[For Translation Purposes Only]
August 18, 2020

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.
Koki Miura, 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 ¥12,600 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 August 26,2020.

2.Details
Loan Type：Term Loan (Scheduled contract date: August 24, 2020)
AmountDrawdown
Lenders(millions Interest Rate
Dateof yen)
Fixed
Sompo Japan Insurance Inc.
1,000 (To be determined)(Note2) (Note3)

Fixed

Sumitomo Mitsui Trust Bank,Limited600(To be determined)

The Nomura Trust and Banking
Co., Ltd.

1,000(To be determined)

The 77 Bank, Ltd.

500

0.37000%

Term

RepaymentDate(Note1)

3 yearsand 6months

February 26,
2024

7 years

August 26,
2027

8 years

August 26,
2028

8 yearsand 6months

August 26,
2029

8 yearsand 9months

May 26,2029

9 years

August 26,
2029

9 years

August 26,
2029

9 years

August 26,
2029(Note2) (Note3)

Fixed(Note2) (Note3)

Fixed(Note3)Fixed

The Nomura Trust and Banking
Co., Ltd.

1,000(To be determined)

Shinkin Central Bank

1,500

(To be determined)

Nippon Life Insurance
Company500(To be determined)

Mizuho Bank, Ltd.
Mizuho Trust & Banking Co.,
Ltd.

1,600(To be determined)

August 26,2020(Note2) (Note4)

Fixed(Note2) (Note3)

Fixed(Note2) (Note3)

Fixed(Note2) (Note3)－ 1 －Terms of
Repayment

CollateralLump-sum
repayment
Unsecured,on theunguaranteed
repayment
dateFixedMUFG Bank, Ltd.

1,500

(To be determined)

THE YAMAGUCHI BANK, Ltd.

300(To be determined)

Development Bank of Japan Inc.

1,100(To be determined)

2,000(To be determined)

MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Total(Note2) (Note3)

Fixed

9 yearsand 6months

February 26,
2030

10 years

August 26,
2030

10 years

August 26,
2030

10 years

August 26,
2030(Note2) (Note3)

Fixed(Note2) (Note3)

Fixed(Note2) (Note5)

12,600(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 August 24, 2020
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 February, August, beginning February 26, 2021, until the Repayment Date, as wellas the Repayment Date. If any of these days is a non-business day, the interest payment date will be the following business day, 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 May, November, beginning November 26, 2020, until the Repayment Date, as wellas the Repayment Date. If any of these days is a non-business day, the interest payment date will be the following business day, orthe prior business day if the following business day is in the next month.
(Note 5) The interest payment dates are the 26th of every February, May, August and November, beginning November 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:¥ 12,600 million② Specifics:

To be used for repayment of the existing borrowings based on each termloan(Note) agreement totaling ¥12,600 million which will mature on August 26,
2020.

(Note) For details of each term loan agreement, please refer to the press releases, “NoticeConcerning Debt Financing” announced by Nomura Real Estate Office Fund, Inc. on August 23,
2012, “Notice Concerning Debt Financing” announced by Nomura Real Estate Residential Fund,
Inc. on September 26, 2013 and “Notice Concerning Debt Financing” announced by Nomura Real
Estate Residential Fund, Inc. on October 23, 2013, and “Notice Concerning Debt Financing”
announced by Nomura Real Estate Office Fund, Inc. on February 24, 2014 and “Notice Concerning
Debt Financing” announced by Nomura Real Estate Office Fund, Inc. on August 24, 2015.

③ Scheduled Date of Use:

August 26, 2020

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) (Note2)

After Financing andRepayment of the Existing
Debt (Note1)

Increased/Decrea
sed Amount－－－

Current portion of Long-termborrowings (Note 3)

45,04232,442－12,600

Long-term borrowings(Note 4)

440,841

453,441＋12,600

Total Borrowings

485,884

485,884－－－－

32,00032,000－

Short-term Borrowings

Current portion of Investment
Corporation Bonds (Note 3)
Investment Corporation Bonds(Note 5)－ 2 －Total Investment Corporation
Bonds

32,00032,000－Total Interest-Bearing Debts

517,884

517,884－(Note 1) Both columns indicate figures excluding the repayment of ¥21.4 million of the agreed repayments scheduled for August 26, 2020.
(Note 2) These figures reflect the issuance of investment corporation bonds and the early repayment of borrowings as stated in the press
release, "Notice Concerning Issuance of Investment Corporation Bonds (Green Bonds) and Early Repayment of Borrowings",
dated August 7, 2020.
(Note 3) Nature of term is as of the end of the 9th fiscal period (February 29, 2020).
(Note 4) Excludes Long-term Borrowings due within one year.
(Note 5) 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 August 31,2020 (March 1, 2020 to August 31, 2020) and the fiscal period ending February 28, 2021 (September 1, 2020 to February
28, 2021) 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 28, 2020, regarding the risk involved in the Debt Financing.

*<Nomura Real Estate Master Fund, Inc.> URL: https://www.nre-mf.co.jp/en/－ 3 －