[For Translation Purposes Only]
November 10, 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 OfficerInquiries:
Motomi Uki
Head of NMF Investment Management Group
TEL. +81-3-3365-8767 nmf3462@nomura-re.co.jp

Notice Concerning Revision to Forecasts of Financial Results for the Fiscal Period
Ended September 30, 2015 (Final Fiscal Period) of Respective Consolidated Investment Corporationsand Cash Distributions on Merger
Nomura Real Estate Master Fund, Inc. (“NMF”) announced today the revisions to forecasts of the financial results for the fiscalperiod ended September 30, 2015 (final fiscal period) of the respective consolidated investment corporations; the former
Nomura Real Master Fund, Inc. (the “Former NMF”), Nomura Real Estate Office Fund, Inc. (“NOF”) and Nomura Real
Estate Residential Fund, Inc. (“NRF”; and the Former NMF, NOF and NRF are individually or collectively referred to as the“Consolidated Investment Corporation” hereinafter) and the cash distribution on merger that were announced in the press
releases “Notice Concerning Revisions of Forecasts of Financial Results and Cash Distribution for the Fiscal Period Ending
August 31, 2015 and Forecasts of Financial Results for the Fiscal Period Ending September 30, 2015 (Final Fiscal Period) andCash Distribution on Merger” announced on August 4, 2015 by the Former NMF, “Notice Concerning Forecasts of Financial
Results for the Fiscal Period Ending September 30, 2015 (Final Fiscal Period) and Cash Distribution on Merger” announced onAugust 4, 2015 by NOF and “Notice Concerning Forecasts of Financial Results for the Fiscal Period Ending September 30,2015 (Final Fiscal Period) and Cash Distribution on Merger” announced on August 4, 2015 by NRF, as follows.
1. Former NMF’s Revised Forecasts of Financial Results for the Fiscal Period Ended September 30, 2015 (Final Fiscal Period)
and Cash Distribution on Merger
Operating
Revenues
Previous Forecast(A)
Revised Forecast(B)
Amount ofIncrease/
Decrease(B-A)
Ratio of Increase/
Decrease

Operating
IncomeOrdinary
Income(Millions of Yen)

(Millions of Yen)

(Millions of Yen)

2,000

951

833

832

500

2,043

1,022

912

912

548

4271787948

2.1%

7.5%

9.4%

9.6%

9.6%

1

Net Income(Millions of Yen)

Cash Distribution
on Merger
Per Unit (Yen)2. NOF’s Revised Forecasts of Financial Results for the Fiscal Period Ended September 30, 2015 (Final Fiscal Period) and
Cash Distribution on Merger
Operating
Revenues
Previous Forecast(A)
Revised Forecast(B)
Amount ofIncrease/
Decrease(B-A)
Ratio of Increase/
Decrease

Operating
IncomeOrdinary
Income(Millions of Yen)

(Millions of Yen)

(Millions of Yen)

10,825

3,993

2,741

2,740

7,770

10,853

4,139

2,876

2,876

8,134

27146

135135364

0.3%

3.7%

4.9%

4.9%

4.7%

Net Income(Millions of Yen)

Cash Distributionon Merger
Per Unit (Yen)

3 NRF’s Revised Forecasts of Financial Results for the Fiscal Period Ended September 30, 2015 (Final Fiscal Period) and
Cash Distribution on Merger
Operating
Revenues
Previous Forecast(A)
Revised Forecast(B)
Amount ofIncrease/
Decrease(B-A)
Ratio of Increase/
Decrease

Operating
IncomeOrdinary
Income(Millions of Yen)

(Millions of Yen)

(Millions of Yen)

3,697

1,558

1,187

1,186

7,700

3,714

1,578

1,217

1,216

7,890

161930301900.5%

1.3%

2.5%

2.5%

2.5%

Net Income(Millions of Yen)

Cash Distribution
on Merger
Per Unit (Yen)[Notes]1.

The forecasts of financial results are for the one month period from September 1, 2015 to September 30, 2015 for the Former NMF, the five month
period from May 1, 2015 to September 30, 2015 for NOF and the four month period from June 1, 2015 to September 30, 2015 for NRF.

2.

The forecasts presented above are calculated as of today, and the actual operating revenues, operating income, ordinary income, net income and cash
distribution on merger per unit may vary. NMF does not guarantee the amount of the cash distribution on merger identified above. Please refer to Note 3
for more detailed information regarding cash distribution on merger.

3.

Instead of cash distributions for each Consolidated Investment Corporation’s final fiscal period, NMF will make a cash distribution on merger to theunitholders listed or recorded on the final unitholders register of each of the Consolidated Investment Corporations as of the day immediately prior to
the date of incorporation of NMF (excluding each Consolidated Investment Corporation) (the “Allotted Investors”), in an amount equivalent to the cash
distributions for the final fiscal period based on each Consolidated Investment Corporation’s distributable profit (the payment on merger will be (i) theamount of distributable profit of each Consolidated Investment Corporation as of the day immediately prior to the date of incorporation of NMF
divided by (ii) the number of investment units that is obtained by deducting (a) the number of investment units held by the unitholders other than theAllotted Investors of each Consolidated Investment Corporation from (b) the number of investment units issued and outstanding of each of such
Consolidated Investment Corporation, as of the day immediately prior to the date of incorporation of NMF (amounts less than one yen are roundeddown)).

4.

The forecasts may be revised if a certain variance from the forecasts mentioned above is expected.

5.

Amounts less than the stated units are rounded down and the percentages are rounded to the first decimal place.

24. Reason for Announcement
Upon calculating the Former NMF’s cash distribution on merger for the fiscal period ended September 30, 2015 (final fiscalperiod), the financial results of the concerned period roughly became clear and over five percent variance in the cash
distribution on merger for the fiscal period ended September 30, 2015 (final fiscal period) was expected, compared with theforecasts previously announced on August 4, 2015. Thus, the revision to forecasts of the financial results and cash distribution
on merger are made. The major factors for the revision include the increase in utility expenses income and decrease in repair
expenses.
Furthermore, along with the revision, NMF also announces revisions on forecasts of financial results and cash distributions
on merger of NOF and NRF. NOF’s major factors for revision include decrease in utility expense payments, etc. and NRF’smajor factors for the revision include decrease in administrative expenses, etc.
*Nomura Real Estate Master Fund, Inc. URL: http://www.nre-mf.co.jp/english/

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