[For Translation Purposes Only]
August 18, 2022

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（Green Loan, etc.）
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 ¥10,980 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 August 26,2022.

2.Details
Loan Type：Term Loan (Scheduled contract date: August 24, 2022)
AmountDrawdown
Lenders(millions Interest RateDateof yen)
Fixed
Sumitomo Mitsui Trust Bank,
1,780 (To be determined)
Limited(Note2) (Note3)
Fixed

The Dai-ichi Life Insurance
Company, Ltd.

1,0000.47023%

TAIYO LIFE INSURANCECOMPANYSUMITOMO LIFE INSURANCECOMPANY

1,250(To be determined)

The Dai-ichi Life Insurance
Company, Ltd.

1,0000.65249%

Mizuho Bank, Ltd.
Development Bank of Japan, Inc.

2,000

(To be determined)

2,500(To be determined)

MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Corporation

200(To be determined)

The Dai-ichi Life Insurance
Company, Ltd.

1,0000.91688%

Total

10,730SUMITOMO LIFE INSURANCECOMPANY(Note3)

FixedTerm

RepaymentDate(Note1)

5 years

August 26,2027

5 yearsand 6monthFebruary 26,
2028

7 years

August 26,
2029

7 years
and 6
month

February 26,
2030

8 years

August 26,
2030

8 years
and 6
month

February 26,
2031

9 years

August 26,
2031

10 years

August 26,
2032(Note2) (Note3)（Green Loan）(Note5)

Fixed

August 26,
2022(Note3)

Fixed(Note2) (Note3)

Fixed(Note2) (Note3)

Fixed(Note2) (Note4)

Fixed(Note3)－ 1 －Terms of
Repayment

CollateralLump-sum
repayment
Unsecured,on theunguaranteed
repayment
date(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) These interest rates will be determined on or before the anticipated borrowing date based on the contract dated August 24, 2022
concerning these borrowings. We will make an announcement about the interest rates when they are determined.
(Note 3) The interest payment dates are the 26th of every February and August, beginning February 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 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 February, May, August and November, beginning November 26, 2022, 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.
(Note 5) This debt financing will be applied to the repayment of the borrowing required for the acquisition of specified assets, PROUDFLAT Shirokane Takanawa(including subsequent refinancing), that meets the criteria (eligible green projects) in accordance with
the Green Finance Framework formulated by NMF. For details of green finance, please refer to the "Green Finance" page on thewebsite of NMF at:
https://www.nre-mf.co.jp/en/esg/esg_greenfinance.html

3.Use of Funds① Amount:¥ 10,730 million② Specifics:

To be used for repayment of the existing borrowings based on each termloan(Note) agreement totaling ¥10,980 million which will mature on August 26,2022. (The difference, ¥250 million, will be appropriated from cash on hand.)(Note) For details of each term loan agreement, please refer to the press releases “Notice Concerning
Debt Financing” announced by Nomura Real Estate Residential Fund, Inc. on September 3, 2014,
the press releases “Notice Concerning Debt Financing” announced by Nomura Real Estate Office
Fund, Inc. on February 24, 2015, June 22,2015 and the press releases “Notice Concerning DebtFinancing and Concluding Interest-Rate Swap Agreements” announced by Nomura Real Estate
Master Fund, Inc. on February 26, 2016.

③ Scheduled Date of Use:

August 26, 2022

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－－－Current portion of Long-termborrowings (Note 2)

44,572

33,592－10,980

Long-term borrowings(Note 3)

441,140

451,870＋10,730

Total Borrowings

485,713

485,463－250－－－32,000

32,000－Total Investment CorporationBonds

32,00032,000－Total Interest-Bearing Debts

517,713517,463－250

Short-term Borrowings

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 August 26, 2022.
(Note 2) Nature of term is as of the end of the 13th fiscal period (February 28, 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 August 31, 2022
(March 1, 2022 to August 31, 2022) and the fiscal period ending February 28, 2023 (September 1, 2022 to February 28,2023) by the Debt Financing as it has only small impact to the forecast of financial results.

－ 2 －IV.Other
No 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 27, 2022 regarding the risk involved in the Debt
Financing.

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