[For Translation Purposes Only]
August 15, 2019

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:
Hiroshi Ishigooka
Executive Officer
Head of NMF Investment Management GroupTEL +81-3-3365-8767 nmf3462@nomura-re.co.jp

Notice Concerning Debt Financing
Nomura Real Estate Master Fund, Inc. (“NMF” or the “Fund”) announced the decision made today that it willprocure debt financing (the “Debt Financing”) to refinance the existing debt totaling ¥15,100 million (the “ExistingDebt”) 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 August 26,2019.

2.Details
Loan Type：Term Loan (Scheduled contract date: August 22, 2019)
AmountDrawdown
Repayment Terms ofLenders(millions Interest Rate
TermDate
Date(Note1) Repaymentof yen)
THE HACHIJUNI BANK, LTD.
Fixed
6 years 6 February26,
1,500 (To be determined)
Mitsui Sumitomo Insurance
months2026(Note2) (Note3)
Company, Limited
Fixed
The Iyo Bank, Ltd.
August 26,
1,500 (To be determined)
7 years
The 77 Bank, Ltd.
2026
(Note2) (Note3)
Fixed

Shinkin Central Bank
The 77 Bank, Ltd.

1,500

(To be determined)

Resona Bank, Limited

500(To be determined)(Note2) (Note3)

Fixed(Note2) (Note3)

MUFG Bank, Ltd.

3,500

8 years

Fixed(To be determined)

August26, 2019

(Note2) (Note3)

THE YAMAGUCHI BANK, Ltd.
TAIYO LIFE INSURANCECOMPANYDAIDO LIFE INSURANCECOMPANY

2,000(To be determined)

MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Corporation

3,900(To be determined)

Total

14,400

Fixed(Note2) (Note3)

Fixed(Note2) (Note4)－ 1 －CollateralAugust 26,
2027

Lump-sum
repayment
Unsecured,on theunguaranteed
9 years 6 February 26, repayment
months2029
date
9 years

August 26,
2028

10 years

August 26,
2029

10 years

August 26,
2029

(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 August 22, 2019
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 February and August, beginning February 26, 2020, 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 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 November 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:¥ 14,400 million② Specifics:

To be used for partial repayment of the existing borrowings based on each termloan(Note) agreement totaling ¥15,100 million which will mature on August 26,2019.(The remaining to be repaid with cash on hand.)(Note) For details of each term loan agreement, please refer to the press releases “Notice Concerning
Debt Financing” announced by Nomura Real Estate Office Fund, Inc. both on August 23, 2012(https://www.nre-mf.co.jp/file/nof/tmp-N2swn.pdf)and on August 22, 2014 (https://www.nremf.co.jp/file/nof/tmp-vuP5u.pdf).

③ Scheduled Date of Use:

August 26, 2019

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

8,000

8,000－

Current portion of Long-termborrowings (Note 2)

45,042

29,942－15,100

Long-term borrowings(Note 3)

436,427450,827＋14,400

Total Borrowings

489,470

488,770－700－－－

22,00022,000－Total Investment Corporation
Bonds

22,00022,000－Total Interest-Bearing Debts

511,470

510,770－700

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 August 26, 2019.
(Note 2) Nature of term is as of the end of the 7th fiscal period (February 28, 2019).
(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 August 31,
2019 (March 1, 2019 to August 31, 2019) and the fiscal period ending February 29, 2020 (September 1, 2019 to February29, 2020) by the Debt Financing as it has only small impact to the forecast of financial results.

－ 2 －IV.OtherNo significant 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 29, 2019 regarding the risk involved in the Debt
Financing.
*<Nomura Real Estate Master Fund, Inc.> URL: https://www.nre-mf.co.jp/en/－ 3 －