[For Translation Purposes Only]
February 14, 2024

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 Group
TEL. +81-3-3365-8767 nmf3462@nomura-re.co.jp

Notice Concerning Debt Financing and Early Repayment of Debt Financing
Nomura Real Estate Master Fund, Inc. (“NMF” or the “Fund”) announced the decision made today that it willprocure debt financing to refinance existing loans ¥10,220 million(the “Debt Financing”) and to conduct early
repayment of existing loans ¥2,000 million (the “Early Repayment”), collectively referred to as the "Financings",
as described below.

1. Debt Financing(1) Debt financing to refinance existing loans① Purpose
The Fund has decided to procure the debt financing in order to repay current outstanding loans which mature onFebruary 26, 2024.
② Details
Loan Type：Term Loan (Scheduled contract date: February 21, 2024)
Lenders

Amount(Millions ofyen)

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

4,670

Base interest rate
+0.17%

Sompo Japan Insurance Inc.

1,000

Fixed
(To be determined)

The Iyo Bank, Ltd.
THE NISHI-NIPPON CITY
BANK, LTD.

1,000

Shinkin Central Bank

800

MUFG Bank, Ltd.

2,750

Drawdown
Date

Interest Rate

(Note2) (Note3) (Note4)(Note5) (Note6)

Base interest rate
+0.175%(Note2) (Note3) (Note4)

Repayment
Date (Note1)

3 years

February 26,2027

3 years and6 months

August 26,
2027

5 years

February 26,
2029

8 years

February 26,
2032

Terms ofRepayment

CollateralLump-sum
February 26,
repayment on Unsecured,2024
3 years and November 26, the repayment unguaranteed
date
9 months
2027

Base interest rate
+0.20%(Note2) (Note3) (Note4)

Fixed(To be determined)(Note4) (Note5)

TotalTerm

10,220－ 1 －(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”) 3-months JPY TIBOR(“Tokyo Interbank Offered Rate”) as of two business days before theprevious interest payment date of the respective interest payment dates (however, the Drawdown Date for the first interest rate
calculation period) 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 February, May, August and November, beginning May 26, 2024, 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) The interest rate will be determined on or before the anticipated borrowing date based on the contract dated February 21, 2024
concerning this borrowing. We will make an announcement about the interest when it is determined.
(Note 6) The interest payment dates are the 26th of every February and August, beginning August 26, 2024, 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 businessday, or the prior business day if the following business day is in the next month.

③ Use of Funds
・ Amount:¥10,220 million

・ Specifics:

To be used for repayment of the “Debt Financing” (¥10,220 million) based oneach term loan agreement (Note) which will mature on February 26, 2024.

・ Scheduled Date of Use:

February 26, 2024(Note) For details of each term loan agreement, please refer to the press release “Notice Concerning Debt Financing” announced byNomura Real Estate Office Fund, Inc. on March 25, 2014 and the press release “Notice Concerning Debt Financing” announced
by NMF on February 21, 2017, February 19, 2019, August 18, 2020 and March 16, 2021.

(2) Debt financing to conduct early repayment of existing loans① Purpose
The Fund has decided to procure the debt financing in order to conduct early repayment of current outstanding loans
as stated in “2. Early Repayment of Debt Financing” below.
② Details
Loan Type：Term Loan (Scheduled contract date: February 21, 2024)
Lenders

Amount(Millions ofyen)

THE ASAHI SHINKIN BANK

1,000

The Ogaki Kyoritsu Bank, Ltd.

1,000

Drawdown
Date

Interest Rate
Fixed
(To be determined)(Note2) (Note3)

Fixed(To be determined)

Term

Repayment
Date (Note1)

5 years

February 26,
2029

6 years

February 26,
2030

February 26,
2024(Note2) (Note3)

Terms ofRepayment

CollateralLump-sum
repayment on Unsecured,
the repayment unguaranteed
date

Total
2,000
(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 rate will be determined on or before the anticipated borrowing date based on the contract dated February 21, 2024
concerning this borrowing. We will make an announcement about the interest when it is determined.
(Note 3) The interest payment dates are the 26th of every February and August, beginning August 26, 2024, 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 businessday, or the prior business day if the following business day is in the next month.

(3) Use of Funds・ Amount:¥2,000 million

・ Specifics:

To be used for early repayment of the existing loans based on the commitmentline agreement totaling ¥2,000 million which will mature on May 27, 2024.

・ Scheduled Date of Use:

February 26, 2024

－ 2 －2. Early Repayment of Debt Financing① Purpose
The Fund has decided to conduct early repayment of debt financing for the prolongation of the term and theimmobilization of the interest rate.
② Details
The early repayment of the following term loan (Note 1) based on the Commitment Line Agreement contracted onSeptember 12, 2022. (Note 2)
BorrowingAmountbefore
Early
Repayment(Millions ofYen)

Lenders

Borrowing
Early
Amount after
Repayment
Early
AmountRepayment(Millions of(Millions ofYen)
Yen)

Interest Drawdown
TermRate
Date

Scheduled
Repayment
Early
Date Repayment Collateral(Note 3)

Date

Basic
MUFG Bank, Ltd.
Interest
Sumitomo Mitsui Bankingrate
May 31,
May 26, February Unsecured,
Corporation
2,000
2,000
1 year
－+0.39％2023
2024
26, 2024 unguaranteed
Mizuho Bank, Ltd.
(Note4)
Sumitomo Mitsui Trust(Note5)(Note6)
Bank, Limited(Note 1) For further information regarding the borrowing above, please refer to the press releases “Notice Concerning Debt Financing”
dated May 18, 2023.
(Note 2) No penalty is required by this Early Repayment.
(Note 3) 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 4) Base interest rate, which applies to the calculation period of the interest rate to be paid on the interest payment date, will beJapanese Bankers Association (“JBA”) 1-month JPY TIBOR(“Tokyo Interbank Offered Rate”) as of two business days before theprevious interest payment date of the respective interest payment dates (however, the Drawdown Date for the first interest rate
calculation period) announced by the JBA TIBOR Administration(“JBATA”).
(Note 5) Base interest rate indicated in (Note 4) 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 6) The interest payment dates are the 26th of every month beginning June 26, 2023 until the Repayment Date, as well as theRepayment Date. If any of these days is a non-business day, the interest repayment date will be the following business day, or theprior business day if the following business day is in the next month.

3. Outstanding Debt Balance after the Financing(Millions of Yen)

Before the Financing
Short-term Borrowings
Current portion of Longterm borrowings (Note 2)Long-term borrowings (Note3)

Total Borrowings
Current portion ofInvestment Corporation
Bonds (Note 2)
Investment Corporation
Bonds (Note 4)
Total Investment Corporation
Bonds
Total Interest-Bearing Debts(Note 1)After the Financing(Note 1)

Change2,000－−2,00033,562

23,342−10,220451,772

463,992+12,220

487,334

487,334－－－－

34,00034,000－34,00034,000－521,334

521,334－(Note 1) Both columns indicate figures excluding the repayment of ¥21.4 million of the agreed repayments scheduled for February 26, 2024.
(Note 2) Nature of term is as of the end of the 16th fiscal period (August 31, 2023).
(Note 3) Excludes Long-term Borrowings due within one year.
(Note 4) Excludes Investment Corporation Bond due within one year.

－ 3 －4. Forecasts of Financial Results
There is no revision to Nomura Master Fund’s forecasts of financial results for the fiscal period ending February 29,2024 (September 1, 2023 to February 29, 2024) and the fiscal period ending August 31, 2024 (March 1, 2024 to August 31,2024) by the Debt Financing as it has only small impact to the forecast of financial results.

5.Other
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 November 29, 2023 regarding the risk involved in the debt financing.

*<Nomura Real Estate Master Fund, Inc.> URL: https://www.nre-mf.co.jp/en/－ 4 －