[For Translation Purposes Only]
November 15, 2016

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:
Ken Okada
Director and Managing Executive Officer
TEL. +81-3-3365-8767 nmf3462@nomura-re.co.jp

Notice Concerning Debt Financing and Repayment of Debt Financing (“Financing”)
Nomura Real Estate Master Fund, Inc. (“Nomura Master Fund” or the “Fund”) announced thedecision made today that it will procure debt financing (“Debt Financing”) to refinance the existing
debt totaling ¥13,000 million (“Existing debt I”) and the existing debt totaling ¥20,862 million(“Existing debt II”) as described below.

I.Debt Financing
1.Debt financing for refinance Existing debt I(1) Purpose
The Fund has decided to procure the loan in order to repay current outstanding loans which matures
on November 28, 2016.
(2) Details
Loan Type：Term Loan (Scheduled contract date: November 24, 2016)
Lenders

Amount(millions of yen)

Mitsubishi UFJ Trust and BankingCorporation
Sumitomo Mitsui Trust Bank,
Limited

4,000

Mizuho Bank, Ltd.

2,000

Interest Rate

Drawdown Date Term

Fixed

(To be determined)(Note2) (Note3)

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

Mizuho Trust & Banking Co., Ltd
The Norinchukin Bank

3,000

The Bank of Tokyo-Mitsubishi UFJ,
Ltd

2,000

Sumitomo Mitsui Banking
Corporation

2,000

Fixed

(To be determined)(Note2) (Note3)

Fixed(To be determined)(Note2) (Note4)

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

RepaymentDate(Note1)

Terms ofRepayment

CollateralLump-sum Unsecured,
November 28,
November 26, repayment on the unguarante
7 years2023
2016
repayment dateed

November 28, 7 years
and 6
2016
monthsMay 26,2024

Lump-sum Unsecured,
repayment on the unguarante
repayment dateed

Lump-sum Unsecured,
November 28,
November 26, repayment on the unguarante
8 years2024
2016
repayment dateed
Lump-sum Unsecured,
November 28,November 26, repayment on the unguarante
10 years
2026
2016
repayment dateed
Lump-sum Unsecured,
November 28,
November 26, repayment on the unguarante
11 years
2027
2016
repayment dateed－ 1 －(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) The interest rate will be determined on or before the anticipated borrowing date based on the contract dated November 24, 2016

concerning this borrowing. We will make an announcement about the interest when it is determined.

(Note 3) May 26, 2017, the first interest payment date, and 26th of every May and November thereafter until the Repayment Date. (or thefollowing business day if the date is a non-business day, or the prior business day if the following business date is in the next month)(Note 4) February 26, 2017, the first interest payment date, and 26th of every February, May, August and November thereafter until theRepayment Date. (or 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)(3) Use of Funds① Specifics:② Scheduled Date of Use :To be used for repayment of the existing borrowings based on theterm loan(Note) agreement totaling ¥13,000 million which will mature
on November 28, 2016.
November 28, 2016

(Note) For details of the term loan agreement, please refer to the press releases “Notice Concerning Debt Financing” the former
Nomura Real Estate Master Fund on June 12, 2013.

2.Debt financing for refinance Existing debtⅡ(1) Purpose
The Fund has decided to procure the loan in order to repay current outstanding loans which matures on November 30,2016.

(2) Details
Loan Type：Term Loan (Scheduled contract date: November 28, 2016)
Lenders

Amount(millions of yen)

Mitsubishi UFJ Trust and Banking
Corporation

2,500

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

1,500

The Bank of Tokyo-Mitsubishi UFJ,
Ltd

1,800

The Bank of Tokyo-Mitsubishi UFJ,
Ltd

2,000

Sumitomo Mitsui Banking
Corporation

2,000

Development Bank of Japan Inc.
Nippon Life Insurance Company

2,800

Mizuho Bank, Ltd.
Mitsubishi UFJ Trust and Banking
Corporation
Sumitomo Mitsui Trust Bank,
Limited4,200

The Bank of Tokyo-Mitsubishi UFJ,
Ltd

2,000

Sumitomo Mitsui Banking
Corporation

2,000Interest Rate

Drawdown Date Term

Fixed

November 30, 6 years
and 62016
months(To be determined)(Note2) (Note3)

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

Fixed(To be determined)(Note2) (Note4)

Fixed(To be determined)(Note2) (Note4)

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

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

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

Fixed(To be determined)(Note2) (Note4)

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

RepaymentDate(Note1)
May 26,
2023

Terms of
Repayment

CollateralLump-sum Unsecured,
repayment on the unguarante
repayment dateed

Lump-sum Unsecured,
November 30,
November 26 repayment on the unguarante
7 years2023
2016
repayment dateed
Lump-sum Unsecured,
November 30,
November 26, repayment on the unguarante
8 years2024
2016
repayment dateed

November 30, 8 years
and 6
2016
monthsMay 26,

November 30, 8 years
and 6
2016
monthsMay 26,

November 30, 8 years
and 6
2016
monthsMay 26,

2025

2025

2025

Lump-sum Unsecured,
repayment on the unguarante
repayment dateed
Lump-sum Unsecured,
repayment on the unguarante
repayment dateed
Lump-sum Unsecured,
repayment on the unguarante
repayment dateed

Lump-sum Unsecured,
November 30
November 26, repayment on the unguarante
9 years2025
2016
repayment dateed
Lump-sum Unsecured,
November 28,November 26, repayment on the unguarante
13 years
2029
2016
repayment dateed
Lump-sum Unsecured,
November 28,
November 26, repayment on the unguarante
13 years
2029
2016
repayment dateed

－ 2 －(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) The interest rate will be determined on or before the anticipated borrowing date based on the contract dated November 28, 2016

concerning this borrowing. We will make an announcement about the interest when it is determined.

(Note 3) May 26, 2017, the first interest payment date, and 26th of every May and November thereafter until the Repayment Date. (or thefollowing business day if the date is a non-business day, or the prior business day if the following business date is in the next month)(Note 4) February 26, 2017, the first interest payment date, and 26th of every February, May, August and November thereafter until theRepayment Date. (or 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)(3) Use of Funds① Specifics:② Scheduled Date of Use :To be used for repayment of the existing borrowings based on theterm loan(Note) agreement totaling ¥20,862 million which will mature
on November 30, 2016. (The remaining to be repaid with cash onhand.)November 30, 2016.

(Note) For details of the term loan agreement maturing please refer to the press release “Notice Concerning Borrowing” announced byTop REIT Inc. on January 7, 2010 and November 24, 2011(For the press release of Top REIT Inc., please refer tohttp://www.nre-mf.co.jp/en/ir/index_top.html).

II.Status of Interest Bearing Debts after Financing(millions of yen)

Before Financing(Note 1)
Short-term Borrowings

After Financing(Note 1)

Increased/Decreased
Amount－－－Current portion of Long-termborrowings (Note 2)

86,14652,284－33,862

Long-term borrowings(Note 3)

381,221415,021＋33,800

467,367

467,305－62

10,00010,000－22,50022,500－Total Investment Corporation Bonds

32,50032,500－Total Interest-Bearing Debts

499,867

499,805－62

Total Borrowings
Current portion of Investment
Corporation Bonds(Note 2)
Investment CorporationBonds(Note 4)(Note 1) Both columns indicate figures assuming that agreed repayments (¥21.4 million in total) scheduled for November 28, 2016.
(Note 2) Nature of term is as of the end of the 2nd fiscal period (August 31, 2016).
(Note 3) Excludes Long-term Borrowings due within one year.
(Note 4) Excludes Investment Corporation Bond due within one year.

III.Forecasts of Financial Results
There is only small impact to Nomura Master Fund’s forecasts of financial results for the fiscal period
ending February 28, 2017 (September 1, 2016 to February 28, 2017), there is no revision to the forecastof financial results.
IV.Other Matters Required for Investors to Accurately Understand and Evaluate theInformation
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 May 25, 2016, regarding the riskinvolved in the debt financing.
Nomura Real Estate Master Fund, Inc. URL: http://www.nre-mf.co.jp/english/－ 3 －