For Translation Purposes Only
June 12, 2013
For Immediate Release
Nomura Real Estate Master Fund, Inc.
Takashi Kataoka, Executive Director(Securities Code: 3285)
Asset Management Company:
Nomura Real Estate Asset Management Co., Ltd.
Yasuaki Fukui, President and Chief Executive Officer
Inquiries: Takashi Kataoka, NMF Chief Investment Officer
TEL: +81-3-3365-8767
EMAIL: nmf3285@nomura-re.co.jp

Notice Concerning Conclusion of Interest-Rate Swap Agreement
Nomura Real Estate Master Fund, Inc. (“Nomura Master Fund” or the “Fund”) announced today that concerning
the debt financing (debt financing of 13 billion yen based on the term loan agreement for 3.5 years with floatingrate, debt financing of 9 billion yen based on the term loan agreement for 6 years with floating-rate, debt financingof 10 billion yen based on the term loan agreement for 7 years with floating-rate, debt financing of 8 billion yenbased on the term loan agreement for 8 years with floating-rate and debt financing of 1 billion yen based on theterm loan agreement for 12 years with floating-rate, the “Debt Financing,” respectively and the “Debt Financings”
collectively), announced in “Notice Concerning Debt Financing” released today, the Fund decided to enter into
interest-rate swap agreements as stated below.
1. Purpose
The Fund intends to convert the interest rate for the Debt Financings from floating-rate to fixed-rate for the entire
period until the repayment date, in order to hedge risks of interest rate fluctuations.
2. Summary of Interest-Rate Swap Agreement(1) Agreement for Interest on Debt Financing of 13 billion yen (Term for 3 years and 6 months)
1. Counterparty:
Mitsubishi UFJ Trust and Banking Corporation
2. Notional Principal:
13 billion yen
3. Interest Rate:
Fixed Payment 0.41750%
Variable Receipt JBA 3-month Japanese Yen TIBOR
4. Commencement Date:
June 13, 2013 (the same date of the Scheduled Drawdown Date of the Debt
Financing)
5. Termination Date:
November 26, 2016 (the same date of the Repayment Date of the Debt
Financing)
6. Interest Payment Date:
For both payment to and from the counterparty, August 26, 2013, the firstinterest payment date, and every February 26, May 26, August 26, andNovember 26 thereafter until November 26, 2016 (or the following business
day if such date is a non-business day, or the prior business day if such date ison the next month)*By this interest-rate swap agreement, the interest rate concerning the debt financing of 13 billion yen with thefloating-rate is converted to a fixed-rate of 0.64250% p.a. until November 26, 2016.
Note:

This press release is a public announcement regarding the setting of interest-rate swap of the Fund, and has not been prepared as an inducement orinvitation for investment. In addition, this press release does not constitute an offer of securities for sale in the U.S. Securities may not be offered or sold in
the U.S. without registration of the securities or gaining an exemption from registration of securities under the U.S. Securities Act of 1933. Any public
offering of securities to be conducted in the U.S. will be made by means of an English prospectus prepared in accordance with the U.S. Securities Act of1933 that may be obtained from the issuer of the securities or holder of the securities. The prospectus will contain detailed information about the issuer
and its management, as well as its financial statements.

1(2) Agreement for Interest on Debt Financing of 9 billion yen (Term for 6 years)
1. Counterparty:
Mitsubishi UFJ Trust and Banking Corporation
2. Notional Principal:
9 billion yen
3. Interest Rate:
Fixed Payment 0.71750%
Variable Receipt JBA 3-month Japanese Yen TIBOR
4. Commencement Date:
June 13, 2013 (the same date of the Scheduled Drawdown Date of the DebtFinancing)
5. Termination Date:
May 26, 2019 (the same date of the Repayment Date of the Debt Financing)
6. Interest Payment Date:
For both payment to and from the counterparty, August 26, 2013, the firstinterest payment date, and every February 26, May 26, August 26, andNovember 26 thereafter until May 26, 2019 (or the following business day ifsuch date is a non-business day, or the prior business day if such date is on thenext month)*By this interest-rate swap agreement, the interest rate concerning the debt financing of 9 billion yen with thefloating-rate is converted to a fixed-rate of 1.11750% p.a. until May 26, 2019.
(3) Agreement for Interest on Debt Financing of 10 billion yen (Term for 7 years)1. Counterparty:
Mitsubishi UFJ Trust and Banking Corporation
2. Notional Principal:
10 billion yen
3. Interest Rate:
Fixed Payment 0.83750%
Variable Receipt JBA 3-month Japanese Yen TIBOR
4. Commencement Date:
June 13, 2013 (the same date of the Scheduled Drawdown Date of the DebtFinancing)
5. Termination Date:
May 26, 2020 (the same date of the Repayment Date of the Debt Financing)
6. Interest Payment Date:
For both payment to and from the counterparty, August 26, 2013, the firstinterest payment date, and every February 26, May 26, August 26, andNovember 26 thereafter until May 26, 2020 (or the following business day ifsuch date is a non-business day, or the prior business day if such date is on thenext month)*By this interest-rate swap agreement, the interest rate concerning the debt financing of 10 billion yen with thefloating-rate is converted to a fixed-rate of 1.33750% p.a. until May 26, 2020.
(4) Agreement for Interest on Debt Financing of 8 billion yen (Term for 8 years)
1. Counterparty:
Sumitomo Mitsui Banking Corporation
2. Notional Principal:
8 billion yen
3. Interest Rate:
Fixed Payment 0.96250%Variable Receipt JBA 3-month Japanese Yen TIBOR
4. Commencement Date:
June 13, 2013 (the same date of the Scheduled Drawdown Date of the DebtFinancing)
5. Termination Date:
May 26, 2021 (the same date of the Repayment Date of the Debt Financing)
6. Interest Payment Date:
For both payment to and from the counterparty, August 26, 2013, the firstinterest payment date, and every February 26, May 26, August 26, andNovember 26 thereafter until May 26, 2021 (or the following business day ifsuch date is a non-business day, or the prior business day if such date is on thenext month)*By this interest-rate swap agreement, the interest rate concerning the debt financing of 8 billion yen with thefloating-rate is converted to a fixed-rate of 1.56250% p.a. until May 26, 2021.

Note:

This press release is a public announcement regarding the setting of interest-rate swap of the Fund, and has not been prepared as an inducement orinvitation for investment. In addition, this press release does not constitute an offer of securities for sale in the U.S. Securities may not be offered or sold in
the U.S. without registration of the securities or gaining an exemption from registration of securities under the U.S. Securities Act of 1933. Any public
offering of securities to be conducted in the U.S. will be made by means of an English prospectus prepared in accordance with the U.S. Securities Act of1933 that may be obtained from the issuer of the securities or holder of the securities. The prospectus will contain detailed information about the issuer
and its management, as well as its financial statements.

2(5) Agreement for Interest on Debt Financing of 1 billion yen (Term for 12 years)
1. Counterparty:
Sumitomo Mitsui Banking Corporation
2. Notional Principal:
1 billion yen
3. Interest Rate:
Fixed Payment 1.21812%
Variable Receipt JBA 3-month Japanese Yen TIBOR
4. Commencement Date:
June 13, 2013 (the same date of the Scheduled Drawdown Date of the DebtFinancing)
5. Termination Date:
May 26, 2025 the same date of the Repayment Date of the Debt Financing)
6. Interest Payment Date:
For both payment to and from the counterparty, August 26, 2013, the firstinterest payment date, and every February 26, May 26, August 26, andNovember 26 thereafter until May 26, 2025 (or the following business day ifsuch date is a non-business day, or the prior business day if such date is on thenext month)*By this interest-rate swap agreement, the interest rate concerning the debt financing of 1 billion yen with thefloating-rate is converted to a fixed-rate of 2.12812% p.a. until May 26, 2025.
Refer to Japanese Bankers Association website (http:/.www.zenginkyo.or.jp/en/tibor/) regarding the JBA Japanese
Yen TIBOR.
*Nomura Real Estate Master Fund, Inc. URL: http://www.nre-mf.co.jp/english/

Note:

This press release is a public announcement regarding the setting of interest-rate swap of the Fund, and has not been prepared as an inducement orinvitation for investment. In addition, this press release does not constitute an offer of securities for sale in the U.S. Securities may not be offered or sold in
the U.S. without registration of the securities or gaining an exemption from registration of securities under the U.S. Securities Act of 1933. Any public
offering of securities to be conducted in the U.S. will be made by means of an English prospectus prepared in accordance with the U.S. Securities Act of1933 that may be obtained from the issuer of the securities or holder of the securities. The prospectus will contain detailed information about the issuer
and its management, as well as its financial statements.

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