[For Translation Purposes Only]
March 2, 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 Group
TEL. +81-3-3365-8767 nmf3462@nomura-re.co.jp

Notice Concerning Debt Financing
Nomura Real Estate Master Fund, Inc. (“NMF” or the “Fund”) announced the decision made today that it willprocure the debt financing for the purpose of the acquisition of new assets and the debt financing for the purposeof the redemption of the Nomura Real Estate Office Fund Second Series of Unsecured Investment Corporation Bonds(Special pari passu conditions among specified investment corporation bonds and limited to qualified institutionalinvestors) which outstanding amount is ¥5 billion (the “Outstanding Investment Corporation Bonds”), (hereinaftercollectively referred to as the “Debt Financings”), as described below.

I. Debt Financings
1.Debt financing for the purpose of acquisition of new assets(1) Purpose

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

(2) Details
Loan Type：Term Loan (Scheduled contract date: March 6, 2020)
AmountDrawdown
Lenders(millionsInterest Rate
Dateof yen)Fixed
Mitsui Sumitomo Insurance
300(To be determined)
Company, Limited(Note2)(Note3)
March 10,2020
Fixed
Sumitomo Mitsui Banking
600(To be determined)
Corporation(Note2)(Note4)
TotalTerm

7 years

10 years

RepaymentDate(Note1)

Terms ofRepayment

CollateralFebruary 26, Lump-sum
repayment
2027Unsecured,on theunguaranteed
repayment
February 26,date2030

900(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 6, 2020
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 February and August, beginning August 26, 2020, until the Repayment Date, aswell as the Repayment Date. If any of these days is a non-business day, the interest payment date will be the following business day,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 －(3) Use of Funds① Amount② Specifics::③ Scheduled Date of Use:

¥900 million
To be used for a part of the funds to acquire the specific asset to be acquired(PROUD FLAT Togoshi-Koen)(Note) on March 10, 2020.
March 10, 2020

(Note) For details of the specific asset to be acquired, please refer to the press release “Notice Concerning Property Acquisition”
announced on December 5, 2019.

2. Debt financing for the purpose of the redemption of the Outstanding Investment Corporation Bonds(1) Purpose

The Fund has decided to procure the loan for the redemption of the Outstanding Investment Corporation Bonds
which will mature on March 16, 2020.

(2) Details
Loan Type：Term Loan (Scheduled contract date: March 9, 2020)
AmountDrawdown
Repayment Terms ofLenders(millionsInterest Rate
TermDate
Date(Note1) Repaymentof yen)FixedFebruary 26,
The 77 Bank, Ltd.
500 (To be determined)
7 years2027(Note2) (Note3)①

Mizuho Trust & Banking Co.,Ltd.
The Norinchukin Bank

1,000

Mizuho Bank, Ltd.

500Fixed(To be determined)(Note2) (Note3)

Fixed(To be determined)

8 years

March 11,2020

(Note2) (Note4)

THE YAMAGUCHI BANK,
Ltd.

500

Total

2,500

February 26,
Lump-sum2028
repayment on
the repayment
9 years
May 26,
dateand 3
2029
monthsCollateral

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

10 yearsUnsecured,
unguaranteed

February 26,
2030(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 9, 2020
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 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 May and November, beginning May 26, 2020, until the Repayment Date, as wellas the Repayment Date. If any of these days is a non-business day, the interest payment date will be the following business day, orthe prior business day if the following business day is in the next month.

Loan Type：Commitment Line Agreement contracted on June 10, 2019.
AmountDrawdown
Repayment Terms ofLenders(millionsInterest Rate
TermDate
Date(Note1) Repaymentof yen)
MUFG Bank, Ltd.
Sumitomo Mitsui Banking
Lump-sum
Basic interest rateCorporationMarch 11,February 26, repayment on2,500
1 year+0.49％
Mizuho Bank, Ltd.
2020
2021
the repayment(Note2) (Note3)(Note4)
Sumitomo Mitsui Trust Bank,
dateLimited②

Collateral

Unsecured,
unguaranteed(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 beJapanese 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”).

－ 2 －(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 March 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 Amount② Specifics::③ Scheduled Date of Use:

¥5,000 million
To be used for redemption of the Outstanding Investment Corporation Bonds(Note) which will mature on March 16, 2020.
March 16, 2020

(Note) For details of the Outstanding Investment Corporation Bonds, please refer to the press release “Notice Concerning the Issue of theInvestment Corporation Bonds” announced by Nomura Real Estate Office Fund, Inc. on February 24, 2005.

II. Status of Interest Bearing Debts after Financing and Redemption of the Outstanding Investment
Corporation Bonds(Millions of Yen)

Before the Debt Financings andRedemption of the Outstanding
Investment Corporation Bonds

After the Debt Financings andIncreased/Decrea
Redemption of the Outstanding
sed Amount
Investment Corporation Bonds

Short-term Borrowings－2,500＋2,500

Current portion of Longterm borrowings (Note 1)

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

452,284

455,684＋3,400480,727

486,627＋5,9005,000－－5,00025,00025,000－30,00025,000－5,000510,727

511,627＋900

Total Borrowings
Current portion ofInvestment 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 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.

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, 2020
(March 1, 2020 to August 31, 2020) by the Debt Financings 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 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 Financings.

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