[For Translation Purposes Only]
February 1, 2018
For Immediate Release
To Whom It May Concern
Nomura Real Estate Master Fund, Inc.
Securities Code: 3462
Shuhei Yoshida, Executive Director
Asset Management Company:
Nomura Real Estate Asset Management Co., Ltd.
Norio Ambe, President & Chief Executive Officer
Inquiries:
Ken Okada
Director and Managing Executive Officer
TEL. +81-3-3365-8767 nmf3462@nomura-re.co.jp

Notice Concerning the Change of the Fund’s Logo
Nomura Real Estate Master Fund Inc. (“Nomura Master Fund” or “NMF” or the “Fund”) hereby announces that it
has established a new logo.
Since its incorporation as a diversified type J-REIT through a consolidation-type merger on October 1, 2015, Nomura
Master Fund has aimed to improve unitholders’ value by realizing the basic policies to “ensure mid- to long-term stable
return” and “for investment assets to grow steadily.” Based on the basic policies, Nomura Master Fund developed a Midto Long-term Management Strategy in November 2015 and has carried out its steady execution of the focused measures
based on the mid- to long-term vision.
During the first two years after its incorporation, Nomura Master Fund has completed the various measures in the“Quality Phase,” which is the first stage of the Mid- to Long-term Management Strategy, and has transferred to the“Growth Phase,” the second stage, from October 2017, which places emphasis on efforts toward stable growth path.
In light of these changes and in order to indicate its strong intent to grow to become the leading brand trusted byunitholders, Nomura Master Fund has determind to develop a new brand strategy at the same time with the issuance of
new investment units by public offering, which was resolved at the the Board of Directors meeting held today (for details,
please see the “Notice Concerning the Issuance of New Investment Units and Secondary Offering of Investment Units”
dated today).
As a part of such brand strategy, Nomura Master Fund renewed the conventional logo that was established when theformer Nomura Real Estate Master Fund, Inc. (“Former NMF”), a specialized-type REIT which limits the main investment
targets to retail and logistics facilities, was established; and developed a new logo (the “New Logo”) sumbolizing thecharacteristics of “THE DEER” and its design to Nomura Master Fund.
For details please see the Exhibit <Summary of the New Logo>. Further, Nomura Master Fund has opened a special
page on its website. Please refer to such website as well.
<The New Logo>*<Special website for the new brand concept>URL: http://www.nre-mf.co.jp/en/blue_deer/*<Nomura Real Estate Master Fund, Inc> URL: http://www.nre-mf.co.jp/en/[ここに入力]Note: This press release is a public announcement concerning
the change of the Fund’s logo and has not been preparedfor the purpose of solicitation of investment. We caution readers to refer to the Fund’s Offering Circular for the Issuance ofNew Investment Units and Secondary Offering and the Notices of Amendments thereto (if any) and to undertake investment
decisions at their own judgement and responsibility. In addition, this press release does not constitute an offer of securities in theUnited States of America. The securities referred to above have not been, and will not be registered under the United States
Securities Act of 1933, as amended (the “Securities Act”). The securities may not be offered or sold in the United States absent
registration or an exemption from registration under the Securities Act. The securities referred to above will not be publicly
offered or sold in the United States.

Exhibit<Summary of the New Logo >[ここに入力]Note: This press release is a public announcement concerning
the change of the Fund’s logo and has not been prepared
for the purpose of solicitation of investment. We caution readers to refer to the Fund’s Offering Circular for the Issuance ofNew Investment Units and Secondary Offering and the Notices of Amendments thereto (if any) and to undertake investment
decisions at their own judgement and responsibility. In addition, this press release does not constitute an offer of securities in theUnited States of America. The securities referred to above have not been, and will not be registered under the United States
Securities Act of 1933, as amended (the “Securities Act”). The securities may not be offered or sold in the United States absent
registration or an exemption from registration under the Securities Act. The securities referred to above will not be publicly
offered or sold in the United States.