[For Translation Purposes Only]
November 17, 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:
Hiroyuki Masuko
Executive Officer
Head of NMF Investment Management GroupTEL +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 ¥11,330 million (“Existing Debt”)
and to pay for the acquisition of the assets..

I.Debt Financing(1)Purpose

NMF has decided to procure the loan in order to repay current outstanding loans, which mature on November 27,2023.

(2)Details
Loan Type：Term Loan (Scheduled contract date: November 22, 2023)
AmountDrawdown
Repayment
Terms ofLenders(millions Interest Rate
Term
CollateralDate
Date(Note1)
Repaymentof yen)
MUFG Bank, Ltd.
Sumitomo Mitsui BankingCorporationSumitomo Mitsui Trust
Base interest rate
November 26,
Bank, Limited
6,950+0.17%
3 years2026(Note2) (Note3)(Note4)
Mizuho Trust & Banking
Lump-sumCo., Ltd.
repayment
Unsecured,
November 27,
The Norinchukin Bankon theunguaranteed
2023
Resona Bank, Limited
repayment
date
Fixed
Sumitomo Mitsui Trust
November 26,
1,830 (To be determined)
8 years
Bank, Limited
2031(Note5) (Note6)
MUFG Bank, Ltd.
Sumitomo Mitsui Banking
CorporationTotal

2,550

Fixed

10 years(To be determined)(Note5) (Note7)

November 26,2033

11,330(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 December 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 the－ 1 －prior business day if the following business day is in the next month.
(Note 5) These interest rates will be determined on or before the anticipated borrowing date based on the contract dated November 22, 2023
concerning these borrowings. We will make an announcement about the interest rates when they are determined.
(Note 6) The interest payment dates are the 26th of every May and November, beginning May 26, 2024, until the Repayment Date, as well asthe Repayment 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 7) The interest payment dates are the 26th of every February, May, August and November, beginning February 26, 2024, 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:¥ 11,330 million② Specifics:

To be used for repayment of the existing borrowings based on term loan(Note)agreement totaling ¥11,330 million which will mature on November 27, 2023.
(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 December 5, 2013, thepress releases “Notice Concerning Debt Financing” announced by NMF on October 27, 2015, thepress releases “Notice Concerning Debt Financing” announced by NMF on November 15, 2016,
and the press releases “Notice Concerning Debt Financing” announced by NMF on November 17,
2020.

③ Scheduled Date of Use:

November 27, 2023

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

Before Financing andRepayment of the Existing
Debt (Note 1)

After Financing andRepayment of the Existing
Debt (Note 1)

Increased/Decrea
sed Amount

Short-term Borrowings

2,0002,000－

Current portion of Long-termborrowings (Note 2)

44,91433,584－11,330

Long-term borrowings(Note 3)

440,442451,772＋11,330

Total Borrowings

487,356

487,356－－－－

34,00034,000－Total Investment Corporation Bonds

34,00034,000－Total Interest-Bearing Debts

521,356

521,356

Current portion of Investment
Corporation Bonds (Note 2)
Investment Corporation Bonds(Note 4)－(Note 1) Both columns indicate figures excluding the repayment of ¥21.4 million of the agreed repayments scheduled for November
27, 2023.
(Note 2) Nature of term is as of the end of the 16th fiscal period (August 31, 2023).
(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 NMF’s forecasts of financial results for the fiscal period ending February 29, 2024 (September
1, 2023 to February 29, 2024) and the fiscal period ending August 31, 2024 (March 1, 2024 to August 31, 2024) by the Debt
Financing as it has only small impact to the forecast of financial results.

IV.OtherNo 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 29, 2023 regarding the risk involved in the Debt
Financing.
－ 2 －*<Nomura Real Estate Master Fund, Inc.> URL: https://www.nre-mf.co.jp/en/－ 3 －