[For Translation Purposes Only]
May 18, 2023

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 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 (“Debt Financing”) to refinance the existing debt totaling ¥8,500 million (“Existing Debt”)
and to pay for the acquisition of the assets..

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

NMF has decided to procure the loan in order to repay current outstanding loans, which mature on May 26, 2023.

(2)Details
Loan Type：Term Loan (Scheduled contract date: May 24, 2023)
AmountDrawdown
Lenders(millions Interest Rate
Dateof yen)FixedMitsui Sumitomo Insurance
1,000 (To be determined)
Company, Limited(Note2) (Note3)
MUFG Bank, Ltd.

2,250Fixed(To be determined)(Note2) (Note4)

Fixed

Sumitomo Mitsui Banking
Corporation

2,000(To be determined)

Development Bank of Japan Inc.

1,000

(To be determined)(Note2) (Note4)

May 26,
2023

Fixed

(Note2) (Note3)

MUFG Bank, Ltd.

2,250

Total

8,500

Fixed

(To be determined)(Note2) (Note4)

Term

RepaymentDate(Note1)

7 years

May 26,2030

8 years

May 26,
2031

Terms ofRepayment

CollateralLump-sum
8 years
repayment
November 26,
Unsecured,and 6
on the2031
unguaranteedmonths
repaymentdate
8 years
November 26,
and 62031
months9 years

May 26,2032(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 May 24, 2023
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 May and November, beginning November 26, 2023, until the Repayment Date, aswell 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 August 26, 2023, 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:¥ 8,500million② Specifics:

To be used for repayment of the existing borrowings based on term loan(Note)agreement totaling ¥8,500 million which will mature on May 26, 2023.
(Note) For details of each term loan agreement, please refer to the press releases “Notice Concerning
Debt Financing” announced by Former Nomura Real Estate Master Fund, Inc. on July 26, 2013, thepress releases “Notice Concerning Debt Financing and Repayment of Debt Financing” announced
by NMF on May 17, 2016, and the press releases “Notice Concerning Debt Financing” announced
by NMF on November 15, 2016.

③ Scheduled Date of Use:May 26, 2023

2.Debt financing to pay for the acquisition of the assets(1)Purpose

The Fund has decided to procure the debt financing in order to partly pay for the acquisition of assets.

(2)Details
Loan Type：Commitment Line Agreement (Contract date: September 12, 2022)
AmountDrawdown
Repayment Terms ofLenders(millions Interest Rate
TermCollateral
Date
Date(Note1) Repaymentof yen)
Lump-sum
MUFG Bank, Ltd.
Base interest rate
repayment
Sumitomo Mitsui Banking Corporation
May 31,May 26,
Unsecured,
4,000+0.39%
1 yearon theMizuho Bank, Ltd.
2023
2024
unguaranteed(Note2) (Note3)(Note4)
repayment
Sumitomo Mitsui Trust Bank, Limiteddate(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 June 26, 2023, 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 the priorbusiness day if the following business day is in the next month.

(3)Use of Funds① Amount:¥4,000 million② Specifics:③ Scheduled Date of Use:

To be used for partial payment for the acquisition of assets including SOMPOCARE La vie Re Residence Yoga, Grapes Tsujido Nishi-Kaigan, SOMPO CARE
Sompo no ie Omori-Nishi and SOMPO CARE La vie Re Residence Shonan
Tsujido(Note) scheduled to be acquired on May 31, 2023.
May 31, 2023

(Note) For a profile of the properties, refer to the “Notice Concerning Acquisition and Disposition of Domestic Real Estate and Trust Beneficial Interests
in Domestic Real estate”, released on March 14, 2023.

－ 2 －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

－

4,000

＋4,000Current portion of Long-termborrowings (Note 2)

55,414

46,914－8,500Long-term borrowings(Note 3)429,984

438,484＋8,500Total Borrowings

485,399489,399＋4,000－－－32,00032,000－Total Investment Corporation Bonds

32,00032,000－Total Interest-Bearing Debts

517,399

521,399＋4,000

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 May 26, 2023.
(Note 2) Nature of term is as of the end of the 15th fiscal period (February 28, 2023).
(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 NMF’s forecasts of financial results for the fiscal period ending August 31, 2023 (March 1, 2023
to August 31, 2023) and the fiscal period ending February 29, 2024 (September 1, 2023 to February 29, 2024) 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, 2022 regarding the risk involved in theDebt Financing.
*<Nomura Real Estate Master Fund, Inc.> URL: https://www.nre-mf.co.jp/en/－ 3 －