Nomura Real Estate Master Fund, Inc. announced early repayment of an outstanding borrowing. Purpose of the Early Repayment: To extend the remaining period of interest-bearing debt and diversify repayment dates by making the early repayment of an outstanding borrowing of JPY 4,400 million, using the proceeds from the Bonds and cash on hand as the sources of repayment. Lenders: MUFG Bank Ltd. Sumitomo Mitsui Banking Corporation Mizuho Bank Ltd. Sumitomo Mitsui Trust Bank, Limited.

Borrowing Amount before Early Repayment (Millions of Yen): JPY 6,375 million. Early Repayment Amount Millions of Yen): JPY 4,400 million. Borrowing Amount after Early Repayment (Millions of Yen): JPY 1,975 million.

Interest Rate: Basic Interest rate +0.17. Drawdown Date: December 27, 2021. Term: 2 years 11months.

Repayment Date (Note 2): November 26, 2024. Scheduled Early Repayment Date: July 30, 2024. Collateral: Unsecured, unguaranteed.