[For Translation Purposes Only]
March 14, 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 Debt Financing
Nomura Real Estate Master Fund, Inc. (“Nomura Master Fund” or the “Fund” or ”NMF”) announced today that the Fund
will procure debt financing as stated below.

Ⅰ.Debt Financing
1. Purpose

The Fund has decided to procure the loan in order to repay current outstanding loans which matures on March 27, 2017.

2.

Details of Debt Financing

Loan Type：Term Loan (Scheduled contract date: March 23, 2017)
Lenders
The Bank of Fukuoka, Ltd.

Amount(millions of yen)

1,000Interest Rate

Drawdown
Date

Fixed
(To be determined)(Note2) (Note3)

March27, 2017

Term
8 yearsand 2

monthsRepaymentDate(Note 1)
May 26,2025

Terms of
Collateral
Repayment
Lump-sum
repayment on Unsecured,
the repayment unguaranteeddate(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 March 23, 2017
concerning this borrowing. We will make an announcement about the interest when it is determined.
(Note 3) May 26, 2017, the first interest payment date, and 26th of every May and November thereafter until the Repayment Date. (or thefollowing business day if the date is a non-business day, or the prior business day if the following business date is in the nextmonth)－ 1 －3. Use of Funds(1) Specifics:

To be used for repayment of the existing borrowings based on the term loan(Note)agreement totaling ¥1,000 million which will mature on March 27, 2017.

(2) Scheduled Date of Use:

March 27, 2017

(Note) For details of the term loan agreement, please refer to the press releases “Notice Concerning Debt Financing” the former
Nomura Real Estate Master Fund on May 22, 2014.

Ⅱ. Status of Interest Bearing Debts after Financing(millions of yen)

Before Financing

Increased/Decreased
AmountAfter Financing

Short-term Borrowings

18,70018,700－Current portion ofLong-term borrowings (Note 1)

41,112

40,112－1,000Long-term borrowings(Note 2)

425,171426,171＋1,000484,984

484,984－－－－

22,50022,500－22,50022,500－507,484

507,484－

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 2nd fiscal period (August 31, 2016).
(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

The effects of the borrowings on the entire portfolio will be accounted for in the forecasts of financial
results for the period ending August 31, 2017. This announcement is planned for April 14, 2017, intandem with the disclosure of results for the period ending February 28, 2017.
Ⅳ.Other Matters Required for Investors to Accurately Understand and Evaluate the Information

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 28, 2016, regarding the risk
involved in the debt financing.
*<Nomura Real Estate Master Fund, Inc> URL: http://www.nre-mf.co.jp/en/－ 2 －