[For Translation Purposes Only]
May 16, 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,
LimitedThe Bank of Tokyo-Mitsubishi
UFJ, Ltd.
Sumitomo Mitsui BankingCorporation
Mizuho Bank, Ltd.
Mitsubishi UFJ Trust andBanking Corporation
Sumitomo Mitsui Trust Bank,
Limited5,000

Interest
Rate

Drawdown
Date

Scheduled
Repayment Collateral
Date

Term

Repayment
Date

March 16,
1 year2017

March 16,2018

May 26,2017

Unsecured,
unguaranteed

March 16,
1 year2017

March 16,2018

May 26,2017

Unsecured,
unguaranteed(millions of yen)

5,000

Basic
Interest
rate+0.55％-(Note3)(Note4)

8,700

7,500

1,200

BasicInterestrate+0.45％(Note3)(Note4)－ 1 －（Note 1）For a detail of the borrowings based on the Commitment Line Agreement, refer to the “Notice Concerning Debt Financing”, releasedon March 7, 2017.
（Note 2）No penalty is required by this prepayment.
（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 Basic
Interest 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.

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

Before the Repayment(Note 1)

After the Repayment(Note 1)

Increased/Decreased
AmountShort-term Borrowings

31,70019,200▲12,500

Current portion ofLong-term borrowings (Note 2)

64,95464,954－Long-term borrowings(Note 3)

401,308

401,308－

497,962

485,462▲12,500

4,000

4,000－

18,50018,500－22,50022,500－520,462

507,962▲12,500

Total Borrowings
Current portion ofInvestment Corporation
Bonds(Note 2)
Investment Corporation
Bonds(Note 4)
Total Investment Corporation
Bonds
Total Interest-Bearing Debts(Note 1) Both columns indicate figures assuming that agreed repayments (¥21.4 million in total) scheduled for May 26, 2017.
(Note 2) Nature of term is as of the end of the 3rd fiscal period (February 28, 2017).
(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 only small impact to Nomura Master Fund’s forecasts of financial results for the fiscal period ending August 31,
2017 (March 1, 2017 to August 31, 2017), there is no revision to the forecast of financial results.

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