[For Translation Purposes Only]
December 24, 2015

For Immediate Release
To Whom It May Concern
Nomura Real Estate Master Fund, Inc.
Securities Code: 3462
Satoshi Yanagita, Executive Director
Asset Management Company:
Nomura Real Estate Asset Management Co., Ltd.
Norio Ambe, President & Chief Executive Officer
Inquiries:
Motomi Uki
Director and Managing Executive Officer
TEL. +81-3-3365-8767 nmf3462@nomura-re.co.jp

Notice Concerning Debt Financing and Concluding Interest-Rate Swap Agreements
Nomura Real Estate Master Fund, Inc. (“Nomura Master Fund” or the “Fund” or ”NMF”) announced
today that the Fund will procure debt financing (the “Loans”) and signed interest rate swap agreements
regarding the Loans, as stated below.

Ⅰ．Debt Financing
1. Purpose
Nomura Master Fund has decided to procure the debt financing to repay the existing borrowing.
2. Details of Debt Financing
Lenders

The Chugoku Bank

Amount(millions of yen)500

The Bank ofTokyo-Mitsubishi UFJ, Ltd.

2,700

The Bank ofTokyo-Mitsubishi UFJ, Ltd.

2,000

(Note 1)

(Note 2)

Interest Rate

DrawdownTermDate

Floating-rate
5 years
Basic Interest Rate
+0.26%
and 2(Note1)(Note3)
month(Note4)(Note 5)
Floating-rate
8 years
Basic Interest Rate
December+0.46%
and 624, 2015
(Note 2)(Note 3)
month(Note 4)(Note 5)
Floating-rate
9 years
Basic Interest Rate+0.55%
and 11(Note 1)(Note 3)
month(Note 4)(Note 5)

Loan
Type

Repayment Terms ofCollateralDate(Note 6) Repayment
February 26,
2021

Term Loan(Floating-rate,contracted on
December 24,
2015)

June 26,2024

Lump-sum
repayment
Unsecured,on theunguaranteed
repayment
date

November
26,2025

Basic Interest Rate, which applies to the calculation period of the interest rate to be paid on the Interest Payment Date, will be
JBA 3 month JPY TIBOR (however, JBA 2 month JPY TIBOR for the first interest rate calculation period) as of two businessdays before the previous Interest Payment Date of the respective interest payment dates (however, the Drawdown Date for thefirst interest rate calculation period) announced by the JBA TIBOR Administration.
Basic Interest Rate, which applies to the calculation period of the interest rate to be paid on the Interest Payment Date, will be
JBA 3 month JPY TIBOR (however, JBA 2 month JPY TIBOR for the first interest rate calculation period and JBA 1 month－ 1 －(Note 3)(Note 4)(Note5)(Note6)

JPY TIBOR for the final interest calculation period) as of two business days before the previous Interest Payment Date of therespective interest payment dates (however, the Drawdown Date for the first interest rate calculation period) announced by theJBA TIBOR Administration.
Basic Interest Rate indicated in (Note 1) and (Note 2) will be reviewed on each Interest Payment Date. However, in the case therate that applies to the calculation period of the interest rate does not exist, what is calculated based on the method stated in thecontract will be the Basic Interest Rate that applies to the concerned period. Refer to the JBA TIBOR Administration website
regarding the changes in the respective JBA Japanese Yen TIBOR, the base interest rate.
(http://www.jbatibor.or.jp/english/rate/)
February 26, 2016, the first interest payment date, and 26th of every February, May, August, and November thereafter until theRepayment Date. (or 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)Interest rates to be paid are fixed by concluding interest-rate swap agreements. Refer “II. Concluding Interest-rate SwapAgreement” below for details.
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

3. Use of Funds(1) Specifics:

Loan proceed is to be used for the redemption of the existing investment
corporation bonds.

(2) Scheduled Date of Use:

December 28,2015

Ⅱ．Concluding Interest-Rate Swap Agreements
1．Purpose for Signing the Interest Rate Swap Agreements
With respect to the debt financing (among the Loans, ¥500 million debt financing with February 26, 2021 as
the repayment date will be referred to as the “5 Years and 2 Months Loan,” ¥2,700 million debt financing
with June 26, 2024 as the repayment date will be referred to as the “8 Years and 6 Months Loan” and ¥2,000
million debt financing with November 26, 2025 as the repayment date will be referred to as the “9 Years and11 Months Loan,” respectively hereinafter), the Fund intended to convert the interest rate for such debt
financing 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<Long-Term Borrowing (Term for 5 years and 2 month)>
1. Counterparty: Mizuho Bank, Ltd.
2. Notional Principal Amount: ¥500 million
3. Interest Rate
: Fixed Payment 0.20725%p.a.
Variable Receipt JBA 3 months JPY TIBOR(however, JBA 2 month JPY TIBOR for the first interest rate receivable)
4. Commencement Date
: December 28, 2015 (the same date of the Scheduled Drawdown Date of
the 5 years and 2 month Loan financing as announced today)
5. Termination Date
: February 26, 2021 (the same date of the Scheduled Repayment Date of
the 5 years and 2 month Loan financing as announced today)
6. Interest Payment Dates: For both payment to and from the counterparty, February 26, 2016, thefirst interest payment date, and 26th of every February, May, August, andNovember thereafter until February 26, 2021, and the Termination Date.
(or the following business day if such date is a non-business day, or theprior business day if the following business date is on the next month)* Due to the swap agreement, the interest rate will be fixed at 0.46725% until the repayment of the 5 years and 2 monthLoan.

－ 2 －<Long-Term Borrowing (Term for 8 years and 6 month)>
1. Counterparty: Sumitomo Mitsui Trust Bank, Limited
2. Notional Principal Amount: ¥2,700 million
3. Interest Rate
: Fixed Payment 0.39925%p.a.
Variable Receipt JBA 3 months JPY TIBOR(however, JBA 2 month JPY TIBOR for the first interest rate receivable andJBA 1 month JPY TIBOR for the final interest calculation period)
4. Commencement Date
: December 28, 2015 (the same date of the Scheduled Drawdown Date of
the 8 years and 6 month Loan financing as announced today)
5. Termination Date
: June 26, 2024 (the same date of the Scheduled Repayment Date of
the 8 years and 6 month Loan financing as announced today)
6. Interest Payment Dates: For both payment to and from the counterparty, February 26, 2016,
the first interest payment date, and 26th of every February, May, August,and November thereafter until February 26, 2021, and the Termination
Date. (or the following business day if such date is a non-business day, orthe prior business day if the following business date is on the next month)* Due to the swap agreement, the interest rate will be fixed at 0.85925% until the repayment of the 8 years and 6 month
Loan.

<Long-Term Borrowing (Term for 9 years and 11 month)>
1. Counterparty: Sumitomo Mitsui Trust Bank, Limited
2. Notional Principal Amount: ¥2,000 million
3. Interest Rate
: Fixed Payment 0.48955%p.a.
Variable Receipt JBA 3 months JPY TIBOR(however, JBA 2 month JPY TIBOR for the first interest rate receivable)
4. Commencement Date
: December 28, 2015 (the same date of the Scheduled Drawdown Date of
the 9 years and 11 month Loan financing as announced today)
5. Termination Date
: November 26, 2025 (the same date of the Scheduled Repayment Date of
the 9 years and 11 month Loan financing as announced today)
6. Interest Payment Dates: For both payment to and from the counterparty, February 26, 2016,
the first interest payment date, and 26th of every February, May, August,and November thereafter until November 26, 2025, and the Termination
Date. (or the following business day if such date is a non-business day, orthe prior business day if the following business date is on the next month)* Due to the swap agreement, the interest rate will be fixed at 1.03955% until the repayment of the 9 years and 11 month
Loan.

Ⅲ. Status of Interest-bearing Debts after Drawdown and the redemption of thebonds(¥mln)
Before drawdown andthe redemption of thebonds
Short-term Borrowings
Long-term Borrowings(Note 2)After drawdown and theredemption of thebonds( Note 1)

Increased/Decreased
Amount4,100

4,100－

362,176

362,176－

Investment Corporation
Bond (Note 3)
Sub Total

37,50037,500－399,676

399,676－

Total

403,776

403,776－(Note 1)
(Note 2)
(Note 3)

Value after repayment (¥5,200 million in total) of the borrowings mentioned in above Ⅰ.3.
Includes Long-term Borrowings due within one year
Includes Investment Corporation Bond due within one year

－ 3 －

Ⅳ．Other Matters Required for Investors to Accurately Understand and Evaluate theInformation
NMF was incorporated through the consolidation-type merger as of October 1, 2015, and has not filed any Securities
Registration Statement or Securities Report and therefore has not disclosed “Investment Risks” yet. Please refer to thecontent of “Investment Risks” of the Securities Reports (in Japanese) filed by Former NMF on November 27, 2015, byNomura Real Estate Office Fund, Inc. on July 29, 2015 and by Nomura Real Estate Residential Fund, Inc. on August 26,
2015, respectively, regarding the risks involved in the repayment of the borrowings, etc., as there is no material change insuch risks.
NMF is to disclose its “Investment Risks” in the Securities Report of NMF (the fiscal period from October 1, 2015 toFebruary 29, 2016) to be filed hereafter.

*Nomura Real Estate Master Fund, Inc. URL: http://www.nre-mf.co.jp/english/－ 4 －