[For Translation Purposes Only]
July 4, 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 Issuance of Investment Corporation Bonds andEarly Repayment of Borrowings
Nomura Real Estate Master Fund, Inc. (“NMF” or the “Fund”) announced today that it has decided to issue
investment corporation bonds (the “Bonds”) based on the comprehensive resolution on issuance of the investment
corporation bonds at the Board of Directors meeting held on September 15, 2022 and also make an early repayment ofborrowings (the “Early Repayment”. It is collectively referred to as the "Financing” together with the issuance of theBonds) as described below.

I. Issuance of the Investment Corporation Bonds

1. Outline of the Investment Corporation Bonds to Be Issued(1) Name(2) Total amount of Issuance(3) Form of Bond Certificates(4) Issue Price(5) Redemption Price(6) Interest Rate
(7) Amount of Each Bond
(8) Offering Method(9) Date of Application(10) Date of Payment(11) Collateral / Guarantee(12) Redemption Method and Date(13) Interest Payment Date(14) Financial Covenant(15) Credit Ratings(16) Agent for Finance, Issuanceand Payment(17) Underwriters

Nomura Real Estate Master Fund, Inc. Seventh Series of Unsecured Investment
Corporation Bonds (Special pari passu conditions among specified investment
corporation bonds)
2 billion yen
Subject to the provisions of the Act on Book-Entry Transfer of Company Bonds,Shares, etc., in principle, NMF shall not issue investment corporation bondcertificates for the Bonds.
100 yen per value of 100 yen of each bond
100 yen per value of 100 yen of each bond
0.950 % per annum
100 million yen
Public offering
July 4, 2023 (Tuesday)
July 10, 2023 (Monday)
Neither collateral nor guarantee is provided for the Bonds, and no asset is particularly
secured for the Bonds.
The total amount of the Bonds will be redeemed on July 8, 2033(10-year bond).
Redemption by purchase is permitted any time on and after the following day of thepayment date except for the case separately determined by the depository, JapanSecurities Depository Center, Inc.
January 10 and July 10 every year (The first interest payment date will be on January
10, 2024.)
Negative pledge clause is attached.
AA (Japan Credit Rating Agency, Ltd.)
Sumitomo Mitsui Banking Corporation
Nomura Securities Co., Ltd.

－ 1 －2. Reason for Issuance
To allocate the funds for a part of repayment of the outstanding short-term borrowings in order to extend
borrowing periods and fix the interest rate.
3. Amount of Funds to be Raised, Use of Proceeds and Scheduled Timing of Expenditure(1) Amount of Funds to be Raised (estimated net proceeds): 1,975 million yen(2) Specific Use of Proceeds and Scheduled Timing of Expenditure:
On July 20, 2023, NMF will allocate the proceeds from the issuance of the Bonds to repay the funds for theearly repayment of the borrowing maturing on May 27, 2024 based on the Commitment Line Agreement, whichwere borrowed for acquiring of properties on May 31, 2023 (SOMPO CARE La vie Re Residence Yoga, Grapes
Tsujido Nishi-Kaigan, SOMPO CARE Sompo no ie Omori-Nishi, SOMPO CARE La vie Re Residence ShonanTsujido)

II. Purpose and Outline of the Early Repayment

1. Purpose of the Early Repayment
For the purpose of extending the borrowing period, fixing interest rates, NMF will make the early repayment ofthe existing borrowings of 2,000 million yen with the proceeds from the issuance of the Bonds and cash on hand.

2. Outline of the Early Repayment
The early repayment of the following term loan based on the Commitment Line Agreement contracted on
September 12, 2022. (Note 1)

LendersMUFG Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust
Bank, Limited

BorrowingAmountbefore
Early
Repayment(Millions ofYen)

4,000

Borrowing
EarlyAmount after
Repayment
EarlyAmount
Repayment(Millions of(Millions ofYen)
Yen)

2,000

2,000

Interest
Rate

Basic
Interest
rate+0.39％(Note2)(Note3)(Note4)

Drawdown
Term
Date

May 31,2023

1 yearRepayment
Date(Note 2)

May 26,2024

Scheduled
Early
Collateral
Repayment
Date

July 20,
2023

Unsecured,
unguaranteed(Note 1) From the Early Repayment, break funding cost will occur, calculated by the actual days from the following date of Repayment Date to the following
Interest Payment Date.
(Note 2) 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 nextmonth.
(Note 3) 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 ofthe respective interest payment dates (however, the Drawdown Date for the first interest rate calculation period) announced by the JBA TIBOR
Administration(“JBATA”).
(Note 4) Base interest rate indicated in (Note 3) is reviewed on each interest payment date. However, in the case the rate that applies to the calculation periodof the interest rate does not exist, what is calculated based on the method stated in the contract will be the base interest rate that applies to theconcerned period. For JBA Japanese yen TIBOR, please refer to JBATA website. ( http://www.jbatibor.or.jp/english/rate/)(Note 5) The interest payment dates are the 26th of every month beginning June 26, 2023 until the Repayment Date, as well as the Repayment Date. If anyof these days is a non-business day, the interest repayment date will be the following business day, or the prior business day if the following business
day is in the next month.

－ 2 －III. Outstanding Debt Balance after the Financing(Millions of Yen)

Before the Financing
Short-term Borrowings
Long-term Borrowings Duewithin One Year (Note 1)
Long-term Borrowings(Note 2)

Total Borrowings
Investment Corporation
Bonds Due within One Year

After the Financing

Change4,000

2,000－2,000

46,914

46,914－438,484

438,484－

489,399

487,399－2,000－－－32,00034,000＋2,00032,00034,000＋2,000521,399

521,399－(Note 1)

Investment CorporationBonds(Note 3)
Total Investment Corporation
Bonds
Total Interest-Bearing Debts(Note 1) Nature of term is as at the end of the 15th fiscal period (February 28, 2023).
(Note 2) Excludes Long-term Borrowings due within one year.
(Note 3) Excludes Investment Corporation Bond due within one year.

IV. Forecasts of Financial Results

There is no revision to NMF’s forecasts of financial results for the fiscal period ending August 31, 2023 (March 1,2023 to August 31, 2023) and the fiscal period ending February 29, 2024 (September 1, 2023 to February 29, 2024) by
the Financing as it has only small impact to the forecast of financial results.

V. Others

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 May 29, 2023 regarding the risk involved in the Financing.

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