[For Translation Purposes Only]
March 1, 2016

For Immediate Release
To Whom It May Concern
Nomura Real Estate Master Fund, Inc.
Securities Code: 3462
Satoshi Yanagita, Executive Director
Asset Management Company:
Nomura Real Estate Asset Management Co., Ltd.
Norio Ambe, President & Chief Executive OfficerInquiries:
Motomi Uki
Director and Managing Executive Officer
TEL. +81-3-3365-8767 nmf3462@nomura-re.co.jp

Notice Concerning Change of Specified Related Corporation
Nomura Real Estate Master Fund, Inc. (“NMF”) announced that there was a change in thespecified related corporation of Nomura Real Estate Asset Management Co., Ltd. (“NREAM”), alicensed investment trust management company retained by the Fund to provide asset management
services, as follows.
1. Reasons for Change and Date of Change

Since all assets NMF acquired in the fiscal period ended February 2016 (1st fiscal period) wereacquired from Nomura Real Estate Development Co., Ltd., which is the interested party, etc, as thetotal amount paid or received by the Fund as the consideration for acquisition of real estates orbeneficial interest trust for the real estate, conducted between NMF during the past October 1, 2015
was equivalent to 20% or more of the total amount the Fund paid as consideration for acquisitionof real estate, surface rights or leasehold rights of real estate (the “real estate, etc.”) or beneficial
interest trust for the real estate, etc. during the same period. Nomura Real Estate Development Co.,
Ltd. will fall within the scope of specified related corporations (corporations that conductedtransactions set forth in Article 29-3, Paragraph 3, Item 1 and 2 of the Order for Enforcement of
the Financial Instruments and Exchange Law) as of March 1, 2016, the first day of the fiscal period
ending August 2016 (2nd fiscal period).

2. Overview of Changed Specified Related Corporation
Company nameHead office
Representative
Principal business

CapitalEstablishedNet assets
Total assets
Principal shareholder

Nomura Real Estate Development, Co., Ltd.
1-26-2 Nishi-Shinjuku, Shinjuku Ward, Tokyo
Seiichi Miyajima, President & CEO
Real Estate Business
2,000million yen (as of April 1, 2015)
April 15, 1957
92,611million yen
910,961million yen
Nomura Real Estate Holdings, Inc. (100%)－ 1 －Relationship with the absorbed investment corporations and/or NREAMCapitalThe seller holds investment units of the absorbed investment corporations.
NRF:5.66% (as of October 1, 2015)
The said company is a wholly owned subsidiary of Nomura Real Estate Holdings, Inc.
(“NREHD”), which holds 100% ownership of NREAM, and falls under the definitionof a related party as defined in the Investment Trusts ActPersonnel

NREAM’s employees and officers are dispatched from the said company.

Transaction

The seller is the property management company of the NMF and the lessee, etc. of realestate owned by the NMF. NREAM has concluded an “Information Provision
Agreement” and “Basic Agreement Concerning “Leasing Value Chain” with the saidcompany.

Status of relatedparties

The said company does not fall under the definition of a related party of the absorbed
investment corporations. However, as stated above, the said company is a related party ofNREAM as it is a fellow subsidiary

3. Forecasts
The impact of this matter on the management performance for first fiscal period (from October
1, 2015 to February 29, 2016) and second fiscal period (from March 1, 2016 to August 31, 2016) is
expected to be minimal. Thus, no changes have been made to management performance forecasts.
*Nomura Real Estate Master Fund, Inc. URL: http://www.nre-mf.co.jp/english/－ 2 －