[For Translation Purposes Only]
March 16, 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 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 (the “Debt Financing”) to refinance the existing debt totaling ¥4,670 million (the “ExistingDebt”) as described below.

I.Debt Financing
1.Purpose

The Fund has decided to procure the loan in order to repay current outstanding loans, which mature on March 26,2021.

2.Details
Loan Type：Term Loan (Scheduled contract date: March 24, 2021)
AmountDrawdown
Lenders(millions Interest Rate
Dateof yen)
MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Basic interestCorporationrate
March 26,4,670
Mizuho Bank, Ltd.
+0.17%
2021(Note2) (Note3) (Note4)
Sumitomo Mitsui Trust Bank,
LimitedTerm

RepaymentDate(Note1)

2 years
February 26,
and 112024
monthsTerms of
Repayment

CollateralLump-sum
repayment
Unsecured,on theunguaranteed
repaymentdate(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 calculationperiod) 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 April 26, 2021, 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.

3.Use of Funds① Amount:¥ 4,670 million② Specifics:

To be used for repayment of the existing borrowings based on the term loan(Note)agreement totaling ¥4,670 million which will mature on March 26, 2021.

－ 1 －(Note) For details of the term loan agreement, please refer to the press release, “Notice Concerning
Debt Financing” dated March 20, 2018, announced by Nomura Real Estate Master Fund, Inc.

③ Scheduled Date of Use:March 26, 2021

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

Before Financing andRepayment of the Existing
Debt

After Financing andRepayment of the ExistingDebt

Increased/Decrea
sed Amount－－－

Current portion of Long-termborrowings (Note 1)

28,692

24,022▲4,670Long-term borrowings(Note 2)

457,148461,818＋4,670Total Borrowings

485,841

485,841－－－－

32,00032,000－Total Investment CorporationBonds

32,00032,000－Total Interest-Bearing Debts

517,841

517,841－

Short-term Borrowings

Current portion of Investment
Corporation Bonds (Note 1)
Investment Corporation Bonds(Note 3)(Note 1) Nature of term is as of the end of the 10th fiscal period (August 31, 2020).
(Note 2) Excludes Long-term Borrowings due within one year.
(Note 3) 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) by the Debt Financing as it has only small impact to the forecast of financialresults.

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 November 27, 2020 regarding the risk involved in theDebt Financing.

*<Nomura Real Estate Master Fund, Inc.> URL: https://www.nre-mf.co.jp/en/－ 2 －