[For Translation Purposes Only]
February 19, 2019

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 (the “Debt Financing”) to refinance the existing debt totaling¥10,300 million (the “Existing Debt”) 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 February 26,2019.

2.Details
Loan Type：Term Loan (Scheduled contract date: February 22, 2019)
AmountDrawdown
Lenders(millions Interest Rate
Dateof yen)Fixed
THE NISHI-NIPPON CITY
500 (To be determined)
BANK, LTD.
(Note2) (Note3)
Fixed

The Chugoku Bank, Ltd.
The Hyakujushi Bank, Ltd.

800

(To be determined)

SUMITOMO LIFE INSURANCECOMPANY

1,000(To be determined)

Shinkin Central Bank
THE BANK OF FUKUOKA,LTD.
THE YAMAGUCHI BANK, Ltd.

1,500

SUMITOMO LIFE INSURANCECOMPANY

1,000(To be determined)

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

2,500(To be determined)(Note2) (Note3)

FixedTerm

Repayment Terms ofDate(Note1) Repayment

5 years

February 26,
2024

7 years

February 26,
2026

7 yearsand 6months

August 26,
2026

CollateralLump-sum
repaymentFebruary 26,Unsecured,on the2019
unguaranteed
Fixed
February 26, repayment(To be determined)
8 years
date2027(Note2) (Note3)(Note2) (Note3)

Fixed(Note2) (Note3)

Fixed(Note2) (Note3)

8 years
August 26,
and 62027
months8 years
November 26,
and 92027
monthsNote: This press release is a public announcement concerning the extension of termination date of commitment line agreement and has
not been prepared for an inducement or invitation for investment. This press release should not be construed as an offer orsolicitation of an offer to purchase any investment units or other investment of NMF. Prospective investors are advised to makeany investment decisions at their own risk and responsibility.

－ 1 －Sumitomo Mitsui Banking
Corporation500

MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Total

Fixed

(To be determined)(Note2) (Note3)

Fixed
2,500 (To be determined)(Note2) (Note4)

9 yearsand 6
monthsAugust 26,
2028

10 years

February 26,
2029

10,300(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 February 22, 2019
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 and August, beginning August 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.
(Note 4) The interest payment dates are the 26th of every February, May, August and November, beginning May 26, 2019, 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:¥ 10,300 million② Specifics:

To be used for repayment of the existing borrowings based on each termloan(Note) agreement totaling ¥10,300 million which will mature on February 26,
2019.
(Note) For details of each term loan agreement, please refer to the press releases “Notice Concerning
Debt Financing” announced by Nomura Real Estate Office Fund, Inc. on March 14, 2012(https://www.nre-mf.co.jp/file/nof/tmp-TQmmu.pdf), on March 17, 2014 (https://www.nremf.co.jp/file/nof/tmp-SYE9w.pdf)
andonMarch25,2014(https://www.nremf.co.jp/file/nof/tmp-XytdJ.pdf) respectively.

③ Scheduled Date of Use:February 26, 2019

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

Before Financing andRepayment of the Existing Debt(Note 1)

After Financing andRepayment of the Existing
Debt (Note 1)

Increased/Decrea
sed Amount

Short-term Borrowings

500500－Current portion of Long-termborrowings (Note 2)

45,042

34,742－10,300

Long-term borrowings(Note 3)

429,570

439,870＋10,300

Total Borrowings

475,112475,112－－－－22,00022,000－Total Investment CorporationBonds

22,00022,000－Total Interest-Bearing Debts

497,112497,112－Current portion of Investment
Corporation Bonds(Note 2)

Investment Corporation Bonds(Note 4)(Note 1) Both columns indicate figures excluding the repayment of ¥21.4 million of the agreed repayments scheduled for February 26,
2019.
(Note 2) Nature of term is as of the end of the 6th fiscal period (August 31, 2018).
(Note 3) Excludes Long-term Borrowings due within one year.
Note: This press release is a public announcement concerning the extension of termination date of commitment line agreement and has
not been prepared for an inducement or invitation for investment. This press release should not be construed as an offer orsolicitation of an offer to purchase any investment units or other investment of NMF. Prospective investors are advised to makeany investment decisions at their own risk and responsibility.

－ 2 －(Note 4) 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), the fiscal period ending August 31, 2019 (March 1, 2019 to August 31,2019) and the fiscal period ending February 29, 2020 (September 1, 2019 to February 29, 2020) 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 November 29, 2018 and “Section 2 Reference Information/ 2 Supplement Information / 8 Investment Risks” of the Securities Registration Statement (in Japanese) filed on February
7, 2019 regarding the risk involved in the Debt Financing.
*<Nomura Real Estate Master Fund, Inc.> URL: https://www.nre-mf.co.jp/en/

Note: This press release is a public announcement concerning the extension of termination date of commitment line agreement and has
not been prepared for an inducement or invitation for investment. This press release should not be construed as an offer orsolicitation of an offer to purchase any investment units or other investment of NMF. Prospective investors are advised to makeany investment decisions at their own risk and responsibility.

－ 3 －