[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 Determination of Matters Relating to Purchase and Retirement ofOwn Investment Units
Nomura Real Estate Master Fund, Inc. (the “Fund”) announces that it made a resolution at the Fund’s Board of Directors
meeting held on July 9, 2024 on matters regarding the purchase of own investment units in accordance with Article 80-2
of Act on Investment Trusts and Investment Corporations, as applied pursuant to Article 80-5, Paragraphs 2 thereof, as
well as on the retirement of all the purchased own investment units in accordance with Article 80, Paragraphs 2 and 4
thereof, as described below.

1.

Reasons for the Purchase of Own Investment Units
The Fund reached the conclusion that the improvement of capital efficiency and profit return for unitholders by meansof purchase and retirement of own investment units shall lead to medium to long term improvement in unitholders’ value
after comprehensively taking into account the level of investment unit price, status of cash on hand, financial status, market
environment, etc., and therefore decided to purchase own investment units.

2.

Reasons for the Acquisition
(1)

Total

NumberofPurchasable Investment Units(2) Total Purchase Price ofInvestment Units(3) Period of Purchase

Maximum of 60,000 units
Ratio of the number of investment units issued against the total number ofunits outstanding (excluding own investment units) 1.27%
Maximum of 7,000 million yen
From July 10, 2024, to August 15, 2024
To be purchased through market purchases on the Tokyo Stock Exchange in(4) Method of Purchaseaccordance with the discretionary transaction agreement with a securities
company for the purchase of own investment units.

The purchase of own investment units by the Fund will end when either the maximum number of the above-mentioned
purchasable investment units or the maximum of the total purchase price of investment units has been reached, or when
the above-mentioned purchase period has expired. It should be noted that the level of the total purchase price of investment
units was determined in light of the cash on hand, the LTV level after the execution of the purchase of own investment

units, and the purchase period, taking into consideration the time required to complete the retirement in the Fiscal PeriodEnding August 31, 2024.
(Note) Depending on market trends and other factors, the maximum number of purchase units and the total purchase price may not be reached,or the purchase may not be executed at all. Location and Other Items

3.

Retirement of Own Investment Units(1) Total Number of Own
Investment Units to beRetired(2) Scheduled

DateofRetirement

Total number of the own investment units purchased by this purchase of own
investment units
August 23, 2024

(Note) The number of own investment units to be retired shall be announced after the purchase of own investment units has been completed.

Reference
1．Status of Own Investment Units as of July 9, 2024
Number of Investment Units
Issued(ExcludingOwn

4,715,200 units

Investment Units)
Number of Own Investment
Units

0 units*Nomura Real Estate Master Fund, Inc.’s website: https://www.nre-mf.co.jp/en/