Supplement Documentation for Press Release“Acquisition of the Assets” dated today
February 21,2017

Overview of New Properties

nORBESA

Chuo Ward,
Sapporo City,
Hokkaido

Retail Facilities(Near Stations)(Scheduled)
Acquisition price(Scheduled)
Date of acquisition\8,500mln

March 17,2017

Highlight✔ Located in central Sapporo,
Hokkaido's largest city

✔ One of Sapporo's landmark
retail facilities✔ Potential for redevelopmentusing excess floor space

Sapporo City Background・ Sapporo has the second highest net

influx of people after Tokyo's 23 specialwards.*・ The number of domestic and overseas

tourists is increasing.
→ Tourist demand can be expected to grow.

Net Influx Ranking of Cities Nationwide*
2012

2013

2014

2015

2016

TokyoTokyoTokyoTokyoTokyo

2ndSendai

SapporoSapporoOsaka

Sapporo3rd

Fukuoka

Osaka

Kawasaki Kawasaki Saitama

4th

SapporoFukuoka

Fukuoka

Sapporo

5th

Osaka

Kawasaki

Osaka

Fukuoka Kawasaki

1stthe number of net influxof people nationwide

Osaka4,704ppl 6,572ppl 5,949ppl 7,183ppl 9,315ppl

Location・ Located in one of the busiest commercial areas in Hokkaido.
・ Within walking distance from the Odori office district.
→ Stable income from a wide range of customers can beexpected.

Property features
・ The Sapporo cityscape can be viewed from the rooftop Noria
Ferris Wheel, making it a major tourist spot.

The standard floor area ratio is 800%, and only 632%

・ is in current use.

→ There is earnings growth potential in redevelopment intoa hotel or retail facility.

The Sapporo cityscape as seen from the Noria Ferris Wheel（*）Based on the Report on Internal Migration in Japan Derived from the Basic Resident Registration by the Statistics Bureau of the Ministry of Internal Affairs.

1Overview of New Properties

Nakaza Cui-daore Building

Retail Facilities(Near Stations)

Chuo Ward,
Osaka City,Osaka(Scheduled)
Acquisition price(Scheduled)
Date of acquisition\11,600mln

March 31,2017

Highlight✔ Located in the center of Osaka's majorcommercial area of Dotonbori✔ The area’s iconic large-scale retail facility✔ The facility's symbol, Kuidaore Taro, is afamous Osaka tourist attraction

Osaka City Background・ Efforts by Osaka City to boost tourism, more low cost carrier flights toKansai International Airport, etc.
→ There is an increasing number of foreign tourists, especially fromother parts of Asia.
→ Inbound demand is expected to increase going forward.
（Million People）

Location・ Dotonbori is a central location for Osaka cuisine and has great potential as a retail zone
visited by many domestic and overseas tourists. The Property is located in the heart of thisthriving area.
・The Dotonbori shopping district in front of the Property is home to many retail facilities, such as
restaurants and shops selling products, sundries and clothes. It is a very busy area with hightraffic volume.

Property Features
・Comprised of diverse tenants, there are many places to try assorted
Japanese cuisine, including, of course, famous Osaka dishes.

・The building is unique in the area for having over 650 square
meters per floor and for its high visibility. It can therefore meetvarious tenant needs.
→Going forward, earnings potential is expected to continue toimprove.
(*) Number of foreign tourists to Osaka Prefecture based on the Osaka Prefectural Government's Statistical Survey of Tourism.

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 anyspecific products. Investors wishing to purchase the investment units of Nomura Real Estate Master
Fund, Inc. should contact their own securities brokers or dealers. A fee may be charged by yourfinancial instruments business operator in relation to the sale or purchase of investment units.
For management fees that the Fund pays to Nomura Real Estate Asset Management Co., Ltd., pleaserefer to the terms and conditions of the Fund, etc.
The forward-looking statements with respect to the future financial results contained in thisdocument 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 thisdocument and do not reflect or 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 thetransaction price caused by, for example, changes in the price or the revenue-generating capabilityof 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 the same. 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 theinformation contained in this document without express prior written consent.