[For Translation Purposes Only]
June 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 ¥4,000 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 June 27, 2022.

2.Details
Loan Type：Term Loan (Scheduled contract date: June 23, 2022)
AmountDrawdown
Lenders(millions Interest Rate
Dateof yen)
MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Basic interestCorporationrate
June 27,4,000Mizuho Bank, Ltd.
+0.17%
2022(Note2) (Note3) (Note4)
Sumitomo Mitsui Trust Bank,
LimitedTerm2 years
and 11months

RepaymentDate(Note1)

Terms ofRepayment

May 26,2025

Lump-sum
repayment
Unsecured,on theunguaranteed
repayment
dateCollateral(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 July 26, 2022, 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:¥ 4,000 million② Specifics:

To be used for repayment of the existing borrowings based on term loan(Note)agreement totaling ¥4,000 million which will mature on June 27, 2022.
(Note) For details of the term loan agreement, please refer to the press release, “Notice Concerning
Debt Financing” dated October 21, 2019, announced by Nomura Real Estate Master Fund, Inc.

－ 1 －③ Scheduled Date of Use:

June 27, 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

After Financing andRepayment of the Existing
Debt

Increased/Decrea
sed Amount－－－

Current portion of Long-termborrowings (Note 1)

48,594

44,594▲4,000Long-term borrowings(Note 2)

437,140

441,140＋4,000Total Borrowings

485,734

485,734－－－－

32,00032,000－Total Investment Corporation
Bonds

32,00032,000－Total Interest-Bearing Debts

517,734

517,734－

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 13th fiscal period (February 28, 2022).
(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, 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.

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 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/－ 2 －