[For Translation Purposes Only]
April 4, 2017

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 Repayment of Debt Financing
Nomura Real Estate Master Fund, Inc. (“Nomura Master Fund” or the “Fund”) announced that the Fund will make repay
debt financing as stated below.
Ⅰ．Details of Repayment of Debt Financing
1. Purpose
Nomura Master Fund has decided to repay existing borrowings by cash on hand, for the purpose to increase theeffectiveness of asset management and reduce interest payments.
2. Details of Repayment
An early repayment of the following term loan(Note 2), based on the Commitment Line Agreement, contracted on June 8,
2016. (Note 1)
Lenders

Borrowing
BorrowingAmount repayment Amount
before the Amountafter therepayment (millions of yen) repayment(millions of yen)

The Bank of Tokyo-Mitsubishi
UFJ, Ltd.
Sumitomo Mitsui Banking
CorporationMizuho Bank, Ltd.
Mitsubishi UFJ Trust andBanking Corporation
Sumitomo Mitsui Trust Bank,
Limited5,000

Interest
Rate

Drawdown
Date

TermRepayment
Date (Note 2)

Scheduled
Repayment Collateral
Date(millions of yen)

5,000-Basic
Interest
rate
February 23,
February 23, April 18,
1 year
2017
2018
2017
+0.55％(Note3)(Note4)(Note5)

Unsecured,
unguaranteed（Note 1）For a detail of the borrowings based on the Commitment Line Agreement, refer to the “Notice Concerning Debt Financing”, releasedon February 7, 2017.
（Note 2）From this early repayment, break funding cost will occur, calculated by the actual days from the following date of Repayment Date tothe following Interest Payment Date.
（Note 3）Basic Interest Rate, which applies to the calculation period of the interest rate to be paid on the Interest Payment Date, will be JBA 1
month JPY TIBOR as of two business days before the previous Interest Payment Date of the respective interest payment dates(however, the Drawdown Date for the first interest rate calculation period) announced by the JBA TIBOR Administration.
（Note 4）Basic Interest Rate indicated in (Note 3) will be reviewed on each Interest Payment Date. However, in the case the rate that applies tothe calculation period of the interest rate does not exist, what is calculated based on the method stated in the contract will be the BasicInterest Rate that applies to the concerned period. Refer to the JBA TIBOR Administration website regarding the changes in therespective JBA Japanese Yen TIBOR, the base interest rate.

－ 1 －（Note 5）March 26, 2017, the first interest payment date, and 26th of every month thereafter until the Repayment Date. (or the following
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)

Ⅱ．Status of Interest-bearing Debts after the Repayment(millions of yen)

Before the Repayment

Increased/Decreased
AmountAfter the Repayment

Short-term Borrowings

36,70031,700－5,000Current portion ofLong-term borrowings (Note 1)

40,112

40,112－Long-term borrowings(Note 2)

426,171426,171－502,984

497,984－5,000－－－22,50022,500－22,50022,500－525,484

520,484－5,000Total Borrowings
Current portion ofInvestment CorporationBonds(Note 1)
Investment CorporationBonds(Note 3)
Total Investment Corporation
Bonds
Total Interest-Bearing Debts(Note 1) Nature of term is as of the end of the 2nd fiscal period (August 31, 2016).
(Note 2) Excludes Long-term Borrowings due within one year.
(Note 3) Excludes Investment Corporation Bond due within one year.

Ⅲ．Forecasts of Financial Results
The effects of the repayment on the entire portfolio will be accounted for in the forecasts of financial results for theperiod ending August 31, 2017. This announcement is planned for April 14, 2017, in tandem with the disclosure ofresults for the period ending February 28, 2017.

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