[For Translation Purposes Only]
May 18, 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 Group
TEL. +81-3-3365-8767 nmf3462@nomura-re.co.jp

Notice Concerning Debt Financing
Nomura Real Estate Master Fund, Inc. (“NMF” or the “Fund”) announced the decision made today that it willprocure debt financing (“Debt Financing”) to refinance the existing debt totaling ¥10,800 million (“Existing DebtI”) , ¥1,000 million (“Existing Debt II”) and ¥4,000 million (“Existing Debt III”) respectively. The Existing Debt
I, II and III are collectively referred to as the “Existing Debts”.

I.Debt Financing
1.Debt financing to refinance the Existing Debt I(1) Purpose

The Fund has decided to procure the loan in order to repay current outstanding loans (Existing Debt I) which mature
on May 26, 2020.

(2) Details
Loan Type：Term Loan (Scheduled contract date: May 22, 2020)
AmountDrawdown
Lenders(millionsInterest Rate
Dateof yen)
Fixed
Sumitomo Mitsui Trust Bank,1,000 (To be determined)
Limited(Note2) (Note3)
Mizuho Bank, Ltd.

2,000

Fixed
(To be determined)(Note2) (Note3)

Development Bank of Japan Inc.

800

Fixed
(To be determined)

May 26,2020(Note2) (Note3)

MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Total

7,000

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

Term

RepaymentDate(Note1)

5 years

May 26,2025

Terms ofRepayment

Collateral

9 years and November 26, Lump-sum
6 months
2029
repayment Unsecured,on the unguaranteed
repayment
May 26,
10 years
date2030
10 years

May 26,2030

10,800(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 May 22, 2020
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 May and November, beginning November 26, 2020, 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－ 1 －business day, 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 August 26, 2020, 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.

(3) Use of Funds① Amount:¥10,800 million② Specifics:

To be used for repayment of the Existing Debt I (¥10,800 million) based oneach term loan agreement (Note) which will mature on May 26, 2020.

③ Scheduled Date of Use:May 26, 2020

(Note) For details of each term loan agreement, please refer to the press release “Notice Concerning Debt Financing” announced byFormer Nomura Real Estate Master Fund, Inc. on June 12, 2013.

2. Debt financing to refinance the Existing DebtⅡ(1) Purpose

The Fund has decided to procure the loan in order to repay current outstanding loans (Existing Debt II) which mature
on May 27, 2020.

(2) Details
Loan Type：Term Loan (Scheduled contract date: May 25, 2020)
AmountDrawdown
Lenders(millionsInterest Rate
Dateof yen)
TAIYO LIFE INSURANCECOMPANYFixed(To be determined)

1,000(Note2) (Note3)

May 27,2020

Term

Repayment Terms ofDate(Note1) Repayment

10 years

May 26,2030

Lump-sum
repayment onthe repaymentdate

Collateral
Unsecured,unguaranteed(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 May 25, 2020
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 May and November, beginning November 26, 2020, 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.

(3) Use of Funds① Amount:¥1,000 million② Specifics:

To be used for repayment of the Existing Debt II (¥1,000 million) based on eachterm loan agreement (Note) which will mature on May 27, 2020.

③ Scheduled Date of Use:May 27, 2020(Note) For details of each term loan agreement, please refer to the press release “Notice Concerning Debt Financing” announced by Nomura
Real Estate Residential Fund, Inc. on May 21, 2013.

3. Debt financing to refinance the Existing Debt III(1) Purpose

The Fund has decided to procure the loan in order to repay current outstanding loans (Existing Debt III) which mature
on May 29, 2020.

(2) Details
Loan Type：Term Loan (Scheduled contract date: May 27, 2020)－ 2 －Lenders

Amount(millionsof yen)

Sumitomo Mitsui Trust Bank,
Limited1,500

THE BANK OF FUKUOKA,LTD.

1,000

Drawdown
Date

Interest Rate
Fixed(To be determined)

Term

RepaymentDate(Note1)

6 years

May 26,2026

9 years

May 26,2029

10 years

May 26,2030

10 years

May 26,2030(Note2) (Note3)

Fixed(To be determined)(Note2) (Note3)

Resona Bank, Limited

Fixed(To be determined)500

May 29,2020(Note2) (Note3)

MUFG Bank, Ltd.

1,000

Fixed
(To be determined)(Note2) (Note3)

TotalTerms ofRepayment

CollateralLump-sum
repayment
Unsecured,on theunguaranteed
repayment
date

4,000

(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 May 27, 2020
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 May and November, beginning November 26, 2020, 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
business day, or the prior business day if the following business day is in the next month.

(3) Use of Funds① Amount:¥4,000 million② Specifics:

To be used for partial repayment of the Existing Debt III (¥4,000 million) basedon each term loan agreement (Note) which will mature on May 29, 2020.

③ Scheduled Date of Use:May 29, 2020(Note) For details of each term loan agreement, please refer to the press release “Notice concerning Borrowing” announced by TOP
REIT Inc. on May 29, 2015.

II.Status of Interest Bearing Debts after Financing and Repayment of the Existing Debts(Millions of Yen)

After Financing andBefore Financing and Repayment
Repayment of the Existing(Note1)of the Existing Debts
Debts(Note1)

Increased/Decreased
AmountShort-term Borrowings

7,000

7,000－

Current portion of Longterm borrowings (Note 2)

60,86445,064－15,800

Long-term borrowings(Note 3)

425,041

440,841＋15,800

492,905

492,905－－－－

25,00025,000－25,00025,000－517,905

517,905－

Total Borrowings
Current portion ofInvestment Corporation
Bonds(Note 2)
Investment Corporation
Bonds(Note 4)
Total Investment CorporationBonds
Total Interest-Bearing Debts(Note 1) Both columns indicate figures excluding the repayment of ¥21.4 million of the agreed repayments scheduled for May 26, 2020.
(Note 2) Nature of term is as of the end of the 9th fiscal period (February 29, 2020).
(Note 3) Excludes Long-term Borrowings due within one year.
(Note 4) Excludes Investment Corporation Bond due within one year.

－ 3 －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, 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 Debt Financing as it has only small impact 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 November 27, 2019 and “ Section 2 Reference Information / 2 Supplement
Information / 8 Investment Risks” of the Securities Registration Statement (in Japanese) filed on December 5, 2019,
regarding the risk involved in the debt financing.

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