Nomura Real Estate Master Fund, Inc. (NMF or the Fund) announced the interest rate of the following loan announced in Notice Concerning Debt Financing and Early Repayment of Debt Financing on February 14, 2023 (the Debt Financing), has been determined. Details are as follows. Determination of Loan Interest Rate Loan Type: Term Loan (Contract date: February 21, 2024): Lender: Sompo Japan Insurance Inc. Amount: JPY 1,000 million, Interest Rate: Fixed 0.70164% (Note2), Drawdown Date: February 26, 2024, Term: 3 years and 6 months, Repayment Date(Note1): August 26, 2027, Terms of Repayment: Lump-sum repayment on the repayment date, Collateral: Unsecured, unguaranteed; Lender: THE ASAHI SHINKIN BANK.

Amount: JPY 1,000 million, Interest Rate: Fixed 0.80315% (Note2), Drawdown Date: February 26, 2029, Term: 5 years, Repayment Date(Note1): February 26, 2029, Terms of Repayment: Lump-sum repayment on the repayment date, Collateral: Unsecured, unguaranteed; Lender: The Ogaki Kyoritsu Bank Ltd. Amount: JPY 1,000 million, Interest Rate: Fixed 0.89688% (Note2), Drawdown Date: February 26, 2024, Term: 6 years, Repayment Date(Note1): February 26, 2030, Terms of Repayment: Lump-sum repayment on the repayment date, Collateral: Unsecured, unguaranteed; Lender: MUFG Bank Ltd., Amount: JPY 2,750 million, Interest Rate: Fixed 1.25160% (Note2), Drawdown Date: February 26, 2024, Term: 8 years, Repayment Date(Note1): February 26, 2032, Terms of Repayment: Lump-sum repayment on the repayment date, Collateral: Unsecured, unguaranteed.