[For Translation Purposes Only]
August 21, 2018

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:
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 “NMF” or the “Fund”) announced thedecision made today that it will procure debt financing (the “Debt Financing”) to refinance the existing debt totaling¥7,400 million (the “Existing Debt”) 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 August 27,2018.

2.Details
Loan Type：Term Loan (Scheduled contract date: August 23, 2018)
AmountDrawdown
Lenders(millions Interest Rate
Dateof yen)Fixed
1,000 (To be determined)(Note2) (Note3)
THE BANK OF FUKUOKA,LTD.
Fixed
1,000 (To be determined)(Note2) (Note3)
August 27,
2018
Fixed
MUFG Bank, Ltd.
1,800 (To be determined)(Note2) (Note3)

MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Total

3,600

Fixed
(To be determined)(Note2) (Note4)

Term

RepaymentDate(Note1)

8 years

August 26,2026

9 years

August 26,
2027

10 years

August 26,
2028

Terms of
Repayment

CollateralLump-sum
repayment
Unsecured,on theunguaranteed
9 years
February 26, repayment
and 6
date
2028
months7,400(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) The interest rate will be determined on or before the anticipated borrowing date based on the contract dated August 23, 2018
concerning this borrowing. We will make an announcement about the interest when it is determined.
(Note 3) The interest payment dates are the 26th of every February and August, beginning February 26, 2019, 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 businessday, or the prior business day if the following business day is in the next month.
(Note 4) The interest payment dates are the 26th of every February, May, August and November, beginning November 26, 2018, until theRepayment Date, as well as the Repayment Date. If any of these days is a non-business day, the interest payment date will be thefollowing business day, or the prior business day if the following business day is in the next month.

－ 1 －3.Use of Funds① Amount:¥ 7,400 million② Specifics:

To be used for repayment of the existing borrowings based on the term loan(Note)agreement totaling ¥7,400 million which will mature on August 27, 2018.

③ Scheduled Date of Use:August 27, 2018(Note) For details of the term loan agreement, please refer to the press release “Notice Concerning Debt Financing” announced by Nomura
Real Estate Office Fund, Inc. on August 22, 2013 (https://www.nre-mf.co.jp/file/nof/tmp-VKgCs.pdf) and the press release “NoticeConcerning Debt Financing” announced by Nomura Real Estate Residential Fund, Inc. on September 26, 2013 (https://www.nremf.co.jp/file/nrf/tmp-8H8uc.pdf).

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

Before Financing andAfter Financing andIncreased/Decreas
Repayment of the Existing Debt Repayment of the Existinged Amount(Note 1)
(Note1)
Debt
Short-term Borrowings

500500－Current portion of Long-termborrowings (Note 2)

35,81728,417－7,400Long-term borrowings(Note 3)

438,837

446,237＋7,400Total Borrowings

475,155

475,155－－－－22,00022,000－Total Investment Corporation Bonds

22,00022,000－Total Interest-Bearing Debts

497,155

497,155－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 August 27, 2018.
(Note 2) Nature of term is as of the end of the 5th fiscal period (February 28, 2018).
(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 August 31,
2018 (March 1, 2018 to August 31, 2018) and February 28, 2019 (September 1, 2018 to February 28, 2019) by the Debt
Financing as it has only small impact to the forecast of financial results.

IV.Other

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 31, 2018 regarding the risk involved in the Debt Financing.

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