[For Translation Purposes Only]
February 22, 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:
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 “NMF” or the “Fund”) announced todaythat the Fund will procure debt financing (the “Debt Financing”) for the purpose of acquiring new assets as stated below.

I. Debt Financing
1. Purpose

The Fund has decided to procure debt financings for partial payment on the acquisition of specified assets.

2. Details(1) Loan Type：Term Loan (Scheduled contract date: February 27, 2019)
AmountDrawdown
Repayment
Lenders(millions Interest Rate
TermDate
Date(Note1)of yen)Mizuho Bank, Ltd.
9 years
Fixed
August 26,
1,000 (To be determined)
Sumitomo Mitsui Trust Bank,and 62028(Note2)(Note3)
LimitedMarch 1,months2019
MUFG Bank, Ltd.
FixedFebruary 26,
1,400 (To be determined)
10 years
Sumitomo Mitsui Banking
2029(Note2) (Note4)
Corporation
Total
2,400

Terms ofRepayment

CollateralLump-sum
repayment
Unsecured,on theunguaranteed
repayment
date(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) These interest rates will be determined on or before the anticipated borrowing date based on the contract dated February 27, 2019
concerning these borrowings. We will make an announcement about 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 payment date will be the following businessday, 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 May 26, 2019, 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.

Note: This press release is a public announcement concerning debt financing and has not been prepared for an inducement or invitation
for investment. This press release should not be construed as an offer or solicitation of an offer to purchase any investment units
or other investment of NMF. Prospective investors are advised to make any investment decisions at their own risk and responsibility.

－ 1 －(2) Loan Type: Commitment Line Agreement contracted on June 8, 2018.
AmountDrawdown
Lenders(millions Interest RateTermDateof yen)
MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Basic InterestCorporationRate
March 1,10,000
1 yearMizuho Bank, Ltd.
2019
+0.39％
Sumitomo Mitsui Trust Bank,(Note2) (Note3) (Note4)
LimitedRepayment Terms ofDate(Note1) Repayment

CollateralLump-sum
repayment
February 26,
Unsecured,on the2020
unguaranteed
repaymentdate(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) 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 theprevious 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 thecalculation period of the interest rate does not exist, what is calculated based on the method stated in the contract will be the baseinterest rate that applies to the concerned 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, 2019, 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) Loan Type: Commitment Line Agreement contracted on June 8, 2018.
AmountDrawdown
Lenders(millions Interest RateTermDateof yen)
MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Basic InterestCorporationRate
March 1,3,600
1 yearMizuho Bank, Ltd.
2019
+0.39％
Sumitomo Mitsui Trust Bank,(Note2) (Note3) (Note4)
LimitedRepayment Terms ofDate(Note1) Repayment

CollateralLump-sum
repayment
February 26,Unsecured,on the2020
unguaranteed
repaymentdate(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) 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 theprevious 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 thecalculation period of the interest rate does not exist, what is calculated based on the method stated in the contract will be the baseinterest rate that applies to the concerned 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, 2019, until the Repayment Date, aswell 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:¥ 16,000 million② Specifics:

To be used for partial payment on the acquisition of the specified assets to beacquired on March 1, 2019 ( PMO Kyobashi Higashi, GEMS Shinbashi,GEMS Kayabacho, Summit Store Honamanuma, GEMS Shin-Yokohama,GEMS Namba and Landport Ome I) (Note), with respect to the debt financings
based on each term loan agreement stated in 2-(1).
To be used for partial payment on the acquisition of the specified asset to beacquired on March 1, 2019 (PMO Tamachi Higashi) (Note), with respect to thedebt financing based on commitment line agreement stated in 2-(2).

Note: This press release is a public announcement concerning debt financing and has not been prepared for an inducement or invitation
for investment. This press release should not be construed as an offer or solicitation of an offer to purchase any investment units
or other investment of NMF. Prospective investors are advised to make any investment decisions at their own risk and responsibility.

－ 2 －To be used for partial payment on the acquisition of the specified asset to beacquired on March 1, 2019 (PMO Hatchobori Shinkawa) (Note), with respect tothe debt financing based on commitment line agreement stated in 2-(3).
(Note) For details of the specified assets, please refer to the press release titled “NoticeConcerning Property Acquisition” dated on February 7, 2019.

③ Scheduled Date of Use:March 1, 2019

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

Before Financing

After Financing(Note 1)

(Note 1)

Increased/Decrea
sed Amount

Short-term Borrowings

500

14,100＋13,600

Current portion of Long-termborrowings (Note 2)

34,742

34,742－Long-term borrowings(Note 3)

439,870

442,270＋2,400Total Borrowings

475,112491,112＋16,000－－－

22,00022,000－Total Investment Corporation
Bonds

22,00022,000－Total Interest-Bearing Debts

497,112513,112＋16,000

Current portion of InvestmentCorporation Bonds(Note 2)

Investment Corporation Bonds(Note 4)(Note 1) Both columns indicate figures after the drawdown of ¥10,300 million for the new debt financing, the repayment of ¥10,300
million for the existing debt and the agreed repayment of ¥21.4 million for the existing debt, which are all scheduled on February
26, 2019, other than the Debt Financing. In addition, please refer to the press release titled “Notice for Debt Financing” dated
February 19, 2019 regarding the new debt financing scheduled on February 26, 2019.
(Note 2) Nature of term is as of the end of the 6th fiscal period (August 31, 2018).
(Note 3) Excludes Long-term Borrowings due within one year.
(Note 4) Excludes Investment Corporation Bond due within one year.

III. Forecasts of Financial Results
As the Debt Financing is scheduled during the fiscal period ending August 31, 2019 (March 1, 2019 to August 31, 2019),
there is no revision to Nomura Master Fund’s forecasts of financial results for the fiscal period ending February 28, 2019
(September 1, 2018 to February 28, 2019) by the Debt Financing. In addition, 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 the fiscalperiod ending February 29, 2020 (September 1, 2019 to February 29, 2020) by the Debt Financing as it has only small
impact to the forecast of financial results.

IV. Other

No significant 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 Debt Financing.
*<Nomura Real Estate Master Fund, Inc.> URL: https://www.nre-mf.co.jp/en/

Note: This press release is a public announcement concerning debt financing and has not been prepared for an inducement or invitation
for investment. This press release should not be construed as an offer or solicitation of an offer to purchase any investment unitsor other investment of NMF. Prospective investors are advised to make any investment decisions at their own risk and responsibility.

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