －