[For Translation Purposes Only]
May 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 Group
TEL. +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 (“Debt Financing”) to refinance the existing debt totaling ¥5,500 million (“Existing DebtI”) and ¥4,500 million (“Existing Debt II”) respectively. The Existing Debt I and II are collectively referred toas the “Existing Debts”.

I.Debt Financing
1.Debt financing to refinance the Existing Debt I(1) Purpose

The Fund has decided to procure the loan in order to repay current outstanding loans (Existing Debt I) which mature
on May 26, 2022.

(2) Details
Loan Type：Term Loan (Scheduled contract date: May 24, 2022)
AmountDrawdown
Repayment Terms ofLenders(millionsInterest Rate
Term
Collateral
Date
Date(Note1) Repaymentof yen)Fixed
9 years and November 26, Lump-sum
Mizuho Bank, Ltd.
1,500 (To be determined)
6 months
2031(Note2) (Note3)
repayment Unsecured,
May 26,on the unguaranteed2022
MUFG Bank, Ltd.
Fixed
repayment
May 26,
Sumitomo Mitsui Banking
4,000 (To be determined)
10 years
date
2032(Note2) (Note4)
CorporationTotal
5,500(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 May 24, 2022
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 May 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 4) The interest payment dates are the 26th of every February, May, August and November, beginning August 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.

－ 1 －(3) Use of Funds① Amount:¥5,500 million② Specifics:

To be used for repayment of the Existing Debt I (¥5,500 million) based on eachterm loan agreement (Note) which will mature on May 26, 2022.

③ Scheduled Date of Use:May 26, 2022(Note) For details of each term loan agreement, please refer to the press release “Notice Concerning Debt Financing and Repayment ofDebt Financing” announced by Former Nomura Real Estate Master Fund, Inc. on March 24, 2014.

2. Debt financing to refinance the Existing DebtⅡ(1) Purpose

The Fund has decided to procure the loan in order to repay current outstanding loans (Existing Debt II) which matureon May 31, 2022.

(2) Details
Loan Type：Term Loan (Scheduled contract date: May 27, 2022)
AmountDrawdown
Lenders(millionsInterest Rate
Dateof yen)Fixed
THE BANK OF FUKUOKA,
1,000 (To be determined)
LTD.
(Note2) (Note3)
Sumitomo Mitsui Trust Bank,Limited.

Fixed
1,000 (To be determined)(Note2) (Note3)

Resona Bank, Limited

Fixed(To be determined)

500

Term

Repayment Terms ofDate(Note1) Repayment

8 years

May 26,2030

8 years

May 26,2030

10 years

May 26,2032

10 years

May 26,2032

May 31,2022(Note2) (Note3)

MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Total

Fixed
2,000 (To be determined)(Note2) (Note4)

CollateralLump-sum
repayment
Unsecured,on theunguaranteed
repayment
date

4,500

(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 May 27, 2022
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 May 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 4) The interest payment dates are the 26th of every February, May, August and November, beginning August 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:¥4,500 million② Specifics:

To be used for repayment of the Existing Debt II (¥4,500 million) based on eachterm loan agreement (Note) which will mature on May 31, 2022.

③ Scheduled Date of Use:May 31, 2022

(Note) For details of each term loan agreement, please refer to the press release “Notice Concerning Borrowing” announced by Top REIT
Inc. on May 29, 2015.

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

After Financing andBefore Financing and Repayment
Repaymentof the Existingof the Existing Debts(Note1)
Debts(Note1)

Increased/Decreased
AmountShort-term Borrowings－－－

Current portion of Longterm borrowings (Note 2)

58,594

48,594－10,000

Long-term borrowings(Note 3)

427,140

437,140＋10,000

485,734

485,734－－－－

32,00032,000－32,00032,000－517,734

517,734－

Total Borrowings
Current portion ofInvestment Corporation
Bonds(Note 2)
Investment Corporation
Bonds(Note 4)
Total Investment Corporation
Bonds
Total Interest-Bearing Debts(Note 1) Both columns indicate figures excluding the repayment of ¥21.4 million of the agreed repayments scheduled for May 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.

IV.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, 2021 regarding the risk involved in the debt financing.

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