[For Translation Purposes Only]
March 13, 2020

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 today that the Fund will procure debt
financing (the “Debt Financing”) for the purpose of acquiring new assets as stated below.

I. Debt Financing
1. Purpose

The Fund has decided to procure the loan in order to use as a part of the funds to acquire specified assets, etc.

2. Details(1) Loan Type：Term Loan (Scheduled contract date: March 23, 2020)
AmountDrawdown
Repayment
Lenders(millions Interest Rate
TermDate
Date(Note1)of yen)
6 years
FixedFebruary 26,
The Chiba Bank, Ltd.
500 (To be determined)
and 112027(Note2) (Note3)
March 25, months
2020
MUFG Bank, Ltd.
9 years
Fixed
February 26,1,300 (To be determined)
Sumitomo Mitsui Banking
and 112030(Note2)(Note4)
Corporationmonths
Total
1,800

Terms of
Repayment

CollateralLump-sum
repayment
Unsecured,on theunguaranteed
repayment
date(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 March 23, 2020
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 August 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 May 26, 2020, 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.

－ 1 －(2) Loan Type: Commitment Line Agreement contracted on June 10, 2019.
AmountDrawdown
Lenders(millions Interest Rate
TermDateof yen)
MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Basic Interest
CorporationRate
March 25,4,500
1 yearMizuho Bank, Ltd.
2020
+0.39％
Sumitomo Mitsui Trust Bank,(Note2) (Note3) (Note4)
LimitedRepayment Terms ofDate(Note1) RepaymentCollateralLump-sum
repayment
February 26,Unsecured,on the2021
unguaranteed
repaymentdate(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) 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 theprevious 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(“JBATA”).
(Note 3) Base interest rate indicated in (Note 2) 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 4) The interest payment dates are the 26th of every month, beginning April 26, 2020, until the Repayment Date, as well as theRepayment Date. If any of these days is a non-business day, the interest payment date will be the following business day, or theprior business day if the following business day is in the next month.

3.Use of Funds① Amount:¥ 6,300 million② Specifics:

To be used for partial payment on the acquisition of the specified asset to beacquired on March 25, 2020 (GEMS Sangenjaya) (Note), with respect to the debtfinancings based on each term loan agreement stated in 2-(1).
To be used for partial payment on the acquisition of the specified asset to beacquired on March 25, 2020 (PMO Hamamatsucho) (Note), with respect to thedebt financing based on commitment line agreement stated in 2-(2).

(Note) For details of the specified assets, please refer to the press release entitled “NoticeConcerning Property Acquisition” dated on December 5, 2019 and “Notice Concerning
Change of Scheduled Acquisition Date” dated on March 10, 2020.

③ Scheduled Date of Use:March 25, 2020II. Status of Interest Bearing Debts after Financing(Millions of yen)

Before Financing

Increased/Decrea
sed Amount

After Financing

Short-term Borrowings

2,500

7,000+4,500

Current portion of Long-termborrowings (Note 1)

28,44228,442－Long-term borrowings(Note 2)

455,684

457,484+1,800Total Borrowings

486,627

492,927+6,300－－－25,00025,000－Total Investment CorporationBonds

25,00025,000－Total Interest-Bearing Debts

511,627

517,927+6,300Current portion of Investment
Corporation Bonds(Note 1)

Investment Corporation Bonds(Note 3)(Note 1) Nature of term is as of the end of the 8th fiscal period (August 31, 2019).
(Note 2) Excludes Long-term Borrowings due within one year.
(Note 3) Excludes Investment Corporation Bond due within one year.

－ 2 －III. Forecasts of Financial Results
There is no revision to NMF’s forecasts of financial results for the fiscal period ending August 31, 2020 (March 1,2020 to August 31, 2020) by the Debt Financing as it has only small impact to the forecast of financial results.

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 November 27, 2019 and “Section 2 Reference
Information / 2 Supplement Information / 8 Investment Risks” of the Securities Registration Statement (in Japanese)
filed on December 5, 2019 regarding the risk involved in the Debt Financing.
*<Nomura Real Estate Master Fund, Inc.> URL: https://www.nre-mf.co.jp/en/－ 3 －