[For Translation Purposes Only]
June 12, 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 Debt Financing
Nomura Real Estate Master Fund, Inc. (“Nomura Master Fund” or “NMF” or the “Fund”) announced thedecision made today that it will procure debt financing (the “Debt Financing”) to refinance the existing debt totaling¥2,000 million (the “Existing Debt”) 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 June 26, 2018.

2.Details
Loan Type：Term Loan (Scheduled contract date: June 22, 2018)
AmountDrawdown
Lenders(millions Interest Rate
Dateof yen)
1,000
The Chugoku Bank, Ltd.

(To be determined)

1,000Total

Fixed(Note2) (Note3)

June 26,2018Term
6 years
and 11months7 years
and 11months

RepaymentDate(Note1)

Terms ofRepayment

May 26,2025

Lump-sum
repayment
Unsecured,on theunguaranteed
repayment
dateMay 26,
2026

Collateral

2,000(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) The interest rate will be determined on or before the anticipated borrowing date based on the contract dated June 22, 2018
concerning this borrowing. We will make an announcement about the interest when it is determined.
(Note 3) The interest payment dates are the 26th of every May and November, beginning November 26, 2018, 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.

3.Use of Funds① Amount:¥ 2,000 million② Specifics:

To be used for repayment of the existing borrowings based on the term loan(Note)agreement totaling ¥2,000 million which will mature on June 26, 2018.

③ Scheduled Date of Use:June 26, 2018(Note) For details of the term loan agreement, please refer to the press release “Notice Concerning Debt Financing” announced by Nomura－ 1 －Real Estate Office Fund, Inc. on June 20, 2013 ( https://www.nre-mf.co.jp/file/nof/tmp-6nCTW.pdf ).

II.Status of Interest Bearing Debts after Financing and Repayment of the Existing Debt
(millions of yen)

Before Financing and Repaymentof the Existing Debt

After Financing and Repaymentof the Existing Debt

Increased/Decreased
Amount500500－37,839

35,839－2,000436,837

438,837＋2,000475,177475,177－－－－

22,00022,000－22,00022,000－497,177

497,177－

Short-term
Borrowings
Current portion ofLong-term borrowings(Note 1)Long-termborrowings(Note 2)
Total Borrowings
Current portion of
Investment
Corporation Bonds(Note 1)

Investment
Corporation Bonds(Note 3)

Total Investment
Corporation Bonds
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 Debt
Financing as it has only small impact to the forecast of financial results.

IV.Other

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 May 31, 2018 regarding the risk involved in the Debt Financing.

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