Notice Concerning Submission of Shelf Registration Statement and Comprehensive Resolution of the Board of Directors on Issuance

[For Translation Purposes Only]

September 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 Group

TEL +81-3-3365-8767 nmf3462@nomura-re.co.jp

Notice Concerning Submission of Shelf Registration Statement and Comprehensive Resolution of the Board of Directors on Issuance of Investment Corporation Bonds

Nomura Real Estate Master Fund, Inc. ("NMF" or the "Fund") announced that it submitted a shelf registration statement for the investment corporation bonds to the Director General of the Kanto Local Finance Bureau on September 15, 2021. NMF also announced that it has made a comprehensive resolution on the issuance of the investment corporation bonds at the Board of Directors' meeting held today as described below.

1. Outline of the Shelf Registration Statement Submitted

(1) Scheduled amount to be issued:

One hundred billion yen (JPY 100,000,000,000)

(2) Subject of the shelf registration:

Investment corporation bonds (excluding short-term investment corporation bonds)

1. Submission date of the shelf registration statement: September 15, 2021
2. Scheduled issue period of bond:
   From September 28, 2021 to September 27, 2023
3. Use of Proceeds:
   To be applied to the funds for acquiring specific assets ("specific assets" shall have the same meaning as that given to it in the Investment Trust and Investment Corporation Act, Paragraph 1 of Article 2), the funds for repayment of debt financing, the funds for redemption of the investment corporation bonds (including short-term investment corporation bonds), the funds for repayment of the deposit and guarantee deposit, the funds for repair, etc. and working capital, etc.

2. Outline of the Comprehensive Resolution of the Board of Directors' Meeting on the Issuance of the Investment Corporation Bonds

1. Type of investment corporation bonds: Unsecured domestic investment corporation bonds
2. Aggregate amount of the issuance:
   Within the amount of fifty billion yen (JPY 50,000,000,000); provided, however, that the issuance may be split into several parts, so long as the sum of such parts stay within the aggregate amount of the issuance.
3. The amount of each investment corporation bond:
4. • 1 －

One hundred million yen (JPY 100,000,000) or over

1. Issue period:
   From September 28, 2021 to September 27, 2022
2. Use of proceeds:
   To be applied to the funds for acquiring specific assets ("specific assets" shall have the same meaning as that given to it in the Investment Trust and Investment Corporation Act, Paragraph 1 of Article 2), the funds for repayment of debt financing, the funds for redemption of the investment corporation bonds (including short-term investment corporation bonds), the funds for repayment of the deposit and guarantee deposit, the funds for repair, etc. and working capital, etc.
3. Collateral or guarantee:

No collateral or guarantee shall be attached on any bonds and no fund shall be reserved.

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