[For Translation Purposes Only]
November 24, 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 4 years floating rate ¥3.45 billion term loan(the “4 years Loan”), the 5 years floating rate ¥2.35 billion term loan (the “5 years Loan”), and the10years floating rate ¥1.1 billion term loan (the “10 years Loan”), as mentioned below.
1. Purpose for Signing the Interest Rate Swap Agreement
With respect to the debt financing of the 4 years Loan, the 5 years Loan, and the 10 years Loan, theFund intended to convert the interest rate for such debt financing from floating-rate to fixed-rate forthe entire period until the repayment date, in order to hedge risks of interest rate fluctuations.
2. Summary of Interest-Rate Swap Agreement（1） Agreement for Interest on Debt Financing of the 4 years Loan
1. Counterparty
2. Notional Principal Amount
3. Interest Rate
4. Commencement Date
5. Termination Date
6. Interest Payment Dates: Mizuho Bank, Ltd.
: ¥3.45 billion: Fixed Payment 0.15420%p.a.
Variable Receipt JBA 3 months JPY TIBOR: November 26, 2015 (the same date of the Scheduled Drawdown Dateof the 4 years Loan financing as announced today): November 26, 2019 (the same date of the Scheduled Repayment Dateof the 4 years Loan financing as announced today): For both payment to and from the counterparty, February 26, 2016,
the first interest payment date, and 26th of every February, May,
August, and November thereafter until August 26, 2019, and theTermination Date. (or the following business day if such date is a
non-business day, or the prior business day if the following businessdate is on the next month)* Due to the swap agreement, the interest rate will be fixed at 0.37420% until the repayment of the 4 years.

（2） Agreement for Interest on Debt Financing of the 5 years Loan
1. Counterparty
2. Notional Principal Amount
3. Interest Rate
4. Commencement Date
5. Termination Date
6. Interest Payment Dates: Mizuho Bank, Ltd.
: ¥2.35 billion: Fixed Payment 0.20190%p.a.
Variable Receipt JBA 3 months JPY TIBOR: November 26, 2015 (the same date of the Scheduled Drawdown Dateof the 5 years Loan financing as announced today): November 26, 2020 (the same date of the Scheduled Repayment Dateof the 5 years Loan financing as announced today): For both payment to and from the counterparty, February 26, 2016,
the first interest payment date, and 26th of every February, May,
August, and November thereafter until August 26, 2020, and theTermination Date. (or the following business day if such date is a
non-business day, or the prior business day if the following businessdate is on the next month)* Due to the swap agreement, the interest rate will be fixed 0.46190% until the repayment of the 5 years Loan

（3） Agreement for Interest on Debt Financing of the 10 years Loan
1. Counterparty
2. Notional Principal Amount
3. Interest Rate
4. Commencement Date
5. Termination Date
6. Interest Payment Dates: Mizuho Bank, Ltd.
: ¥1.1 billion: Fixed Payment 0.54830%p.a.
Variable Receipt JBA 3 months JPY TIBOR: November 26, 2015 (the same date of the Scheduled Drawdown Dateof the 10 years Loan financing as announced today): November 26, 2025 (the same date of the Scheduled Repayment Dateof the 10 years Loan financing as announced today): For both payment to and from the counterparty, February 26, 2016,the first interest payment date, and 26th of every February, May,August, and November thereafter until August 26, 2025, and theTermination Date. (or the following business day if such date is a
non-business day, or the prior business day if the following businessdate is on the next month)* Due to the swap agreement, the interest rate will be fixed 1.09830% until the repayment of the 10 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/