Nomura Real Estate Master Fund., Inc.

Supplement Documentation for Press Release“Notice Concerning Revised Forecasts of Financial Resultfor the Fiscal Periods Ending August 31, 2023” dated today
March 20, 2023

Changein distribution forecasts per unit
1口当たり予想分配金の変化
Through new acquisitions of nine properties (Approximately ¥ 24.0 billion) and sales of eleven properties(Approximately ¥14.5 billion), strategically implement repair works ahead of schedule and realize a further
increase in distributions (+4.3％) by materializing gains on sale：Distributions from gain on sales：Increased distribution factors

547※ Internal reserves：Decreased distribution factors

3,402

145

（+4.3％）※ Planned to be carried over to anddistributed in the following fiscal period

60
153

3,312
3,261

36
12

Planning to reduce future costs bystrategically bringing forward repair works
using a portion of the gains on sale

162

10369
■Asset to be acquired
1 logistics property
1 retail property
3 residential properties
4 healthcare facility properties

3,209

3,240

■Asset to be disposed of

3,192

2 office properties
9 residential properties

2023年2月期
Feb.
2023 FPDPU
forecasts（予想）2023年8月期
Aug.
2023 FPprevious
DPU forecasts（前回予想）

Impact of existing
既存物件影響等
properties, etc.

新たなgrowthExternal
取得売却影響(Note)

Gain新たなon sales
売却益獲得(Note)

修繕工事前倒し及び修繕工事前倒し等
Repairworks ahead of
リーシング促進施策
schedule, etc.

2023年8月期
Aug.
2023 FP
revisedDPU forecasts（修正予想）(Note) The impact of NRE Higashi-nihonbashi Building (50%), which was sold on March 15, 2023, has been included in the previous forecasts and has been excluded.

2

This document has been prepared for the purpose of provision of information only, and should not be construed as an offer, solicitation or commercial conduct of any nature associated with any specific products. Investors wishing to purchasethe investment units of Nomura Real Estate Master Fund, Inc. should contact their own securities brokers or dealers. A fee may be charged by your financial instruments business operator in relation to the sale or purchase of investment

本資料は、情報提供を目的としたものであり、特定の商品についての募集・勧誘・営業等を目的としたものではありません。本投資法人の投資口のご購入にあたっては各証券会社にお問い合わせください。なお、投資口の売買にあたっては取扱金融商品取引業
units.For management fees that the Fund pays to Nomura Real Estate Asset Management Co., Ltd., please refer to the terms and conditions of the Fund, etc.The forward-looking statements with respect to the future financial results containedin this document are based on the current facts about the investment policy of the Fund, applicable laws and regulations, the market environment, business practice, etc., as of the preparation date of this document and do not reflect or者所定の手数料を必要とする場合があります。本投資法人が野村不動産投資顧問株式会社に支払う運用報酬につきましては、本投資法人規約等をご参照ください。本資料に記載された将来の予想に関する記述は、本資料作成日における本投資法人の投資方針、
consider any changes in the circumstances after the preparation date. These forward-looking statements inherently reflect uncertainty about known risks as well as unknown risks and other factors and may deviate from the actual operating
and management results, financial conditions, etc., of the Fund.Investment in real estate investment securities may result in a loss due to a decline in the transaction price caused by, for example, changes in the price or the revenue-generating
経営結果、財務状況等とは異なる場合があります。不動産投資証券は、保有資産である不動産の価格、収益力の変動や発行者の財務状態の悪化等により取引価格が下落し、損失を被ることがあります。本資料で提供している情報に関しては、万全を期しており
capability of the underlying properties or deterioration of the financial conditions of the issuer.Although the information contained in this document is intended to be complete and thorough, there is no assurance of precision and safety of thesame. Please note that the contents of this document is subject to change or cancellation without prior notice.It is prohibited to make duplication, reproduction, distribution or use of any part or whole of the information contained in thisますが、その情報の正確性及び安全性を保証するものではありません。また、予告なしに内容が変更または廃止される場合がございますので、予めご了承ください。事前の承諾なしに本資料に掲載されている内容の複製・転用等を行うことを禁止します。
document without express prior written consent.

適用法令、市場環境、実務慣行その他の事実関係を前提としており、作成日以降における事情の変更を反映、考慮していません。将来の予想に関する記述は、既知のリスクの不確実性又は未知のリスクその他の要因を内在しており、本投資法人の実際の業績、