For Translation Purposes Only
September 20, 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 Changes in Organization and Appointments of Important Employees

Nomura Real Estate Office Fund, Inc. (“Nomura Office Fund” or the “Fund”) announced todaythat Nomura Real Estate Asset Management Co., Ltd. (“NREAM”), a licensed asset managementcompany retained by the Fund to provide asset management services, has resolved, at NREAM’s
Board of Directors Meeting held today, the changes in organization and appointments ofimportant employees.
The changes in organization and appointments of important employees as mentioned above areboth scheduled to be effective on October 1, 2013.
1. Changes in Organization
NREAM will establish “Chief Strategy Officer (CSO)” in order to examine house opinion(outlook of the market) as an asset management company, and to formulate basic policies
regarding investment management.
Please refer to the attachment for the organization chart before and after the changes.

2. Appointments of Important Employees
The appointments of important employees have been determined at NREAM’s Board ofDirectors Meeting held today, as mentioned below.
Title
Representative Director, President andChief Executive Officer in charge ofInvestment Management Department
Representative Director, Executive
Managing Officer, Chief Strategy Officer
General Manager of Investment
Management Department

NameYasuaki Fukui
Masaomi KatayamaNaoki Kawahara

The Fund will report these changes pursuant to the Financial Instruments and Exchange Act,
Building Lots and Buildings Transaction Business Act, and other applied Acts and regulations.

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

Statutory Auditors

Corporate Planning
Legal & ComplianceInternal Audit
Fund Management
Client Relations & Marketing
Investment Management Planning

President & CEO

Board of Directors

General Meeting of Shareholders

Board of Statutory Auditors(Reference) Organization chart before change (current structure) and after change[Before change (current structure)]

Research & Analysis SectionInvestment Performance Analysis Section
Acquisitions
Asset Management
Investment Management
New Products & Marketing
Finance
Accounting

Chief Investment Officer, NRF

Project Screening Committee

NPR Valuation Committee

Risk Management Committee

Compliance Committee

Investment Committee

Chief Investment Officer, NOF

Chief Investment Officer, NPR
Chief Investment Officer, NMF
Chief Investment Officer, Private Fund Ⅰ
Chief Investment Officer, Private Fund Ⅱ
Chief Investment Officer, Private Fund Ⅲ
Chief Investment Officer, Private Fund Ⅳ
Chief Investment Officer, Investment Advisory

Statutory Auditors

Corporate Planning
Legal & ComplianceInternal Audit
Fund Management

President & CEO

Board of Directors

Client Relations & Marketing
Investment Performance Analysis Section
Investment Management
New Products & Marketing
Finance
Accounting
Acquisitions
Asset Management
Investment Management Planning

Chief Strategy Officer

Project Screening Committee

NPR Valuation Committee

Risk Management Committee

Compliance Committee

Research & Analysis Section

Investment Committee

General Meeting of Shareholders

Board of Statutory Auditors[After change]

Chief Investment Officer, NOF
Chief Investment Officer, NRF
Chief Investment Officer, NPR
Chief Investment Officer, NMF
Chief Investment Officer, Private Fund Ⅰ
Chief Investment Officer, Private Fund Ⅱ
Chief Investment Officer, Private Fund Ⅲ
Chief Investment Officer, Private Fund Ⅳ
Chief Investment Officer, Investment Advisory