[For Translation Purposes Only]
February 26, 2021
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.
Koki Miura, President & Chief Executive Officer
Inquiries:
Hiroshi Ishigooka
Executive Officer
Head of NMF Investment Management Group
TEL. +81-3-3365-8767 nmf3462@nomura-re.co.jp

Notice Concerning Information Disclosure based on the Recommendations of the Task Force on
Climate-related Financial Disclosure (TCFD)
Nomura Real Estate Master Fund, Inc. (“NMF”) announces that it today disclosed information based on theTCFD Recommendations as described below following the expression of support for the TCFD Recommendations
by Nomura Real Estate Asset Management Co., Ltd. (“NREAM”), the asset management company to which NMF
entrusts management of its assets, as announced on July 14, 2020. The disclosed information is described below.

1. Positioning of Climate Change by NMF
Based on the idea that it is essential for its sustainable growth to realize a sustainable society, NMF also believes
its contribution to solving social issues through its business is in line with its fundamental philosophy of “securingstable profit over the medium to long term” and “steadily achieving growth in assets under management.”
Consequently, it would contribute to improving NMF’s unitholder value. When undertaking specific initiatives,
NMF engaged in repeated discussions in 2019, taking into consideration the impacts on its business andperformance, as well as the expectations and interests of its stakeholders, and have identified ESG material issues(materiality) that are particularly important to NMF.
NMF has positioned responding to climate change as a materiality issue, and recognizes it to be an urgent
management issue that NMF must tackle while undertaking sustainable business activities. For details on NMF’s
materiality issues and the materiality identification process, refer to the following website:
Materiality: https://www.nre-mf.co.jp/en/esg/esg_materiality.html

2. Overview of Information Disclosure based on the TCFD Recommendations
In disclosing this information, NMF has summarized how climate change is perceived, what related policies arein place, and how initiatives are being implemented at NMF and NREAM, according to the four disclosure items—
Governance, Strategy, Risk Management, and Metrics and Targets—recommended by the TCFD. Note that inanalyzing and verifying the financial impact in Strategy, NMF first assessed the risks and opportunities that climatechange risks bring to NMF. Then, based on future climate forecasts published by various international organizations
such as the International Energy Agency (IEA) and the Intergovernmental Panel on Climate Change (IPCC) as themain information sources, three possible scenarios—the 4°C, 2°C, and 1.5°C Scenarios—were set as assumptions
in conducting scenario analysis, and financial impacts were analyzed and verified for each of the risks andopportunities identified.
For details about NMF’s information disclosure based on the TCFD Recommendations, refer to the following
website:Climate change initiatives: https://www.nre-mf.co.jp/en/esg/esg_environment.html－ 1 －3. Overview of the TCFD
The TCFD is the Task Force on Climate-related Financial Disclosures established by the Financial Stability
Board (FSB) for the purpose of investigating climate change related disclosures and how financial institutions
should respond. Climate change is a serious risk for the global economy, and the TCFD has announced
recommendations urging companies and other organizations to ascertain and disclose information relating togovernance, strategy, metrics and targets, and risk management.

Disclosure Items Recommended by the TCFD
Disclosure Item
Governance

Disclosure Details

Organizational governance related to climate-related risks and opportunities

Strategy
Risk management
Metrics and Targets

Actual and potential impacts from climate-related risks and opportunities on theorganization’s businesses, strategies, and financial planningThe organization’s climate-related risk identification, assessment, and management
processes
Metrics and targets used to assess and manage climate-related risks and opportunities

4. Future Responses
NMF and NREAM are committed to carrying out asset management that gives due consideration to ESG issues.
For details on NMF’s and NREAM’s ESG-related initiatives, refer to the Appendix “Major ESG-related Initiatives
and Performance at NMF and NREAM” and the following websites:
NMF’s ESG-related initiatives: https://www.nre-mf.co.jp/en/esg/index.html
NREAM’s ESG-related initiatives: https://www.nre-am.co.jp/english/sustainability/

Appendix
Reference

Major ESG-related Initiatives and Performance at NMF and NREAM－ 2 －Reference: Major ESG-related Initiatives and Performance at NMF and NREAM[NMF’s Initiatives and Performance]

2015

2016

2017

[NREAM’s Initiatives and Performance]

December 2015
Sustainability Policy established
September 2016GRESB Real Estate Assessment”Green Star”
September 2017GRESB Real Estate Assessment“5 Stars”

December 2017
Signatory to the Principles for Responsible
Investment (PRI) and the United Nations
Environment Programme Finance Initiative(UNEP FI)

September 2018GRESB Real Estate Assessment“Global Sector Leader”
October 2018
Participation in Japan Climate Initiative(JCI）

2018

2019

February 2019
Identification of key issues (materiality)[E]▪ Raising the proportion of “green” properties in investment
portfolio and countering climate change[S]▪ Ensuring the safety and security of tenants and improving user comfort▪ Creating a workplace environment in which everyone is treated fairly and empowered to find his/herjob rewarding ▪ Human resource development and talent management[G]▪ Strengthening corporate governance ▪ Complete compliance and risk management▪ Stakeholder engagement and timely and appropriate information disclosure

May 29, 2019
Inclusion in the MSCI Japan ESG Select Leaders
Index

January 30, 2020
Certification and Registration for EcoAction 21
Program, Environmental Management System (EMS)in JapanMarch 5, 2020
Received Minister of the Environmental Award
from the Principles for Financial Action for the
21st Century (PFA21) as the most excellent efforts

2020
July 14, 2020
Support for Task Force on Climate-related
Financial Disclosures (TCFD) Recommendations

2021

February 26, 2021
Information disclosure based on the TCFD
Recommendations－ 3 －