[For Translation Purposes Only]
July 9, 2024
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.
Masaomi Katayama, President & Chief Executive Officer
Inquiries:Hiroyuki Masuko
Executive Officer
Head of NMF Investment Management GroupTEL +81-3-3365-8767 nmf3462@nomura-re.co.jp

Notice Concerning Revised Forecasts of Financial Resultand Distribution for the Fiscal Period Ending August 31, 2024
Nomura Real Estate Master Fund, Inc. (“NMF” or the “Fund”) announced its decision to revise forecasts of the financial
result and distribution for the fiscal period ending August 31, 2024 (18th fiscal period: from March 1, 2024 to August 31,2024) announced on April 17, 2024 in the “Summary of Financial Results (REIT) for the 17th Fiscal Period Ended March31, 2024”, as described below.
1. Revised forecasts of the financial result for the fiscal period ending August 31, 2024 (18th fiscal period: from March 1,2024 to August 31, 2024)
Distribution inExcess of Net
Income Per Unit(Yen)

TotalDistribution Per
Unit (Including
Distribution in
Excess of Net
Income)(Yen)

OperatingRevenues(Millions ofYen)

Operating Profit(Millions ofYen)

OrdinaryIncome(Millions ofYen)

Net Income(Millions ofYen)

Distribution Per
Unit (Excluding
Distribution in
Excess of Net
Income)(Yen)

Previous
forecast(A)

40,541

15,513

13,273

13,272

2,810

492

3,302

Revised
Forecast(B)

45,15319,80917,56917,568

3,391

0

3,391

Change(B-A)

4,611

4,296

4,296

4,296

581

△492

89

Rate ofchange((B-A)/A)

11.4%

27.7%

32.4%

32.4%

20.7%%△100.0(Reference)
Anticipated total number of investment units outstanding as of August 31, 2024: 4,715,200 units
Anticipated net income per unit as of August 31, 2024: 3,726 yen-1-2.7%

(Note 1)The forecasts presented in this document are calculated as of today, based on the assumptions set forth in the attached “Assumptions
for Forecasts of the Financial Results for the Fiscal Periods Ending August 31, 2024 (18th fiscal period: from March 1, 2024 toAugust 31, 2024)” as the Exhibit. The actual operating revenues, operating profit, ordinary income, net income, distribution per unit
(excluding distribution in excess of net income) and distribution in excess of net income per unit may differ due to future acquisition
or disposition of properties, changes in the real estate market and other factors affecting NMF. NMF does not guarantee the amountof cash distribution nor distribution in excess of net income stated above.
(Note 2)The forecasts may be revised if a certain variance from the forecasts mentioned above is expected.
(Note 3)Amounts less than the stated units are rounded down. The figures displayed as ratio are rounded to the first decimal place. The same
shall apply hereinafter.

2. Reasons for revision
Following the decisions of the disposition of the assets announced on “Notice Concerning Acquisition of Domestic
Real Estate and Disposition of Trust Beneficial Interest in Domestic Real Estate” dated today, which generates ¥4,682
million of gain on sale, NMF has revised its forecasts due to the changes in the assumption for forecasts of the financial
result and distribution for the fiscal period ending August 31, 2024 (18th fiscal period: from March 1, 2024 to August 31,2024) announced in the “Summary of Financial Results (REIT) for the 17th Fiscal Period Ended February 29, 2024” dated
April 17, 2024.
The forecasts do not include the impact of the purchase and retirement of own investment units announced on “NoticeConcerning Determination of Matters Relating to Purchase and Retirement of Own Investment Units” dated today.
There will be no revision in earnings and distribution forecasts for the fiscal period ending February 28, 2025 (19thfiscal period: from September 1, 2024 to February 28, 2025) released in the “Summary of Financial Results (REIT) for the17th Fiscal Period Ended February 29, 2024” dated April 17, 2024 on this announcement due to no major material impact.

*Nomura Real Estate Master Fund, Inc. URL: https://www.nre-mf.co.jp/en/-2-[Exhibit]

Assumptions for Forecasts of the Financial Results for
the Fiscal Periods Ending August 31, 2024 (18th fiscal period: from March 1, 2024 to August 31, 2024)
Item
Calculation period

Assumptions• 18th Fiscal Period: March 1, 2024 to August 31, 2024

• In addition to properties held by the Fund as of the date hereof (293 properties)(the “Acquired Assets”), it is assumed that the Fund will acquire 1 property anddispose of 1 property by the end of the Fiscal Period Ending August 31, 2024 (18thFiscal Period).
• As announced in the “Notice Concerning Acquisition of Domestic Real Estate andAssets under
Disposition of Trust Beneficial Interest in Domestic Real Estate” dated today, it isassumed that (i) Harumi Island Triton Square Office Tower Y will be disposed ofManagementon July 31, 2024, (ii) Landport Tama will be acquired on August 1, 2024, and (iii)
there will be no other changes in assets under management (such as new property
acquisitions and sales of portfolio properties) through the end of the Fiscal PeriodEnding August 31, 2024 (18th Fiscal Period).
• The forecasts may be affected due to actual changes in the portfolio or other reasons.
• Rental revenues are estimated based tenant trends, the presence of competing
properties nearby, real estate market conditions and other factors, with theassumption that there will be no delays in payment or failure to pay on the part ofOperating Revenues
tenants.
• NMF expects to recognize ¥5,304 million as gain on sales of properties in theAugust 31, 2024 (18th) fiscal period.
• Real estate rental expenses are estimated to be ¥18,189 million for the Fiscal PeriodEnding August 31, 2024 (18th Fiscal Period).
• Regarding property and other taxes, it is estimated that ¥3,642 million for the Fiscal
Period Ending August 31, 2024 (18th Fiscal Period) will be recorded as real estate
rental expenses. In general, the fixed asset taxes and urban planning taxes that will
be imposed, relevant to the year in which such properties will be acquired, will bedivided between the seller and the purchaser on a pro-rata basis based on holding
period and settled at the time of acquisition, and such taxes are deemed asacquisition costs and are not included in the expenses. Therefore, the fixed asset
taxes and urban planning taxes regarding the assets acquired in 2024 will not berecorded as expenses for the Fiscal Period Ending August 31, 2024 (18th FiscalPeriod).
• Regarding property management costs (including building management fees andOperating Expenses
property management fees), it is estimated that ¥3,000 million for the Fiscal Period(excluding Amortization ofEnding August 31, 2024 (18th Fiscal Period) will be recorded as real estate rentalGoodwill)
expenses.
• Expenses for repairs and maintenance required for each fiscal period expected to berecorded as real estate rental expenses are calculated based on the mid-to-long term
repair plans that the Asset Management Company of the Fund has established.
However, the actual expenses for the repairs and maintenance for the relevant fiscal
period may differ significantly from the estimates due to the expenses for urgent
repair of damages to a building caused by events difficult to foresee and the tendency
for significant fluctuation in amounts period by period or that the expenses forcertain types of repairs are not required periodically. The amount of repair expenses
for the Fiscal Period Ending August 31, 2024 (18th Fiscal Period) is estimated to be¥1,753 million.
• Regarding depreciation, it is estimated that ¥5,765 million for the Fiscal PeriodEnding August 31, 2024 (18th Fiscal Period) will be recorded as real estate rental-3-Item

Amortization ofGoodwill

Non-operatingExpenses

Interest-bearing
debt

Investment Units

Distribution Per Unit

Distribution in
Excess of Net IncomePer Unit

OtherAssumptions
expenses.
• It is estimated that other operating expenses (including fees payable to the AssetManagement Company, the custodian of assets and the general administrators) willbe ¥4,532 million for the Fiscal Period Ending August 31, 2024 (18th Fiscal Period).
• Goodwill will be amortized using the straight-line method over 20 years on a regularbasis pursuant to the Business Combination Accounting Standards, and the amountof amortization of goodwill for the Fiscal Period Ending August 31, 2024 (18thFiscal Period) is estimated to be recorded at ¥2,622 million.
• Goodwill amortization cost is an item that causes difference between accounting
and tax treatment and may result in the imposition of corporation tax or other taxes.
The Fund intends to make distributions in excess of net income for the purpose oftax relief during the goodwill amortization period, and it is expected that the Fund
will be able to avoid such taxation.
• Interest expenses and other borrowing related expenses are expected to be ¥2,226
million for the Fiscal Period Ending August 31, 2024 (18th Fiscal Period).
• As of the date hereof, the outstanding interest-bearing debt of the Fund is ¥521,313
million, consisting of the amount of ¥487,313 million of outstanding borrowings
and the amount of ¥34,000 million of outstanding investment corporation bonds.
• Regarding the borrowings of ¥12,121 million that will become due and payable by
the end of the Fiscal Period Ending August 31, 2024 (18th Fiscal Period), it isassumed that the Fund will repay ¥42 million each by cash on hand in the Fiscal
Period Ending August 31, 2024 (18th Fiscal Period), respectively, and will refinancethe remaining amount.
• It is assumed that there will be no changes in the amount of the outstanding interestbearing debt until August 31, 2024 (18th Fiscal Period), other than as stated above.
• Forecasts are based on the number of investment units issued and outstanding asof this document’s publication, 4,715,200 units. NMF assumes that there will be noadditional issuance of new investment units through August 31, 2024 (the end of
the 18th fiscal period). The impact of the purchase and retirement of owninvestment units announced on “Notice Concerning Determination of Matters
Relating to Purchase and Retirement of Own Investment Units” dated today is notexpected.
• Distribution per unit is calculated in accordance with the Fund’s distribution policy
outlined in its Articles of Incorporation.
• For this forecast, NMF plans to distribute an amount obtained by adding
amortization of good will, amortization of fixed-term land leasehold, andamortization associated with recognition of asset retirement obligations, as well as
the portion of gains on sale of real estate deducted in the previous fiscal period to
net income and deducting a portion of gains on sale of real estate for the fiscal
period under review.
• Distribution per unit may vary due to various factors, including changes in theinvestment portfolio, changes in rent income caused by tenant replacements, andunforeseen repairs.
• Distribution in excess of net income (distribution in excess of net income per unit)
is not planned for the Fiscal Period Ending August 31, 2024 (18th Fiscal Period) asof today.
• It is assumed that there will be no amendments in legislation, taxation, accounting
principles, listing requirements, the Investment Trusts Association Japan Regulations
or other laws or regulations that would affect the above forecasts.
• It is assumed that there will be no unexpected material changes in general economic
conditions and real estate markets.

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