[For Translation Purposes Only]
Novemver 15, 2021

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 ¥8,900 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 November
26, 2021.

2.Details
Loan Type：Term Loan (Scheduled contract date: November 24, 2021)
AmountDrawdown
Lenders(millions Interest Rate
Dateof yen)Fixed
The Nomura Trust and Banking
1,000 (To be determined)Co., Ltd.
(Note2) (Note3)
Fixed

THE BANK OF FUKUOKA,LTD.

1,000(To be determined)

Mizuho Trust & BankingCo., Ltd.

1,000

(To be determined)

Nippon Life Insurance Company

1,000

Resona Bank, Limited

1,900

Development Bank of Japan Inc.

3,000

Total

8,900(Note2) (Note4)

Term

RepaymentDate(Note1)

Terms of
Repayment

Collateral

5 years
February 26,
and 3
2027
months7 years

November 26,
2028

8 years
May 26,
Lump-sumand 62030
repayment(Note2) (Note4)
November 26, month
Unsecured,on the2021
unguaranteed
9 years
Fixed
repayment
May 26,(To be determined)
and 6date2031(Note2) (Note4)
monthsFixed
November 26,(To be determined)
10 years
2031(Note2) (Note4)
Fixed

Fixed

(To be determined)(Note2) (Note4)

10 yearsNovember 26,
2031(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 November 24, 2021
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 February and August, beginning February 26, 2022, 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 business day,or the prior business day if the following business day is in the next month.

－ 1 －(Note 4) The interest payment dates are the 26th of every May and November, beginning May 26, 2022, until the Repayment Date, as well asthe Repayment 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:¥ 8,900 million② Specifics:

To be used for repayment of the existing borrowings based on each termloan(Note) agreement totaling ¥8,900 million which will mature on November 26,2021.

(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 December 10,
2013 and May 22, 2014 and the press releases “Notice Concerning Debt Financing” announced by
Nomura Real Estate Residential Fund, Inc. on February 25, 2015.

③ Scheduled Date of Use:

November 26, 2021

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

Short-term Borrowings－－－Current portion of Long-termborrowings (Note 2)

55,06946,169▲8,900Long-term borrowings(Note 3)

430,708

439,608＋8,900Total Borrowings

485,777

485,777－－－－

32,00032,000－Total Investment CorporationBonds

32,00032,000－Total Interest-Bearing Debts

517,777

517,777－

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 November 26,2021.
(Note 2) Nature of term is as of the end of the 12th fiscal period (August 31, 2021).
(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 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 May 27, 2021 regarding the risk involved in the DebtFinancing.

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