[For Translation Purposes Only]
December 1, 2020
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.
Koki Miura, 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 NomuraReal 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

Mitsubishi Motors
Katsushika (land)(a portion of land,90.04 ㎡)

Retail(Scheduled)
Date ofAgreement(Scheduled) Dateof
DispositionTransferee

December 14 , February 26, Government
2020

2021of Japan(Scheduled)
DispositionPrice(¥ million)
35(Note1)

Book Value(¥ million)
37(Note2)

Difference(¥ million)‐2(Note3)

IntermediaryNone(Note 1) The figure excludes adjustment amounts of both property taxes and city planning taxes, as well as consumption taxes andlocal consumption tax, however, it includes compensation of ¥78,000 for losses received.
(Note 2) The figure is calculated by dividing the book value of the land of the Property as of the end of August 2020 by the land area of
the asset to be sold (the “Site to Be Sold”) on a prop-rata basis (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) As of the date of this document, the Site to be Sold is a trust beneficiary right, however, through consultation with the transferee,
NMF will cancel the trust agreement on the same date of the scheduled date of disposition and transfer the Site to Be Sold as anactual real estate. The same shall be applied throughout this document.

2. Reasons for Disposition
The Site to Be Sold is a part of the land area of Mitsubishi Motors Katsushika and has long been the designatedsite for a city planning road (Name: National Route 6 Niijuku Widening, Width: 30m) which its city plan wasapproved in 1946 and its project was approved in 1983. Recently, NMF has reached an agreement on terms andconditions of sale with the Government of Japan that intends to acquire the Site to Be Sold. Accordingly, NMF has
decided to transfer the Site to Be Sold to the Government of Japan.

-1-3. Summary of the Site to Be Sold
Mitsubishi Motors Katsushika (land) (a portion of land, 90.04 ㎡)
Trust beneficiary interest in real estate (Note 1)
Mitsubishi UFJ Trust and Banking Corporation
March 27, 2002 to June 30, 2023
1-83-1 Kanamachi, Katsushika Ward, Tokyo
1-7-5 Kanamachi, Katsushika Ward, Tokyo
90.04 ㎡ (measured area)
Ownership (land with fixed-term leasehold for commercial use)
¥37 million¥30 million（as of December 1, 2020）
Appraisal Value（Appraiser: Tanizawa Sogo Appraisal Co., Ltd.）(Note 1) The assets in trust for the Property comprise of the land concerning the Property and Mitsubishi Motors Edogawa (land).
(Note 2) Location
Location (registry) is based on the information in the real estate registry.
(Note 3) Area
It is the measured area of the Site to Be Sold. Furthermore, the land area of Mitsubishi Motors Katsushika after the transfer(The area obtained by deducting the actual measurement area of the Site to Be Sold from the area of the entire land on theregistry) will be 1,840.01㎡(Note 4) Acquisition PriceThe figure is calculated by dividing the acquisition price of the Property by the land area of the Site to Be Sold on a pro-ratabasis.
Property Name
Type of Asset
Trustee
Trust TermRegistry
Location(Note 2)
StreetArea (Note 3)
Land
Type of Ownership
Land
Acquisition Price（Note 4）

4. Transferee Profile
Name
Relation between NMF, NREAM and Transferee

Government of Japan
Nothing in particular

5. Transaction with Related Parties
There is no related party involved in the Disposition.

6. Form of Payment, etc.
On the scheduled date of disposition, NMF will receive from the transferee the entire purchase price of the Siteto Be Sold in a lump sum. NMF plans to use the cash obtained through the Disposition for portfolio management
including repayment of borrowings and future acquisition of properties.

7. Schedule for the Disposition
December 14, 2020
February 26, 2021

Conclusion of the purchase and sale agreement for sale of the Site to Be Sold
Disposition of the Site to Be Sold (delivery of real estate)

8. Forecast of Financial Results
There is no revision to NMF’s forecast of finacial results for the fiscal period ending February 28, 2021
(September 1, 2020 to February 28, 2021) and the fiscal period ending August 31, 2021(March 1.2021 to August 31,2021) by the Disposition as the impact on operations in a portfolio level is minimal.

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