[For Translation Purposes Only]
November 15, 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 ¥12,450 million (the “ExistingDebt”) as described below.

I.Debt Financing
1.Purpose

NMF has decided to procure the loan in order to repay current outstanding loans, which mature on November 28,
2022.

2.Details
Loan Type：Term Loan (Scheduled contract date: November 24, 2022)
AmountDrawdown
Lenders(millions Interest Rate
Dateof yen)
Fixed
Sumitomo Mitsui Trust Bank,(To be determined)
550
Limited(Note2) (Note3)
THE BANK OF FUKUOKA,LTD.
THE SHIGA BANK，LTD.
SUMITOMO LIFE INSURANCECOMPANY

2,000(To be determined)

Mizuho Trust & Banking Co., Ltd.
The Norinchukin Bank

1,000(To be determined)

Nippon Life Insurance Company

1,500

DAIDO LIFE INSURANCECOMPANY

500

Mizuho Bank, Ltd.
Development Bank of Japan Inc.

1,500

(To be determined)

5,400(To be determined)

MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Total

Fixed

(Note2) (Note3)

Fixed

Term

RepaymentDate(Note1)

7 yearsand 6months

May 26,2030

8 years

November 26,
2030

8 yearsand 6months

May 26,2031

9 yearsand 6months

May 26,2032

10 yearsNovember 26,
2032

Terms ofRepayment

CollateralLump-sum
repayment
November 28,
Unsecured,on theFixed
2022
November 26, repayment unguaranteed(To be determined)
9 years2031(Note2) (Note3)
date
Fixed
November 26,(To be determined)
9 years2031(Note2) (Note3)(Note2) (Note3)

Fixed(Note2) (Note3)

Fixed(Note2) (Note4)

12,450(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, 2022

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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 May 26, 2023, 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 theprior 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 February 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.

3.Use of Funds① Amount:¥ 12,450 million② Specifics:

To be used for repayment of the existing borrowings based on term loan(Note)agreement totaling ¥12,450 million which will mature on November 28, 2022.

(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 17,2014, June 26, 2015, the press release “Notice Concerning Debt Financing” announced by Nomura
Real Estate Office Fund, Inc. on December 19, 2014, and the press releases “Notice Concerning
Debt Financing” announced by NMF on October 27, 2015, November 24, 2015.

③ Scheduled Date of Use:November 28, 2022II.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)

57,41444,964－12,450

Long-term borrowings(Note 2)

428,027

440,477＋12,450

Total Borrowings

485,441

485,441－－－－

32,00032,000－Total Investment Corporation
Bonds

32,00032,000－Total Interest-Bearing Debts

517,441

517,441－

Short-term Borrowings

Current portion of Investment
Corporation Bonds (Note 1)
Investment Corporation Bonds(Note 3)(Note 1) Both columns indicate figures excluding the repayment of ¥21.4 million of the agreed repayments scheduled for November 28,2022.
(Note 2) Nature of term is as of the end of the 14th fiscal period (August 31, 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 NMF’s forecasts of financial results for the fiscal period ending February 28, 2023 (September1, 2022 to February 28, 2023) and the fiscal period ending August 31, 2023 (March 1, 2023 to August 31, 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 －