[For Translation Purposes Only]
December 18, 2018

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 thedecision made today that it will procure debt financing (“Debt Financing”) to refinance the existing debt ¥6,375
million (“Existing Debt”) as described below.

I.Debt Financing
1.Purpose
The Fund has decided to procure the debt financing in order to repay current outstanding debt which mature on
December 26, 2018.

2.Details
Loan Type：Term Loan (Scheduled contract date: December 21, 2018)
AmountDrawdown
Repayment Terms ofLenders(millions Interest Rate
Term
Collateral
Date
Date(Note1) Repaymentof yen)
MUFG Bank, Ltd.
Lump-sum
Sumitomo Mitsui Banking
Base interest raterepayment
Corporation
December 26,December 26,
Unsecured,
6,375+0.17%
3 years
on theMizuho Bank, Ltd.
2018
2021
unguaranteed(Note2) (Note3) (Note4)
repayment
Sumitomo Mitsui Trust Bankdate, Limited(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 beJapanese 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 ratecalculation 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 January 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.

－ 1 －3.Use of Funds① Amount:¥ 6,375 million② Specifics:

To be used for repayment of the existing debt based on the term loan(Note)agreement ¥6,375 million which will mature on December 26, 2018.

③ Scheduled Date of Use:

December 26, 2018

(Note) For details of the term loan agreement, please refer to the press release “Notice Concerning Debt Financing” announced byNomura Real Estate Master Fund, Inc. on June 20, 2017.
(https://www.nre-mf.co.jp/file/en-news-ded1989f2ebc9ad5969e7e803a186259f1b7cc92.pdf).

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

Before Financing andAfter Financing and Repayment Increased/Decreased
Repayment of the Existing Debtof the Existing Debt
AmountShort-term Borrowings
Current portion of Longterm borrowings (Note 1)
Long-termborrowings(Note 2)
Total Borrowings
Current portion ofInvestment Corporation
Bonds(Note 1)
Investment Corporation
Bonds(Note 3)
Total Investment Corporation
Bonds
Total Interest-Bearing Debts

500500－51,43945,064－6,375423,195

429,570＋6,375475,134

475,134－－－－

22,00022,000－22,00022,000－497,134

497,134－(Note 1) Nature of term is as of the end of the 6th fiscal period (August 31, 2018).
(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 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 as it has only small impact to the forecast of financialresults.

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 29, 2018.

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