[For Translation Purposes Only]
December 16, 2015

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 Officer
Inquiries:
Motomi Uki
Head of NMF Investment Management Group
TEL. +81-3-3365-8767 nmf3462@nomura-re.co.jp
Notice of the Appraisal Value
Nomura Real Estate Master Fund, Inc. (“NMF”) announced today regarding its portfolio assets that the real estateappraisal values for real estate and real estate beneficiary interests in trust that NMF succeeded from the corporationsacquired for accounting purposes, Nomura Real Estate Office Fund, Inc. (“NOF”) and Nomura Real Estate
Residential Fund, Inc. (“NRF”), by consolidation-type merger (“Succeeded Assets (NOF/NRF)”) are finalized asfollows (Note).
In addition, concerning PMO Tamachi, PMO Ginza Hatchome and PMO Shibakoen, which are not yet acquired asof today out of the assets to be acquired described in the press release “Notice Concerning Acquisition of Assets”
announced on May 27, 2015, by former Nomura Real Master Fund, Inc. (the “Former NMF”), NOF an d NRF, themost recent appraisal values are indicated in order to show price fluctuations from the conclusion of the sales
agreements.
(Note) In order to show the real estate appraisal values concerning all of the real estate and real estate beneficiary interests in trust
held by NMF as of today, the list below also shows [real estate appraisal value/acquisition price] for the real estate and real estate
beneficiary interests in trust succeeded from the corporation acquiring for accounting purposes, the Former NMF (“Succeeded
Assets (Former NMF)”), as well as the real estate and real estate beneficiary interests in trust acquired after the incorporation of
NMF by consolidation-type merger (“Assets Acquired After Merger”).

1．Appraisal Value(1) Aquired Properties
No.
Of-T-001
Of-T-002
Of-T-003
Of-T-004
Of-T-005
Of-T-006
Of-T-007
Of-T-008
Of-T-009
Of-T-010
Of-T-011
Of-T-012
Of-T-013
Of-T-014

Name
Shinjuku Nomura Building
NRE Tennozu Building
Kojimachi Millennium Garden
NOF Nihonbashi Honcho Building
Tennozu Park Side Building
NOF Shinjuku Minamiguchi Building
NOF Shibuya Koen-dori Building
Secom Medical Building
NOF Shiba Building
Nishi-Shinjuku Showa Building
NRE Shibuya Dogenzaka Building (Note 2)
NOF Tameike Building (Note 2)
Iwamoto-cho Toyo Building
NOF Shinagawa Konan Building (Note 2)

AcquisitionPrice(millions of yen)
(Note 1)

43,90020,50026,70021,40012,70010,00010,400
11,100
7,040
8,140
5,310
4,810
4,050
3,460

Appraisal
Value(millions of yen)

43,90020,50026,70021,40012,70010,00010,400
11,100
7,040
8,140
5,310
4,810
4,050
3,460

－ 1 －

The effective date ofvalue
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
September 30,2015
September 30,2015
April 30,2015
September 30,2015

Appraiser
The Tanizawa Sōgō Appraisal Co., Ltd.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
Japan Real Estate Institute
The Tanizawa Sōgō Appraisal Co., Ltd.
The Tanizawa Sōgō Appraisal Co., Ltd.
Japan Real Estate Institute
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
Japan Real Estate Institute
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
Appraisal Firm A Square Ltd.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
Appraisal Firm A Square Ltd.
Japan Real Estate Institute
The Tanizawa Sōgō Appraisal Co., Ltd.

No.
Of-T-015
Of-T-016
Of-T-017
Of-T-018
Of-T-019
Of-T-020
Of-T-021
Of-T-022
Of-T-023
Of-T-024
Of-T-025
Of-T-026
Of-T-027
Of-T-028
Of-T-029
Of-T-030
Of-T-031
Of-T-032
Of-T-033
Of-T-034
Of-T-035
Of-T-036
Of-T-037
Of-T-038
Of-T-039
Of-T-040
Of-S-001
Of-S-002
Of-S-003
Of-S-004
Of-S-005
Of-S-006
Of-S-007
Of-S-008
Of-S-009
Of-S-010
Of-S-011
Of-S-012
Of-S-013
Of-S-014
Of-S-015
Rt-T-001
Rt-T-002
Rt-T-003
Rt-T-004
Rt-T-005
Rt-T-006
Rt-T-007
Rt-T-008
Rt-T-009
Rt-T-010
Rt-T-011
Rt-T-012
Rt-T-013
Rt-T-014
Rt-T-015
Rt-T-016
Rt-T-017
Rt-T-018
Rt-T-019
Rt-T-020
Rt-T-021
Rt-T-022
Rt-T-023
Rt-T-024
Rt-T-025
Rt-T-026
Rt-T-027
Rt-T-028
Rt-T-029
Rt-T-030
Rt-T-031
Rt-T-032
Rt-S-001Name
NOF Surugadai Plaza Building
PMO Nihonbashi Honcho
PMO Nihonbashi Kayabacho
Otemachi Tatemono Gotanda Building
NRE Higashi-nihonbashi Building
PMO Akihabara
Hatchobori NF Building
NOF Kanda Iwamoto-cho Building
NOF Takanawa Building
PMO Hatchobori
NOF Minami Shinjuku Building
PMO Nihonbashi Odenmacho
Central Shintomicho Building
PMO Higashi-nihonbashi
NRE Ueno Building
NOF Technoport Kamata Center Building
NF Hongo Building.
Toho Edogawabashi Building
Toshin Meguro Building
Crystal Park Building
NOF Kichijoji Honcho Building
Faret Tachikawa Center Square
NOF Kawasaki Higashiguchi Building
NOF Yokohama Nishiguchi Building
NOF Shin-Yokohama Building
Yokohama Odori Koen Building (Note 2)
Sapporo North PlazaNRE Sapporo Building
JCB Sapporo Higashi Building
NOF Sendai Aoba-dori Building
NOF Utsunomiya Building
NOF Nagoya Fushimi Building
NOF Nagoya Yanagibashi Building
Omron Kyoto Center Building
SORA Shin-Osaka 21
NRE Osaka Building
NRE Nishi-Umeda Building
NRE Yotsubashi Building
NRE Hiroshima Building
NOF Hakata Ekimae Building
NOF Tenjin-Minami Building
Morisia Tsudanuma
Yokosuka More’s City
Recipe SHIMOKITA
Kawasaki More’s
EQUINIA Shinjuku
EQUINA Ikebukuro
covirna machida
Nitori Makuhari
Konami Sports Club Fuchu
FESTA SQUAREGEMS Shibuya
Sundai Azamino
EQUINIA Aobadai
Megalos Kanagawa
Mitsubishi Motors Meguro
Mitsubishi Motors Chofu
Mitsubishi Motors Shibuya
Mitsubishi Motors Nerima
Mitsubishi Motors Kawasaki
Mitsubishi Motors Takaido
Mitsubishi Motors Katsushika
Mitsubishi Motors Higashikurume
Mitsubishi Motors Setagaya
Mitsubishi Motors Suginami
Mitsubishi Motors Sekimachi
Mitsubishi Motors Higashiyamato
Mitsubishi Motors Motosumiyoshi
Mitsubishi Motors Kawagoe
Mitsubishi Motors Edogawa
Mitsubishi Motors Sayama
NRE Kichijoji Building
GEMS Ichigaya
Universal CityWalk Osaka

AcquisitionPrice(millions of yen)
(Note 1)

4,690
4,320
5,010
4,430
3,570
4,240
2,480
4,160
2,830
2,880
2,210
2,210
1,330
1,690
6,470
4,780
4,890
1,140
858
3,390
1,780
3,850
7,830
5,460
2,620
1,810
6,250
4,140
3,270
2,030
2,320
2,240
2,280
18,30012,100
6,100
3,450
4,000
2,280
4,210
2,230
16,60013,64010,407
6,080
4,260
3,990
3,440
3,080
2,730
2,600
2,490
1,700
1,560
1,000
2,740
1,760
1,570
1,240
950
850
800
800
770
740
600
450
370
350
200
160
5,310
2,080
15,500Appraisal
Value(millions of yen)

4,690
4,320
5,010
4,430
3,570
4,240
2,480
4,160
2,830
2,880
2,210
2,210
1,330
1,690
6,470
4,780
4,890
1,140
858
3,390
1,780
3,850
7,830
5,460
2,620
1,810
6,250
4,140
3,270
2,030
2,320
2,240
2,280
18,30012,100
6,100
3,450
4,000
2,280
4,210
2,230
17,40015,10010,700
7,240
4,560
4,320
4,250
3,490
3,230
2,960
2,640
1,920
1,810
1,320
2,880
1,840
1,740
1,310
1,040
898
837
828
810
827
627
496
377
369
211
169
5,330
2,090
16,600－ 2 －The effective date ofvalue
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
September 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
April 30,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
May 1,2015
May 1,2015
August 31,2015

Appraiser
The Tanizawa Sōgō Appraisal Co., Ltd.
Japan Real Estate InstituteJapan Real Estate Institute
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
Japan Real Estate InstituteJapan Real Estate Institute
The Tanizawa Sōgō Appraisal Co., Ltd.
Japan Real Estate InstituteJapan Real Estate InstituteJapan Real Estate Institute
The Tanizawa Sōgō Appraisal Co., Ltd.
Japan Real Estate InstituteJapan Real Estate InstituteJapan Real Estate InstituteJapan Real Estate Institute
The Tanizawa Sōgō Appraisal Co., Ltd.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
Japan Real Estate InstituteJapan Real Estate Institute
Appraisal Firm A Square Ltd.
Japan Real Estate Institute
The Tanizawa Sōgō Appraisal Co., Ltd.
Japan Valuers Co., Ltd.
Japan Real Estate Institute
The Tanizawa Sōgō Appraisal Co., Ltd.
Japan Valuers Co., Ltd.
Japan Real Estate InstituteJapan Real Estate InstituteJapan Real Estate InstituteMorii Appraisal & Investment Consulting, Inc.
The Tanizawa Sōgō Appraisal Co., Ltd.
Japan Real Estate InstituteJapan Valuers Co., Ltd.
Japan Real Estate InstituteJapan Valuers Co., Ltd.
The Tanizawa Sōgō Appraisal Co., Ltd.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
The Tanizawa Sōgō Appraisal Co., Ltd.
The Tanizawa Sōgō Appraisal Co., Ltd.
Japan Real Estate InstituteJapan Real Estate Institute
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
The Tanizawa Sōgō Appraisal Co., Ltd.
Japan Valuers Co., Ltd.
The Tanizawa Sōgō Appraisal Co., Ltd.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
Japan Real Estate InstituteJapan Real Estate Institute
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
Japan Real Estate Institute
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
Japan Real Estate InstituteJapan Real Estate InstituteJapan Real Estate InstituteJapan Real Estate Institute
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
Japan Real Estate Institute
The Tanizawa Sōgō Appraisal Co., Ltd.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
Japan Real Estate InstituteJapan Real Estate InstituteJapan Real Estate Institute
The Tanizawa Sōgō Appraisal Co., Ltd.
Japan Real Estate Institute
The Tanizawa Sōgō Appraisal Co., Ltd.
Japan Real Estate Institute
The Tanizawa Sōgō Appraisal Co., Ltd.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
The Tanizawa Sōgō Appraisal Co., Ltd.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
Japan Valuers Co., Ltd.

No.
Rt-S-002
Rt-S-003
Rt-S-004
Rt-S-005
Rt-S-006
Rt-S-007
Lg-T-001
Lg-T-002
Lg-T-003
Lg-T-004
Lg-T-015
Lg-T-005
Lg-T-006
Lg-T-007
Lg-T-008
Lg-T-009
Lg-T-010
Lg-T-011
Lg-T-012
Lg-T-013
Lg-T-014
Lg-S-001
Lg-S-002
Lg-S-003
Lg-S-004
Rs-T-001
Rs-T-002
Rs-T-003
Rs-T-004
Rs-T-005
Rs-T-006
Rs-T-007
Rs-T-008
Rs-T-009
Rs-T-010
Rs-T-011
Rs-T-012
Rs-T-013
Rs-T-014
Rs-T-015
Rs-T-016
Rs-T-017
Rs-T-018
Rs-T-019
Rs-T-020
Rs-T-021
Rs-T-022
Rs-T-023
Rs-T-024
Rs-T-025
Rs-T-026
Rs-T-027
Rs-T-028
Rs-T-029
Rs-T-030
Rs-T-031
Rs-T-032
Rs-T-033
Rs-T-034
Rs-T-035
Rs-T-036
Rs-T-037
Rs-T-038
Rs-T-039
Rs-T-040
Rs-T-041
Rs-T-042
Rs-T-043
Rs-T-044
Rs-T-045
Rs-T-046
Rs-T-047
Rs-T-048
Rs-T-049

Name
Izumiya Senrioka
Merad Owada
Izumiya Yao
Izumiya Obayashi
Ichibancho stear
EQUINIA Aobadori
Landport Urayasu
Landport Itabashi
Landport Kawagoe
Landport Atsugi
Kawaguchi Ryoke Logistics Center
Sagamihara Tana Logistics Center
Sagamihara Onodai Logistics Center
Landport Hachioji
Landport Kasukabe
Funabashi Logistics Center
Atsugi Minami Logistics Center B Tower
Hanyu Logistics Center
Kawaguchi Logistics Center B Tower
Kawaguchi Logistics Center A Tower
Atsugi Minami Logistics Center A Tower
Ota Nitta Logistics Center
Ota Higashishinmachi Logistics Center
Ota Kiyohara Logistics Center
Chiyodamachi Logistics Center
PROUD FLAT Shirokane Takanawa
PROUD FLAT Yoyogi Uehara
PROUD FLAT Hatsudai
PROUD FLAT Shibuya Sakuragaoka
PROUD FLAT Gakugei Daigaku
PROUD FLAT Meguro Gyoninzaka
PROUD FLAT Sumida Riverside
PROUD FLAT Kagurazaka
PROUD FLAT Waseda
PROUD FLAT Shinjuku Kawadacho
PROUD FLAT Sangen Jaya
PROUD FLAT Kamata
PROUD FLAT Kamata Ⅱ
PROUD FLAT Shinotsuka
PROUD FLAT Kiyosumi Shirakawa
PROUD FLAT Monzen Nakacho Ⅱ
PROUD FLAT Monzen Nakacho I
PROUD FLAT Fujimidai
PROUD FLAT Asakusa
PROUD FLAT Yokohama
PROUD FLAT Kamioooka
PROUD FLAT Tsurumi Ⅱ
PRIME URBAN Azabu Juban
PRIME URBAN Akasaka
PRIME URBAN Tamachi
PRIME URBAN Shibaura
PRIME URBAN Hatagaya
PRIME URBAN Yoyogi
PRIME URBAN Ebisu Ⅱ
PRIME URBAN Bancho
PRIME URBAN Chiyoda Fujimi
PRIME URBAN Iidabashi
PRIME URBAN Ebisu
PRIME URBAN Naka Meguro
PRIME URBAN Gakugei Daigaku
PRIME URBAN Senzoku
PRIME URBAN Meguro Riverside
PRIME URBAN Meguro Ohashi Hills
PRIME URBAN Meguro Aobadai
PRIME URBAN Gakugei DaigakuⅡ
PRIME URBAN Naka Meguro Ⅱ
PRIME URBAN Kachidoki
PRIME URBAN Shinkawa
PRIME URBAN Nihonbashi Yokoyamacho
PRIME URBAN Nihonbashi Hamacho
PRIME URBAN Hongo Ikizaka
PRIME URBAN Hakusan
PRIME URBAN Yotsuya Gaien Higashi
PRIME URBAN Ochiai

AcquisitionPrice(millions of yen)
(Note 1)

8,930
6,640
4,406
3,020
4,700
1,640
17,40015,71013,70011,41010,79010,600
8,700
8,250
7,340
4,660
4,590
3,810
3,750
2,830
2,690
3,430
2,170
650
330
3,400
989
713
750
746
939
2,280
1,590
1,110
947
1,190
1,160
3,320
623
928
652
1,030
1,470
1,920
2,090
2,710
1,650
1,100
938
972
1,830
469
359
1,140
1,090
679
2,040
1,260
1,410
775
474
414
2,970
1,310
1,080
2,850
2,570
2,100
4,220
1,550
557
866
1,490
338

Appraisal
Value(millions of yen)

10,500
7,280
5,010
3,590
5,450
1,860
19,80017,80015,50012,10011,60011,700
9,930
9,150
8,370
5,320
5,130
4,310
4,320
3,270
3,160
3,760
2,420
715
361
3,400
989
713
750
746
939
2,280
1,590
1,110
947
1,190
1,160
3,320
623
928
652
1,030
1,470
1,920
2,090
2,710
1,650
1,100
938
972
1,830
469
359
1,140
1,090
679
2,040
1,260
1,410
775
474
414
2,970
1,310
1,080
2,850
2,570
2,100
4,220
1,550
557
866
1,490
338

－ 3 －

The effective date ofvalue
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
August 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015

Appraiser
The Tanizawa Sōgō Appraisal Co., Ltd.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
The Tanizawa Sōgō Appraisal Co., Ltd.
The Tanizawa Sōgō Appraisal Co., Ltd.
The Tanizawa Sōgō Appraisal Co., Ltd.
The Tanizawa Sōgō Appraisal Co., Ltd.
The Tanizawa Sōgō Appraisal Co., Ltd.
The Tanizawa Sōgō Appraisal Co., Ltd.
Japan Real Estate Institute
The Tanizawa Sōgō Appraisal Co., Ltd.
Morii Appraisal & Investment Consulting, Inc.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
Japan Real Estate InstituteJapan Real Estate InstituteJapan Real Estate InstituteJapan Real Estate Institute
The Tanizawa Sōgō Appraisal Co., Ltd.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
The Tanizawa Sōgō Appraisal Co., Ltd.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
The Tanizawa Sōgō Appraisal Co., Ltd.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
Japan Real Estate Institute
The Tanizawa Sōgō Appraisal Co., Ltd.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
Japan Real Estate InstituteChuo Real Estate Appraisal Co.,Ltd.
Chuo Real Estate Appraisal Co.,Ltd.
Chuo Real Estate Appraisal Co.,Ltd.
Japan Valuers Co., Ltd.
Chuo Real Estate Appraisal Co.,Ltd.
Chuo Real Estate Appraisal Co.,Ltd.
Japan Real Estate InstituteChuo Real Estate Appraisal Co.,Ltd.
Chuo Real Estate Appraisal Co.,Ltd.
Chuo Real Estate Appraisal Co.,Ltd.
Chuo Real Estate Appraisal Co.,Ltd.
Chuo Real Estate Appraisal Co.,Ltd.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
Japan Valuers Co., Ltd.
Japan Real Estate InstituteJapan Real Estate InstituteJapan Real Estate InstituteChuo Real Estate Appraisal Co.,Ltd.
Japan Valuers Co., Ltd.
Japan Valuers Co., Ltd.
Japan Real Estate InstituteJapan Valuers Co., Ltd.
Japan Valuers Co., Ltd.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.

No.
Rs-T-050
Rs-T-051
Rs-T-052
Rs-T-053
Rs-T-054
Rs-T-055
Rs-T-056
Rs-T-057
Rs-T-058
Rs-T-059
Rs-T-060
Rs-T-061
Rs-T-062
Rs-T-063
Rs-T-064
Rs-T-065
Rs-T-066
Rs-T-067
Rs-T-068
Rs-T-069
Rs-T-070
Rs-T-071
Rs-T-072
Rs-T-073
Rs-T-074
Rs-T-075
Rs-T-076
Rs-T-077
Rs-T-078
Rs-T-079
Rs-T-080
Rs-T-081
Rs-T-082
Rs-T-083
Rs-T-084
Rs-T-085
Rs-T-086
Rs-T-087
Rs-T-088
Rs-T-089
Rs-T-090
Rs-T-091
Rs-T-092
Rs-T-093
Rs-T-094
Rs-T-095
Rs-T-096
Rs-T-097
Rs-T-098
Rs-T-099
Rs-T-100
Rs-T-101
Rs-T-102
Rs-T-103
Rs-T-104
Rs-T-105
Rs-T-106
Rs-T-107
Rs-T-108
Rs-T-109
Rs-T-110
Rs-T-111
Rs-T-112
Rs-T-113
Rs-T-114
Rs-S-001
Rs-S-002
Rs-S-003
Rs-S-004
Rs-S-005
Rs-S-006
Rs-S-007
Rs-S-008
Rs-S-009

Name
PRIME URBAN Nishi Shinjuku I
PRIME URBAN Nishi Shinjuku Ⅱ
PRIME URBAN Shinjuku Naitomachi
PRIME URBAN Nishi Waseda
PRIME URBAN Shinjuku Ochiai
PRIME URBAN Mejiro
PRIME URBAN Kagurazaka
PRIME URBAN Sangen JayaⅢ
PRIME URBAN Chitose Karasuyama
PRIME URBAN Sangen Jaya Ⅱ
PRIME URBAN Sangen Jaya
PRIME URBAN Minami Karasuyama
PRIME URBAN Karasuyama Galleria
PRIME URBAN Karasuyama Court
PRIME URBAN Kamikitazawa
PRIME URBAN Chitose Funabashi
PRIME URBAN Yoga
PRIME URBAN Shinagawa Nishi
PRIME URBAN Osaki
PRIME URBAN Oimachi Ⅱ
PRIME URBAN Yukigaya
PRIME URBAN Omori
PRIME URBAN Denenchofu Minami
PRIME URBAN Nagahara Kamiikedai
PRIME URBAN Nakano
PRIME URBAN Nakano Kamitakada
PRIME URBAN Takaido
PRIME URBAN Nishi Ogikubo
PRIME URBAN Nishi OgikuboⅡ
PRIME URBAN Otsuka
PRIME URBAN Komagome
PRIME URBAN Ikebukuro
PRIME URBAN Monzen Nakacho
PRIME URBAN Kameido
PRIME URBAN Sumiyoshi
PRIME URBAN Mukojima
PRIME URBAN Kinshi Koen
PRIME URBAN Kinshicho
PRIME URBAN Hirai
PRIME URBAN Kasai
PRIME URBAN Kasai Ⅱ
PRIME URBAN Kasai East
PRIME URBAN Ekoda
PRIME URBAN Itabashi Kuyakushomae
PRIME URBAN Asakusa
PRIME URBAN Machiya South Court
PRIME URBAN Musashi Koganei
PRIME URBAN Musashino Hills
PRIME URBAN Koganei Honcho
PRIME URBAN Kumegawa
PRIME URBAN Musashi Kosugi comodo
PRIME URBAN Kawasaki
PRIME URBAN Shinyurigaoka (Note 2)
PRIME URBAN Tsurumi Teraya
PRIME URBAN Urayasu Ⅱ
PRIME URBAN Urayasu
PRIME URBAN Gyotoku I
PRIME URBAN Gyotoku Ⅱ
PRIME URBAN Gyotoku Ekimae
PRIME URBAN Gyotoku EkimaeⅡ
PRIME URBAN GyotokuⅢ
PRIME URBAN Nishi Funabashi
PRIME URBAN Kawaguchi
PROUD FLAT Hatchobori
PROUD FLAT Itabashi Honcho
PROUD FLAT Itsutsubashi
PROUD FLAT Kawaramachi
PROUD FLAT Shin Osaka
PRIME URBAN Yamahana
PRIME URBAN Kita Juyo Jo
PRIME URBAN Odori Koen I
PRIME URBAN Odori Koen Ⅱ
PRIME URBAN Kita Juichi Jo
PRIME URBAN Miyanosawa

AcquisitionPrice(millions of yen)
(Note 1)

1,090
885
430
421
594
1,430
2,900
718
717
483
724
667
549
338
597
746
1,390
494
1,860
1,040
951
905
774
1,720
489
498
1,060
414
1,790
730
437
3,800
2,420
779
632
528
1,290
758
722
640
981
1,140
409
1,080
384
1,910
1,910
1,280
791
1,520
1,940
962
1,020
493
227
804
633
730
488
469
747
761
1,580
920
720
652
735
1,620
273
274
502
334
547
475

Appraisal
Value(millions of yen)

1,090
885
430
421
594
1,430
2,900
718
717
483
724
667
549
338
597
746
1,390
494
1,860
1,040
951
905
774
1,720
489
498
1,060
414
1,790
730
437
3,800
2,420
779
632
528
1,290
758
722
640
981
1,140
409
1,080
384
1,910
1,910
1,280
791
1,520
1,940
962
1,020
493
227
804
633
730
488
469
747
761
1,580
923
723
652
735
1,620
273
274
502
334
547
475

－ 4 －

The effective date ofvalue
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
September 30,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 1,2015
May 1,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015

Appraiser
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
The Tanizawa Sōgō Appraisal Co., Ltd.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
Japan Valuers Co., Ltd.
Japan Real Estate InstituteJapan Real Estate Institute
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
Japan Valuers Co., Ltd.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
Japan Valuers Co., Ltd.
Japan Valuers Co., Ltd.
Japan Real Estate Institute
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
Japan Valuers Co., Ltd.
Japan Real Estate Institute
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
Japan Valuers Co., Ltd.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
Japan Real Estate Institute
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
Chuo Real Estate Appraisal Co.,Ltd.
Japan Real Estate InstituteChuo Real Estate Appraisal Co.,Ltd.
Chuo Real Estate Appraisal Co.,Ltd.
Chuo Real Estate Appraisal Co.,Ltd.
Chuo Real Estate Appraisal Co.,Ltd.
Chuo Real Estate Appraisal Co.,Ltd.
Chuo Real Estate Appraisal Co.,Ltd.
Chuo Real Estate Appraisal Co.,Ltd.
Chuo Real Estate Appraisal Co.,Ltd.
Chuo Real Estate Appraisal Co.,Ltd.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
Chuo Real Estate Appraisal Co.,Ltd.
Japan Valuers Co., Ltd.
Chuo Real Estate Appraisal Co.,Ltd.
Japan Real Estate InstituteJapan Valuers Co., Ltd.
Japan Valuers Co., Ltd.
Japan Valuers Co., Ltd.
Japan Real Estate InstituteJapan Valuers Co., Ltd.
Japan Valuers Co., Ltd.
Japan Valuers Co., Ltd.
Japan Real Estate InstituteJapan Real Estate InstituteJapan Real Estate InstituteJapan Real Estate InstituteJapan Real Estate InstituteJapan Real Estate InstituteJapan Real Estate InstituteJapan Real Estate InstituteJapan Real Estate InstituteJapan Valuers Co., Ltd.
Japan Real Estate InstituteJapan Real Estate Institute
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
Japan Real Estate InstituteJapan Real Estate Institute
The Tanizawa Sōgō Appraisal Co., Ltd.
The Tanizawa Sōgō Appraisal Co., Ltd.
Japan Real Estate InstituteJapan Real Estate InstituteJapan Valuers Co., Ltd.
Japan Valuers Co., Ltd.

No.
Rs-S-010
Rs-S-011
Rs-S-012
Rs-S-013
Rs-S-014
Rs-S-015
Rs-S-016
Rs-S-017
Rs-S-018
Rs-S-019
Rs-S-020
Rs-S-021
Rs-S-022
Rs-S-023
Rs-S-024
Rs-S-025
Rs-S-026
Rs-S-027
Rs-S-028
Rs-S-029
Rs-S-030
Rs-S-031
Rs-S-032
Rs-S-033
Rs-S-034

Name

AcquisitionPrice(millions of yen)
(Note 1)PRIME URBAN Odori Higashi
PRIME URBAN Chiji Kokan
PRIME URBAN Maruyama
PRIME URBAN Kita Nijuyo Jo
PRIME URBAN Sapporo Idaimae
PRIME URBAN Sapporo Riverfront
PRIME URBAN Kita Sanjo DoriPRIME URBAN Nagamachi Icchome
PRIME URBAN Yaotome Chuo
PRIME URBAN Tsutsumidori Amamiya
PRIME URBAN Aoi
PRIME URBAN Kanayama
PRIME URBAN Tsurumai
PRIME URBANKamimaezu
PRIME URBAN Izumi
PRIME URBAN Esaka I
PRIME URBAN Esaka Ⅱ
PRIME URBAN Esaka Ⅲ
PRIME URBAN Tamatsukuri
PRIME URBAN Sakaisuji Honmachi
PRIME URBAN Hakata
PRIME URBAN Yakuin Minami
PRIME URBAN Kashii
PRIME URBAN Hakata Higashi
PRIME URBAN ChihayaAppraisal
Value(millions of yen)

394
249
229
437
616
4,480
1,730
1,140
466
949
712
553
1020
1590
3770
652
794
1190
1020
1810
588
265
398
622
604

The effective date of
value

394
249
229
437
616
4,480
1,730
1,140
466
949
712
553
1020
1590
3770
652
794
1190
1020
1810
588
265
398
622
604

May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015
May 31,2015

Appraiser
Japan Valuers Co., Ltd.
Japan Valuers Co., Ltd.
Japan Valuers Co., Ltd.
Japan Valuers Co., Ltd.
Japan Valuers Co., Ltd.
Japan Valuers Co., Ltd.
Japan Valuers Co., Ltd.
Japan Valuers Co., Ltd.
Japan Valuers Co., Ltd.
Japan Real Estate InstituteChuo Real Estate Appraisal Co.,Ltd.
Japan Valuers Co., Ltd.
Japan Valuers Co., Ltd.
Japan Valuers Co., Ltd.
Japan Valuers Co., Ltd.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
Japan Valuers Co., Ltd.
Japan Valuers Co., Ltd.
Japan Real Estate Institute
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
DAIWA REAL ESTATE APPRAISAL CO.,LTD.

(Note 1) Acquisition Price indicates the amount excluding costs required to acquire the properties, including transaction brokerage fee,taxes and public dues, etc. (the amount of transaction payment of real estate, etc. described in the sales agreement) for the
Succeeded Assets (Former NMF) and Assets Acquired After Merger. On the other hand, for the Succeeded Assets(NOF/NRF), except for those described in (Note 3), since there is no significant decline in occupancy rate or otherconditions that will affect the appraisal values from the reference date, the figures are determined using the appraisal
values as of the end of April 2015 for assets succeeded from NOF and the appraisal values as of the end of May
2015 for the assets succeeded from NRF. Further more, the figures indicated are unaudited figures.
(Note 2) Appraisal Values of these assets indicates appraisal values as of the end of September 2015 (additionally, appraisal values are
based on the Articles of Incorporation of NMF, Former NMF, NOF and NRF and the Ordinance Regarding Calculation of
the Investment Corporation (Cabinet Ordinance No. 47 of 2006, as amended) and indicate the price calculated by thecapitalization approach as the standard by respective real estate appraisers). Real estate appraisers for respective assets are as
follows.
NRE Shibuya Dogenzaka Building
DAIWA REAL ESTATE APPRAISAL CO.,LTD.
NOF Tameike Building
Appraisal Firm A Square Ltd.
NOF Shinagawa Konan Building
The Tanizawa Sōgō Appraisal Co., Ltd.
Yokohama Odori Koen Building
Japan Valuers Co., Ltd.
PRIME URBAN Shinyurigaoka
Japan Valuers Co., Ltd.
(Note 3) The Appraisal Values are rounded down to the nearest million yen.

(2)

Scheduled Acquisitions
No.
Of-T-041
Of-T-042
Of-T-043

Name

Acquisition
Price

Appraisal
Value(millions of yen)
(Note 1)(millions of yen)
(Note 2)

PMO Tamachi
PMO Ginza Hatchome
PMO Shibakoen

6,210
3,970
3,900

6,560
4,210
4,150

The effective date ofvalue

Appraiser

November 30,2015
November 30,2015
November 30,2015

Japan Real Estate InstituteJapan Real Estate InstituteJapan Real Estate Institute(Note 1) Acquisition Price (Scheduled) indicates the amount excluding costs required to acquire the properties, including transaction
brokerage fee, taxes and public dues, etc. (the amount of transaction payment of real estate, etc. described in the sales
agreement). The figures indicated are unaudited figures.
(Note 2) Appraisal Value is based on NMF’s Articles of Incorporation and the Ordinance Regarding Calculation of the Investment
Corporation and indicates the price calculated by the capitalization approach as the standard by respective real estateappraisers. The appraisal date is as indicated.

2．Forecast of Future Management Performance
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 havebeen made to management performance forecasts.

－ 5 －【Exhibit】
Reference Material“Reference information of the grounds of NMF’s Cash Distribution on Merger”*Nomura Real Estate Master Fund, Inc. URL: http://www.nre-mf.co.jp/english/－ 6 －【Exhibit】

Balance Sheet
AssetsAssets

As of October 1st,2015

Current assets
Cash and bank deposits
Cash and bank deposits in trust
Other current assets
Noncurrent assets
Property and equipment
Real estate
Buildings
Land
Real estate in trust
Buildings
Land
Other assets
Other assets
Intangible assets
Leasehold rights
Leasehold rights in trust
Goodwill
Other intangible assets
Investments and other assets
Investments and other assets
Deferred assets
Investment corporation bond issuancecosts
Total assets－ 7 －Millions of Yen
63,281
40,594
20,975
1,711
861,207773,145
269,214100,924
168,289
503,790
155,573348,216140
140
86,382949
7,541
77,875
15
1,680
1,680
24

6.8%
4.4%
2.3%
0.2%
93.2%
83.6%
29.1%
10.9%
18.2%
54.5%
16.8%
37.7%
0.0%
0.0%
9.3%
0.1%
0.8%
8.4%
0.0%
0.2%
0.2%
0.0%

24

0.0%

924,514100.0%

Liabilities and net assets

Liabilities

As of October 1st,2015

Current liabilities
Trade accounts payable
Short-term debt
Current portion of investment
corporation
bonds
Current portionof long-term debt
Other accounts payable
Rent received in advance
Other current liabilities
Long-term liabilities
Investment corporation bonds
Long-term debt
Security deposits from tenants

Net assets

Security deposits from tenants in trust
Other long-term liabilities
Total liabilities
Unitholders' equity
Unitholders' capital
Capital surplus
Retained earnings
Total net assets
Total liabilities and net assets（Note）The figures indicated are unaudited figures.

－ 8 －Millions of Yen
62,222
1,556
4,100
15,00026,875
626
4,307
9,757
384,957
32,500316,271
8,986

6.7%
0.2%
0.4%
1.6%
2.9%
0.1%
0.5%
1.1%
41.6%
3.5%
34.2%
1.0%

25,8442.8%

1,355
447,180
477,333
161,120315,299913
477,333
924,514

0.1%
48.4%
51.6%
17.4%
34.1%
0.1%
51.6%
100.0%