For Translation Purposes Only
September 18, 2014
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 Scheduled Changes in Organization,
Changes in Important Employees, and Scheduled Appointments of Directors of theAsset Management Company
Nomura Real Estate Master Fund, Inc. (“Nomura Master Fund” or the “Fund”) announced
today that Nomura Real Estate Asset Management Co., Ltd. (“NREAM”), a licensed asset
management company retained by the Fund to provide asset management services, has resolved,
at NREAM’s Board of Directors Meeting held today, the changes in organization, changes inimportant employees, as well as to propose the election of directors at the Extraordinary General
Meeting of Shareholders scheduled to be held on October 1, 2014, as follows.
The changes in organization, changes in important employees, and the election of directors, asmentioned above, are all scheduled to be effective on October 1, 2014.
1. Changes in Organization
NREAM will establish NOF Investment Management Department, NRF Investment
Management Department, NMF Investment Management Department, and NPR Investment
Management Department from gathering functions of Chief Investment Officers, FundManagement Department, and Asset Management Department by each Investment
Corporations in order to accelerate decision making of investment management.
NREAM will also establish Investment Management Planning Department and ProductManagement Department in order to strengthen investment management support operationand product development capability.
Please refer to the attachment for the organization chart before and after the changes.

2. Changes in Important Employees
Due to the changes regarding the new structure, changes in important employees havebeen determined at NREAM’s Board of Directors Meeting held today, as mentioned below.
Important Employees scheduled to assume office (as of October 1, 2014)
Title
Executive Officer, Head of NOF Investment Management Department
Executive Officer, Head of NMF Investment Management Department
Executive Officer, Head of NPR Investment Management Department
Executive Officer, Head of NRF Investment Management Department
Executive Officer, Head of Product Management Department

Name
Shoji Yoshihara
Motomi UkiKenichi Okada
Tetsuya Ohira
Tsuyoshi Yata

Important Employees scheduled to resign (as of September 30, 2014)
Title
Executive Officer, NMF Chief Investment Officer
NOF Chief Investment Officer
NRF Chief Investment Officer
NPR Chief Investment Officer

Name
Takashi Kataoka
Tadanori Irie
Masatomi Natsume
Seishi Nakamura

3. Changes in Officers
The proposal of two new directors at NREAM’s Extraordinary General Meeting ofShareholders, scheduled to be held on October 1, 2014, was decided on at the Board ofDirectors Meeting held today, as stated below.
(1) Officers scheduled to assume office (as of October 1, 2014)
Masato Yamauchi, Director
Seiichiro Wada, Director

The Fund will report these changes pursuant to the Financial Instruments and Exchange Law,
Building Lots and Buildings Transaction Business Law, and other applicable laws andregulations.

(Note) The biographical outlines of the executive officers have been omitted.
*<Nomura Real Estate Master Fund, Inc> URL: http://www.nre-mf.co.jp/english/

Statutory Auditors

Corporate Planning
Legal & ComplianceInternal Audit
Fund Management
Client Relations & MarketingInvestment Performance Analysis Section

President & CEO

Board of Directors

General Meeting of Shareholders

Board of Statutory Auditors(Reference) Organization chart before change (current structure) and after change[Before change (current structure)]

Investment Management
New Products & Marketing
Finance
Accounting
Acquisitions
Asset Management
Investment Management Planning
Chief Strategy Officer

Project Screening Committee

NPR Valuation Committee

Compliance Committee

Risk Management Committee

Investment Committee

Research & Analysis Section
Chief Investment Officer, NOF
Chief Investment Officer, NRF
Chief Investment Officer, NPR
Chief Investment Officer, NMF
Chief Investment Officer, Private Fund Ⅰ
Chief Investment Officer, Private Fund Ⅱ
Chief Investment Officer, Private Fund Ⅲ
Chief Investment Officer, Private Fund Ⅳ
Chief Investment Officer, Investment Advisory

Statutory Auditors

Corporate Planning
Legal & ComplianceInternal Audit
Accounting
Investment Performance Analysis Section

President & CEO

Board of Directors

Discretionary Investment Management Section

Finance
Client Relations & Marketing
Investment Management

Chief Strategy Officer

Project Screening Committee

NPR Valuation Committee

Compliance Committee

Risk Management Committee

Product Management

Investment Committee

General Meeting of Shareholders

Board of Statutory Auditors[After change]

Research & Analysis Section
Acquisitions
Investment Management Planning
NOF Investment Management
NRF Investment Management
NMF Investment Management
NPR Investment Management