[For Translation Purposes Only]
July 23, 2019
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.
Norio Ambe, President & Chief Executive Officer
Inquiries:

Hiroshi Ishigooka
Executive Officer
Head of NMF Investment Management GroupTEL +81-3-3365-8767 nmf3462@nomura-re.co.jp

Notice Concerning Partial Disposition of Property
Nomura Real Estate Master Fund, Inc. (“NMF” or the “Fund”) announced the decision made today by Nomura
Real Estate Asset Management Co., Ltd. (“NREAM” or the “Asset Management Company”), a licensed investment
trust management company retained by the Fund to provide asset management services, that it will partially dispose
asset (the “Disposition”) as described below.

1. Summary of Disposition
Property Name

Use(Scheduled)
Date ofAgreement

PROUD FLAT
Shinjuku
Kawadacho(a portion of land,11.08 ㎡)

Residen-tial

July 26,
2019(Scheduled)
Date ofDisposition
July26,2019Transferee(Scheduled)
DispositionPrice(¥ million)

Book Value(¥ million)

Difference(¥ million)

YakumoKensetsuKabushikiKaisha

23 (Note 1)

14 (Note 2)

8 (Note 3)(Note 1) The amounts stated exclude adjustment amounts of both property taxes and city planning taxes, as well as consumption taxes andlocal consumption tax, etc.
(Note 2) The figure is calculated by dividing the book value of the land of the Property as of the end of February 2019 on a prop-ratabasis by the land area of the asset to be sold (hereinafter referred to as the “Site to Be Sold”) (Hereinafter referred to as the“Anticipated Book Value”).
(Note 3) This is only a reference value which is the difference between the scheduled disposition price and the Anticipated Book Value,
therefore, it is different from gain or loss on sale.
(Note 4) The Site to Be Sold is an actual real estate.

2. Reasons for Disposition
The Site to Be Sold is a part of the land area of PROUD FLAT Shinjuku Kawadacho (the “Property”). The
Site to Be Sold has not been included to the land area of the Property for calculating floor area ratio of the Property
as the building standing on the adjacent land has been crossing the boundary into the Site to Be Sold. For thatreason, the Fund believes the Site to Be Sold doesn’t affect the appraisal value for the Property. Therefore, theFund has decided to dispose the Site to Be Sold based on the idea that collecting funds by disposition of the Site toBe Sold contributes to the efficient management of the Fund.

-1-3. Summary of the Site to Be Sold
Property Name
Type of AssetRegistry
Location(Note 1)StreetArea (Note 1)
Land
Type of Ownership
LandAcquisition Price（Note 2）
Appraisal Value

PROUD FLAT Shinjuku Kawadacho (a portion of land, 11.08 ㎡)
Real Estate7-32 Kawadacho, Shinjuku Ward, Tokyo
3-29 Kawadacho, Shinjuku Ward, Tokyo
11.08 ㎡
Ownership¥14 million¥15 million（as of July 23, 2019）（Appraiser: Daiwa Real Estate Appraisal Co., Ltd.）(Note 1) Location
Location (registry) and Area are based on the information in the real estate registry.
(Note 2) Acquisition Price
The figure is calculated by dividing the acquisition price of the land of the Property by the Site to Be Sold on a pro-rata basis.

4. Transferee ProfileNameRelation between NMF, NREAM and TransfereeYakumo Kensetsu Kabushiki Kaisha
None in particular

5. Transaction with Related Parties
The brokerage of the transaction, Nomura Real Estate Urban Net Co., Ltd., is a Related Party as defined in the Act
on Investment Trusts and Investment Corporations (hereinafter the “Investment Trust Law”) as described below.
Accordingly, the entrustment of brokerage services, the fees and other terms and conditions for the brokerage
services has been duly examined and authorized by the Asset Management Company’s Investment Committee
pursuant to its Investment Committee Rules, Rules of Compliance, Compliance Manual, Rules Concerning
Transactions with Related Parties, and other relevant rules and guidelines.

6. Broker ProfileCompany Name

Nomura Real Estate Urban Net Co., Ltd.

Head Office

1-26-2, Nishi-Shinjuku, Shinjuku-ku, Tokyo

Representative

Kenichi Maeda, President

Principal Business

Real Estate Business

Capital¥1,000 million (as of March 31, 2019)

Established

November 6, 2000

Relationship with the Fund and/or the Asset Management Company
CapitalPersonnel

Transaction
Status ofRelated Parties
Commission

Nomura Real Estate Urban Net Co., Ltd. is an affiliated company of Nomura Real Estate
Holdings, Inc., which has 100% ownership of Nomura Real Estate Asset Management Co.,
Ltd., the Fund’s asset management company, and therefore, is a Related Party under theInvestment Trust Law.
There is no personnel involvement between the said company and the Fund or the AssetManagement Company. There is also no personnel involvement between related parties ofthe said company and related parties of the Fund or the Asset Management Company.
There is no transaction between the said company and the Fund or the Asset Management
Company. There is also no transaction between related parties of the said company andrelated parties of the Fund or the Asset Management Company.
The said company is not considered a directly associating party of the Fund. However, as
stated above, the said company is a Related Party of the Asset Management Company as it
is a fellow subsidiary.
¥690 thousand (excluding consumption taxes and local consumption taxes)-2-

7. Form of Payment, etc.
On the scheduled date of disposition, the Fund will receive from the transferee the entire purchase price of theSite to Be Sold in a lump sum. The Fund plans to use the cash obtained through the disposition for portfolio
management including repayment of borrowings and future acquisition of properties.
8. Schedule for the Disposition
July 26, 2019Conclusion of the purchase and sale agreement for sale of the Site to Be Soldand disposition of the Site to Be Sold (delivery of real estate)

9. Forecast of Financial Results
NMF intends to classify expected proceeds from the disposition as retained earnings for the purposes ofensuring stable asset management and maintaining a steady stream of distributions. The impact of the disposition on
the status of asset management throughout the fiscal period ending August 31, 2019 (March 1, 2019 to August 31,2019) and the fiscal period ending February 29, 2020 (September 1, 2019 to February 29, 2020) is insignificant.
Accordingly, NMF made no revision to its performance forecasts for these period.

-3-