[For Translation Purposes Only]
January 17, 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
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 ¥3,500 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 January 26,
2022.

2.Details
Loan Type：Term Loan (Scheduled contract date: January 24, 2022)
AmountDrawdown
Lenders(millions Interest Rate
Dateof yen)
Sumitomo Mitsui Banking
Corporation

3,500Fixed(To be determined)(Note2) (Note3)

January 26,2022

TermRepayment
Date(Note1)

Terms of
Repayment

CollateralLump-sum
9 years
repayment
November 26,
Unsecured,and 10on the2031
unguaranteedmonthsrepaymentdate(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 rates will be determined on or before the anticipated borrowing date based on the contract dated January 24, 2022
concerning this borrowings. We will make an announcement about the interest rates when it is determined.
(Note 3) The interest payment dates are the 26th of every February, May, August and November beginning February 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.

3.Use of Funds① Amount:¥ 3,500 million② Specifics:

To be used for repayment of the existing borrowings based on the term loan(Note)agreement totaling ¥3,500 million which will mature on January 26, 2022.
(Note) For details of the 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.

③ Scheduled Date of Use:

January 26, 2022

－ 1 －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 Existing
Debt

Increased/Decrea
sed Amount－－－

Current portion of Long-termborrowings (Note 1)

39,79436,294▲3,500

Long-term borrowings(Note 2)

445,983

449,483＋3,500Total Borrowings

485,777

485,777－－－－

32,00032,000－Total Investment CorporationBonds

32,00032,000－Total Interest-Bearing Debts

517,777

517,777－

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 12th fiscal period (August 31, 2021).
(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 February 28,2022 (September 1, 2021 to February 28, 2022) and the fiscal period ending August 31, 2022 (March 1, 2022 to August 31,2022) 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 November 29, 2021 regarding the risk involved in the
Debt Financing.

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