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Message from the Management

  In the 8th fiscal period, NMF has grown to over one trillion yen in asset size by external growth through its first global offering (domestic and international public offerings) since its founding, while advancing internal growth backed by an ongoing strong leasing market centering on the office building sector.

  As a result, at the end of the 8th fiscal period, NMF’s portfolio comprised 289 properties with a total acquisition price of ¥1,011.2 billion. Operating revenues totaled ¥36,617 million, operating profit reached ¥14,265 million, and net income came to ¥11,690 million. Accordingly, the per-unit distribution for the 8th fiscal period came to ¥3,209.

  Through the aforementioned global offering, we improved the portfolio quality by acquiring 10 prime assets developed by the sponsor as well as lowered the LTV ratio and increased distribution.

  Furthermore, along with our active promotion of management taking into consideration environmental, social and governance (ESG) issues, NMF was included in the MSCI Japan ESG Select Leaders Index in May 2019, which is selected by the Government Pension Investment Fund (GPIF) as one of their ESG indices for their passive investment strategy, in recognition of NMF’s efforts to enhance the disclosure of information.

  We remain strongly committed to enhance performance and will manage the fund’s assets with the aim of living up to the expectations and trust of our unitholders. We ask for your continued support and encouragement.

Executive Director of Nomura Real Estate Master Fund, Inc.

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