[For Translation Purposes Only]
October 18, 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: October 27, 2016)
Lenders
The Bank of Tokyo-Mitsubishi UFJ,
Ltd.
Sumitomo Mitsui Banking
Corporation
Mizuho Bank, Ltd.
Mitsubishi UFJ Trust and Banking
Corporation
Sumitomo Mitsui Trust Bank., Ltd.

Amount(millions of yen)

3,000

Interest Rate

Basic Interest
Rate+0.17％

Drawdown
Date

Term

Repayment
Date (Note 1)

October 31,2016

3 years

Lump-sum
October 26,
Unsecured,
repayment on the2019
unguaranteedrepayment date(Note 2) (Note3) (Note4)

Terms ofRepayment

Collateral(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 bethe 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) November 26, 2016, the first interest payment date, and 26th 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)－ 1 －3. Use of Funds(1) Specifics:

To be used for repayment of the existing borrowings based on the term loanagreement (Note) totaling ¥3 billion which will mature on October 31, 2016.

(2) Scheduled Date of Use:

October 31, 2016

(Note) For details of the term loan agreement maturing on October 31, 2016 please refer to the press release “Notice Concerning
Borrowing” announced by Top REIT Inc. on March 8, 2012 (For the press release of Top REIT Inc., please refer tohttp://www.nre-mf.co.jp/en/ir/index_top.html).

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－－－

Current portion ofLong-term borrowings

89,16886,168－3,000378,221381,221＋3,000467,389

467,389－

10,00010,000－22,50022,500－32,500

32,500－499,889

499,889－(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 2nd fiscal period (August 31, 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 February 28, 2017 (September 1, 2016 to February 28, 2017), there is no revision to the forecastof financial results.
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 Securities Report (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/－ 2 －