[For Translation Purposes Only]
March 4, 2016

For Immediate Release
To Whom It May Concern
Nomura Real Estate Master Fund, Inc.
Securities Code: 3462
Satoshi Yanagita, Executive Director
Asset Management Company:
Nomura Real Estate Asset Management Co., Ltd.
Norio Ambe, President & Chief Executive Officer
Inquiries:
Motomi Uki
Director and Managing Executive Officer
TEL. +81-3-3365-8767 nmf3462@nomura-re.co.jp

Notice Concerning Scheduled Amendments of the Articles of Incorporation, Changes in
Organization, and Changes of Directors and Important Employees
in the Asset Management Company
Nomura Real Estate Master Fund, Inc. (“Nomura Master Fund” or the “Fund”) announced theresolution of Nomura Real Estate Asset management Co., Ltd. (“NREAM”), a licensed
investment trust management company retained by the Fund to provide asset management
services, at NREAM’s Board of Directors Meeting held today, regarding the amendments of theArticles of Incorporation in order to abolish the Board of Statutory Auditors, and appointmentof the director mentioned below, which will be proposed at the Extraordinary Meeting ofShareholders scheduled on April 1, 2016, and also regarding the changes in organization andimportant employees.
Furthermore, above amendments of the Articles of Incorporation, changes in organization, andchanges of directors and important employees, will be effective as of April 1, 2016.
1. Amendments of Articles of Incorporation and Changes in Organization(1) Amendments of Articles of Incorporation (Abolishment of the Board of Statutory
Auditors)
NREAM has determined at the Board of Directors Meeting held today, regarding theamendments of the Articles of Incorporation in order to abolish the Board of Statutory
Auditors, and appointment of the director mentioned below, which will be proposed at theExtraordinary Meeting of Shareholders scheduled on April 1, 2016.
NREAM is scheduled to be company with statutory auditors as of April 1, 2016, fromthese amendments

(2) Other changes in Organization
NREAM will abolish Discretionary Investment Management Section after transferring
jurisdiction duties to outside.
Furthermore, NREAM will integrate Accounting Department with Finance Department
and establish Finance and Accounting Department, for the purpose of efficiency of theorganization administration.
Please refer to the attachment for the organization chart before and after the changes.
2. Changes in Directors(1) Scheduled to assume office (as of April 1, 2016)
Name

Kenichi Okada

Title (New)Director and Managing ExecutiveOfficer,
Head of NMF Investment
Management Group,General Manager, AssetManagement Department I

Title (Former)
Executive Officer,
General Manager, NPR
Investment Management
Department(2) Scheduled to resign (as of March 31, 2016)
Name

Title (New)

Kenichi Shinbashi(Resignation)

Motomi Uki(Resignation)

Title (Former)
Representative Director,
Executive Vice President
Supervisor of the Corporate
Planning Department, theCompliance Department, theInternal Audit Department, andthe Accounting Department
In charge of the Discretionary
Investment Management Section
Director andManaging Executive Officer
Head of the NMF Investment
Management Group
General Manager of the FundManagement Department

(3) Other changes (as of April 1, 2016)
Name

Hiroshi Kurokawa

Masato Yamauchi

Shoji Yoshihara

Title (New)
Title (Former)
Representative Director andRepresentative Director andSenior Managing Executive
Senior Managing Executive
Officer, Supervisor of the Product
Officer, Supervisor of theManagement Department, theAcquisitions Department, theAcquisitions Department, theInvestment Management Planning
Investment Management Planning
Department, the NMF
Department, the NMF
Investment Management Group,Investment Management Group,and the NPR Investment
and the NPR Investment
Management Department
Management Department
In charge of the Research &In charge of the Research &Analysis Section
Analysis Section
Chief Strategy Officer
Chief Strategy Officer
Director andDirector andManaging Executive Officer
Managing Executive Officer
In charge of the Finance andGeneral Manager of theAccounting Department,
Corporate Planning Department,
General Manager of thethe Accounting Department, andCorporate Planning Department
the Finance Department
Director andDirector andExecutive Officer
Executive Officer
General Manager of the NPRGeneral Manager of the Asset
Investment ManagementManagement Department I, NMFDepartmentInvestment Management Group

3. Changes in Important Employees(1) Scheduled to assume office (as of April 1, 2016)
Name
Hiromichi Suzuki

Title (New)
Executive Officer,
General Manager, Finance andAccounting Department

Title (Former)-(2) Scheduled to resign (as of March 31, 2016)
Name

Title (New)

Tatsuo Isshiki(Resignation)

Title (Former)
General Manager, Discretionary
Investment Management(3) Other change (as of April 1, 2016)
Name
Nobuaki Kawanishi

Title (New)
Executive Officer,
General Manager, ComplianceDepartment

Title (Former)
General Manager, ComplianceDepartment

The Fund will report these changes pursuant to the Financial Instruments and Exchange Law,Building Lots and Buildings Transaction Business Law, and other applied laws and regulations.
(Note) The biographical outlines of the directors and important employees have been omitted.
*<Nomura Real Estate Master Fund, Inc> URL: http://www.nre-mf.co.jp/english/

Statutory Auditors

Corporate Planning
Legal & ComplianceInternal Audit
Accounting
Discretionary Investment Management
Finance

President & CEO

Board of Directors

General Meeting of Shareholders

Board of Statutory Auditors(Reference) Organization chart before change (current structure) and after change[Before change (current structure)]

Client Relations & Marketing
Investment Management

Product ManagementAcquisitions
Investment Management Planning
NMF Investment Management Group

Chief Strategy Officer

Project Screening Committee

NPR Valuation Committee

Risk Management Committee

Compliance Committee

Investment Committee

Research & Analysis

Fund Management
Asset Management I
Asset Management II

NPR Investment Management[After change]
Legal & ComplianceInternal Audit
Finance & Accounting
Investment Management

President & CEO

Board of Directors

Client Relations & Marketing

Product Management
Acquisitions
Investment Management Planning
NMF Investment Management Group

Chief Strategy Officer

Project Screening Committee

NPR Valuation Committee

Risk Management Committee

Compliance Committee

Research & Analysis

Investment Committee

General Meeting of Shareholders

Statutory Auditors

Corporate Planning

Fund Management
Asset Management I
Asset Management II

NPR Investment Management