To unitholders in the United States:

This exchange offer or business combination is made for the securities of a foreign
investment corporation. The offer is subject to disclosure requirements of a foreign country
that are different from those of the United States. Financial statements included in thedocument, if any, have been prepared in accordance with foreign accounting standards that
may not be comparable to the financial statements of United States companies.

It may be difficult for you to enforce your rights and any claim you may have arising under
the federal securities laws, since the issuer is located in a foreign country, and some or all of
its officers may be residents of a foreign country. You may not be able to sue a foreign
investment corporation or its officers in a foreign court for violations of the U.S. securities
laws. It may be difficult to compel a foreign investment corporation and its affiliates tosubject themselves to a U.S. court’s judgment.

You should be aware that the issuer may purchase securities otherwise than under theexchange offer, such as in open market or privately negotiated purchases.

[For Translation Purposes Only]
June 23, 2016

For Immediate Release
To Whom It May Concern
Issuer of Real Estate Investment Trust Securities:
Nomura Real Estate Master Fund, Inc.
5-1, Nishi-Shinjuku 8-chome, Shinjuku-ku, Tokyo
Securities Code: 3462
Satoshi Yanagita, Executive Director
Asset Management Company:
Nomura Real Estate Asset Management Co., Ltd.
Norio Ambe, President & Chief Executive Officer
Inquiries:
Ken Okada
Director and Managing Executive Officer
TEL. +81-(0)3-3365-8767
Issuer of Real Estate Investment Trust Securities:
Top REIT, Inc.
3-7, Yaesu 1-chome, Chuo-ku, Tokyo
Securities Code: 8982
Junichi Sahara, Executive Officer
Asset Management Company:
Top REIT Asset Management Co., Ltd.
Tatsuya Chiba, President and Representative Director
Inquiries:
Mitsuru Akashi
Director, General Manager Financial Division
TEL. +81-(0)3-3243-2181

Notice Concerning Execution of Amendment Agreement to Merger Agreementby and between Nomura Real Estate Master Fund, Inc. and Top REIT, Inc.
As announced in “Notice Concerning Execution of Merger Agreement by and between Nomura Real Estate Master
Fund, Inc. and Top REIT, Inc.” on May 26, 2016, Nomura Real Estate Master Fund, Inc. (“NMF”) and Top REIT,Inc. (“TOP”; and collectively with NMF hereinafter referred to as the “Investment Corporations”) had resolved attheir respective board of directors meetings held on May 26, 2016 to implement an absorption-type merger, withNMF as the surviving corporation and TOP as the absorbed corporation (the “Merger”) with the effective date being
September 1, 2016, and the Investment Corporations had entered into a merger agreement (the “Merger Agreement”)
on May 26, 2016. The Investment Corporations announce that they had resolved at their respective board ofdirectors meetings held today to amend the Merger Agreement, and that the Investment Corporations have enteredinto an amendment agreement to the Merger Agreement (the “Amendment Agreement”).

1. Outline of Amendment Agreement
As announced in TOP’s “Notice Concerning Tenant Withdrawal of Owned Property (Lease Termination)” onJune 3, 2016 and “Notice Concerning the Impact of Tenant Withdrawal of Owned Property on Forecast ofFinancial Results and the Merger” on June 6, 2016, TOP received on June 3, 2016 a notice of cancellation (the“Cancellation”) on a lease contract from a tenant at Ito-Yokado Higashi-Narashino Store (the “Property”), a
property in trust for the beneficiary interest in real estate owned by TOP.
After receiving the notice for the Cancellation, TOP further considered the impact of the Cancellation on thefinancial results for the fiscal period ended April 30, 2016, and it was determined that an impairment loss of
5,456 million yen is to be recorded retrospectively for that fiscal period as a result of the Cancellation etc. In
order to avoid the impact from the recording of this impairment loss on dividends for that fiscal period, TOP
intends to make reversal of internal reserves and distributions in excess of distributable profit, and theAmendment Agreement was entered into to make distributions in excess of distributable profit possible for that
fiscal period.
Please refer to “Notice Concerning Differences Between Forecasted Results and Actual Results, Recording ofExtraordinary Loss, and Deduction of Partial Loss from Unitholders’ Capital, Etc.” released by TOP today for
TOP’s financial results, distribution status, and the like for the fiscal period ended April 30, 2016, which takes
into account the impact of the Cancellation etc.

2.

Other matters
As announced in NMF’s “Notice Concerning Tenant Withdrawal of Top REIT’s Property and its Impact on theMerger” on June 6, 2016 and TOP’s “Notice Concerning the Impact of Tenant Withdrawal of Owned Property
on Forecast of Financial Results and the Merger” on June 6, 2016, the Investment Corporations have considered
and discussed the impact of the Cancellation on the Merger. Based on determinations and details regarding theimpact of the Cancellation on TOP’s financial results, as well as NMF’s asset valuation at the time of theexecution of the Merger Agreement which reflected the possibility of withdrawal of tenant from the Property,
and the expectation of minimal impact on NMF’s financial conditions after the Merger, the Investment
Corporations have resolved at their respective board of directors meetings held today to enter into theAmendment Agreement after confirming that neither the merger ratio nor the schedule of the Merger willchange.