[For Translation Purposes Only]
October 27, 2015

For Immediate Release
To Whom It May Concern
Nomura Real Estate Master Fund, Inc.
Securities Code: 3462
Satoshi Yanagita, Executive Director
Asset Management Company:
Nomura Real Estate Asset Management Co., Ltd.
Norio Ambe, President & Chief Executive Officer
Inquiries:
Motomi Uki
Director and Managing Executive Officer
TEL. +81-3-3365-8767 nmf3462@nomura-re.co.jp

Notice Concerning Concluding Interest-Rate Swap Agreement
Nomura Real Estate Master Fund, Inc. (“Nomura Master Fund” or the “Fund”) announced today thesigning of interest rate swap agreements regarding the 5 years and 1 month floating rate ¥3.5 billion
term loan (the “5 years and 1 month Loan”), the 8 years and 1 month floating rate ¥2.6 billion termloan (the “8 years and 1 month Loan”), and the 15years floating rate ¥2.2 billion term loan (the “15years Loan”), as mentioned below.
1. Purpose for Signing the Interest Rate Swap Agreement
With respect to the debt financing of the 5 years and 1 month Loan, the 8 years and 1 month Loan,
and the 15 years Loan, the Fund intended to convert the interest rate for such debt financing fromfloating-rate to fixed-rate for the entire period until the repayment date, in order to hedge risks ofinterest rate fluctuations.
2. Summary of Interest-Rate Swap Agreement（1） Agreement for Interest on Debt Financing of the 5 years and 1 month Loan
1. Counterparty:
2. Notional Principal Amount :3. Interest Rate:
4. Commencement Date
5. Termination Date
6. Interest Payment Dates

Mitsubishi UFJ Trust and Banking Corporation¥3.5 billion
Fixed Payment
0.20075%p.a.
Variable Receipt JBA 3 months JPY TIBOR: October 29, 2015 (the same date of the Scheduled Drawdown Date of the 5 years
and 1 month Loan financing as announced today): November 26, 2020 (the same date of the Scheduled Repayment Date of the 5 years
and 1 month Loan financing as announced today): For both payment to and from the counterparty, November 26, 2015, the firstinterest payment date, and 26th of every February, May, August, and November
thereafter until August 26, 2020, and the Termination Date. (or the following
business day if such date is a non-business day, or the prior business day if thefollowing business date is on the next month)* Due to the swap agreement, the interest rate will be fixed at 0.46075% until the repayment of the 5 years and 1 months
Loan.

（2） Agreement for Interest on Debt Financing of the 8 years and 1 month Loan
1. Counterparty:
2. Notional Principal Amount :3. Interest Rate:
4. Commencement Date
5. Termination Date
6. Interest Payment Dates

Sumitomo Mitsui Trust Bank, Ltd¥2.6 billion
Fixed Payment
0.39800%p.a.
Variable Receipt JBA 3 months JPY TIBOR: October 29, 2015 (the same date of the Scheduled Drawdown Date of the 8 years
and 1 month Loan financing as announced today): November 26, 2023 (the same date of the Scheduled Repayment Date of the 8 years
and 1 month Loan financing as announced today): For both payment to and from the counterparty, November 26, 2015, the firstinterest payment date, and 26th of every February, May, August, and November
thereafter until August 26, 2023, and the Termination Date. (or the following
business day if such date is a non-business day, or the prior business day if thefollowing business date is on the next month)* Due to the swap agreement, the interest rate will be fixed at 0.82800% until the repayment of the 8 years and 1 monthLoan（3）-1. Agreement for Interest on Debt Financing of the 15 years Loan
1. Counterparty:
2. Notional Principal Amount :3. Interest Rate:
4. Commencement Date
5. Termination Date
6. Interest Payment Dates

The Bank of Tokyo-Mitsubishi UFJ, Ltd.
¥1.1 billion
Fixed Payment
0.93250%p.a.
Variable Receipt JBA 3 months JPY TIBOR: October 29, 2015 (the same date of the Scheduled Drawdown Date of the 15 years
Loan financing as announced today): October 26, 2030 (the same date of the Scheduled Repayment Date of the 15 years
Loan financing as announced today): For both payment to and from the counterparty, January 26, 2016, the first interest
payment date, and 26th of every January, April, July, and October thereafter until
July 26, 2030, and the Termination Date. (or the following business day if such dateis a non-business day, or the prior business day if the following business date is on
the next month)* Due to the swap agreement, the interest rate for the part of the 15 years Loan (1,100 million yen) will be fixed at
1.92250% until the repayment of the 15 years Loan.

（3）-2. Agreement for Interest on Debt Financing of the 15 years Loan
1. Counterparty:
2. Notional Principal Amount :3. Interest Rate:
4. Commencement Date
5. Termination Date
6. Interest Payment Dates

Sumitomo Mitsui Banking Corporation¥1.1 billion
Fixed Payment
0.92700%p.a.
Variable Receipt JBA 3 months JPY TIBOR: October 29, 2015 (the same date of the Scheduled Drawdown Date of the 15 years
Loan financing as announced today): October 26, 2030 (the same date of the Scheduled Repayment Date of the 15 years
Loan financing as announced today): For both payment to and from the counterparty, January 26, 2016, the first interest
payment date, and 26th of every January, April, July, and October thereafter until
July 26, 2030, and the Termination Date. (or the following business day if such dateis a non-business day, or the prior business day if the following business date is on
the next month)* Due to the swap agreement, the interest rate for the part of the 15 years Loan (1,100 million yen) will be fixed at
1.91700% until the repayment of the 15 years Loan.
*Refer to JBA TIBOR Administration website regarding the JBA Japanese Yen TIBOR.
(http://www.jbatibor.or.jp/english/rate/)*<Nomura Real Estate Master Fund, Inc> URL: http://www.nre-mf.co.jp/english/