[For Translation Purposes Only]
February 20, 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
Nomura Real Estate Master Fund, Inc. (“Nomura Master Fund” or “NMF” or the “Fund”) announced thedecision made today that it will procure debt financing (“Debt Financing”) to refinance the existing debt totaling¥2,500 million (“Existing debt I”) and the existing debt totaling ¥5,420 million (“Existing debt II”) as described
below.

I.Debt Financing
1.Debt financing to refinance the Existing debt I(1) Purpose

The Fund has decided to procure the loan in order to repay current outstanding loans which mature on February 26,2018.

(2) Details
Loan Type：Term Loan (Scheduled contract date: February 22, 2018)
AmountRepayment
Lenders(millions Interest Rate Drawdown Date Term
Date(Note1)
of yen)Fixed
The Iyo Bank, Ltd.
(To beFebruary 26,
1,500
7 years
The Tokyo Tomin Bank, Limited
determined)
2025(Note2) (Note3)
February 26,
2018
Fixed
The Bank of Tokyo-Mitsubishi UFJ,(To be10 February 26,
1,000
Ltd.
determined)
years
2028

Terms ofRepayment

CollateralLump-sum Unsecure
repayment ond,
the repayment unguarantdateeed(Note2) (Note4)(Note 1)
(Note 2)

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.
The interest rate will be determined on or before the anticipated borrowing date based on the contract dated February 22, 2018
concerning this borrowing. We will make an announcement about the interest when it is determined.

Note: This press release is a public announcement concerning debt financing and has not been prepared for the purpose of solicitationof investment. We caution readers to refer to the Fund’s Offering Circular for the Issuance of New Investment Units andSecondary Offering and the Notices of Amendments thereto (if any) and to undertake investment decisions at their own
judgement and responsibility. In addition, this press release does not constitute an offer of securities in the United Statesof America. The securities referred to above have not been, and will not be registered under the United States Securities Act of1933, as amended (the “Securities Act”). The securities may not be offered or sold in the United States absent registration or an
exemption from registration under the Securities Act. The securities referred to above will not be publicly
offered or sold in the United States.

－ 1 －(Note 3)(Note 4)The interest payment dates are the 26th of every February and August, beginning August 26, 2018, until the Repayment Date, aswell 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.
The interest payment dates are the 26th of every February, May, August and November, beginning May 26, 2018, 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 Specifics:

To be used for repayment of the existing borrowings based on the term loan(Note)agreement totaling ¥2,500 million which will mature on February 26, 2018.

② Scheduled Date of Use:

February 26, 2018

(Note) For details of the term loan agreement, please refer to the press release “Notice Concerning Debt Financing” announced byNomura Real Estate Residential Fund on February 25, 2015 and “Notice Concerning Debt Financing” announced by Nomura
Real Estate Office Fund on February 24, 2011.

2.Debt financing to refinance the Existing debtⅡ(1) Purpose
The Fund has decided to procure the loan for partial repayment of the current outstanding loans whichmature on February 27, 2018.
(2) Details
Loan Type：Term Loan (Scheduled contract date: February 23, 2018)
AmountRepayment
Lenders(millions Interest Rate Drawdown Date TermDate(Note1)of yen)Mizuho Bank, Ltd.
Fixed
Mitsubishi UFJ Trust and Banking(To beFebruary 26,Corporation
2,320
9 years
determined)
2027
Sumitomo Mitsui Trust Bank,
February 27,(Note2) (Note3)
Limited2018
The Bank of Tokyo-Mitsubishi UFJ,Fixed
9 yearsLtd.
(To beAugust 262,600and 6
Sumitomo Mitsui Bankingdetermined)2027
months(Note2) (Note4)
Corporation

Terms ofRepayment

CollateralLump-sum Unsecure
repayment ond,
the repayment unguarantdateeed(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 February 23, 2018

concerning this borrowing. We will make an announcement about the interest when it is determined.
The interest payment dates are the 26th of every February and August, beginning August 26, 2018, 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 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 February, May, August and November, beginning May 26, 2018, 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.
(Note 3)

Note: This press release is a public announcement concerning debt financing and has not been prepared for the purpose of solicitationof investment. We caution readers to refer to the Fund’s Offering Circular for the Issuance of New Investment Units andSecondary Offering and the Notices of Amendments thereto (if any) and to undertake investment decisions at their own
judgement and responsibility. In addition, this press release does not constitute an offer of securities in the United Statesof America. The securities referred to above have not been, and will not be registered under the United States Securities Act of1933, as amended (the “Securities Act”). The securities may not be offered or sold in the United States absent registration or anexemption from registration under the Securities Act. The securities referred to above will not be publicly
offered or sold in the United States.

－ 2 －(3) Use of Funds① Specifics:② Scheduled Date of Use:

To be used for partial repayment of the existing borrowings based on the termloan(Note) agreement totaling ¥5,420 million which will mature on February 27,
2018. (The remaining to be repaid with cash on hand.)February 27, 2018

(Note) For details of the term loan agreement, please refer to the press release “Notice Concerning Debt Financing” announced byNomura Real Estate Residential Fund on August 23, 2012.

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

Short-term Borrowings

Before Financing andRepayment of the Existing
Debt(Note 1)

After Financing andRepayment of the Existing
Debt (Note 1)

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

37,81729,897－7,920Long-term borrowings(Note 3)

428,380

435,800＋7,420466,198

465,698－500－－－

20,50020,500－Total Investment Corporation Bonds

20,50020,500－Total Interest-Bearing Debts

486,698

486,198－500

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 February 26, 2018.
(Note 2) Nature of term is as of the end of the 4th fiscal period (August 31, 2017).
(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, 2018 (September 1, 2017 to February 28, 2018), August 31, 2018 (March 1, 2018 to August 31, 2018) and February 28,
2019 (September 1, 2018 to February 28, 2019), there is no revision to the forecast of financial results.

IV.OtherNo 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 debt financing.

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

Note: This press release is a public announcement concerning debt financing and has not been prepared for the purpose of solicitationof investment. We caution readers to refer to the Fund’s Offering Circular for the Issuance of New Investment Units andSecondary Offering and the Notices of Amendments thereto (if any) and to undertake investment decisions at their own
judgement and responsibility. In addition, this press release does not constitute an offer of securities in the United Statesof America. The securities referred to above have not been, and will not be registered under the United States Securities Act of1933, as amended (the “Securities Act”). The securities may not be offered or sold in the United States absent registration or an
exemption from registration under the Securities Act. The securities referred to above will not be publicly
offered or sold in the United States.

－ 3 －