[For Translation Purposes Only]
May 30, 2018

For Immediate Release
To Whom It May ConcernNomura 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 Floor Renewal of the Property under Management
Nomura Real Estate Asset Management Co., Ltd. (“NREAM”), the asset management company towhich Nomura Real Estate Master Fund, Inc. (“Nomura Master Fund” or “NMF” or the “Fund”) entrusts
the management of its assets, announced that it has completed the renewal works on the fourth floor ofShinjuku Nomura Building (the “Property”), a property under management by the Fund, will open“NEON”
which is public area for its tenants on June 1, 2018 in cooperation with Nomura Real Estate Development
Co., Ltd. which holds its 49.9% joint co-ownership interest of the beneficiary rights of real estate in trustof the said property.
1. Background of Floor Renewal

The Fund has maintained high occupancy at the Property through ongoing investment in physical maintenance andimprovements, such as implementing long-period earthquake motion countermeasures, renovating common-use areas andupdating important equipment. However, as work styles change, the office functions and services sought by companies
and their professionals are also changing. Accordingly, the Fund aims to maintain and enhance the Property’scompetitiveness well into the future by not just updating the property’s physical features, but offering new functions andservices.
NEON is aimed at contributing to intellectual productivity and helping corporate tenants retain high-quality humanresources by providing real estate that is excellent for the health and comfort of working professionals. Moreover, thisrenovation is in line with the ESG investment guidelines that the Fund implements.
(Note) ESG: Environment, social and governance.

2. Details of Floor Renewal

Please refer to the press release “NEON, a specially designed floor, to open on June 1, 2018 (Fri.) in Shinjuku Nomura
Building” announced today by Nomura Real Estate Holdings, Inc.

3. Forecasts of financial results

There is no revision to Nomura Master Fund’s forecasts of financial results for the fiscal period ending August 31,
2018 (March 1, 2018 to August 31, 2018) and February 28, 2019 (September 1, 2018 to February 28, 2019) by the floor
renewal of the Property as it has only small impact to the forecast of financial results.
【Exhibits】
Exhibit : Press Release “NEON, a specially designed floor, to open on June 1, 2018 (Fri.) in Shinjuku Nomura Building”*<Nomura Real Estate Master Fund, Inc.> URL: http://www.nre-mf.co.jp/en/－ 1 －（Exhibit）

To members of the pressMay 30, 2018
Nomura Real Estate Development Co., Ltd.
Nomura Real Estate Master Fund, Inc.
～ The Nomura Real Estate Group to start releasing a series of novel, functional andcomfortable spaces for office workers ～NEON, a specially designed floor, to open on June 1,
2018 (Fri.) in Shinjuku Nomura Building
Nomura Real Estate Development Co., Ltd. (Headquarters: Shinjuku Ward, Tokyo;President: Seiichi Miyajima) and Nomura Real Estate Master Fund, Inc. (Headquarters:Shinjuku Ward, Tokyo; Executive Director: Shuhei Yoshida) hereby announce that theShinjuku Nomura Building will open a newly renovated floor branded NEON on June
1,2018 for common use by the building’s corporate tenants.
The Nomura Real Estate Group has long been a provider of quality workspaces andrelated services with a focus on assisting tenants in their pursuit of safe and securebusiness operations. In response to current social needs such as work-style reforms, theGroup is stepping up its efforts to better meet the needs of individual workers and help
them realize their full potential and achieve success. To that end, the Group is offeringnovel and functional office spaces that allow them to practice flexible work styles. By
doing so, the Group will promote providing such office spaces aiming to contribute to thebusiness expansion of its corporate tenants as well as the sound development ofcommunities and society as a whole.

Completion photo of NEON

NEON was specifically designed to help office workers lead fulfilling lives replete withnew value, thereby empowering them to take on various challenges in the course of theirbusiness activities. At the same time, the Group will renovate the entire Shinjuku Nomura
Building to make it a more innovative workspace.
Following the opening of NEON, the Nomura Real Estate Group is planning to release aseries of similarly innovative workspaces. Introducing a variety of new work styles, theGroup will help enrich the lives and enhance the productivity of businesspeople via themanagement of office buildings.

I.

About NEON (a dedicated floor for corporate tenants)

1. Origin of the Name
The name “NEON” encapsulates our aspiration to help tenants discover their new potential
in this space.

NEON: A simple word encompassing multiple meanings. NEO (new) and ON (as in switched or turnedon); also, Neon (Ne), one of the latest noble gases to be discovered despite being hypotheticallybelieved to exist

2. Floor Layout■NEON LOUNGEThe NEON LOUNGE comprises a reception area, Café and library as well as small and midsized meeting rooms.
(1) Concierges
The lounge provides concierge services, aiming to create a business community inwhich individual workers, take initiative in the pursuit of business activities. Specifically,concierges assist tenants in event planning, external networking and self-motivatedlearning to meet their needs.
(2) Café
The café offers a varied menu that focuses on supporting patrons’ physical andemotional well-being, with the aim of helping maintain motivation.
Examples: VERVE COFFEE ROASTERS, a drip coffee made from the highest quality beans
procured directly from growers
 A variety of delicatessen offerings that add value to the lunchtime of busy
businesspeople Sandwiches featuring rye and grainy breads(a chewy bread that helps prevent a rapid rise in blood glucose for those who don’t want tostruggle with sleepiness after lunch)

Daily special lunch boxes prepared by prestige stores
Soft ice creams, which are sweet-loving people’s best reward for hard work

Completion photo of the open space

Examples of drinks to be sold3) Library
The lounge is also equipped with the NEON LIBLARY, which has as a theme rediscovering
long-forgotten treasures that once again draw you in. To help tenants searching andborrowing for their favorites, consultants at Aoyama Book Center assist in the selection ofbooks. The content of the bookshelves is updated monthly to reflect tenant preferences. Inaddition, used books will eventually be recycled, employing know-how obtained via theintroduction of a BOOKOFF-affiliated service at PROUD CITY OTA-ROKUGO, a prestige
residential condominium established by Nomura Real Estate, ensuring that these assets are
passed down on to the next generation of readers.

4) NEON ROOM—small meeting rooms designed to spark creativity
To serve various meeting purposes, small, uniquely designed meeting rooms provide arange of settings that help tenants concentrate on and engage in lively discussion.
Features:

Seven meeting rooms (6 to 12 seats) in a variety of interior color tones are pleasantly
scented

Audio systems help select and automatically play background music from fourcategories

A project room is offered for dedicated use by tenants needing temporarily expanded
workspaces



An IoT-based “smart meeting room” system in operation on a 24/7 basis allows tenants
to use the designated homepage to book rooms as well as to lock/unlock room doors

The cutting-edge “Zoom” teleconferencing system swiftly establishes connection
regardless of the systems counterparts are using

Completion photo of NEON ROOM

5) NEON HALL—a large conference space suited for joint training sessions and otherbusiness purposes
NEON HALL is a conference space that accommodates a maximum of 90 people, providing
tenants with access to a large facility that would otherwise be difficult to secure.

Completion photo of NEON HALL

6) Open SpaceThis multi-purpose space provides a place for working individually or in small groups,
casual meetings, small-scale group events and other activities involving a limited numberof people. NEON’s open space is intended to help workers interact with and inspire eachother beyond corporate boundaries, with plans calling for holding periodic seminars andworkshops for self-motivated learners.

■NEON DINING
In addition to offering a lunchtime menu, NEON DINING accommodates company-hosted
parties and other dinner events upon request. Moreover, it provides tenants with a spacefor studying, meeting and holding various events before and after regular business hours.
Lunch menu features:
NEON DINING’s lunch menu focuses on providing “comfort food,” food that evokes thetastes of home and thus puts diners at ease. Diners can choose from a variety of healthconscious and reasonably priced items carefully crafted to always evoke interest, evenamong tenants who eat there every day.
Menu examples:

Aware that office workers often fail to take in a sufficient volume of vegetables, theNEON Bibimbap provides steamed hot vegetables in a delicious presentation that helps
diners get the nutrition they need without effort

A premium curry and rice dish accompanied by special sauces for adjusting hotness inline with individual preferencesHot yet tasty Chinese Dandan noodles were specially developed for the NEON DINING
by a chef trained at a prestigious Chinese restaurant

Party menu features:
The theme of the dinner menu is vegetables and cultured foods, aiming to help diners
refresh emotionally and physically. The party menu is designed for office workers to help
them remain healthy, enthusiastic and highly productive.
Facility layout:
NEON DINING comprises the “HOUSE” area, which is laid out with the kitchen at thecenter and designed to facilitate natural interaction between a large number of partyattendees, and the “TERRASE” area, which can be freely modified thanks to a large space
allowance. These areas provide flexible layout options to meet various purposes.

Completion photo of NEON DINING

3. Facility Total Design
With the intention of creating an open park-like space that freely welcomes diverse
people and enriches their daily lives, NEON introduced “Parking Life” as its designconcept. Also, because NEON is designed with an eye to helping tenants optimize theirwork environments and allowing for novel work styles, creators of fine art who support
this concept have been enlisted and their artwork and products are exhibited within its
facilities, giving tenants the chance to refresh their minds from time to time during thebusy workday.

4. Facility ProfileLocation
Total Floor Area
Operator
Design /Construction

The 4th Floor, Shinjuku Nomura Building,
1-26-2 Nishi-Shinjuku, Shinjuku Ward, Tokyo
1,645.74 ㎡（497.83 tsubo）
Nomura Real Estate Development Co., Ltd., KOKUYO Co., Ltd.,
repast Corporation
KOKUYO Co., Ltd./ KOKUYO Co., Ltd., Nomura Real Estate PartnersCo., Ltd.

５．Property ProfileNameLocationTotal Floor Area

Shinjuku Nomura Building
1-26-2 Nishi-Shinjuku, Shinjuku
Ward, Tokyo
118,215.27 ㎡(35,760.12 tsubo)Completion

June 1978

Number of50 stories above ground and 5Floors
Number of OfficeTenants
Number ofWorkers

below
59 tenants
Approximately 5,800 people
Shinjuku Nomura Building

Shinjuku Nomura Building is an office centered complex building in Nishi-Shinjukuwith the height of approximately 200m comprising of 50 stories above ground. It is theskyscraper built the sixth fastest in the area completed in 1978. At present, it iscomprised of 59 office tenants and about 40 shops and restaurants which are available
for about 5,800 office workers in the building.