[For Translation Purposes Only]
March 7, 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 Debt Financing
Nomura Real Estate Master Fund, Inc. (“Nomura Master Fund” or the “Fund” or ”NMF”) announced today that theFund will procure debt financing as stated below.

Ⅰ.Debt Financing
1.Debt financing for refinance(1) Purpose
The Fund has decided to procure the loan in order to repay current outstanding loans which matures
on March 13, 2017.
(2) Details
Loan Type：Term Loan (Scheduled contract date: March 9, 2017)
Lenders
The Bank of Tokyo-Mitsubishi UFJ,
Ltd.
Sumitomo Mitsui Banking
Corporation
Mizuho Bank, Ltd.
Mitsubishi UFJ Trust and Banking
Corporation
Sumitomo Mitsui Trust Bank,
LimitedAmount(millions of yen)

4,000

Interest Rate

Drawdown
Date

Term

RepaymentDate(Note 1)

Terms ofRepayment

Collateral

Basic Interest Rate
+0.14％(Note 2) (Note3)(Note4)

March13, 2017

Lump-sum
2 years
October 26, repayment onand 72019
the repayment
monthsdateUnsecu
red,unguaranteed(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) 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 paymentdates (however, the Drawdown Date for the first interest rate calculation period) announced by the JBA TIBOR Administration.
(Note 3) Basic Interest Rate indicated in (Note 2) will be reviewed on each Interest Payment Date. However, in the case the rate that applies
to the calculation period of the interest rate does not exist, what is calculated based on the method stated in the contract will be
the Basic Interest Rate that applies to the concerned period. Refer to the JBA TIBOR Administration website regarding thechanges in the respective JBA Japanese Yen TIBOR, the base interest rate.
(Note 4) April 26, 2017, the first interest payment date, and 26th of the every month 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)－ 1 －(3) Use of Funds① Specifics:

To be used for repayment of the existing borrowings based on the term loan(Note)agreement totaling ¥4,000 million which will mature on March 13, 2017.

② Scheduled Date of Use:March 13, 2017

(Note) For details of the term loan agreement, please refer to the press releases “Notice Concerning Debt Financing” the former
Nomura Real Estate Office Fund on March 9, 2015.

2.Debt financing for redemption of the existing investment corporation bonds(1) Purpose
The Fund has decided to procure the debt financing of ¥5,000 million for the redemption of existing investment
corporation bonds of Nomura Real Estate Office Fund, Inc., which matures on March 17, 2017.

(2) Details of Debt Financing
Loan Type：Commitment Line Agreement, contracted on June 8, 2016
Lenders
The Bank of Tokyo-Mitsubishi UFJ,
Ltd.
Sumitomo Mitsui Banking
Corporation
Mizuho Bank, Ltd.
Mitsubishi UFJ Trust and Banking
Corporation
Sumitomo Mitsui Trust Bank,
LimitedAmount(millions of yen)

5,000Interest Rate

Drawdown
Date

Basic Interest Rate
March 16,+0.55％
2017(Note 2) (Note3)(Note4)

Term

RepaymentDate(Note 1)

Terms ofRepayment

Collateral

1 yearMarch 16,2018

Lump-sum
repayment on
the repayment
date

Unsecured,
unguaranteed(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) 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 3) Basic Interest Rate indicated in (Note 2) will be reviewed on each Interest Payment Date. However, in the case the rate that applies
to the calculation period of the interest rate does not exist, what is calculated based on the method stated in the contract will be
the Basic Interest Rate that applies to the concerned period. Refer to the JBA TIBOR Administration website regarding thechanges in the respective JBA Japanese Yen TIBOR, the base interest rate.
(Note 4) April 26, 2017, the first interest payment date, and 26th of the every month 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)(3) Use of Funds① Specifics:

Loan proceed is to be used for the redemption of the existing investment
corporation bonds.

② Scheduled Date of Use:March 17, 2017

(Note) For details of the investment corporation bonds, please refer to the press releases “Notice Concerning Offering of theInvestment Corporation Bonds” the former Nomura Real Estate Office Fund on March 2, 2007.

3.Debt financing for redemption of the existing investment corporation bonds(1) Purpose
The Fund has decided to procure the debt financing in order to pay for the acquisition of an asset.

－ 2 －(2) Details of Debt Financing
Loan Type：Commitment Line Agreement, contracted on June 8, 2016
LendersAmount(millions of yen)

The Bank of Tokyo-Mitsubishi UFJ,
Ltd.
Sumitomo Mitsui Banking
Corporation
Mizuho Bank, Ltd.
Mitsubishi UFJ Trust and Banking
Corporation
Sumitomo Mitsui Trust Bank,
Limited8,700

Interest Rate

Drawdown
Date

Basic Interest Rate
March 16,+0.45％
2017(Note 2) (Note3)(Note4)

Term

RepaymentDate(Note 1)

Terms ofRepayment

Collateral

1 yearMarch 16,2018

Lump-sum
repayment onthe repayment
date

Unsecured,
unguaranteed(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) 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 3) Basic Interest Rate indicated in (Note 2) will be reviewed on each Interest Payment Date. However, in the case the rate that applies
to the calculation period of the interest rate does not exist, what is calculated based on the method stated in the contract will be
the Basic Interest Rate that applies to the concerned period. Refer to the JBA TIBOR Administration website regarding thechanges in the respective JBA Japanese Yen TIBOR, the base interest rate.
(Note 4) April 26, 2017, the first interest payment date, and 26th of the every month 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)(3) Use of Funds① Specifics:

Loan proceeds will be used in order to pay for the acquisition of an asset(nORBESA) (Note)② Scheduled Date of Use:

March 17, 2017

(Note) For a profile of the property, refer to the “Notice Concerning Property Acquisition”, released on February 21, 2017.

Ⅱ．Status of Interest-bearing Debts after Drawdown and the redemption of the bonds(millions of yen)

Before Financing, therepayment and theredemption of the bonds

After Financing, therepayment and theredemption of the bonds

Increased/Decreased
AmountShort-term Borrowings

5,000

18,700＋13,700

Current portion of Long-termborrowings (Note 2)

45,112

41,112－4,000Long-term borrowings(Note 3)

421,171425,171＋4,000471,284

484,984＋13,700

5,000－－5,00022,50022,500－Total Investment Corporation Bonds

27,50022,500－5,000Total Interest-Bearing Debts

498,784

507,484＋8,700Total Borrowings
Current portion of Investment
Corporation Bonds(Note 2)
Investment CorporationBonds(Note 4)(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 borrowings on the entire portfolio will be accounted for in the forecasts of financial
results for the period ending August 31, 2017. This announcement is planned for April 14, 2017, intandem with the disclosure of results for the period ending February 28, 2017.
－ 3 －Ⅳ.Other Matters Required for Investors to Accurately Understand and Evaluate the Information

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 November 28, 2016, regarding the risk
involved in the debt financing.
*<Nomura Real Estate Master Fund, Inc> URL: http://www.nre-mf.co.jp/en/－ 4 －