[For Translation Purposes Only]
March 26, 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:
Ken Okada
Director and Managing Executive Officer
TEL. +81-3-3365-8767 nmf3462@nomura-re.co.jp

Notice Concerning Early Repayment of Debt Financing
Nomura Real Estate Master Fund, Inc. (“Nomura Master Fund” or “NMF” or the “Fund”) announced todaythat the Fund will make an early repayment of the existing borrowings (the “Early Repayment”) as stated below.

Ⅰ．Details of the Early Repayment
1. Purpose

The Fund will make an early repayment of ¥1,600 million of the existing borrowings with theproceeds from the issuance of new investment units through third-party allotment(Note) upon thedetermination of the number of new investment units to be issued on March 22, 2019 and with cash on
hand in order to reduce interest payments.

(Note) For details on the above issuance of new investment units through third-party allotment, please refer to the press release “NoticeConcerning Determination of Number of New Investment Units to be Issued through Third-Party Allotment” dated March 22, 2019(https://www.nre-mf.co.jp/file/en-news-9cb55c30229fe6a7674810621870822e26693e96.pdf).

2. Details of Early Repayment

An early repayment of the following loan(Note 1) , based on the Commitment Line Agreement contracted onJune 8, 2018. (Note 2)

Lenders

BorrowingAmountbefore Early
Repayment(millions of yen)

MUFG Bank, Ltd.
Sumitomo Mitsui Banking
CorporationMizuho Bank, Ltd.
Sumitomo Mitsui Trust
Bank, Limited

3,600Borrowing
Early
Amount after
Repayment
EarlyAmount(millions of yen) Repayment

InterestRate

Drawdown
TermDate

RepaymentDate(millions of yen)

1,600

2,000

Basic
Interest rate
+0.39％(Note 3)(Note 4)(Note 5)

March 1,2019

February 26,
1 year
2020

Scheduled
Early
Collateral
Repayment
Date

April 9,2019

(Note 1) For details on the above loan, please refer to the press release “Notice Concerning Debt Financing” dated February 22, 2019(https://www.nre-mf.co.jp/file/en-news-b3362caef76ac427226926aababc22c61ffdfd4e.pdf).
(Note 2) From the Early Repayment, break funding cost will occur, calculated by the actual days from the following date of Repayment Date tothe following Interest Payment Date.
(Note 3) 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 the previous

1

Unsecured,
unguaranteed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 4) Base interest rate indicated in (Note 3) 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 5) The interest payment dates are the 26th of every month beginning March 26, 2019 until the Repayment Date, as well as the Repayment
Date. If any of these days is a non-business day, the interest repayment date will be the following business day, or the prior business day
if the following business day is in the next month.

Ⅱ．Status of Interest-bearing Debts after the Early Repayment(Millions of Yen)

Before the EarlyRepayment(Note 1)

After the EarlyRepayment(Note 1)

Increased/Decreased
AmountShort-term Borrowings

13,60012,000−1,600Current portion of Longterm borrowings (Note 2)

26,242

26,242−Long-term borrowings(Note 3)

451,270

451,270−

491,112489,512−1,600−−−22,00022,000−22,00022,000−513,112511,512−1,600Total Borrowings
Current portion ofInvestment Corporation
Bonds(Note 2)
Investment Corporation
Bonds(Note 4)
Total Investment Corporation
Bonds
Total Interest-Bearing Debts(Note 1) The Fund is scheduled to procure in borrowings (¥9,000 million in total) as well as repayment of the existing borrowings (¥9,000
million in total) on March 29, 2019 and April 2, 2019. Therefore, figures shown above are figures after the scheduled procurementof borrowings and scheduled repayment of the existing borrowings. For details on the scheduled procurement of borrowings
on March 29, 2019 and April 2, 2019, please refer to the press releases “Notice Concerning Debt Financing” announced by theFund on March 19, 2019.
(Note 2) Nature of term is as of the end of the 6th fiscal period (August 31, 2018).
(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 February 29, 2020 (September 1, 2019 to February 29,2020) by the Early Repayment as it has only small impact to the forecast of financial results.

IV. Others
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 29, 2018 and “Section 2 Reference Information/ 2 Supplement Information / 8 Investment Risks” of the Securities Registration Statement (in Japanese) filedon February 7, 2019, regarding the risk involved in the Early Repayment.

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