[For Translation Purposes Only]
March 3, 2017

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:
Kenichi Okada
Director and Managing Executive Officer
TEL. +81-3-3365-8767 nmf3462@nomura-re.co.jp

Notice Concerning Scheduled Amendments of the Articles of Incorporation, Changes in
Organization, and Changes of Directors, Statutory Auditors and Important Employees
in the Asset Management Company
Nomura Real Estate Master Fund, Inc. (“Nomura Master Fund” or the “Fund”) announced theresolution of Nomura Real Estate Asset Management Co., Ltd. (“NREAM”), a licensed
investment trust management company retained by the Fund to provide asset management
services, at NREAM’s Board of Directors Meeting held today, regarding the amendments of theArticles of Incorporation mainly in order to shorten the term of office of directors, and theappointment of directors and statutory auditors, which will be proposed at the Extraordinary
Meeting of Shareholders as of April 1, 2017, and also regarding the changes in organization andimportant employees.
Furthermore, above amendments of the Articles of Incorporation, changes in organization, andchanges of directors, statutory auditors and important employees, will be effective as of April 1,
2017.
1. Amendments of Articles of Incorporation
NREAM has determined at the Board of Directors Meeting held today to propose at theExtraordinary Meeting of Shareholders as of April 1, 2017 agenda regarding the amendmentsof the Articles of Incorporation in order to shorten the term of office of directors, andpartially abolish the director’s special title system.
2. Changes in Organization

NREAM will establish International Business Planning Section that will mainly engage inplanning the business strategy of overseas asset management.
NREAM will also abolish Research & Analysis Section and establish Research & Analysis
Department, for the purpose of enhancing research capabilities.
Furthermore, NREAM will abolish Product Management Department and establish
Product Development Department.
Please refer to the Attachment 1 for the organization chart before and after the changes.
3. Changes in Directors and Statutory Auditors
At the Board of Directors Meeting held today, NREAM has determined to propose agenda
regarding the appointment of the two directors and one statutory auditor mentioned below
at the Extraordinary Meeting of Shareholders as of April 1, 2017.
(1) Scheduled to assume office (as of April 1, 2017)
Name

Fumiki Kondo

Noriaki Ido

Seiichiro Wada

Title (New)
Representative Director andSenior Managing Executive
OfficerSupervisor of the Investment
Management Department
In charge of the Corporate
Planning Department, theInternational Business Planning
Section and the Finance &Accounting Department
Director andManaging Executive Officer
In charge of the Client Relations& Marketing Department, theInvestment Management
Department and the ProductDevelopment Department

Statutory Auditor

Title (Former)(New appointment)

Executive Officer,
General Manager of theAcquisitions Department
Director andManaging Executive Officer
In charge of the Client Relations& Marketing Department, theInvestment Management
Department and the ProductManagement Department

(2) Scheduled to resign (as of March 31, 2017)
Name

Title (New)

Hiroshi Kurokawa(Resignation)

Title (Former)
Representative Director andSenior Managing Executive
OfficerSupervisor of the ProductManagement Department, theAcquisitions Department, theInvestment Management PlanningDepartment, the NMF
Investment Management Groupand the NPR Investment
Management Department
In charge of the Research &Analysis Section
Chief Strategy Officer(3) Other changes (as of April 1, 2017)
Name

Masato Yamauchi

Kenichi Okada

Title (New)
Representative Director andSenior Managing Executive
OfficerSupervisor of the ProductDevelopment Department, theNMF Investment Management
Group and the NPR Investment
Management Department
In charge of the Research &Analysis Department, theAcquisitions Department and theInvestment Management Planning
Department
Chief Strategy Officer
Director and Managing Executive
Officer
Head of the NMF Investment
Management GroupTitle (Former)

Director andManaging Executive Officer
In charge of the Finance &Accounting Department
General Manager of theCorporate Planning Department

Director and Managing ExecutiveOfficer
Head of the NMF Investment
Management Group
General Manager of the AssetManagement Department I of theNMF Investment ManagementGroup

4. Changes in Important Employees
At the Board of Directors Meeting held today, NREAM has determined the changes in theimportant employees mentioned below.

(1) Scheduled to assume office (as of April 1, 2017)
Name
Hiromasa Suzuki

Hitoshi Kasuga

Shinji Koizumi
Toshio Nakamura

Title (New)
Executive Officer
General Manager of the AssetManagement Department II ofthe NMF Investment
Management Group
Executive Officer
General Manager of the AssetManagement Department I of theNMF Investment Management
Group
Executive Officer
General Manager of theCorporate Planning Department
General Manager of theAcquisitions Department

Title (Former)(2) Other change (as of April 1, 2017)
Name

Title (New)Tetsuya Ohira

Executive Officer
General Manager of the Research& Analysis Department

Tsuyoshi Yata

Executive Officer
General Manager of the ProductDevelopment Department

Title (Former)
Executive Officer
General Manager of the AssetManagement Department II ofthe NMF Investment
Management Group
Executive Officer
General Manager of the ProductManagement Department

The Fund will report these changes to competent authorities pursuant to the Financial
Instruments and Exchange Act, the Building Lots and Buildings Transaction Business Act andother applied laws and regulations.
*<Nomura Real Estate Master Fund, Inc> URL: http://www.nre-mf.co.jp/en/Attachment 1[Before change (current structure)]Internal Audit
Finance & Accounting
Client Relations & Marketing
Investment Management

President & CEO

Board of Directors

General Meeting of Shareholders

Statutory Auditors

Corporate Planning
Legal & Compliance

Product Management
Acquisitions
Investment Management Planning
NMF Investment Management Group

Chief Strategy Officer

Project Screening Committee

NPR Valuation Committee

Risk Management Committee

Compliance Committee

Investment Committee

Research & Analysis

Fund Management
Asset Management I
Asset Management II

NPR Investment Management[After change]
Corporate Planning
Legal & ComplianceInternal Audit
Finance & Accounting

Investment Management

President & CEO

Board of Directors

Client Relations & Marketing

Product Development

Acquisitions
Investment Management Planning
NMF Investment Management Group

Chief Strategy Officer

NPR Valuation Committee

Project Screening Committee

Risk Management Committee

Compliance Committee

Research & Analysis

Investment Committee

General Meeting of Shareholders

Statutory Auditors

International Business Planning

Fund Management
Asset Management IAsset Management II

NPR Investment Management