[For Translation Purposes Only]
June 21, 2016

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:
Ken Okada
Director and Managing Executive Officer
TEL. +81-3-3365-8767 nmf3462@nomura-re.co.jp

Notice Concerning Debt Financing

Nomura Real Estate Master Fund, Inc. (“Nomura Master Fund” or the “Fund”) announced todaythat the Fund will procure debt financing as stated below.
Ⅰ．Debt Financing
1. PurposeNomura Master Fund has decided to procure the debt financing to repay the existing borrowing.
2. Details of Debt Financing
Loan Type：Term Loan (Scheduled contract date: June 23, 2016)
Lenders
Sumitomo Mitsui Banking
Corporation

Amount(millions of yen)

4,700

Interest Rate
Basic Interest
Rate+0.09％

Drawdown
Date

Term

Repayment
Date (Note 1)

June 27,2016

6 months

Lump-sum
December 27,
Unsecured,
repayment on the2016
unguaranteed
repayment dateJune 27,2016

7 years
and 11months

June 27,2016

8 years
Lump-sum
November 26,
Unsecured,
and 5
repayment on the2024
unguaranteedmonthsrepayment dateJune 27,2016

9 years
Lump-sum
November 26,
Unsecured,
and 5
repayment on the2025
unguaranteedmonthsrepayment dateJune 27,2016

9 years
and 11months(Note 2) (Note3) (Note4)

Mitsubishi UFJ Trust and Banking
Corporation

2,700

Development Bank of Japan Inc.

2,250

Fixed

(To be determined)(Note5) (Note6)

Fixed(To be determined)(Note5) (Note6)

Mitsubishi UFJ Trust and Banking
Corporation

2,000

Development Bank of Japan Inc.

2,500

Fixed

(To be determined)(Note5) (Note6)

Fixed(To be determined)(Note5) (Note6)－ 1 －May 26,
2024

May 26,
2026

Terms of
Repayment

CollateralLump-sum
Unsecured,
repayment on theunguaranteed
repayment dateLump-sum
Unsecured,
repayment on theunguaranteed
repayment date

(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) Basic Interest Rate, which applies to the calculation period of the interest rate to be paid on the Interest Payment Date, will be
JBA 1 month JPY TIBOR 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.
(Note 3) Basic Interest Rate indicated in (Note 2) will be reviewed on each Interest Payment Date. However, in the case the rate that applies
to the calculation period of the interest rate does not exist, what is calculated based on the method stated in the contract will be
the Basic Interest Rate that applies to the concerned period. Refer to the JBA TIBOR Administration website regarding thechanges in the respective JBA Japanese Yen TIBOR, the base interest rate.
(Note 4) July 31, 2016, the first interest payment date, and end of the every month until the Repayment 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)(Note 5) November 26, 2016, the first interest payment date, and 26th of every May and November thereafter until the Repayment 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 thenext month)(Note 6)The interest rate will be determined on or before the anticipated borrowing date based on the contract scheduled on June 23, 2016
concerning this borrowing. We will make an announcement about the interest when it is determined.

3. Use of Funds(1) Specifics:(2) Scheduled Date of Use:

To be used for a part of repayment of the existing borrowings based on the termloan(Note 1) agreement totaling ¥16 billion which will mature on June 27, 2015. (Theremaining to be repaid with cash on hand procured by the sale of assets .(Note 2))
June 27, 2016

(Note 1) For details of the term loan agreement maturing on June 25 and June 26, 2016 please refer to the press releases “Notice Concerning
Debt Financing” announced by Nomura Real Estate Office Fund on June 22, 2009 and “Notice Concerning Debt Financing”
announced by Nomura Real Estate Residential Fund on December 21, 2011.
(Note 2) For a profile of the property, refer to the “Notice Concerning Property Acquisition and Disposition”, released on May 9, 2016.

Ⅱ．Status of Interest Bearing Debts after Debt Financing and Repayment(millions of yen)

Before drawdown and therepayment

After drawdown and therepayment

Increased/Decreased
AmountShort-term Borrowings－4,700＋4,700Current portion ofLong-term borrowings

42,494

26,344－16,150

326,049

335,499＋9,450368,543366,543－2,0005,000

5,000－

27,50027,500－32,50032,500－401,043

399,043－2,000(Note 1)Long-term borrowings(Note2)
Total Borrowings
Current portion ofInvestment Corporation
Bonds(Note 1)
Investment Corporation
Bonds(Note3)
Total Investment Corporation
Bonds
Total Interest-Bearing Debts(Note 1) Nature of term is as of the end of the 1st fiscal period (February 29, 2016).
(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 only small impact to Nomura Master Fund’s forecasts of financial results for the fiscal period
ending August 31, 2016 (March 1, 2016 to August 31, 2016), there is no revision to the forecast offinancial results.
－ 2 －Ⅳ．Other Matters Required for Investors to Accurately Understand and Evaluate the Information
No change has been made to the content of “Section 1 Fund Information / 1 Status of Fund / 3
Investment Risks” of the Security Registration Statement (in Japanese) filed on May 25, 2016, regarding
the risk involved in the debt financing.

*Nomura Real Estate Master Fund, Inc. URL: http://www.nre-mf.co.jp/english/－ 3 －