[For Translation Purposes Only]
February 17, 2020

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 ¥8,250 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 February 26,
2020.

2.Details
Loan Type：Term Loan (Scheduled contract date: February 21, 2020)
AmountDrawdown
Lenders(millions Interest Rate
Dateof yen)FixedThe Chiba Bank, Ltd.
1,000 (To be determined)

Term

RepaymentDate(Note1)

7 years

February 26,
2027

7 years

February 26,
2027

10 years

February 26,
2030

10 years

February 26,
2030(Note2) (Note3)

Sumitomo Mitsui Trust Bank,
Limited
THE NISHI-NIPPON CITY
BANK, LTD.
MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Total

Fixed

1,500

(To be determined)

1,500

Fixed
0.48000%(Note2) (Note3)

February 26,
2020(Note3)

4,250

Fixed

(To be determined)(Note2) (Note3)

Terms of
Repayment

CollateralLump-sum
repayment
Unsecured,on theunguaranteed
repayment
date

8,250

(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) These interest rates will be determined on or before the anticipated borrowing date based on the contract dated February 21, 2020
concerning these borrowings. We will make an announcement about the interest rates when they are determined.
(Note 3) The interest payment dates are the 26th of every February, August, beginning August 26, 2020, until the Repayment Date, as well as
the 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:¥ 8,250 million－ 1 －② Specifics:

To be used for repayment of the existing borrowings based on each termloan(Note) agreement totaling ¥8,250 million which will mature on February 26,2020.

(Note) For details of each term loan agreement, please refer to the press releases “Notice Concerning
Debt Financing” announced by Nomura Real Estate Office Fund, Inc. on March 25, 2014(https://www.nre-mf.co.jp/file/nof/tmp-XytdJ.pdf) and on August 25, 2015 (https://www.nremf.co.jp/file/nof/tmp-eHTgD.pdf).

③ Scheduled Date of Use:February 26, 2020

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

Before Financing andRepayment of the Existing
Debt (Note1)

After Financing andRepayment of the Existing
Debt (Note1)

Increased/Decrea
sed Amount－－－

Current portion of Long-termborrowings (Note 2)

36,69228,442－8,250

Long-term borrowings(Note 3)

444,034

452,284＋8,250

Total Borrowings

480,727

480,727－

5,0005,000－

25,00025,000－Total Investment CorporationBonds

30,00030,000－Total Interest-Bearing Debts

510,727

510,727－

Short-term Borrowings

Current portion of Investment
Corporation Bonds (Note 2)
Investment Corporation Bonds(Note 4)(Note 1) Both columns indicate figures excluding the repayment of ¥21.4 million of the agreed repayments scheduled for February 26,2020.
(Note 2) Nature of term is as of the end of the 8th fiscal period (August 31, 2019).
(Note 3) Excludes Long-term Borrowings due within one year.
(Note 4) 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 InvestmentRisks” of the Securities Report (in Japanese) filed on November 27, 2019 and “Section 2 Reference Information / 2Supplement Information / 8 Investment Risks” of the Securities Registration Statement (in Japanese) filed on December
5, 2019, regarding the risk involved in the Debt Financing.

*<Nomura Real Estate Master Fund, Inc.> URL: https://www.nre-mf.co.jp/en/－ 2 －