[For Translation Purposes Only]
May 29, 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 Early Repayment of Debt Financing
Nomura Real Estate Master Fund, Inc. (“Nomura Master Fund” or “NMF” or the “Fund”)
announced today that the Fund will make an early repayment of debt financing (the “EarlyRepayment”) as stated below.
Ⅰ．Details of Early Repayment of Debt Financing
1. Purpose
The Fund will make an early repayment of ¥1,500 million of the existing borrowings with theproceeds procured from the issuance of Nomura Real Estate Master Fund, Inc. Third Series of Unsecured
Investment Corporation Bonds (Special pari passu conditions among specified investment corporation
bonds) determined on May 17, 2018 (the “Bonds”) (Note) and cash on hand in order to reduce interestpayments.
(Note) For details on the above issuance of the Bonds, please refer to the press release “Notice Concerning Issuance of Investment
Corporation Bonds” dated May 17, 2018.

2. Details of Early Repayment

An early repayment of the following term loans(Note 1) (Note 2), based on the Commitment Line Agreement
contracted on June 8, 2017. (Note 3)

Lenders

BorrowingAmountbefore Early
Repayment(millions of yen)

MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Corporation
Mizuho Bank, Ltd.
Sumitomo Mitsui Trust
Bank, Limited

2,000

Borrowing
EarlyAmount after
Repayment
EarlyAmount(millions of yen) Repayment

InterestRateDrawdown
Term
Date

RepaymentDate(millions of yen)

1,500

500

BasicInterest rate
+0.40％(Note4)(Note5)(Note6)

April 2,2018

1 yearApril 2,
2019

Scheduled
Early
Collateral
Repayment
Date

June 12,2018

Unsecured,
unguaranteed（Note 1）The Fund procured ¥2,500 million in borrowings on April 2, 2018 and repaid ¥500 million ahead of term maturity on May 28, 2018.
For details on the above term loans, please refer to the press releases “Notice Concerning Debt Financing” dated March 20, 2018 and“Notice Concerning Debt Financing and Early Repayment of Debt Financing” dated May 15, 2018.
（Note 2）As a result of an absorption-type split in which Mitsubishi UFJ Trust and Banking Corporation was the entity split and absorbed and1

MUFG Bank, Ltd. was the successor, MUFG Bank. Ltd. succeeded to the corporate lending operations recorded at the domestic
headquarters and branches of Mitsubishi UFJ Trust and Banking Corporation on April 16, 2018. As a result, the Fund’s balance ofborrowings from Mitsubishi UFJ Trust and Banking Corporation has been transferred to MUFG Bank. Ltd.
(Note 3) From the Early Repayment, break funding cost will occur, calculated by the actual days from the following date of Repayment Dateto the following Interest Payment Date.
（Note 4）Base interest rate, which applies to the calculation period of the interest rate to be paid on the interest payment date, will be Japanese
Bankers Association (“JBA”) 1-month JPY TIBOR(“Tokyo Interbank Offered Rate”) 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 calculationperiod) announced by the JBA TIBOR Administration(“JBATA”).
（Note 5）Base interest rate indicated in (Note 4) is reviewed on each interest payment date. However, in the case the rate that applies to thecalculation period of the interest rate does not exist, what is calculated based on the method stated in the contract will be the baseinterest rate that applies to the concerned period. For JBA Japanese yen TIBOR, please refer to JBATA website.
( http://www.jbatibor.or.jp/english/rate/)（Note 6）The interest payment dates are the 26th of every month beginning April 26, 2018 until the Repayment Date, as well as the Repayment
Date. If any of these days is a non-business day, the interest repayment date will be the following business day, or the prior business
day if the following business day is in the next month.

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

Before the EarlyRepayment

After the Early Repayment

Increased/Decreased
AmountShort-term Borrowings

2,000

500

−1,500Current portion of Longterm borrowings (Note 1)

37,83937,839−Long-term borrowings(Note 2)

436,837

436,837−

476,677475,177−1,500−−−22,00022,000−

22,00022,000−498,677

497,177−1,500Total Borrowings
Current portion ofInvestment CorporationBonds(Note 1)
Investment Corporation
Bonds(Note 3)
Total Investment CorporationBonds
Total Interest-Bearing Debts(Note 1) Nature of term is as of the end of the 5th fiscal period (February 28, 2018).
(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
There is no revision to Nomura Master Fund’s forecasts of financial results for the fiscal period ending
August 31, 2018 (March 1, 2018 to August 31, 2018) and February 28, 2019 (September 1, 2018 to February 28,2019) by the Early Repayment as it has only small impact to the forecast of financial results.

IV. Others
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 29, 2017 and “ Section 2 Reference
Information / 2 Supplement Information / 7 Investment Risks” of the Securities Registration Statement (inJapanese) filed on February 1, 2018, regarding the risk involved in the Early Repayment.

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