[For Translation Purposes Only]
May 18, 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. +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 ¥9,000 million (“Existing DebtI”) and ¥4,500 million (“Existing Debt II”) respectively. The Existing Debt I and II are collectively referred to as
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 May 26, 2021.

(2) Details
Loan Type：Term Loan (Scheduled contract date: May 24, 2021)
AmountDrawdown
Repayment
Lenders(millionsInterest RateTerm
Date
Date(Note1)
of yen)Fixed
9 years and August 26,
Development Bank of Japan Inc. 1,000 (To be determined)
3 months
2030(Note2) (Note3)
Mizuho Bank, Ltd.

2,000

Fixed
(To be determined)

May 26,2021(Note2) (Note4)

MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Total

6,000

Fixed
(To be determined)(Note2) (Note5)

Terms ofRepayment

CollateralLump-sum
repayment Unsecured,
9 years and November 26,
on the unguaranteed
6 months
2030
repayment
date
May 26,10 years
2031

9,000

(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) The interest rate will be determined on or before the anticipated borrowing date based on the contract dated May 24, 2021
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, 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 May and November, beginning November 26, 2021, 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.

－ 1 －(Note 5) The interest payment dates are the 26th of every February, May, August and November, beginning August 26, 2021, 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:¥9,000 million② Specifics:

To be used for repayment of the Existing Debt I (¥9,000 million) based on eachterm loan agreement (Note) which will mature on May 26, 2021.

③ Scheduled Date of Use:May 26, 2021

(Note) For details of each term loan agreement, please refer to the press release “Notice Concerning Debt Financing” announced byFormer Nomura Real Estate Master Fund, Inc. on June 12, 2013.

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 May 27, 2021.

(2) Details
Loan Type：Term Loan (Scheduled contract date: May 25, 2021)
AmountDrawdown
Repayment Terms ofLenders(millionsInterest Rate
Term
Collateral
Date
Date(Note1) Repaymentof yen)Fixed
9 years and November 26, Lump-sum
Mizuho Bank, Ltd.
1,000 (To be determined)
6 months
2030(Note2) (Note3)
repayment
May 27,
Unsecured,on the2021
unguaranteed
Fixed
repayment
May 26,Development Bank of Japan Inc. 3,500 (To be determined)
10 years
date
2031(Note2) (Note3)

Total

4,500

(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 May 25, 2021
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 May and 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 businessday, or the prior business day if the following business day is in the next month.

(3) Use of Funds① Amount:¥4,500 million② Specifics:

To be used for repayment of the Existing Debt II (¥4,500 million) based on eachterm loan agreement (Note) which will mature on May 27, 2021.

③ Scheduled Date of Use:May 27, 2021

(Note) For details of each term loan agreement, please refer to the press release “Notice Concerning Debt Financing” announced by Nomura
Real Estate Residential Fund, Inc. on May 21, 2013.

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

Before Financing and Repayment of the After Financing and Repayment Increased/Decreased
Existing Debts(Note1)of the Existing Debts(Note1)
AmountShort-term
Borrowings
Current portion ofLong-termborrowings (Note 2)Long-term
borrowings(Note 3)
Total Borrowings
Current portion ofInvestment
CorporationBonds(Note 2)
Investment
Corporation
Bonds(Note 4)
Total Investment
Corporation Bonds
Total Interest-Bearing
Debts

－－－

54,06940,569－13,500

431,751445,251＋13,500

485,820

485,820－－－－

32,00032,000－32,00032,000－517,820

517,820－(Note 1) Both columns indicate figures excluding the repayment of ¥21.4 million of the agreed repayments scheduled for May 26, 2021.
(Note 2) Nature of term is as of the end of the 11th fiscal period (February 28, 2021).
(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 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.OtherNo 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 27, 2020 regarding the risk involved in the debt financing.

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