Nomura Real Estate Master Fund Inc

Nomura Real Estate Asset Management Co., Ltd. (NREAM), an asset management company for NMF, has in place the following structure to promote initiatives under its Sustainability Policy in a constant and organized manner.

###### (1)Board of Directors
The Board of Directors formulates and revises the Sustainability Policy, sustainability promotion rules and other in-house policies and rules. Based on the sustainability promotion rules, the Board of Directors receives reports on the performance of initiatives related to sustainability throughout the year at least once a year from the Chief Sustainability Occer. The Board of Directors continually carries out monitoring of the initiatives related to sustainability based on those reports.

###### (2)Chief Sustainability OJcer
The President and Executive occer, a member of the Investment Committee, is appointed as the Chief Sustainability Occer who designates funds that focus heavily on the promotion of sustainability from among the funds managed by the Asset Management Company. (NMF falls under the category of designated funds.) The Chief Sustainability Occer is involved in decision-making at the Investment Committee as the chief occer for sustainability and reports to the Board of Directors at least once a year based on the sustainability promotion rules.

###### (3)Sustainability Operating OJcer
The Head of NMF Investment Management Group who controls NMF`s investments is appointed as the Sustainability Operating Occer. As the person responsible for the execution of sustainability promotion, the Sustainability Operating Occer convenes the Sustainability Promotion Committee, submits matters for discussion and reports to the Investment Committee.

###### (4)Investment Committee
The Investment Committee is the decision-making body concerning NMF`s investments. It is chaired by the President and Executive Occer and is comprised of Executive Occers. Based on the sustainability promotion rules, the Investment Committee deliberates on and determines targets, measures and other matters regarding NMF`s sustainability at least twice a year.

###### (5)Sustainability Promotion Committee
The Sustainability Promotion Committee is a body responsible for setting sustainability targets, measures and other matters, making recommendations and conducting monitoring (including risk management). It is chaired by the Sustainability Operating Occer The Committee is convened at least four times a year in accordance with the sustainability promotion rules.

本資産運用会社は、法令・諸規則の遵守状況の確認、利害関係人等との取引等について審議する機関としてコンプライアンス委員会を設置しています。なお、コンプライアンス委員会の委員には、社外の弁護士及び大学院教授が指名されており、社外委員として委員会に出席します。いずれも本資産運用会社及びスポンサー企業グループと利害関係のない第三者です。このようなコンプライアンスに精通した独立の第三者によるチェック体制があるため、コンプライアンスの遵守の実効性が確保されると考えています。 [...] 本資産運用会社は、適正な運用体制を構築するため、また第二種金融商品取引業等における業務の適正化を確保し、顧客に対し誠実かつ公正に当該業務を遂行するため、コンプライアンス担当部門としてコンプライアンス部を設置することにより、社内牽制機能の実効性を確保しています。また、コンプライアンス部の部長をコンプライアンス責任者であるコンプライアンス・オフィサーとし、資産運用会社の業務執行が、法令・諸規則に基づいていることを常に監視します。このため、コンプライアンス・オフィサーは、投資委員会の全ての起案事項について、法令・諸規則の遵守状況その他コンプライアンス上の問題の有無に関する確認を行います。また、コンプライアンス・オフィサーは、各ファンド等の運用方針等を決定する組織(意思決定機関)である投資委員会に出席し、同委員会に立案される全ての案件について、その審議過程及び結論におけるコンプライアンス状況を確認し、意見を述べることができます。但し、コンプライアンス・オフィサーは、意思決定に係る中立性を確保するため、同委員会における議決権を有しないものとします(コンプライアンス・オフィサーが執行役員である場合を含みます。)。

Nomura Real Estate Asset Management Co., Ltd. (NREAM), an asset management company for NMF, has in place the following structure to promote initiatives under its Sustainability Policy in a constant and organized manner. \n\n###### (1)Board of Directors\nThe Board of Directors formulates and revises the Sustainability Policy, sustainability promotion rules and other in-house policies and rules. Based on the sustainability promotion rules, the Board of Directors receives reports on the performance of initiatives related to sustainability throughout the year at least once a year from the Chief Sustainability Officer. The Board of Directors continually carries out monitoring of the initiatives related to sustainability based on those reports.\n\n###### (2)Chief Sustainability Officer\nThe President and Executive officer, a member of the Investment Committee, is appointed as the Chief Sustainability Officer who designates funds that focus heavily on the promotion of sustainability from among the funds managed by the Asset Management Company. (NMF falls under the category of designated funds.) The Chief Sustainability Officer is involved in decision-making at the Investment Committee as the chief officer for sustainability and reports to the Board of Directors at least once a year based on the sustainability promotion rules.\n\n###### (3)Sustainability Operating Officer\nThe Head of NMF Investment Management Group who controls NMF`s investments is appointed as the Sustainability Operating Officer. As the person responsible for the execution of sustainability promotion, the Sustainability Operating Officer convenes the Sustainability Promotion Committee, submits matters for discussion and reports to the Investment Committee.\n\n###### (4)Investment Committee\nThe Investment Committee is the decision-making body concerning NMF`s investments. It is chaired by the President and Executive Officer and is comprised of Executive Officers. Based on the sustainability promotion rules, the Investment Committee deliberates on and determines targets, measures and other matters regarding NMF`s sustainability at least twice a year.\n\n###### (5)Sustainability Promotion Committee\nThe Sustainability Promotion Committee is a body responsible for setting sustainability targets, measures and other matters, making recommendations and conducting monitoring (including risk management). It is chaired by the Sustainability Operating Officer The Committee is convened at least four times a year in accordance with the sustainability promotion rules.

Describe the process(es) your organization has in place to ensure that your external engagement activities are consistent with your climate commitments and/or climate transition plan?[…]本投資法人は、持続可能な社会の実現が投資法人の成長に不可欠であると考えており、これらに係るイニシアティブへ参加することで今後も社会課題の解決に積極的に取り組む方針です。こうした公共政策に影響を与える直接的・間接的なイニシアティブの参加を含むサステナビリティに関する目標や施策は本投資法人取締役会の下に設置されている投資委員会にて審議、決定しています。投資委員会における決定されたイニシアティブの参加などの意思決定は年に1回以上、投資委員会の委員であるサステナビリティに係る最高責任者より、取締役会に対して報告を行います。取締役会は、報告されたイニシアティブが本投資法人の全般的な気候変動戦略に一致するようにモニタリング(監督)を継続的に実施しています。一つの例としては、本投資法人は、環境省が事務局となり、持続可能な社会の形成のために必要な責任と役割を果たしたいと考える金融機関の行動指針として、2011年10月に策定された「21世紀金融行動原則」に、2019年7月に署名しました。