[For Translation Purposes Only]
February 26, 2016

For Immediate Release
To Whom It May Concern
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:
Motomi Uki
Director and Managing Executive Officer
TEL. +81-3-3365-8767 nmf3462@nomura-re.co.jp

Notice Concerning Debt Financing and Concluding Interest-Rate Swap Agreements

Nomura Real Estate Master Fund, Inc. (“Nomura Master Fund” or the “Fund” or ”NMF”) announced todaythat the Fund will procure debt financing (the “Loans”) and signed interest rate swap agreements regarding theLoans, as stated below.

Ⅰ．Debt Financing
1. Purpose
Nomura Master Fund has decided to procure the debt financing in order to pay for the acquisition of anasset.
Details of Debt Financing（1） Term Loan
2.

Loan Type：Floating-rate, contracted on Feburuary 26, 2016

Lenders

The Norinchukin BankDevelopment Bank of Japan Inc.

Amount(millions of yen)400

1,000Interest Rate

DrawdownDate

Term

RepaymentDate(Note 5)

Terms ofRepayment

Collateral

Floating-rateBasic Interest Rate
March 1,+0.26%
2016(Note 1)(Note 2)(Note 3)(Note 5)

February 26, repayment on Unsecured,
5 years2021
the repayment unguaranteed

March 1,
2016

Lump-sum
6 years
August 26, repayment on Unsecured,
and 6
2022
the repayment unguaranteed
month
date

0.32886% p.a.
(Note 4)－ 1 －Lump-sumdateAmount

Lenders(millions of yen)Mizuho Trust & Banking Co.,Ltd,The Norinchukin Bank,
Resona Bank, Limited,
The Bank of Fukuoka, Ltd.

Nippon Life Insurance
CompanyMizuho Bank, Ltd.
Mitsubishi UFJ Trust andBanking CorporationSumitomo Mitsui Trust Bank,
LimitedThe Bank of Tokyo-Mitsubishi
UFJ, Ltd
Sumitomo Mitsui Banking
Corporation

2,800

1,000

4,200

4,000

Interest Rate

Drawdown
Date

Floating-rate
Basic Interest Rate
+0.49%March 1,
(Note 1)(Note 2)
2016(Note 3)(Note 5)0.43466% p.a.
(Note 4)

March 1,
2016

Term

RepaymentDate(Note 5)

Terms ofRepayment

CollateralLump-sum

February 26, repayment on Unsecured,
7 years2025
the repayment unguaranteeddate

7 years
and 6
month

Lump-sum

August 26, repayment on Unsecured,2026
the repayment unguaranteed

date

Floating-rate
Basic Interest Rate
March 1,+0.49%
2016(Note 1)(Note 2)(Note 3)(Note 5)

February 26, repayment on Unsecured,
9 years2025
the repayment unguaranteed

Floating-rate
Basic Interest Rate
March 1,+0.55%
2016(Note 1)(Note 2)(Note 3)(Note 5)

February 26, repayment on Unsecured,
10 years2026
the repayment unguaranteed

Lump-sumdate
Lump-sumdate(Note 1)

Basic Interest Rate, which applies to the calculation period of the interest rate to be paid on the Interest Payment Date, will be JBA
3 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 2) Basic Interest Rate indicated in (Note 1) 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 theBasic Interest Rate that applies to the concerned period. Refer to the JBA TIBOR Administration website regarding the changes in
the respective JBA Japanese Yen TIBOR, the base interest rate.
(Note 3) May 26, 2016, the first interest payment date, and 26th of every February, May, August, and November thereafter until theRepayment Date. (or 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 4) August 26, 2016, the first interest payment date, and 26th of every February and August thereafter until the Repayment Date. (orthe following business day if the date is a non-business day, or the prior business day if the following business date is in the nextmonth)(Note 5) Interest rates to be paid are fixed by concluding interest-rate swap agreements. Refer “II. Concluding Interest-rate Swap Agreement”
below for details.
(Note 6) 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.

（2） Commitment Line Agreement
Lenders

The Bank of Tokyo-Mitsubishi
UFJ, Ltd.,
Sumitomo Mitsui Banking
Corporation
Mizuho Bank, Ltd.

(Note 1)

(Note 2)

Amount(millions of yen)

1,300Interest Rate

Drawdown
TermDate

Loan Type

Repayment Terms ofDate(Note 5) Repayment

Collateral

Floating-rate
Term Loan
Lump-sum
Basic Interest Rate
(Commitment Line February 26, repayment on Unsecured,
March 1,+0.50%
1 yearAgreement,2017
the repayment unguaranteed
2016
contracted on June
(Note 1)(Note 2)
date11, 2015)(Note 3)

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.
Basic Interest Rate indicated in (Note 1) 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 theBasic Interest Rate that applies to the concerned period. Refer to the JBA TIBOR Administration website regarding the changes in－ 2 －Note 3)(Note4)(Note5)the respective JBA Japanese Yen TIBOR, the base interest rate.
May 26, 2016, the first interest payment date, and 26th of every months and November thereafter until the Repayment Date. (orthe following business day if the date is a non-business day, or the prior business day if the following business date is in the nextmonth)Interest rates to be paid are fixed by concluding interest-rate swap agreements. Refer “II. Concluding Interest-rate Swap Agreement”
below for details.
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

3.Use of Funds(1) Specifics:

Loan proceeds will be used in order to pay for a part of the acquisition of an asset
and the related expenses.

(2) Scheduled Date of Use:

March 1,2016

Ⅱ．Concluding Interest-Rate Swap Agreements
1．Purpose for Signing the Interest Rate Swap Agreements
With respect to the debt financing (among the Loans, ¥400 million debt financing with February 26, 2021 as
the repayment date will be referred to as the “5 Years Loan,” ¥2,800 million debt financing with February 26,
2023 as the repayment date will be referred to as the “7 Years Loan”, ¥4,200 million debt financing withFebruary 26, 2025 as the repayment date will be referred to as the “9 Years Loan”, ¥4,000 million debt financing
with February 26, 2026 as the repayment date will be referred to as the “10 Years Loan” the Fund intended toconvert the interest rate for such debt financing from floating-rate to fixed-rate for the entire period until therepayment date, in order to hedge risks of interest rate fluctuations.
2．Summary of Interest-Rate Swap Agreement<Long-Term Borrowing (5 Years Loan)>
1. Counterparty: Sumitomo Mitsui Trust Bank, Limited
2. Notional Principal Amount: ¥400 million
3. Interest Rate
: Fixed Payment ▲0.04190%p.a.
Variable Receipt JBA 3 months JPY TIBOR
4. Commencement Date
: March 1, 2016 (the same date of the Scheduled Drawdown Date of
the 5 years Loan financing as announced today)
5. Termination Date
: February 26, 2021 (the same date of the Scheduled Repayment Date of
the 5 years Loan financing as announced today)
6. Interest Payment Dates: For both payment to and from the counterparty, May 26, 2016, the firstinterest payment date, and 26th of every February, May, August, andNovember thereafter until February 26, 2021, and the Termination Date. (orthe following business day if such date is a non-business day, or the priorbusiness day if the following business date is on the next month)* Due to the swap agreement, the interest rate will be fixed at 0.21810% until the repayment of the 5 years Loan.

<Long-Term Borrowing (7 Years Loan)>
1. Counterparty: Sumitomo Mitsui Trust Bank, Limited
2. Notional Principal Amount: ¥2,800 million
3. Interest Rate
: Fixed Payment 0.03740%p.a.
Variable Receipt JBA 3 months JPY TIBOR
4. Commencement Date
: March 1, 2016 (the same date of the Scheduled Drawdown Date of
the 7 Years Loan financing as announced today)
5. Termination Date
: February 26, 2025 (the same date of the Scheduled Repayment Date of
the 7 Years Loan financing as announced today)
6. Interest Payment Dates: For both payment to and from the counterparty, May 26, 2016, the firstinterest payment date, and 26th of every February, May, August, andNovember thereafter until August 26, 2024, and the Termination Date. (or thefollowing business day if such date is a non-business day, or the prior business
day if the following business date is on the next month)－ 3 －* Due to the swap agreement, the interest rate will be fixed at 0.40740% until the repayment of the 7 Years Loan.

<Long-Term Borrowing (9 Years Loan)>
1. Counterparty: Sumitomo Mitsui Trust Bank, Limited
2. Notional Principal Amount: ¥4,200 million
3. Interest Rate
: Fixed Payment 0.13675%p.a.
Variable Receipt JBA 3 months JPY TIBOR
4. Commencement Date
: March 1, 2016 (the same date of the Scheduled Drawdown Date of
the 8 Years and 6 Months Loan financing as announced today)
5. Termination Date
: February 26, 2025 (the same date of the Scheduled Repayment Date of
the 8 Years and 6 Months Loan financing as announced today)
6. Interest Payment Dates: For both payment to and from the counterparty, May 26, 2016, the firstinterest payment date, and 26th of every February, May, August, andNovember thereafter until August 26, 2024, and the Termination Date. (or thefollowing business day if such date is a non-business day, or the prior business
day if the following business date is on the next month)* Due to the swap agreement, the interest rate will be fixed at 0.62675% until the repayment of the 9 Years Loan.

<Long-Term Borrowing (10 Years Loan)>
1. Counterparty: Sumitomo Mitsui Trust Bank, Limited
2. Notional Principal Amount: ¥4,000 million
3. Interest Rate
: Fixed Payment 0.19080%p.a.
Variable Receipt JBA 3 months JPY TIBOR
4. Commencement Date: March 1, 2016 (the same date of the Scheduled Drawdown Date of
the 10 Years Loan financing as announced today)
5. Termination Date
: February 26, 2026 (the same date of the Scheduled Repayment Date of
the 10 Years Loan financing as announced today)
6. Interest Payment Dates: For both payment to and from the counterparty, May 26, 2016, the firstinterest payment date, and 26th of every February, May, August, andNovember thereafter until August 26, 2024, and the Termination Date. (or thefollowing business day if such date is a non-business day, or the prior businessday if the following business date is on the next month)* Due to the swap agreement, the interest rate will be fixed at 0.74080% until the repayment of the 10 Years Loan.

Ⅲ．Status of Interest Bearing Debts after Debt Financing and Repayment
Before drawdown andthe repayment
Short-term Borrowings
Long-term Borrowings(Note 1)After drawdown and therepayment(¥mln)
Increased/Decreased
Amount9,100

10,400+1,300361,564

374,964+13,400

Investment Corporation
Bond (Note 2)
Sub Total

32,50032,500－394,064

407,464+13,400

Total

403,664

417,864+14,700(Note 1)
(Note 2)Includes Long-term Borrowings due within one year
Includes Investment Corporation Bond due within one year

－ 4 －Ⅳ．Other Matters Required for Investors to Accurately Understand and Evaluate theInformation
NMF was incorporated through the consolidation-type merger as of October 1, 2015, and has not filed any Securities
Registration Statement or Securities Report and therefore has not disclosed “Investment Risks” yet. Please refer to thecontent of “Investment Risks” of the Securities Reports (in Japanese) filed by Former NMF on November 27, 2015, byNomura Real Estate Office Fund, Inc. on July 29, 2015 and by Nomura Real Estate Residential Fund, Inc. on August 26,
2015, respectively, regarding the risks involved in the repayment of the borrowings, etc., as there is no material change insuch risks.
NMF is to disclose its “Investment Risks” in the Securities Report of NMF (the fiscal period from October 1, 2015 toFebruary 29, 2016) to be filed hereafter.

*Nomura Real Estate Master Fund, Inc. URL: http://www.nre-mf.co.jp/english/－ 5 －