[For Translation Purposes Only]
May 15, 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 and Early Repayment of 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 to refinance existing loans totaling ¥12,200 million(the“Debt Financing”) and to conduct early repayment of existing loans (the “Early Repayment”), collectively referred
to as the "Financings", as described below.

I.Debt Financing
1.Debt financing to refinance existing loans(1) Purpose
The Fund has decided to procure the debt financing in order to repay current outstanding loans whichmature on May 28, 2018.
(2) Details
Loan Type：Term Loan (Scheduled contract date: May 24, 2018)
Lenders

Amount(millions of yen)Interest Rate

Drawdown
DateTerm

RepaymentDate(Note1)

8 years

May 26,2026

9 years

May 26,2027

FixedMizuho Trust & Banking Co., Ltd.
The Norinchukin Bank

3,600

(To be determined)

Sumitomo Mitsui Trust Bank,
Limited

1,800(To be determined)

Mizuho Bank, Ltd.

1,800

(To be determined)

MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Corporation

5,000(To be determined)

Total

12,200(Note2) (Note3)

Fixed(Note2) (Note3)

Fixed

May 28,2018(Note2) (Note3)

Fixed(Note2) (Note4)

9 years
November 26,and 62027months
10 years

Terms of
Repayment

CollateralLump-sum
Unsecured,repayment on the unguara
repayment datenteedMay 26,2028(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 business date is in the nextmonth.
(Note 2) The interest rates will be determined on or before the Drawdown Date based on the term loan contracts, which are scheduled to be concluded on
May 24, 2018. The Fund will announce the interest rates when they are determined.
(Note 3) The interest payment dates are the 26th of every May, November, beginning November 26th, 2018, until the Repayment Date, as well as theRepayment Date. If any of these days is a non-business day, the interest repayment date will be the following business day, or the prior business day if－ 1 －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 August 26th, 2018, until the Repayment Date, aswell as the Repayment Date. If any of these days is a non-business day, the interest repayment date will be the following business day, or the priorbusiness day if the following business day is in the next month.

(3) Use of Funds① Amount:② Specifics③ Scheduled Date of Use :¥12,200 million
To be used for repayment of the existing loans based on the term loanagreement totaling ¥12,200 million (Note) which will mature on May 28,2018.
May 28, 2018

(Note) For details of the debt financing based on the term loan agreement, please refer to the press releases “Notice Concerning Debt Financing”
announced by Former Nomura Real Estate Master Fund on July 16, 2013.

2.Debt financing to conduct early repayment of existing loans(1) Purpose
The Fund has decided to procure the debt financing in order to conduct early repayment of current
outstanding loans as stated in “II. Early Repayment of Debt Financing” below.
(2) Details
Loan Type：Term Loan (Scheduled contract date: May 24, 2018)
Lenders
The Bank of Kyoto, Ltd.

AmountInterest Rate

(millions of yen)

500

Drawdown
Date

Fixed(To be determined)(Note2) (Note3)

May 28,2018

TermRepayment
Date(Note1)

Terms ofRepayment

Collateral

7 years
Lump-sum
Unsecured,November 26,
repayment on the unguaraand 62025
repayment datenteedmonths(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 business date is in the nextmonth.
(Note 2) The interest rates will be determined on or before the Drawdown Date based on the term loan contracts, which are scheduled to be concluded on
May 24, 2018. The Fund will announce the interest rates when they are determined.
(Note 3) The interest payment dates are the 26th of every May, November, beginning November 26th, 2018, until the Repayment Date, as well as theRepayment Date. If any of these days is a non-business day, the interest repayment date will be the following business day, or the prior business day ifthe following business day is in the next month.

(3) Use of Funds① Amount:¥500 million② Specifics:③ Scheduled Date of Use:

To be used for early repayment of the existing loans based on
the commitment line agreement totaling ¥500 million(Note) which
will mature on April 2, 2019.
May 28, 2018

－ 2 －II.Early Repayment of Debt Financing
1.Purpose
The Fund has decided to conduct early repayment of debt financing for the prolongation of theterm and the immobilization of the interest rate
2. Details
An early repayment of the following term loan(Note1) (Note2), based on the Commitment Line
Agreement, contracted on June 8, 2017(Note3).
Lenders

Borrowing
Borrowing
Scheduled
Early
AmountAmountInterest
Drawdown
Repayment
Early
Repayment
Term
Collateral
before Early
after EarlyRate
Date
Date(Note2) Repayment
AmountRepayment (millions of yen) RepaymentDate(millions of yen)

MUFG Bank, Ltd.
Sumitomo Mitsui
Banking Corporation
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust
Bank., Ltd.

2,500

(millions of yen)

500

2,000

Base
interest
rate+0.40%

April 2,2018

1 yearApril 2,2019

May 28,2018

Unsecured,
unguaranteed(Note4)(Note5)(Note 1) For further information regarding the borrowing above, please refer to the press releases “Notice Concerning Debt Financing” dated March 20,
2018.
(Note 2) As a result of an absorption-type split in which Mitsubishi UFJ Trust and Banking Corporation was the entity split and absorbed and MUFG Bank,Ltd. was the successor, MUFG Bank. Ltd. succeeded to the corporate lending operations recorded at the domestic headquarters and branches ofMitsubishi UFJ Trust and Banking Corporation on April 16, 2018. As a result, the Fund’s balance of borrowings from Mitsubishi UFJ Trust andBanking Corporation has been transferred to MUFG Bank. Ltd.
(Note 3) No penalty is required by this Early Repayment.
(Note 4) Base interest rate, which applies to the calculation period of the interest rate to be paid on the interest payment date, will be Japanese Bankers
Association (“JBA”) 1-month JPY TIBOR(“Tokyo Interbank Offered Rate”) 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(“JBATA”).
(Note 5) Base interest rate indicated in (Note 4) is reviewed on each interest payment date. However, in the case the rate that applies to the calculation periodof the interest rate does not exist, what is calculated based on the method stated in the contract will be the base interest rate that applies to theconcerned period. For JBA Japanese yen TIBOR, please refer to JBATA website. ( http://www.jbatibor.or.jp/english/rate/)

III.Status of Interest Bearing Debts after the Financings(millions of yen)

Before the Financings(Note 1)

After the Financings(Note 1)

Increased/Decreased
AmountShort-term Borrowings

2,500

2,000

−500

Current portion of Long-termborrowings (Note 2)

50,03937,839−12,200

Long-term borrowings(Note 3)

424,137

436,837+12,700

476,677

476,677－－－－

20,50020,500－Total Investment Corporation Bonds

20,50020,500－Total Interest-Bearing Debts

497,177

497,177－

Total Borrowings
Current portion of Investment
Corporation Bonds(Note 2)
Investment CorporationBonds(Note 4)(Note 1) Both columns indicate figures excluding the repayment of ¥21.4 million of agreed repayments scheduled for May 28, 2018.
(Note 2) Nature of term is as of the end of the 5th fiscal period (February 28, 2018).
(Note 3) Excludes Long-term Borrowings due within one year.
(Note 4) Excludes Investment Corporation Bond due within one year.

IV.Forecasts of Financial Results
There is no revision to Nomura Master Fund’s forecasts of financial results for the fiscal period ending August 31,
2018 (March 1, 2018 to August 31, 2018) and February 28, 2019 (September 1, 2018 to February 28, 2019) by the Financings
as it has only small impact to the forecast of financial results.
－ 3 －V.Others

No 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, 2017 and “ Section 2 Reference Information / 2 Supplement
Information / 7 Investment Risks” of the Securities Registration Statement (in Japanese) filed on February 1, 2018,
regarding the risk involved in the Financings.

*<Nomura Real Estate Master Fund, Inc.> URL: http://www.nre-mf.co.jp/en/－ 4 －