[For Translation Purposes Only]

December 16, 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 Group

TEL +81-3-3365-8767nmf3462@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 will procure debt financing (the "Debt Financing") to refinance the existing debt totaling ¥6,375 million (the "Existing Debt") 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 December 27, 2021.

2.Details

Loan Type：Term Loan (Scheduled contract date: December 23, 2021)

Amount

Drawdown

Repayment

Terms of

Lenders

(millions

Interest Rate

Term

Collateral

Date

Date(Note1)

Repayment

of yen)

MUFG Bank, Ltd.

Lump-sum

Sumitomo Mitsui Banking

Basic interest rate

2 years

repayment

Corporation

6,375

December 27,

November 26,

Unsecured,

Mizuho Bank, Ltd.

+0.17%

2021

and 11

2024

on the

unguaranteed

(Note2) (Note3) (Note4)

months

repayment

Sumitomo Mitsui Trust Bank,

date

Limited

(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 business date 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 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 the calculation period of the interest rate does not exist, what is calculated based on the method stated in the contract will be the base interest 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 January 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.

3.Use of Funds

①

Amount

:

¥ 6,375 million

②

Specifics

:

To be used for repayment of the existing borrowings based on the term loan(Note)

agreement totaling ¥6,375 million which will mature on December 27, 2021.

(Note) For details of the term loan agreement, please refer to the press release, "Notice Concerning

－ 1 －

Debt Financing" dated December 18, 2018, announced by Nomura Real Estate Master Fund, Inc.

③ Scheduled Date of Use : December 27, 2021

II.Status of Interest Bearing Debts after Financing and Repayment of the Existing Debt

(Millions of Yen)

Before Financing and

After Financing and

Increased/Decrea

Repayment of the Existing

Repayment of the Existing

sed Amount

Debt

Debt

Short-term Borrowings

－

－

－

Current portion of Long-term

46,169

39,794

▲6,375

borrowings (Note 1)

Long-term borrowings(Note 2)

439,608

445,983

＋6,375

Total Borrowings

485,777

485,777

－

Current portion of Investment

－

－

－

Corporation Bonds (Note 1)

Investment Corporation Bonds

32,000

32,000

－

(Note 3)

Total Investment Corporation

32,000

32,000

－

Bonds

Total Interest-Bearing Debts

517,777

517,777

－

(Note 1) Nature of term is as of the end of the 12th fiscal period (August 31, 2021). (Note 2) Excludes Long-term Borrowings due within one year.

(Note 3) 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.Other

No 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, 2021 regarding the risk involved in the Debt Financing.

* URL: https://www.nre-mf.co.jp/en/

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Nomura Real Estate Master Fund Inc. published this content on 16 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 December 2021 06:48:08 UTC.