[For Translation Purposes Only]
July 4, 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 Repayment of Debt Financing
Nomura Real Estate Master Fund, Inc. (“Nomura Master Fund” or the “Fund”) announced that the Fund will make repay
debt financing as stated below.

Ⅰ．Details of Repayment of Debt Financing
1.

PurposeThe Fund will repay existing borrowings early using cash on hand generated from the sale of assets and other funds inorder to increase asset management efficiency and reduce interest expenses.

2. Details of Repayment
An early repayment of the following term loan(Note 1), based on the Commitment Line Agreement, contracted on June 8,
2016. (Note 2)
Lenders

Borrowing
BorrowingAmount repayment Amount
before the Amountafter therepayment (millions of yen) repayment(millions of yen)

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

16,200Interest
Rate

Drawdown
DateTerm

Repayment
Date

Basic
Interest
rate+0.45％

March 30,
1 year2017

March 30,
2018

Scheduled
Repayment Collateral
Date(millions of yen)

16,200-(Note3)(Note4)(Note5)

July 19,2017

Unsecured,
unguaranteed（Note 1）From this 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）On March 30, 2017, the Fund procured 18,000 million in borrowings based on the Commitment Line Agreement. Ahead ofschedule, the Fund repaid ¥1,800 million of this amount on June 20, 2017. The borrowings shown in the table represent theremaining balance of said borrowings. For details, please refer to the March 21, 2017 press release “Notice Concerning Debt
Financing” and the June 6, 2017 press release “Notice Concerning Debt Financing and Repayment of Debt Financing”（Note 3）Basic Interest Rate, which applies to the calculation period of the interest rate to be paid on the Interest Payment Date, will beJBA 1 month 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.

－ 1 －（Note 4）Basic Interest Rate indicated in (Note 3) will be reviewed on each Interest Payment Date. However, in the case the rate thatapplies to the calculation period of the interest rate does not exist, what is calculated based on the method stated in the contract
will be the Basic Interest Rate that applies to the concerned period. Refer to the JBA TIBOR Administration website regarding
the changes in the respective JBA Japanese Yen TIBOR, the base interest rate.
（Note 5）April 26, 2017, the first interest payment date, and 26th of every month thereafter until the Repayment Date. (or 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 next month)

Ⅱ．Status of Interest-bearing Debts after the Repayment(millions of yen)

Before the Repayment

Increased/Decreased
AmountAfter the Repayment

Short-term Borrowings

16,2000▲16,200

Current portion ofLong-term borrowings (Note 1)

43,55443,554－Long-term borrowings(Note 2)

422,708

422,708－

482,462

466,262▲16,200

4,000

4,000－

18,50018,500－22,50022,500－504,962

488,762▲16,200

Total Borrowings
Current portion of
Investment Corporation
Bonds(Note 1)
Investment Corporation
Bonds(Note 3)
Total Investment Corporation
Bonds
Total Interest-Bearing Debts(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.

*<Nomura Real Estate Master Fund, Inc> URL: http://www.nre-mf.co.jp/en/－ 2 －