[For Translation Purposes Only]
November 18, 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
Nomura Real Estate Master Fund, Inc. (“NMF” or the “Fund”) announced the decision made today that it willprocure debt financing (the “Debt Financing”) to refinance the existing debt totaling ¥14,650 million (the “ExistingDebt”) as described below.

I.Debt Financing
1.Purpose

The Fund has decided to procure the loan in order to repay current outstanding loans, which mature on November
26, 2019.

2.Details
Loan Type：Term Loan (Scheduled contract date: November 22, 2019)
AmountDrawdown
Lenders(millions Interest Rate
Dateof yen)
Fixed
Sumitomo Mitsui Trust Bank,800 (To be determined)
Limited(Note2) (Note3)
THE HACHIJUNI BANK, LTD.
Mitsui Sumitomo Insurance
Company, Limited

1,000(To be determined)

The Keiyo Bank, Ltd.
The Chugoku Bank, Ltd.

1,200

(To be determined)

Fixed(Note2) (Note3)

Fixed(Note2) (Note3)

Term

RepaymentDate(Note1)

5 years

November 26,
2024

7 years

November 26,
2026

7 years

November 26,
2026

Fixed

7 years(To be determined) November 26, and 6(Note2) (Note3)
2019
monthsFixed
8 years 6(To be determined)
months(Note2) (Note3)

The Norinchukin Bank

1,400

The Norinchukin Bank

1,400

Mizuho Trust & Banking Co., Ltd.

1,800(To be determined)

Mizuho Bank, Ltd.

800

(To be determined)

Fixed(Note2) (Note3)

Fixed(Note2) (Note3)－ 1 －May 26,
2027
May 26,2028

9 years

November 26,
2028

9 yearsand 6months

May 26,
2029

Terms of
Repayment

CollateralLump-sum
repayment
Unsecured,on theunguaranteed
repaymentdate

MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Corporation

2,800(To be determined)

SUMITOMO LIFE INSURANCECOMPANY500(To be determined)

THE NISHI-NIPPON CITY
BANK, LTD.

750

Resona Bank, Limited

1,000

MUFG Bank, Ltd.

1,200Total

14,6509 yearsand 9months

Fixed(Note2) (Note4)

Fixed

August 26,
2029

November 26,
2029
Lump-sum
repayment
Fixed
November 26,
Unsecured,
November 26,
on the0.48000%
10 years
2019
unguaranteed2029
repayment(Note3)date
Fixed
November 26,(To be determined)
10 years
2029(Note2) (Note3)
10 years(Note2) (Note3)

Fixed

10 years(To be determined)(Note2) (Note3)

November 26,
2029(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 November 22, 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 May and November, beginning May 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.
(Note 4) The interest payment dates are the 26th of every February, May, August and November, beginning February 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:¥ 14,650 million② Specifics:

To be used for repayment of the existing borrowings based on each termloan(Note) agreement totaling ¥14,650 million which will mature on November
26, 2019.

(Note) For details of each term loan agreement, please refer to the press release “Notice ConcerningDebt Financing” announced by Nomura Real Estate Residential Fund, Inc. on November 29, 2012(https://www.nre-mf.co.jp/file/nrf/tmp-uDpDK.pdf), the press releases “Notice Concerning DebtFinancing” announced by Former Nomura Real Estate Master Fund, Inc. both on May 22, 2014(https://www.nre-mf.co.jp/file/nmf/tmp-hf5aH.pdf) and on June 26, 2015 (https://www.nremf.co.jp/file/nmf/tmp-Ptwcs.pdf), and the press releases “Notice Concerning Debt Financing”
announced by Nomura Real Estate Master Fund, Inc. on November 24, 2015 (https://www.nremf.co.jp/file/en-news-7f7bd83eeb40d2ed62a5f02ebaf4ad5e7fddefd7.pdf).

③ Scheduled Date of Use:

November 26, 2019

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

Before Financing andRepayment of the Existing
Debt (Note1)

After Financing andRepayment of the Existing
Debt (Note1)

Increased/Decrea
sed Amount－－－

Current portion of Long-termborrowings (Note 2)

51,36436,714－14,650

Long-term borrowings(Note 3)

429,384

444,034＋14,650

Total Borrowings

480,748

480,748－

Current portion of Investment
Corporation Bonds (Note 2)

5,000

5,000

－

Short-term Borrowings－ 2 －Investment Corporation Bonds

25,00025,000－Total Investment Corporation
Bonds

30,00030,000－Total Interest-Bearing Debts

510,748510,748－(Note 4)(Note 1) Both columns indicate figures excluding the repayment of ¥21.4 million of the agreed repayments scheduled for November 26,2019.
(Note 2) Nature of term is as of the end of the 8th fiscal period (August 31, 2019).
(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
There is no revision to Nomura Master Fund’s forecasts of financial results for the fiscal period ending February 29,2020 (September 1, 2019 to February 29, 2020) and the fiscal period ending August 31, 2020 (March 1, 2020 to August 31,2020) by the Debt Financing as it has only small impact to the forecast of financial results.

IV.OtherNo 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 May 29, 2019 regarding the risk involved in the Debt
Financing.
*<Nomura Real Estate Master Fund, Inc.> URL: https://www.nre-mf.co.jp/en/－ 3 －