[For Translation Purposes Only]
August 7, 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.
Koki Miura, 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 (Green Bonds) andEarly Repayment of Borrowings
Nomura Real Estate Master Fund, Inc. (“NMF” or the “Fund”) announced today that it has decided to issue
investment corporation bonds (green bonds) (the “Bonds”) based on the comprehensive resolution on issuance of theinvestment corporation bonds at the Board of Directors meeting held on September 20, 2019 and also make an early
repayment of borrowings (the “Early Repayment”. It is collectively referred to as the "Financing” together with theissuance of the Bonds) as described below.

I. Issuance of the Investment Corporation Bonds

1. Outline of the Investment Corporation Bonds to Be Issued(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. Sixth Series of Unsecured Investment
Corporation Bonds (Special pari passu conditions among specified investment
corporation bonds)(Green Bonds)
7 billion yenSubject to the provisions of the Act on Book-Entry Transfer of Company Bonds,Shares, etc., in principle, NMF shall not issue investment corporation bondcertificates for the Bonds.
100 yen per value of 100 yen of each bond
100 yen per value of 100 yen of each bond
0.540 % per annum
100 million yen
Public offering
August 7, 2020 (Friday)
August 14, 2020 (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 August 14, 2030(10-year bond).
Redemption by purchase is permitted any time on and after the following day of thepayment date except for the case separately determined by the depository, JapanSecurities Depository Center, Inc.
February 14 and August 14 every year (The first interest payment date will be on
February 14, 2021.)
Negative pledge clause is attached.
AA (Japan Credit Rating Agency, Ltd.)MUFG Bank, Ltd.
Nomura Securities Co., Ltd., SMBC Nikko Securities Inc., Mizuho Securities Co., Ltd.
and Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

－ 1 －2. Reason for Issuance
NMF believes that the issuance of the Bonds would contribute to further promotion of asset management withdue consideration given to ESG as well as further reinforcement of its fund procurement base by reaching out tobond investors who are interested in ESG investment to expand its investor base. Therefore, NMF decided to issue
the Bonds to allocate the funds for 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): 6,947 million yen(2) Specific Use of Proceeds and Scheduled Timing of Expenditure:
On August 25, 2020, NMF will allocate the proceeds from the issuance of the Bonds to repay the funds forthe early repayment of the borrowing maturing on February 26, 2021 based on the Commitment Line
Agreement, which were borrowed for allocating partial funds for redemption of the investment corporation
bonds issued for acquiring an eligible green project (Note), NRE Tennozu Building, as described in II. 2. (1) below,
and also repay the funds for the early repayment of the borrowing maturing on February 26, 2021 based on theCommitment Line Agreement, which were borrowed for acquiring an eligible green project, PMO
Hamamatsucho, as described in II. 2. (2) below.
(Note) The term “eligible green projects” means existing or new specified assets that fulfill the eligible criteria. The same applies
hereinafter. For more details on the eligible criteria, please see the press release “Notice Concerning Submission of Amendment to theShelf Registration Statement for Green Bond Issuance” dated August 7, 2019. Furthermore, in August 2019, NMF acquired “Green1(F)”,the highest rating in JCR Green Finance Framework Evaluation by Japan Credit Rating Agency, Ltd. (JCR) for its eligibility of green
finance framework. NMF confirmed this evaluation also applies on the Bonds. For details of JCR Green Finance Framework Evaluation,please refer to JCR website (JCR Green Finance Evaluation: https://www.jcr.co.jp/en/greenfinance/green/).

4. Investors Who Declared Investment in the Bonds
Listed below in alphabetical order are investors to date who declared their intention of investment in the Bonds.
・Daitokyo Shinkumi Credit Cooperative
・Danyo Shinkumi Bank・GUNMAMIRAI Shinkumi Bank・Kiryu Shinkin Bank・Mitsubishi UFJ Trust and Banking Corporation
・Nagano Shinkin Bank・Niigata credit union
・NISHIHYOGO SHINKIN BANK
・North Pacific Bank, Ltd.
・SHIZUOKA YAIZU SHINKIN BANK・SUWA SHINKIN BANK・TETSUDOKOSAIKAI FOUNDATION
・THE AWAJI SHINKIN BANK・The Hanno-Shinkin Bank・The Kita Osaka Shinkin Bank・The SAGAMI Shinkin Bank・TOKUSHIMA SHINKIN BANK－ 2 －II. Purpose and Outline of the Early Repayment

1. Purpose of the Early Repayment
For the purpose of extending the borrowing period, fixing interest rates, NMF will make the early repayment ofthe existing borrowings of ¥2,500 million and ¥4,500 million with the proceeds from the issuance of the Bonds
and cash on hand.

2. Outline of the Early Repayment(1) The early repayment of the following term loan based on the Commitment Line Agreement contracted on June 10,
2019. (Note 1)

Lenders

MUFG Bank, Ltd.
Sumitomo Mitsui Banking
CorporationMizuho Bank, Ltd.
Sumitomo Mitsui Trust
Bank, Limited

BorrowingAmountbeforeEarlyRepayment(Millions ofYen)

2,500

Borrowing
Early
Amount after
Repayment
EarlyAmount
Repayment(Millions of(Millions ofYen)
Yen)

2,500

-Interest
Rate

Drawdown
TermDate

Repayment
Date

Scheduled
Early
Collateral
Repayment
Date

BasicInterest
rate+0.49％March 11,2020

February 26,
2021

August 25,
2020(Note2)(Note3)(Note4)

1 yearUnsecured,
unguaranteed(Note 1) From the Early Repayment, break funding cost will occur, calculated by the actual days from the following date of Repayment Date to the following
Interest Payment Date.
(Note 2) Base interest rate, which applies to the calculation period of the interest rate to be paid on the interest payment date, will be Japanese Bankers
Association (“JBA”) 1-month JPY TIBOR(“Tokyo Interbank Offered Rate”) 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(“JBATA”).
(Note 3) Base interest rate indicated in (Note 2) is reviewed on each interest payment date. However, in the case the rate that applies to the calculation periodof the interest rate does not exist, what is calculated based on the method stated in the contract will be the base interest rate that applies to theconcerned period. For JBA Japanese yen TIBOR, please refer to JBATA website. ( http://www.jbatibor.or.jp/english/rate/)(Note 4) The interest payment dates are the 26th of every month beginning March 26, 2020 until the Repayment Date, as well as the Repayment Date. If
any of these days is a non-business day, the interest repayment date will be the following business day, or the prior business day if the following
business day is in the next month.

(2) The early repayment of the following term loan based on the Commitment Line Agreement contracted on June 10,
2019. (Note 1)

Lenders

MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust
Bank, Limited

BorrowingAmountbefore
Early
Repayment(Millions ofYen)

4,500

Borrowing
Early
Amount after
Repayment
Early
AmountRepayment(Millions of(Millions ofYen)
Yen)

4,500

-

Interest
Rate

Drawdown
Term
Date

Repayment
Date

Scheduled
Early
Collateral
Repayment
Date

Basic
Interestrate+0.39％

March 25,2020February 26,
2021

August 25,
2020(Note2)(Note3)(Note4)

1 yearUnsecured,
unguaranteed(Note 1) From the Early Repayment, break funding cost will occur, calculated by the actual days from the following date of Repayment Date to the following
Interest Payment Date.
(Note 2) Base interest rate, which applies to the calculation period of the interest rate to be paid on the interest payment date, will be Japanese Bankers
Association (“JBA”) 1-month JPY TIBOR(“Tokyo Interbank Offered Rate”) as of two business days before the previous interest payment date ofthe respective interest payment dates (however, the Drawdown Date for the first interest rate calculation period) announced by the JBA TIBOR
Administration(“JBATA”).
(Note 3) Base interest rate indicated in (Note 2) is reviewed on each interest payment date. However, in the case the rate that applies to the calculation periodof the interest rate does not exist, what is calculated based on the method stated in the contract will be the base interest rate that applies to theconcerned period. For JBA Japanese yen TIBOR, please refer to JBATA website. ( http://www.jbatibor.or.jp/english/rate/)(Note 4) The interest payment dates are the 26th of every month beginning April 26, 2020 until the Repayment Date, as well as the Repayment Date. If anyof these days is a non-business day, the interest repayment date will be the following business day, or the prior business day if the following business
day is in the next month.

－ 3 －III. Outstanding Debt Balance after the Financing(Millions of Yen)

Before the Financing
Short-term Borrowings
Long-term Borrowings Due
within One Year (Note 1)
Long-term Borrowings(Note 2)

Total BorrowingsInvestment Corporation
Bonds Due within One Year

After the Financing

Change7,000－－7,00045,06445,064－440,841

440,841－

492,905

485,905－7,000－－－25,00032,000＋7,00025,00032,000＋7,000517,905

517,905－(Note 1)

Investment Corporation
Bonds(Note 3)
Total Investment Corporation
Bonds
Total Interest-Bearing Debts(Note 1) Nature of term is as at the end of the 9th fiscal period (February 29, 2020).
(Note 2) Excludes Long-term Borrowings due within one year.
(Note 3) Excludes Investment Corporation Bond due within one year.

IV. Forecasts of Financial Results

There is no revision to NMF’s forecasts of financial results for the fiscal period ending August 31, 2020 (March 1,2020 to August 31, 2020) and the fiscal period ending February 28, 2021 (September 1, 2020 to February 28, 2021) by
the Financing as it has only small impact to the forecast of financial results.

V. 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 28, 2020 regarding the risk involved in the Financing.

*<Nomura Real Estate Master Fund, Inc.> URL: https://www.nre-mf.co.jp/en/index.html－ 4 －