[For Translation Purposes Only]
November 13, 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 (the “Debt Financing”) to refinance the existing debt totaling¥11,700 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 November 26,2018.

2.Details
Loan Type：Term Loan (Scheduled contract date: November 21, 2018)
AmountDrawdown
Lenders(millions Interest Rate
Dateof yen)Fixed
THE HACHIJUNI BANK, LTD.
2,000 (To be determined)
The Hiroshima Bank, Ltd.
(Note2) (Note3)
FixedThe Iyo Bank, Ltd.
The Keiyo Bank, Ltd.

2,000

(To be determined)

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

2,000(To be determined)

Mizuho Bank, Ltd.
Sumitomo Mitsui Trust Bank,
Limited

1,700(To be determined)

MUFG Bank, Ltd.

2,000

(To be determined)

2,000(To be determined)

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

Fixed(Note2) (Note3)

Fixed

November26,
2018(Note2) (Note3)

Fixed(Note2) (Note3)

Fixed(Note2) (Note4)

Term

RepaymentDate(Note1)

6 years

November 26,20246 years
and 6months

May 26,2025

Terms ofRepayment

Collateral

November 26, Lump-sum
2026
repayment
Unsecured,on theunguaranteed
November 26, repayment
9 yearsdate2027
8 years

9 yearsand 6months

May 26,2028

10 yearsNovember 26,
2028

11,700(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 November 21, 2018
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 May and November, beginning May 26, 2019, until the Repayment Date,－ 1 －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 February 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:¥ 11,700 million② Specifics:

To be used for repayment of the existing borrowings based on the term loan(Note)agreement totaling ¥11,700 million which will mature on November 26, 2018.

③ Scheduled Date of Use:

November 26, 2018

(Note) For details of the term loan agreement, please refer to the press releases “Notice Concerning Debt Financing” announced by Nomura
Real Estate Office Fund, Inc. on December 5, 2013 (https://www.nre-mf.co.jp/file/nof/tmp-ZjCE7.pdf) and on June 6, 2014(https://www.nre-mf.co.jp/file/nof/tmp-PvCM4.pdf), and the press releases “Notice Concerning Debt Financing” announced byNomura Real Estate Master Fund, Inc. on December 10, 2013 (https://www.nre-mf.co.jp/file/nmf/tmp-HqHhf.pdf)and on
September 25, 2014 (https://www.nre-mf.co.jp/file/nmf/tmp-kYRNL.pdf).

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)

63,13951,439－11,700

Long-term borrowings(Note 3)

411,495

423,195＋11,700

Total Borrowings

475,134

475,134－－－－

22,00022,000－Total Investment CorporationBonds

22,00022,000－Total Interest-Bearing Debts

497,134

497,134－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 November 26,
2018.
(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 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) by the Debt Financing as it has only small impact to the forecast of financialresults.

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 May 31, 2018 regarding the risk involved in the Debt Financing.

*<Nomura Real Estate Master Fund, Inc.> URL: https://www.nre-mf.co.jp/en/－ 2 －