[For Translation Purposes Only]
October 21, 2019

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:
Hiroshi Ishigooka
Executive Officer
Head of NMF Investment Management GroupTEL +81-3-3365-8767 nmf3462@nomura-re.co.jp

Notice Concerning Debt Financing
Nomura Real Estate Master Fund, Inc. (“NMF” or the “Fund”) announced the decision made today that it willprocure debt financing (the “Debt Financing”) to refinance the existing debt totaling ¥7,000 million (the “ExistingDebt”) as described below.

I.Debt Financing
1.Purpose

The Fund has decided to procure the loan in order to repay current outstanding loans, which mature on October 28,
2019.

2.Details
Loan Type：Term Loan (Scheduled contract date: October 24, 2019)
AmountDrawdown
Lenders(millions Interest Rate
Dateof yen)
MUFG Bank, Ltd.
Sumitomo Mitsui Banking
CorporationMizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank,
Limited4,000

Basic interestrate+0.14%(Note2) (Note3) (Note4)

Term

Repayment Terms ofDate(Note1) Repayment

2 years
and 8months

June 26,2022

3 years

October 26,
2022

October
28, 2019

MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank,
Limited

3,000

Total

7,000

Basic interest
rate+0.17%

CollateralLump-sum
repayment
Unsecured,on theunguaranteed
repaymentdate(Note2) (Note3) (Note4)(Note 1) Repayment Date is the following business day if the date is a non-business day, or the prior business day if the following businessdate is in the next month.
(Note 2) Base interest rate, which applies to the calculation period of the interest rate to be paid on the interest payment date, will be Japanese
Bankers Association (“JBA”) 1-month JPY TIBOR(“Tokyo Interbank Offered Rate”) as of two business days before the previous
interest payment date of the respective interest payment dates (however, the Drawdown Date for the first interest rate calculation
period) announced by the JBA TIBOR Administration(“JBATA”).
(Note 3) Base interest rate indicated in (Note 2) is reviewed on each interest payment date. However, in the case the rate that applies to thecalculation period of the interest rate does not exist, what is calculated based on the method stated in the contract will be the baseinterest rate that applies to the concerned period. For JBA Japanese yen TIBOR, please refer to JBATA website.
( http://www.jbatibor.or.jp/english/rate/)(Note 4) The interest payment dates are the 26th of every month beginning November 26, 2019, until the Repayment Date, as well as the－ 1 －Repayment Date. If any of these days is a non-business day, the interest payment date will be the following business day, or theprior business day if the following business day is in the next month.

3.Use of Funds① Amount:¥ 7,000 million② Specifics:

To be used for partial repayment of the existing borrowings based on each termloan(Note) agreement totaling ¥7,000 million which will mature on October 28,2019.
(Note) For details of each term loan agreement, please refer to the press releases “Notice Concerning
Debt Financing” announced by Nomura Real Estate Master Fund, Inc. both on October 18, 2016(https://www.nre-mf.co.jp/file/en-news-0a7787a70e8a4d81445287336484f80e70d94790.pdf) andon March 7, 2017.
(https://www.nre-mf.co.jp/file/en-news-7934c9792a86e4ac7fab9a551f9aae56ce5babd5.pdf).

③ Scheduled Date of Use:

October 28, 2019

II.Status of Interest Bearing Debts after Financing and Repayment of the Existing Debt
(Millions of Yen)

Before Financing andRepayment of the Existing
Debt

After Financing andRepayment of the Existing
Debt

Increased/Decrea
sed Amount－－－

Current portion of Long-termborrowings (Note 1)

58,38551,385－7,000Long-term borrowings(Note 2)

422,384

429,384＋7,000Total Borrowings

480,770

480,770－

Current portion of Investment
Corporation Bonds

5,000

5,000－

25,00025,000－Total Investment Corporation
Bonds

30,00030,000－Total Interest-Bearing Debts

510,770

510,770－

Short-term Borrowings(Note 1)

Investment Corporation Bonds(Note 3)(Note 1) Nature of term is as of the end of the 8th fiscal period (August 31, 2019).
(Note 2) Excludes Long-term Borrowings due within one year.
(Note 3) Excludes Investment Corporation Bond due within one year.

III.Forecasts of Financial Results
There is no revision to Nomura Master Fund’s forecasts of financial results for the fiscal period ending February 29,2020 (September 1, 2019 to February 29, 2020) and the fiscal period ending August 31, 2020 (March 1, 2020 to August 31,2020) by the Debt Financing as it has only small impact to the forecast of financial results.

IV.OtherNo significant change has been made to the content of “Section 1 Fund Information / 1 Status of Fund / 3
Investment Risks” of the Securities Report (in Japanese) filed on May 29, 2019 regarding the risk involved in the Debt
Financing.
*<Nomura Real Estate Master Fund, Inc.> URL: https://www.nre-mf.co.jp/en/－ 2 －