Nomura Real Estate Master Fund : Notice Concerning GRESB Assessment Results (Received “4 Stars”)

[For Translation Purposes Only]

October 15, 2021

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 Group

TEL. [phone] [e-mail]

Notice Concerning GRESB Assessment Results

(Received "4 Stars")

Nomura Real Estate Master Fund, Inc. ("NMF" or the "Fund") hereby announces that it has received "4 Stars" and "Green Star" designation for the sixth consecutive year in the 2021 GRESB Real Estate Assessment as well as "A Level" for the fifth consecutive year for the GRESB Public Disclosure.

1. About GRESB

GRESB is an annual benchmarking assessment to measure ESG (Environmental, Social and Governance) integration of real estate companies and funds, as well as the name of organization which runs the assessment. It was founded in 2009 by a group of major European pension funds who played leading roles in launching Principles for Responsible Investment (PRI).

GRESB Real Estate Assessment does not focus on individual properties, but rather on sustainability initiatives by real estate companies, REITs and private real estate funds.

Currently, over 140 investor members use the GRESB data for selecting investment destinations and holding dialogues with their portfolio companies, and in Japan, multiple institutions, including the Government Pension Investment Fund (GPIF), use the GRESB assessment results.

In the 2021 GRESB Real Estate Assessment, a total of 1,520 listed and unlisted real estate companies and funds participated worldwide.

2. About " 4 Stars" and "Green Star" in the GRESB Real Estate Assessment

NMF received a "4 Stars" in GRESB Rating, which is based on GRESB Overall Score and its quintile position relative to global participants. NMF also won a "Green Star" designation for the sixth consecutive year by achieving high performance both in "Management Component" that evaluates policies and organizational structure for ESG promotion, and "Performance Component" that assesses environmental performance and tenant engagement of properties owned.

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3. About "A Level" in the GRESB Public Disclosure

NMF received "A Level" for the fifth consecutive year, the highest rating given under the five-grade GRESB Public Disclosure Level evaluation scheme introduced in 2017 for its proactive information disclosure practices in connection with environmental and sustainability initiatives.

Please also refer to the following website and ESG Annual Report (July 2021) for more information on the ESG initiatives undertaken by NMF and its asset management company.

NMF's website

https://www.nre-mf.co.jp/en/esg/index.html

NMF's ESG Annual Report (July 2021)

https://www.nre-mf.co.jp/file/ESG_Annual_Report_202107_en.pdf

4. Future Outlook

Looking ahead, NMF and its asset management company will engage in asset management practices that give due consideration to ESG issues.

* URL: https://www.nre-mf.co.jp/en/

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