For Translation Purposes Only
June 3, 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 Revision of Forecasts of Financial Results for theFiscal Period Ending August 31, 2013 and Fiscal Period Ending February 28, 2014
Nomura Real Estate Master Fund, Inc. (“Nomura Master Fund” or the “Fund”) announced today that it hasrevised its forecasts of the financial results for the first fiscal period (January 31, 2013 to August 31, 2013) and thesecond fiscal period (September 1, 2013 to February 28, 2014), which were released on May 9, 2013 and revised onMay 24, 2013. The revised forecasts are summarized as follows.
1. Reasons for the Revision of the Forecasts of Financial Results
Nomura Master Fund has determined the indicative price range for the issuance of new investment units and thesecondary offering. In accordance with this, the Fund revised the forecasts of the financial results for the fiscal
periods ending August 31, 2013 and February 28, 2014.
(1) Issue price of new investment units used for the revision of forecasts due to the determination of indicative
price range:
92,000 yen to 100,000 yen per unit
(2) Determined issue price of new investment units:
100,000 yen per unit

Note:

This press release is a public announcement regarding the forecasts of financial results for the fiscal periods ending August 31, 2013 and February 28, 2014,and has not been prepared as an inducement or invitation for investment. We caution readers 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 examination 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. Securities Act of 1933. Any public offering ofsecurities to be conducted in the U.S. will be made by means of an English prospectus prepared in accordance with the U.S. Securities Act of 1933 that may
be obtained from the issuer of the securities or holder of the securities. The prospectus will contain detailed information about the issuer and its
management, as well as its financial statements. Furthermore, issuance of new investment units and secondary offering of investment units as announced in“Notice Concerning the Issue of New Investment Units and the Secondary Offering,” released today, will not be offered in the U.S.

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2. Revised ForecastsOperatingOrdinary Income
Operating Profits
Revenues(Millions(Millions of Yen)
(Millions of Yen)of Yen)Previous Forecasts (May 24, 2013)
Fiscal Period Ending Aug. 31, 2013
(First Fiscal Period)
Fiscal Period Ending Feb. 28, 2014
(Second Fiscal Period)
Revised Forecasts
Fiscal Period Ending Aug. 31, 2013
(First Fiscal Period)
Fiscal Period Ending Feb. 28, 2014
(Second Fiscal Period)

Net Income(Millionsof Yen)Distribution in
Cash Distribution
Excess of Net
Per Unit
Income Per Unit
(Yen)
(Yen)

3,598

2,027

1,015-1,041

1,014-1,040

578-593–8,883

5,126

4,554-4,641

4,553-4,640

2,597-2,647

–

3,598

2,027

1,041

1,040593

–

8,883

5,126

4,641

4,640

2,647

–

Following the determination of the issue price identified in 1., Nomura Master Fund has revised a part of its“Assumptions for Forecasts of the Financial Results for the Fiscal Period Ending August 31, 2013 and Fiscal
Period Ending February 28, 2014” announced on May 9, 2013 and revised on May 24, 2013 as described below.
Accordingly, the forecasts for the amounts of the ordinary income, net income and the cash distribution per unit
have been revised as presented in the above table.
[Non-Operating Expenses]
Estimated non-operating expenses related to the listing of the investment units and solicitation during the firstfiscal period (ending August 31, 2013) has been revised from a range of 536 million yen to 549 million yen to 549
million yen. In addition, estimated interest payable and other borrowing related expenses have been revised for thefirst fiscal period (ending August 31, 2013) and second fiscal period (ending February 28, 2014) from a range of 308
million yen to 347 million yen to 308 million yen, and from a range of 483 million yen to 571 million yen to 483
million yen, respectively.
[Interest-Bearing Debts]
Nomura Master Fund has revised the assumed amount of loans from the qualified institutional investors
determined in Article 2, Paragraph 3, Item 1 of the Financial Instruments and Exchange Law from a range of
56,000 million yen to 69,600 million yen in June 2013 and 14,000 million yen in July 2013 to 52,800 million yen inJune 2013 and 17,200 million yen in July 2013.
[Related Information]
Fiscal period ending August 31, 2013: Expected number of investment units outstanding: 1,752,800 units (nochange from the number in the previous notice)
Fiscal period ending February 28, 2014: Expected number of investment units outstanding: 1,752,800 units (nochange from the number in the previous notice)[Notes]1. The forecasts above are calculated as of today based on certain assumptions. The actual operating revenues,operating profits, net income and cash distribution per unit may vary due to the acquisition and disposition ofproperties, if any, changes in the real estate market and other factors affecting the Fund. Nomura MasterFund also does not guarantee the cash distribution amount identified above.
2. Nomura Master Fund may revise the forecasts if the Fund expects a large variance from the forecasts
mentioned above.
Note:

This press release is a public announcement regarding the forecasts of financial results for the fiscal periods ending August 31, 2013 and February 28, 2014,and has not been prepared as an inducement or invitation for investment. We caution readers 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 examination 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. Securities Act of 1933. Any public offering ofsecurities to be conducted in the U.S. will be made by means of an English prospectus prepared in accordance with the U.S. Securities Act of 1933 that maybe obtained from the issuer of the securities or holder of the securities. The prospectus will contain detailed information about the issuer and itsmanagement, as well as its financial statements. Furthermore, issuance of new investment units and secondary offering of investment units as announced in“Notice Concerning the Issue of New Investment Units and the Secondary Offering,” released today, will not be offered in the U.S.

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3.

4.
5.

The first fiscal period (ending August 31, 2013) for Nomura Master Fund shall be from January 31, 2013 toAugust 31, 2013. Furthermore, fiscal periods from second fiscal period (ending February 28, 2014) and after
shall be from every September 1 to the end of February the following year and every March 1 to the end ofAugust.
The investment units of Nomura Master Fund are scheduled to be listed on the Real Estate Investment Trust
Section of the Tokyo Stock Exchange on June 12, 2013.
Amounts less than the stated units are rounded down.

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

Note:

This press release is a public announcement regarding the forecasts of financial results for the fiscal periods ending August 31, 2013 and February 28, 2014,and has not been prepared as an inducement or invitation for investment. We caution readers 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 examination 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. Securities Act of 1933. Any public offering ofsecurities to be conducted in the U.S. will be made by means of an English prospectus prepared in accordance with the U.S. Securities Act of 1933 that may
be obtained from the issuer of the securities or holder of the securities. The prospectus will contain detailed information about the issuer and itsmanagement, as well as its financial statements. Furthermore, issuance of new investment units and secondary offering of investment units as announced in“Notice Concerning the Issue of New Investment Units and the Secondary Offering,” released today, will not be offered in the U.S.

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