For Translation Purposes Only
May 24, 2013
For Immediate Release
Nomura Real Estate Master Fund, Inc.
Takashi Kataoka, Executive Director(Securities Code: 3285)
Asset Management Company:
Nomura Real Estate Asset Management Co., Ltd.
Yasuaki Fukui, President and Chief Executive Officer
Inquiries: Takashi Kataoka, NMF Chief Investment Officer
TEL: +81-3-3365-8767
EMAIL: nmf3285@nomura-re.co.jp

Notice Concerning Indicative Price Range for the Issue of
New Investment Units and Secondary Offering
Nomura Real Estate Master Fund, Inc. (“Nomura Master Fund” or the “Fund”) announced today that, at theBoard of Directors meeting held today, it has determined the indicative price range for the issuance of new
investment units, which issuance and the secondary offering were decided at the Board of Directors meetingon May 9, 2013, as stated below.
Indicative price range for the issue price: 92,000 yen to 100,000 yen per unit
<Reference>
1. Total number of units to be issued and number of units to be offered through secondary offering(1)
Total number of units to 1,663,260 units (although Nomura Master Fund has planned to offer
be issued
1,313,100 units in the domestic primary offering and 350,160 units for theinternational offering, the final number to be issued through each offering
will be decided on the offer price determination date, taking into accountstatus of demand and other factors).
(2)
Number of units to be
87,540 units (Secondary offering (over-allotment))
offered (throughThe above number of units is the maximum number of investment units tosecondary offering)
be offered through the secondary offering (over-allotment) to be conductedby the lead managing underwriter of the domestic primary offering,
Nomura Securities Co., Ltd., after taking into account factors such as status
of demand at the time of the domestic primary offering. The number may
decrease, or the secondary offering (over-allotment) itself may be cancelled,depending on status of demand for the domestic primary offering and otherfactors. The number of investment units to be offered shall be determinedat a future Board of Directors meeting of Nomura Master Fund to be heldon the offer price determination date, taking into account the status ofdemand for the domestic primary offering and other factors.
2.
Book-building period
From May 27, 2013 (Monday) to May 31, 2013 (Friday)
3.
Offer price
June 3, 2013 (Monday)
determination date

Note: This press release is a public announcement regarding the issuance of new investment units and secondary offering, and has no t been preparedas an inducement or invitation for investment. We caution read ers to refer to the Fund’s Offering Circular for the Issue of New Investment
Units and Secondary Offering and the Notices of Amendments thereto and to undertake investment decisions at their own examina tion andresponsibility. In addition, this press release does not constitute an offer of securities for sale in the U.S. Securities may not be offered or sold in
the U.S. without registration of the securities or gaining an exemption from registration of securities under the U.S. Securi ties Act of 1933. Any
public offering of securities to be conducted in the U.S. will be made by means of an English prospectus prepared in accordanc e with the U.S.
Securities Act of 1933 that may be obtained from the issuer of the securities or holder of the securities. The pros pectus will contain detailed
information about the issuer and its management, as well as its financial statements. Furthermore, investment units will not be offered in the U.S.

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8.

Application period(domestic primaryoffering)
Payment date
Delivery and settlement
date
Reasons for theindicative price range

From June 4, 2013 (Tuesday) to June 7, 2013 (Friday)
June 11, 2013 (Tuesday)June 12, 2013 (Wednesday)

The indicative price range has been determined based on a comprehensive
consideration of factors including the details of the assets that Nomura
Master Fund owns or plans to acquire and other information regarding theFund, and the feedback from institutional investors deemed to be qualified toprice the Fund’s investment units.
The domestic primary offering and the secondary offering (over-allotment)-related items, among theaforementioned items, shall be subject to the condition that the filing under the Financial Instruments
and Exchange Act takes effect.

*For details, please refer to the press release “Notice Concerning the Issue of New Investment Unitsand Secondary Offering” released on May 9, 2013.

*Nomura Real Estate Master Fund, Inc. URL: http://www.nre-mf.co.jp/english/

Note: This press release is a public announcement regarding the issuance of new investment units and secondary offering, and has no t been preparedas an inducement or invitation for investment. We caution read ers to refer to the Fund’s Offering Circular for the Issue of New Investment
Units and Secondary Offering and the Notices of Amendments thereto and to undertake investment decisions at their own examina tion andresponsibility. In addition, this press release does not constitute an offer of securities for sale in the U.S. Securities may not be offered or sold in
the U.S. without registration of the securities or gaining an exemption from registration of securities under the U.S. Securi ties Act of 1933. Any
public offering of securities to be conducted in the U.S. will be made by means of an English prospectus prepared in accordanc e with the U.S.
Securities Act of 1933 that may be obtained from the issuer of the securities or holder of the securities. The pros pectus will contain detailed
information about the issuer and its management, as well as its financial statements. Furthermore, investment units will not be offered in the U.S.

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