[For Translation Purposes Only]
September 13, 2019

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 Issuance of Investment Corporation Bonds
Nomura Real Estate Master Fund, Inc. (“NMF” or the “Fund”) announced today that it has decided to issueinvestment corporation bonds based on the comprehensive resolution on issuance of the investment corporation bonds
at the Board of Directors meeting held on September 18, 2018 as described below.

1. Outline of the Investment Corporation Bond
(1) Name(2) Total amount of Issuance(3) Form of Bond Certificates(4) Issue Price(5) Redemption Price(6) Interest Rate
(7) Amount of Each Bond
(8) Offering Method(9) Date of Application(10) Date of Payment(11) Collateral / Guarantee(12) Redemption Method and Date(13) Interest Payment Date(14) Financial Covenant(15) Credit Ratings(16) Agent for Finance, Issuanceand Payment(17) Underwriters

Nomura Real Estate Master Fund, Inc. Fifth Series of Unsecured Investment
Corporation Bonds(Special pari passu conditions among specified investment corporation bonds) (the“Bonds”)
5 billion yen
Subject to the provisions of the Act on Book-Entry Transfer of Company Bonds,Shares, etc., no bond certificates will be issued.
100 yen per value of 100 yen of each bond
100 yen per value of 100 yen of each bond0.900 % per annum
100 million yen
Public offering
September 13, 2019 (Friday)
September 20, 2019 (Friday)
Neither collateral nor guarantee is provided for the Bonds, and no asset is particularly
secured for the Bonds.
The total amount of the Bonds will be redeemed on September 20, 2039 (20-yearbond). Redemption by purchase is permitted any time on and after the following dayof the payment date except for the case separately determined by the depository,
Japan Securities Depository Center, Inc.
March 20 and September 20 every year (The first interest payment date will be on
March 20, 2020.)
Negative pledge clause is attached.
AA (Japan Credit Rating Agency, Ltd.)
Sumitomo Mitsui Banking Corporation
Nomura Securities Co., Ltd.

2. Reason for Issuance

To allocate the funds for a part of repayment of the outstanding short-term borrowings in order to extend borrowing
periods and fix the interest rate.

3. Amount of Funds to be Raised, Use of Proceeds and Scheduled Timing of Expenditure(1) Amount of Funds to be Raised (estimated net proceeds): 4,950 million yen－ 1 －(2) Specific Use of Proceeds and Scheduled Timing of Expenditure:
The proceeds from the issuance of the Bonds will be allocated for a part of the early repayment of theoutstanding borrowings maturing on February 26, 2020 based on the Commitment Line Agreement. The
scheduled timing of expenditure is on October 2, 2019. For more details on the early repayment, please see thepress release “Notice Concerning Early Repayment of Debt Financing” dated today.

(Note) Other than the issue of the Bonds shown above , NMF has decided to issue Nomura Real Estate Master Fund, Inc. Fourth
Series of Unsecured Investment Corporation Bonds totaling ¥3,000 million (Special pari passu conditions among specified
investment corporation bonds) (hereinafter referred to as the “Green Bonds”) as of today. NMF will make an early
repayment of existing debt financing totaling ¥8,000 million under a commitment line agreement dated June 8, 2018 withproceeds procured from the issuance of the Bonds, the Green Bonds and cash on hand (hereinafter referred to as the“Early Repayment”. Also, issuance of the Bonds, the Green Bonds and the Early Repayment are collectively referred to as
the “Financings”.). For more details on the Green Bonds and the Early Repayment, please see the press releases “NoticeConcerning Issuance of Investment Corporation Bonds (Green Bonds)” and “Notice Concerning Early Repaymentof Debt Financing” dated today respectively.

4. Outstanding Debt Balance after the Financings(Millions of Yen)

Before the Financings
Short-term Borrowings
Long-term Borrowings Duewithin One Year (Note 1)
Long-term Borrowings(Note 2)

Total Borrowings
Investment CorporationBonds Due within One Year

After the Financings

Change

8,000－－8,00029,942

29,942－450,827450,827－

488,770

480,770－8,000－－－22,00030,000＋8,00022,00030,000＋8,000510,770

510,770－(Note 1)

Investment Corporation
Bonds(Note 3)
Total Investment CorporationBonds
Total Interest-Bearing Debts(Note 1) Nature of term is as at the end of the 7th fiscal period (February 28, 2019).
(Note 2) Excludes Long-term Borrowings due within one year.
(Note 3) Excludes Investment Corporation Bond due within one year.

5. Forecasts of Financial Results

There is no revision to NMF’s forecasts of financial results for the fiscal period ending February 29, 2020 (September1, 2019 to February 29, 2020) by the Financings as it has only small impact to the forecast of financial results.

6. Others

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 29, 2019 regarding the risk involved in the Financings.

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