[For Translation Purposes Only]
September 13, 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:
Hiroshi Ishigooka
Executive Officer
Head of NMF Investment Management GroupTEL +81-3-3365-8767 nmf3462@nomura-re.co.jp

Notice Concerning Issuance of Investment Corporation Bonds (Green Bonds)
Nomura Real Estate Master Fund, Inc. (“NMF” or the “Fund”) announced today that it has decided to issue
investment corporation bonds (green bonds) based on the comprehensive resolution on issuance of the investment
corporation bonds at the Board of Directors meeting held on September 18, 2018 as described below. These investment
corporation bonds will be issued as green bonds stated in a press release “Notice Concerning Submission of Amendment
to the Self Registration Statement for Green Bond Issuance” dated August 7, 2019.

1. Outline of the Investment Corporation Bond
(1) Name(2) Total amount of Issuance(3) Form of Bond Certificates(4) Issue Price(5) Redemption Price(6) Interest Rate
(7) Amount of Each Bond
(8) Offering Method(9) Date of Application(10) Date of Payment(11) Collateral / Guarantee(12) Redemption Method and Date(13) Interest Payment Date(14) Financial Covenant(15) Credit Ratings(16) Agent for Finance, Issuanceand Payment(17) Underwriters

Nomura Real Estate Master Fund, Inc. Fourth Series of Unsecured Investment
Corporation Bonds (Special pari passu conditions among specified investment
corporation bonds)(Green Bonds)(hereinafter referred to as the “Bonds”)
3 billion yen
Subject to the provisions of the Act on Book-Entry Transfer of Company Bonds,
Shares, etc., no bond certificates will be issued.
100 yen per value of 100 yen of each bond
100 yen per value of 100 yen of each bond
0.530 % per annum
100 million yen
Public offering
September 13, 2019 (Friday)
September 20, 2019 (Friday)
Neither collateral nor guarantee is provided for the Bonds, and no asset is particularly
secured for the Bonds.
The total amount of the Bonds will be redeemed on September 20, 2029(10-yearbond). Redemption by purchase is permitted any time on and after the following dayof the payment date except for the case separately determined by the depository,
Japan Securities Depository Center, Inc.
March 20 and September 20 every year (The first interest payment date will be on
March 20, 2020.)
Negative pledge clause is attached.
AA (Japan Credit Rating Agency, Ltd.)MUFG Bank, Ltd.
Nomura Securities Co., Ltd., SMBC Nikko Securities Inc., Mizuho Securities Co., Ltd.
and Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

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2. Reason for Issuance

NMF practices investment management taking into consideration Environment, Society and Governance(“ESG”), together with its asset management company. NMF believes that the issuance of investment corporation
bonds would contribute to further promotion of asset management with due consideration given to ESG as well as
further reinforcement of its fund procurement base by reaching out to bond investors who are interested in ESG
investment to expand its investor base. Therefore, NMF decided to issue the investment corporation bonds to allocate
the funds for a part of repayment of the outstanding short-term borrowings in order to extend borrowing periods andfix the interest rate. For more details, please see the press release “Notice Concerning Submission of Amendment to
the Shelf Registration Statement for Green Bond Issuance” dated August 7, 2019.

3. Amount of Funds to be Raised, Use of Proceeds and Scheduled Timing of Expenditure(1) Amount of Funds to be Raised (estimated net proceeds): 2,972 million yen(2) Specific Use of Proceeds and Scheduled Timing of Expenditure:
The proceeds from the issuance of the Bonds will be allocated for a part of the early repayment (Note2) of theoutstanding borrowings maturing on February 26, 2020 based on the Commitment Line Agreement, which wereborrowed for acquiring eligible green projects (Note1), PMO Tamachi Higashi. The scheduled timing ofexpenditure is on October 2, 2019. For more details on the early repayment, please see the press release “NoticeConcerning Early Repayment of Debt Financing” dated today.
(Note 1) The term “eligible green projects” means existing or new specified assets that fulfill the eligible criteria. For more details on
the eligible criteria, please see the press release “Notice Concerning Submission of Amendment to the Shelf Registration
Statement for Green Bond Issuance” dated August 7, 2019.
(Note 2) Other than the issue of the Bonds shown above , NMF has decided to issue Nomura Real Estate Master Fund, Inc. Fifth
Series of Unsecured Investment Corporation Bonds totaling ¥5,000 million (Special pari passu conditions among specified
investment corporation bonds) (hereinafter referred to as the “20-year Bonds”) as of today. NMF will make an early
repayment of existing debt financing totaling ¥8,000 million under a commitment line agreement dated June 8, 2018 withproceeds procured from the issuance of the Bonds, the 20-year Bonds and cash on hand (hereinafter referred to as the “Early
Repayment”. Also, issuance of the Bonds, the 20-year Bonds and the Early Repayment are collectively referred to as the“Financings”.). For more details on the 20-year Bonds and the Early Repayment, please see the press releases “NoticeConcerning Issuance of Investment Corporation Bonds” and “Notice Concerning Early Repayment of Debt Financing”
dated today respectively.

4. Investors Who Declared Investment in the Bonds

Listed below in alphabetical order are investors to date who declared their intention of investment in the Bonds.
・ASAHIKAWA SHINKIN BANK
・Credit Guarantee Corporation of Osaka・Fujinomiya Shinkin Bank・GUNMA MIRAI SHINKUMI・Hyogo Shinkin Bank・Kagoshima Doctor's Credit Cooperative
・KIBI SHINKIN BANK・KIRYU SHINKIN BANK
・Kuwanamie Shinkin Bank
・LIFENET INSURANCE COMPANY
・Nara Shinkin Bank・ODAWARA DAIICHI SHINYOUKUMIAI・SAWAYAKA Shinkin Bank・TAKAYAMA SHINKIN BANK・TONO SHINKIN BANK

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5. Outstanding Debt Balance after the Financings(Millions of Yen)

Before the Financings
Short-term Borrowings
Long-term Borrowings Due
within One Year (Note 1)
Long-term Borrowings(Note 2)

Total Borrowings
Investment Corporation
Bonds Due within One Year

After the Financings

Change

8,000－－8,00029,942

29,942－450,827450,827－

488,770

480,770－8,000－－－22,00030,000＋8,00022,00030,000＋8,000510,770

510,770－(Note 1)

Investment Corporation
Bonds(Note 3)
Total Investment Corporation
Bonds
Total Interest-Bearing Debts(Note 1) Nature of term is as at the end of the 7th fiscal period (February 28, 2019).
(Note 2) Excludes Long-term Borrowings due within one year.
(Note 3) Excludes Investment Corporation Bond due within one year.

6. Forecasts of Financial Results

There is no revision to NMF’s forecasts of financial results for the fiscal period ending February 29, 2020
(September 1, 2019 to February 29, 2020) by the Financings as it has only small impact to the forecast of financial
results.

7. 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 May 29, 2019 regarding the risk involved in the Financings.

*<Nomura Real Estate Master Fund, Inc.> URL: https://www.nre-mf.co.jp/en/index.html－ 3 －