For Translation Purposes Only
June 17, 2013
For Immediate Release
Nomura Real Estate Master Fund, Inc.
Takashi Kataoka, Executive Director(Securities Code: 3285)
Asset Management Company:
Nomura Real Estate Asset Management Co., Ltd.
Yasuaki Fukui, President and Chief Executive Officer
Inquiries: Takashi Kataoka, NMF Chief Investment Officer
TEL: +81-3-3365-8767
EMAIL: nmf3285@nomura-re.co.jp

Notice Concerning Revision of Forecasts of Financial Results and Distributions for the
Fiscal Period Ending August 31, 2013 and Fiscal Period Ending February 28, 2014
Nomura Real Estate Master Fund, Inc. (“Nomura Master Fund” or the “Fund”) announced today that it hasrevised its forecasts of the financial results and distributions for the first fiscal period (January 31, 2013 to August
31, 2013) and the second fiscal period (September 1, 2013 to February 28, 2014), which were announced in “NoticeConcerning Forecasts of Financial Results for the Fiscal Period Ending August 31, 2013 and Fiscal Period Ending
February 28, 2014” released on June 12, 2013. The revised forecasts are summarized as follows.
1. Revised Forecasts of Financial Results and Distributions for the First Fiscal Period Ending August 31, 2013

Previous Forecasts(A)
Revised Forecasts(B)
Amount of
Increase/Decrease(B-A)
Ratio of
Increase/Decrease

Operating Revenues(Millions of Yen)

Operating Profits(Millionsof Yen)Ordinary Income(Millionsof Yen)Net Income(Millionsof Yen)Cash Distribution
Per Unit(Yen)

Distribution in
Excess of Net
Income Per Unit
(Yen)

3,598

2,027

1,041

1,040

593

–

3,598

2,027

1,041

1,040

625

–

–

0

0

0

32

–

–

0.0%

0.1%

0.1%

5.4%

–

[Related Information]
Fiscal period ending August 31, 2013:
Expected number of investment units outstanding: 1,665,260 units
Expected net income per unit: 625 yen

Note:This press release is a public announcement regarding the revision of forecasts of financial results and distributions for the fiscal periods ending August 31,
2013 and February 28, 2014, and has not been prepared as an inducement or invitation for investment. In addition, this press release does not constitute anoffer of securities for sale in the U.S. Securities may not be offered or sold in the U.S. without registration of the securities or gaining an exemption fromregistration of securities under the U.S. Securities Act of 1933. Any public offering of securities to be conducted in the U.S. will be made by means of an
English prospectus prepared in accordance with the U.S. Securities Act of 1933 that may be obtained from the issuer of the securities or holder of the
securities. The prospectus will contain detailed information about the issuer and its management, as well as its financial statements.

12. Revised Forecasts of Financial Results and Distributions for the Second Fiscal Period Ending February 28, 2014

Previous Forecasts(A)
Revised Forecasts(B)
Amount of
Increase/Decrease(B-A)
Ratio of
Increase/Decrease

Operating Revenues(Millions of Yen)

Operating Profits(Millionsof Yen)Ordinary Income(Millionsof Yen)Net Income(Millionsof Yen)Cash Distribution
Per Unit(Yen)

Distribution in
Excess of Net
Income Per Unit
(Yen)

8,883

5,126

4,641

4,640

2,647

–

8,883

5,126

4,598

4,597

2,760

–

–

–0

–43

–43

113

–

–

–0.0%

–0.9%

–0.9%

4.3%

–

[Related Information]
Fiscal period ending February 28, 2014:
Expected number of investment units outstanding: 1,665,260 units
Expected net income per unit: 2,760 yen[Notes]1. The forecasts for the first fiscal period and the second fiscal period presented in this document are calculated asof today, based on the assumptions as set forth in the attached material “Assumptions for Forecasts of the
Financial Results for the Fiscal Period Ending August 31, 2013 and Fiscal Period Ending February 28, 2014.”
The actual operating revenues, operating profits, net income and cash distribution per unit may vary due to theacquisition and disposition of properties, if any, changes in the real estate market and other factors affecting theFund. Nomura Master Fund also does not guarantee the cash distribution amount identified above.
2. Nomura Master Fund may revise the forecasts if the Fund expects a large variance from the forecasts
mentioned above.
3. The first fiscal period (ending August 31, 2013) for Nomura Master Fund shall be from January 31, 2013 toAugust 31, 2013. Furthermore, fiscal periods from second fiscal period (ending February 28, 2014) and after
shall be from every September 1 to the end of February the following year and every March 1 to the end of
August.
4. Amounts less than the stated units are rounded down.
5. Percentages are rounded off to one decimal place.
3. Reasons for Revision
Nomura Master Fund revised the forecasts of the financial results for the first fiscal period ending August 31, 2013
due to a variance of over 5% in the announced cash distribution per unit forecast for the first fiscal period, as aresult of the change in the expected number of investment units outstanding in accordance with the cancellation of
the issuance of new investment units through third-party allotment, as announced in “Notice Concerning theResult of Issuance of New Investment Units Through Third-Party Allotment” released today.

*Nomura Real Estate Master Fund, Inc. URL: http://www.nre-mf.co.jp/english/

Note:

This press release is a public announcement regarding the revision of forecasts of financial results and distributions for the fiscal periods ending August 31,
2013 and February 28, 2014, and has not been prepared as an inducement or invitation for investment. In addition, this press release does not constitute anoffer of securities for sale in the U.S. Securities may not be offered or sold in the U.S. without registration of the securities or gaining an exemption fromregistration of securities under the U.S. Securities Act of 1933. Any public offering of securities to be conducted in the U.S. will be made by means of an
English prospectus prepared in accordance with the U.S. Securities Act of 1933 that may be obtained from the issuer of the securities or holder of the
securities. The prospectus will contain detailed information about the issuer and its management, as well as its financial statements.

2

[Exhibit]
Assumptions for Forecasts of the Financial Results for the Fiscal Period Ending August 31, 2013 andFiscal Period Ending February 28, 2014
Item
PeriodInvestment Portfolio

Operating Revenues

Operating Expenses

Note:

Assumptions
 First fiscal period: January 31, 2013 to August 31, 2013
 Second fiscal period: September 1, 2013 to February 28, 2014
 The Fund has completed the acquisition of 51 properties of real estate and beneficial
rights in real estate trust as of today (the “Acquired Assets”) and has scheduled toacquire three properties of real estate and beneficial rights in real estate trust (the“Assets to be Acquired”) by the end of first fiscal period (ending August 31, 2013).
 The Fund assumes to acquire the three Assets to be Acquired in July 2013.
 The forecasts are based on the assumption that the Assets to be Acquired are
acquired and the investment portfolio will remain unchanged thereafter up to the endof the second fiscal period (ending February 28, 2014).
 In practice, the investment portfolio is subject to potential change.
 The rental revenues are based on the information provided from the sellers of
Acquired Assets and Assets to be Acquired, the trend of tenants, competing buildingsin the neighborhood, and the market trend, etc. and assumed that there is no rent inarrears and nonpayment of the rent.
 Among rental expenses, the major operating expenses, expenses other than the
depreciation costs are based on the information provided from the sellers of each
property and the historical performance, adjusted to reflect factors causing changes in
expenses.
 In general, the fixed asset taxes and urban planning taxes imposed on the properties
in the tax year including the date of transaction are distributed to the seller and thepurchaser on a daily pro-rata basis and settled at the time of acquisition, and suchtaxes are deemed as the acquisition costs not expenses. In addition, as to theAcquired Assets and Assets to be Acquired, fixed asset taxes, urban planning taxes
and depreciable assets taxes, which are included in the acquisition price, are estimatedto total 779 million yen. As for the Acquired Assets and Assets to be Acquired, thefixed asset taxes, urban planning taxes and depreciable assets taxes for fiscal 2014 will
be posted as expenses from the third fiscal period (ending August 31, 2014).
 Outsourcing expenses are estimated at 198 million yen for the first fiscal period(ending August 31, 2013), and 503 million yen for the second fiscal period (ending
February 28, 2014).
 As for the repair and maintenance, the required amounts for the respective properties
for each of the fiscal periods are estimated based on the medium- and long-term
repair plans established by the Asset Management Company (Nomura Real Estate
Asset Management Co., Ltd.). However, it is possible that the actual repair expenses
for the fiscal periods may differ significantly from the estimates since (i) an
unforeseeable event might cause serious damage to a building requiring emergent
repair expenditure, (ii) amounts might vary year by year, and (iii) certain types ofrepair expenses are not required every year.
 Depreciation costs are estimated at 684 million yen for the first fiscal period (ending
August 31, 2013), and 1,457 million yen for the second fiscal period (ending February
28, 2014).

This press release is a public announcement regarding the revision of forecasts of financial results and distributions for the fiscal periods ending August 31,
2013 and February 28, 2014, and has not been prepared as an inducement or invitation for investment. In addition, this press release does not constitute anoffer of securities for sale in the U.S. Securities may not be offered or sold in the U.S. without registration of the securities or gaining an exemption fromregistration of securities under the U.S. Securities Act of 1933. Any public offering of securities to be conducted in the U.S. will be made by means of an
English prospectus prepared in accordance with the U.S. Securities Act of 1933 that may be obtained from the issuer of the securities or holder of the
securities. The prospectus will contain detailed information about the issuer and its management, as well as its financial statements.

3

Item
Non-Operating Expenses

Interest-Bearing Debts

Investment Units

Cash Distribution per Unit
Distribution in Excess of
net Income per Unit
Others

Note:

Assumptions
 The Fund expects 533 million yen in expenses related to the listing of the Fund andsolicitation as temporary expenses for the first fiscal period (ending August 31, 2013).
 Interest payable and other borrowing related expenses are estimated at 313 million
yen for the first fiscal period (ending August 31, 2013) and 508 million yen for thesecond fiscal period (ending February 28, 2014).
 The amount of the Fund’s interest-bearing debts outstanding as of today is 52,800
million yen.
 The Fund assumes to obtain loans of 25,700 million yen in July 2013 from thequalified institutional investors defined in Article 2, Paragraph 3, Item 1 of Financial
Instruments and Exchange Law.
 The Fund assumes that there will be no changes in the interest-bearing debts
outstanding other than the amount stated above.
 The Fund assumes that the number of investment units outstanding will be 1,665,260
units as of today.
 The Fund assumes that no additional investment units will be issued until the end of
the second fiscal period (ending February 28, 2014).
 Cash distribution per unit is calculated according to the Fund’s distribution policy
outlined in its Articles of Incorporation.
 Cash distribution per unit may vary due to various factors, including changes in theinvestment portfolio, changes in rent income caused by tenant replacements, andunforeseen repairs.
 The Fund does not currently plan any distributions in excess of net income per unit.
 The Fund assumes that there will be no amendments in legislation, taxation, Japanese
GAAP, listing requirements and Investment Trusts Association regulations, which
affect the above forecasts.
 The Fund assumes that there will be no material changes in general economic
conditions and real estate markets.

This press release is a public announcement regarding the revision of forecasts of financial results and distributions for the fiscal periods ending August 31,
2013 and February 28, 2014, and has not been prepared as an inducement or invitation for investment. In addition, this press release does not constitute anoffer of securities for sale in the U.S. Securities may not be offered or sold in the U.S. without registration of the securities or gaining an exemption fromregistration of securities under the U.S. Securities Act of 1933. Any public offering of securities to be conducted in the U.S. will be made by means of an
English prospectus prepared in accordance with the U.S. Securities Act of 1933 that may be obtained from the issuer of the securities or holder of the
securities. The prospectus will contain detailed information about the issuer and its management, as well as its financial statements.

4