Nomura Real Estate Master Fund., Inc.

Supplement Documentation for Press Release“Notice Concerning Disposition of Property in Japan”

dated today
January 23, 2024

Effects of this Disposition✓ Promote reducing ratio of office sector through the disposition of NRE Ueno Building（42.7％ (note1)→ 42.0%）✓ Raise distribution by evenly distributing the entire profits on sale across four fiscal periods,

including the fiscal period ending August 31, 2024
the Disposed Asset
PU Kanayama and two①
other properties(note2)②
ThisTime

NRE Ueno building

Expected gain on sales（note3）
Feb.2024

Aug.2024

Feb.2025

Aug.2025

64 yen 14 yen 14 yen 14 yenー【the Asset to be Disposed】

Feb.2026

ー

NRE Ueno Building

17 yen 17 yen 17 yen 17 yen: Additional distribution from the profits of sale obtained through the Disposition: Distribution from a portion of the profits on sale obtained through the disposition of three properties (note2),
which was announced on October 18, 2023
: Cruising distribution for the fiscal period ending August 31, 2024,
which was announced on October 18, 2023

171417171414Feb.
2025 FP
25年2月期(conceptual)（イメージ）(note4)Aug.
2025 FP
25年8月期(conceptual)（イメージ）(note4)

6,930￥million

NOI yield

3.9%（note5）17

3,257

Announced on
10月18日公表済み
Oct 18, 2023
24年8月期Aug.
2024 FP
業績予想
DPU
forecasts

ScheduledTransfer PriceFeb.
2026 FP
26年2月期(conceptual)（イメージ）(note4)Completion
DateMarch1990➢ Expected to record capital gain of
341 million yen➢ Including after the property has been
redeveloped by NRE, NMF shall beafforded priority negotiation rightwhen NRE dispose this property.
Gain opportunities to acquire
future prime real estate.

(note1) As of August 31,2023（Acquisition price） (note2) This refers to the disposition of PU Kanayama, PU Kamimaezu, and PU Chihaya announced on September 12, 2023
(note3) Excludes the impact of the increase in asset management fees II for the gain on sales.
(note4) The bar graphs for distribution in February 2025 FP, August 2025 FP and February 2026 FP are conceptual and not intended as the actual forecast.
(note5) Stated figures are calculated by dividing the total NOI for the Feb 2023 FP and Aug 2023 FP by the disposition price.

2This document has been prepared for the purpose of provision of information only, and should not be construed as an offer, solicitation or commercial conduct of any nature associated with any specific products. Investors wishing to purchasethe investment units of Nomura Real Estate Master Fund, Inc. should contact their own securities brokers or dealers. A fee may be charged by your financial instruments business operator in relation to the sale or purchase of investment

本資料は、情報提供を目的としたものであり、特定の商品についての募集・勧誘・営業等を目的としたものではありません。本投資法人の投資口のご購入にあたっては各証券会社にお問い合わせください。なお、投資口の売買にあたっては取扱金融商品取引業
units.For management fees that the Fund pays to Nomura Real Estate Asset Management Co., Ltd., please refer to the terms and conditions of the Fund, etc.The forward-looking statements with respect to the future financial results containedin this document are based on the current facts about the investment policy of the Fund, applicable laws and regulations, the market environment, business practice, etc., as of the preparation date of this document and do not reflect or者所定の手数料を必要とする場合があります。本投資法人が野村不動産投資顧問株式会社に支払う運用報酬につきましては、本投資法人規約等をご参照ください。本資料に記載された将来の予想に関する記述は、本資料作成日における本投資法人の投資方針、
consider any changes in the circumstances after the preparation date. These forward-looking statements inherently reflect uncertainty about known risks as well as unknown risks and other factors and may deviate from the actual operating
and management results, financial conditions, etc., of the Fund.Investment in real estate investment securities may result in a loss due to a decline in the transaction price caused by, for example, changes in the price or the revenue-generating
経営結果、財務状況等とは異なる場合があります。不動産投資証券は、保有資産である不動産の価格、収益力の変動や発行者の財務状態の悪化等により取引価格が下落し、損失を被ることがあります。本資料で提供している情報に関しては、万全を期しておりcapability of the underlying properties or deterioration of the financial conditions of the issuer.Although the information contained in this document is intended to be complete and thorough, there is no assurance of precision and safety of thesame. Please note that the contents of this document is subject to change or cancellation without prior notice.It is prohibited to make duplication, reproduction, distribution or use of any part or whole of the information contained in thisますが、その情報の正確性及び安全性を保証するものではありません。また、予告なしに内容が変更または廃止される場合がございますので、予めご了承ください。事前の承諾なしに本資料に掲載されている内容の複製・転用等を行うことを禁止します。
document without express prior written consent.

適用法令、市場環境、実務慣行その他の事実関係を前提としており、作成日以降における事情の変更を反映、考慮していません。将来の予想に関する記述は、既知のリスクの不確実性又は未知のリスクその他の要因を内在しており、本投資法人の実際の業績、