[For Translation Purposes Only]
June 20, 2017

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 the “Fund” or ”NMF”) announced today that theFund will procure debt financing as stated below.

Ⅰ.Debt Financing
1.

PurposeThe Fund has decided to procure the loan in order to repay current outstanding loans which matures on June 30,
2017.

2.

Details of Debt Financing
Loan Type：Term Loan (Scheduled contract date: June 28, 2017)
Lenders

The Bank ofTokyo-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Banking Corporation
Mizuho Bank, Ltd.
Mitsubishi UFJ
Trust and Banking Corporation
Sumitomo Mitsui
Trust Bank, Limited

Amount(millionsof yen)

6,375Interest Rate

Drawdown
Date

Basic Interest Rate
+0.11%(Note 2)
(Note 3) (Note 4)

Mizuho Bank, Ltd.
Sumitomo Mitsui
Trust Bank, Limited

Fixed
2,600 (To be determined)

Sumitomo Mitsui
Trust Bank, Limited

Fixed
1,300 (To be determined)

Mizuho Bank, Ltd.
Sumitomo Mitsui
Trust Bank, Limited

Fixed
4,165 (To be determined)

The Bank ofTokyo-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Banking Corporation

Fixed
3,060 (To be determined)(Note5) (Note6)

June 30,
2017(Note5) (Note7)(Note5) (Note7)(Note5) (Note8)－ 1 －Term

Repayment
Date(Note 1)

1 yearsand 6
months

December26,2018

8 yearsand 2months

August26, 2025

8 years
and 5monthsTerms ofRepayment

CollateralLump-sum
repayment on Unsecured,
the repayment unguaranteed
Novemberdate
26, 2025

9 years
and 5months

November26, 2026

9 years
and 11months

May26, 2027

(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) Basic Interest Rate, which applies to the calculation period of the interest rate to be paid on the Interest Payment Date, will be JBA
1month 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 3) Basic Interest Rate indicated in (Note 2) 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 inthe respective JBA Japanese Yen TIBOR, the base interest rate
(Note 4)The interest payment dates are the 26th of every month beginning July 26, 2017, until the Repayment Date, as well as theRepayment Date. If any of these days is a non-business day, the interest repayment date will be the following business day, or theprior business day if the following business day is in the next month.
(Note 5)The interest rate will be determined on or before the anticipated borrowing date based on the contract dated June 28, 2017
concerning this borrowing. We will make an announcement about the interest when it is determined.
(Note 6)The interest payment dates are the 26th of every February and August, beginning August 26, 2017, 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 businessday, or the prior business day if the following business day is in the next month.
(Note 7)The interest payment dates are the 26th of every May and November, beginning November 26, 2017, until the Repayment Date, aswell as the Repayment Date. If any of these days is a non-business day, the interest repayment date will be the following businessday, or the prior business day if the following business day is in the next month.
(Note 8)The interest payment dates are the 26th of every February, May, August, and November, beginning August 26, 2017, until theRepayment Date, as well as the Repayment Date. If any of these days is a non-business day, the interest repayment date will be thefollowing business day, or the prior business day if the following business day is in the next month.

3.

Use of Funds(1) Specifics:To be used to repay current outstanding loans based on a term loanagreement(Note) of 17,500 million that will mature on June 30, 2017.

(2) Scheduled Date of Use:June 30, 2017

(Note) For details of the term loan agreement, please refer to the press releases “ Notice Concerning Borrowing” the former Top REIT
on June 25, 2012.

Ⅱ. Status of Interest Bearing Debts after Financing(millions of yen)

Before Financing

Increased/Decreased
AmountAfter Financing

Short-term Borrowings

16,20016,200－Current portion of Long-termborrowings (Note 1)

61,05443,554－17,500

Long-term borrowings(Note 2)

405,208

422,708＋17,500

482,462

482,462－4,000

4,000－

18,50018,500－Total Investment Corporation Bonds

22,50022,500－Total Interest-Bearing Debts

504,962

504,962－

Total Borrowings
Current portion of Investment
Corporation Bonds(Note 1)
Investment Corporation
Bonds(Note 3)(Note 1) Nature of term is as of the end of the 3rd fiscal period (February 28, 2017).
(Note 2) Excludes Long-term Borrowings due within one year.
(Note 3) Excludes Investment Corporation Bond due within one year.

Ⅲ.Forecasts of Financial Results
There is only small impact to Nomura Master Fund’s forecasts of financial results for the fiscal period ending August 31,
2017 (March 1, 2017 to August 31, 2017), there is no revision to the forecast of financial results.

Ⅳ.OtherNo 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, 2017, regarding the risk involved in the debt financing.
*<Nomura Real Estate Master Fund, Inc> URL: http://www.nre-mf.co.jp/en/－ 2 －