[For Translation Purposes Only]
April 12, 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 Debt Financing and Early Repayment of 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 to refinance existing loans (the “Debt Financing”) andconduct early repayment of existing loans (the “Early Repayment”), collectively referred to as the “Financings”, as
described below.

I. Debt Financing
1. Purpose for Debt Financing

NMF has decided to procure the debt financing in order to conduct early repayment of current outstanding loans
mentioned in the following, II. Early Repayment of Debt Financing.

2. Details(1) Loan Type：Term Loan (Scheduled contract date: April 24, 2019)
Lenders

Amount(millions of yen)

Drawdown
Date

Interest Rate
Fixed

The Chugoku Bank, Ltd.

500

(To be determined)

The Chiba Bank, Ltd.

500

(To be determined)

Shinkin Central Bank
The 77 Bank, Ltd.

1,000

(To be determined)

Total

2,000

(Note2) (Note3)

Fixed

April 26,2019

(Note2) (Note3)

Fixed(Note2) (Note3)

Term

RepaymentDate(Note1)

Terms ofRepayment

Collateral

6 years
February 26,
and 102026
monthsLump-sum
7 years
Unsecured,
August 26, repayment on theand 4
repayment date unguarant2026eedmonths
7 years
February 26,and 102027
months(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 business date is in the nextmonth.
(Note 2) The interest rates will be determined on or before the Drawdown Date based on the term loan contracts, which are scheduled to be concluded on
April 24, 2019. The Fund will announce the interest rates when they are determined.
(Note 3) The interest payment dates are the 26th of every February and August , beginning August 26th, 2019, 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 the prior business day ifthe following business day is in the next month.

－ 1 －(2) Loan Type：Term Loan (Scheduled contract date: April 24, 2019)
AmountLenders

Drawdown
Date

Interest Rate

(millions of yen)Mizuho Trust & Banking Co., Ltd.
The Norinchukin Bank
Resona Bank, Limited

1,500(To be determined)

Development Bank of Japan Inc.

500(To be determined)

Total

2,000Fixed(Note2) (Note3)Fixed

April 26,2019

(Note2) (Note3)

Term

RepaymentDate(Note1)

Terms of
Repayment

Collateral

8 years
February 26,
and 10Lump-sum2028
monthsrepayment on the Unsecured,
unguarant
repayment date
9 years
eed
August 26,
and 4
2028
months(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 business date is in the nextmonth.
(Note 2) The interest rates will be determined on or before the Drawdown Date based on the term loan contracts, which are scheduled to be concluded onApril 24, 2019. The Fund will announce the interest rates when they are determined.
(Note 3) The interest payment dates are the 26th of every February and August, beginning August 26, 2019, 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 thefollowing business day is in the next month.

3. Use of Funds① Amount:¥4,000 million② Specifics:③ Scheduled Date of Use:

The debt financing based on the term loans stated in I-2-(1) is scheduled to be
used for early repayment of the existing loans based on the commitment line
agreement stated in II-2-(1), totaling ¥2,000 million which will mature on
February 26, 2020.
The debt financing based on the term loans stated in I-2-(2) is scheduled to be
used for early repayment of the existing loans based on the commitment line
agreement stated in II-2-(2), totaling ¥2,000 million which will mature on
February 26, 2020.
April 26, 2019

II. Early Repayment of Debt Financing
1. Purpose for Early Repayment

The Fund has decided to conduct early repayment of debt financing for the prolongation of the term and theimmobilization of the interest rate.

2. Details(1) An early repayment of the following loan(Note1), based on the Commitment Line Agreement, contracted on June
8, 2018(Note2).
Lenders

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

Borrowing
Borrowing
Scheduled
Early
AmountAmountInterest Drawdown
Repayment
Early
Repayment
Term
Collateral
before Early
after EarlyRate
DateDate
Repayment
AmountRepayment (millions of yen) Repayment
Date(millions of yen)(millions of yen)

10,000

2,000

8,000

Baseinterest
rate+0.39%(Note3)

March 1,2019

1 yearFebruary 26, April 26, Unsecured,
unguara2020
2019
nteed

(Note4)(Note5)(Note 1) For further information regarding the borrowing above, please refer to the press release “Notice Concerning Debt Financing” dated February 22,
2019(https://www.nre-mf.co.jp/file/en-news-b3362caef76ac427226926aababc22c61ffdfd4e.pdf).
(Note 2) No penalty is required by this Early Repayment.
(Note 3) 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 4) Base interest rate indicated in (Note 3) 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 5) The interest payment dates are the 26th of every month, beginning March 26, 2019, 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.

－ 2 －(2) An early repayment of the following loan(Note1), based on the Commitment Line Agreement, contracted on June
8, 2018(Note2).
Lenders
MUFG Bank, Ltd.
Sumitomo Mitsui
Banking Corporation
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust
Bank., Ltd.

Borrowing
Borrowing
Scheduled
Early
AmountAmountInterest
Drawdown
Repayment
Early
Repayment
Term
Collateral
before Early
after Early
Rate
Date
Date
Repayment
AmountRepayment (millions of yen) Repayment
Date(millions of yen)(millions of yen)

2,000

2,000-Baseinterest
rate+0.39%

March 1,
2019

(Note3)

1 yearFebruary 26, April 26, Unsecured,
unguara2020
2019
nteed

(Note4)(Note5)(Note 1) For further information regarding the borrowing above, please refer to the press release “Notice Concerning Debt Financing” dated February 22,
2019(https://www.nre-mf.co.jp/file/en-news-b3362caef76ac427226926aababc22c61ffdfd4e.pdf).
(Note 2) No penalty is required by this Early Repayment.
(Note 3) 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 4) Base interest rate indicated in (Note 3) 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 5) The interest payment dates are the 26th of every month, beginning March 26, 2019, 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.

III. Status of Interest Bearing Debts after the Financings(millions of yen)

Before the Financings

After the Financings

Increased/Decreased
AmountShort-term Borrowings

12,0008,000−4,000Current portion of Long-termborrowings (Note 1)

56,18556,185−Long-term borrowings(Note 2)

421,327

425,327+4,000489,512489,512－－－－22,00022,000－Total Investment Corporation Bonds

22,00022,000－Total Interest-Bearing Debts

511,512511,512－

Total Borrowings
Current portion of Investment
Corporation Bonds(Note 1)
Investment CorporationBonds(Note 3)(Note 1) Nature of term is as of 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.

IV. Forecast of Financial Results
There is no revision to Nomura Master Fund’s forecasts of financial results for the fiscal period ending August 31,
2019 (March 1, 2019 to August 31, 2019) and February 29, 2020 (September 1, 2019 to February 29, 2020) by the Financings
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 November 29, 2018 and “ Section 2 Reference Information / 2 Supplement
Information / 8 Investment Risks” of the Securities Registration Statement (in Japanese) filed on February 7, 2019,
regarding the risk involved in the Financings.
*<Nomura Real Estate Master Fund, Inc.> URL: https://www.nre-mf.co.jp/en/－ 3 －