NOMURA REAL ESTATE MASTER FUND, INC.

TSE code :3462

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FAQ

The Merger

QWhat is meant by “merger”?
QWhat types of REITs were the three REITs that were eliminated?
QWhat is the meaning of transitioning from a “specialized type” REIT to a “diversified type” REIT?

The Schedule of the Merger

QWhat is the schedule for the merger?

Allotment of the Investment Corporation’s Investment Units

QWhat are “fractions of investment units”? How will these be handled?
QHow will the allotment of investment units of the Investment Corporation be handled if I owned investment units of the eliminated REITs through multiple securities firms?
QAre the “fractions of investment units” added up if I owned investment units of both NRF and NOF?

Cash Distribution on Merger

QWhat is the “cash distribution on merger”?

Goodwill

QWhat is “goodwill”? How does the “amortization costs of goodwill” affect cash distributions?
QWhat is the difference between “amortization costs of goodwill” and “depreciation and amortization”?
QOther REITs use “negative goodwill” to stabilize cash distributions. Can “goodwill” be used in the same way?
QWhat is the difference from other REITs when it comes to distribution in excess of earnings?

Tax Treatment

QWill the gain (loss) of the investment units owned as of October 1, 2015, the date of incorporation of the Investment Corporation, be established?
QIf investment units are held through NISA, can the tax exemption still be applied to the allotted investment units?
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