ESG Annual Report2019.6.30

Nomura Real Estate Master Fund, Inc.

～ Contents ～＞ Policies and Management Structures ・・・・・・・・・・・・・・

Ｐ．3＞ Materiality

Ｐ．8

・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・＞ Stakeholder Engagement

・・・・・・・・・・・・・・・・・・・・・・・

Ｐ．13

・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Ｐ．14＞ International Initiatives and Certifications ・・・・・・・・

Ｐ．17＞ Environmental Measures（Ｅ）・・・・・・・・・・・・・・・・・・・・・

Ｐ．27＞ Social Responsibility（Ｓ）・・・・・・・・・・・・・・・・・・・・・・・・・

Ｐ．34＞ Governance（Ｇ） ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Ｐ．42＞ ESG Disclosure Policy and Reporting Framework ・・・

Ｐ．54

NMF’s principal initiatives and achievements from July 2018 to June 2019Page

＞ GRI Standards

Identification of ESG materiality issues in order to contribute to realize the sustainable
society (Materiality)

8

Set policy, target and key performance indicator (KPI) for each materiality.

8Enhanced disclosure of ESG related information on NMF’s website in accordance with theGlobal Reporting Initiative (GRI) Sustainability Reporting Standards (Started fromFebruary 2019).

14

Participation in Japan Climate Initiative (JCI)

17

Named as “Global Sector Leader” in the listed and diversified sector at GRESB Real EstateAssessment 2018.

18

Included in the MSCI Japan ESG Select Leaders Index.

19

Improved the environmental certification acquisition rate to 67.3% from 59.3％ (FY2030
target :70％).

20

Improved environmental performance including GHG reduction by 13.8％ (FY2030
target: 25％).

33

Opened NEON, an innovative space for tenants of the building, in Shinjuku Nomura
Building.

34

Addition of one Supervisory Director（Appointment of one additional female Supervisory
Director who is a lawyer at the Second General Meeting of Unitholders held in May 2019)

422

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

Inclusion in MSCI Japan ESG Select Leaders Index
The MSCI Japan ESG Select Leaders Index is an index to represent companies with high Environmental, Social and Governance (“ESG”)
performance selected based on the data from the MSCI Japan IMI Top 700 Index. The index has been selected by the Government Pension
Investment Fund (“GPIF”) as one of their ESG indices for their passive investment strategy. MSCI reviews the Index based on the MSCIESG rating and market capitalization regularly and NMF was included among the real estate sector of the index during theirlatest review. NMF sees inclusion in the index as having favorable effects to increase the liquidity of our investment units and furtherbroaden our investor universe.

(Note) The inclusion of NMF in any MSCI Index, and the use of MSCI logos, trademarks, service marks or index names herein, do notconstitute a sponsorship, endorsement or promotion of NMF by MSCI or any of its affiliates. The MSCI indexes are the exclusive propertyof MSCI. MSCI and the MSCI index names and logos are trademarks or service marks of MSCI or its affiliates.

19

20

21

22

23

24

25

26

27

・ Sagamihara Tana Logistics Center

28

29

30

31

32

33

34

35

36

37

38

39

40

Promoting Workstyle Reform
Nomura Real Estate Asset Management aims to bring about employees’ happiness and realize the company’s
growth through measures such as promotion of diverse workstyles and reduction of working hours by making
operations more efficient.
Reduction of working hours[Annual average working hours of all employees]
Actual for FY2018:-90 hours

Target for FY2019:-113 hours or more(compared with that in FY2017)＜ Major initiatives for reduction of working hours ＞• Computerized in-house decision-making• Proactive promotion of flextime• Introduction of wireless LAN in meeting rooms• Visualization of working hours• Telework experience (implemented to all eligibleemployees), etc.
Visualization of working hours

Status of paid vacation days taken (*1)
Actual for FY2017:16.3 daysActual for FY2018:16.9 days

Target for FY2019:

15 days ＋ 3 days (summer vacation) (*2)(*1) Actuals for FY2017 and FY2018 include the number of days of summer vacation.
(*2) Summer vacation (3 days) is provided separately from paid vacation.

Promoted working-style reforms
・ Telecommuting: To enable diverse working styles, we will implement atelecommuting system from 2018. By the end of
September 2018, all designated employees of the AssetManagement Company will be able to use the system.
・ Satellite offices: As a way to make operations more efficient and reduce
working hours, all employees will be able to work at satellite
offices from 2018.

41

Please see our website.（https://www.nre-mf.co.jp/en/about/officer.html）

42

43

44

45

46

Two lawyers have been appointed to the Compliance Committee and attend meetings as external

47

48

49

50

51

52

53

54