[For Translation Purposes Only]
June 6, 2017

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.
Norio Ambe, President & Chief Executive Officer
Inquiries:
Ken Okada
Director and Managing Executive Officer
TEL. +81-3-3365-8767 nmf3462@nomura-re.co.jp

Notice Concerning Debt Financing and Repayment of Debt Financing
Nomura Real Estate Master Fund, Inc. (“Nomura Master Fund” or the “Fund”) announced that theFund will procure debt financing and make repay debt financing as stated below.

I. Debt Financing
1. Purpose
The Fund will procure debt financing to repay outstanding debt that matures on June 12, 2017.
2. Details of Debt Financing
Loan Type: Term loans (Scheduled contract date: June 8, 2017)
Lenders

Amount(millions of Interest Rateyen)

Mizuho Bank, Ltd.

900

Drawdown
Date

Fixed
(To bedetermined)(Note 2) (Note 3)

The Bank ofTokyo-Mitsubishi UFJ,Ltd.
The Bank ofTokyo-Mitsubishi UFJ,
Ltd.
(Note 1)
(Note 2)

1,000

Fixed
(To bedetermined)

June 12,2017(Note 2) (Note 4)

2,000Fixed(To bedetermined)(Note 2) (Note 4)

Term

RepaymentDate(Note 1)

Terms of
Collateral
Repayment

8 yearsand 6months

November26, 2025

9 yearsand 3months

Lump-sum
repayment
August 26,
Unsecured,on theunguaranteed
2026
RepaymentDate

9 yearsand 6months

November26, 2026

The Repayment Date is the following business day if the date is a non-business day, or the prior business
day if the following business day is in the next month.
The interest rates will be determined on or before the Drawdown Date based on the term loan contracts,
which are scheduled to be concluded on June 8, 2017. The Fund will announce the interest rates when
they are determined.

－ 1 －(Note 3)(Note 4)The interest payment dates are the 26th of every May and November, beginning November 26, 2017, until
the Repayment Date, as well as the Repayment Date. If any of these days is a non-business day, theinterest repayment date will be the following business day, or the prior business day if the following
business day is in the next month.
The interest payment dates are the 26th of every February, May, August, and November, beginning August
26, 2017, until the Repayment Date, as well as the Repayment Date. If any of these days is a non-businessday, the interest repayment date will be the following business day, or the prior business day if thefollowing business day is in the next month.

3. Use of Funds(1) Specifics:

To be used for the repayment of existing borrowings based on a term loanagreement(Note) of ¥3,900 million that will mature on June 12, 2017.

(2) Scheduled Date of Use: June 12, 2017
(Note) For details of the term loan agreement, please refer to the June 8, 2011 press release “Notice Concerning
Debt Financing” issued by the former Nomura Real Estate Office Fund, Inc.

II. Repayment of Debt Financing
1. Purpose
The Fund will repay existing borrowings early using cash on hand generated from the sale of assets andother funds in order to increase asset management efficiency and reduce interest expenses.
2. Details of Repayment(1) Early repayment of the following borrowings based on the Commitment Line Agreement concluded onJune 8, 2016.(Notes 1 and 2)

Lenders

The Bank ofTokyo-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Banking
Corporation
Mizuho Bank, Ltd.
Mitsubishi UFJ Trust andBanking Corporation
Sumitomo Mitsui Trust
Bank, Limited

Borrowing
BorrowingAmount Repayment Amount
before the Amountafter theInterest
Repayment (millions of Repayment
Rate(millions ofyen)(millions ofyen)
yen)

1,200

1,200—

Drawdown
Term
Date

Repayment
Date

Date of
Early
Repayment

CollateralBasicinterest
March 16,
March 16, June 20, Unsecured,rate
1 year2017
2018
2017 unguaranteed+0.45%(Note 3)(Note 4) (Note 5)(2) Early repayment of the following borrowings based on the Commitment Line Agreement concludedon June 8, 2016.(Notes 2 and 6)

Lenders

Borrowing
BorrowingAmount Repayment Amount
before the Amountafter theInterest
Repayment (millions of Repayment
Rate(millions ofyen)(millions ofyen)yen)

Drawdown
Term
Date

Repayment
Date

Date of
Early
Repayment

Collateral

The Bank ofTokyo-Mitsubishi UFJ, Ltd.
Basic
Sumitomo Mitsui Banking
interest
Corporation
March 30,
March 30, June 20, Unsecured,rate
Mizuho Bank, Ltd.
18,0001,800
16,2001 year+0.45%
20172018
2017 unguaranteed
Mitsubishi UFJ Trust and(Note 3)
Banking Corporation(Note 4) (Note 5)
Sumitomo Mitsui TrustBank, Limited(Note 1) On March 16, 2017, the Fund procured ¥8,700 million in borrowings based on the Commitment LineAgreement. Ahead of schedule, the Fund repaid ¥7,500 million of this amount on May 26, 2017. Theborrowings shown in the table under (1), above, represent the remaining balance of said borrowings. For
details, please refer to the March 7, 2017 press release “Notice Concerning Debt Financing” and the May－ 2 －16, 2017 press release “Notice Concerning Repayment of Debt Financing.”(Note 2) Because of this early repayment, the Fund will incur a break funding cost, calculated based on the actual
number of days from the day following the Date of Early Repayment to the following Interest PaymentDate.
(Note 3) The basic interest rate applied to the calculation period for the interest to be paid on each interest
payment date will be the JBA 1-month JPY TIBOR (Tokyo Interbank Offered Rate, published by the JBA
TIBOR Administration) as of two business days before the preceding Interest Payment Date (or, for thefirst interest rate calculation period, two business days before the Drawdown Date).
(Note 4) The basic interest rate indicated in (Note 3) is revised each Interest Payment Date. However, in theabsence of an applicable rate for an interest rate calculation period, the basic interest rate for theconcerned period is calculated based on the method stated in the contract. For information on the JBA
1-month JPY TIBOR, which serves as the basic interest rate, please refer to the JBA TIBOR
Administration’s website (http://www.jbatibor.or.jp/english/rate/)(Note 5) The interest payment dates are the 26th of every month, beginning April 26, 2017, until the Repayment
Date, as well as the Repayment Date. If any of these days is a non-business day, the interest repayment
date will be the following business day, or the prior business day if the following business day is in the nextmonth.
(Note 6) For details regarding the borrowings based on the Commitment Line Agreement shown in the table under(2), above, please refer to the March 21, 2017 press release “Notice Concerning Debt Financing.”

III. Status of Interest-Bearing Liabilities after Financing Procurement and Repayments(Millions of yen)
Before Financing
Procurement andRepayments

After Financing
Procurement andRepayments

ChangeShort-term debt

19,20016,200-3,000Current portion of
long-term debt(Note 1)

64,95461,054-3,900Long-term debt(Note 2)

401,308405,208+3,900485,462

482,462-3,0004,000

4,000—

18,50018,500—22,50022,500—507,962

504,962-3,000Total debt
Current portion of
investment corporation
bonds(Note 1)
Investment corporation
bonds(Note 3)
Total investment
corporation bonds
Total interest-bearing
liabilities(Note 1)(Note 2)
(Note 3)As of the end of the 3rd fiscal period (February 28, 2017).
Excludes the current portion of long-term debt.
Excludes the current portion of investment corporation bonds.

IV. Forecasts of Financial Results
The financing procurement and repayments described above will have only a small impact on Nomura
Master Fund’s operations in the 4th fiscal period (March 1, 2017 to August 31, 2017). Accordingly, there is
no revision to the forecasts of financial results.

V. Other Matters Required for Investors to Accurately Understand and Evaluate the Information
The risk involved in the financing procurement and repayment described above has not caused any
material change from the content of “Section 1 Fund Information / 1 Status of Fund / 3 Investment Risks”
of the Securities Report (in Japanese) filed on May 29, 2017.
*Nomura Real Estate Master Fund, Inc.’s website: http://www.nre-mf.co.jp/en/－ 3 －