As described in Notice Concerning Execution of Merger Agreement by and between Nomura Real Estate Master Fund, Inc., and Top REIT, Inc. which was made public May 26, 2016 by Nomura Real Estate Master Fund, Inc. (NMF) and Top REIT, Inc. (TOP; and collectively with NMF referred to as the Investment Corporations hereinafter), the Investment Corporations respectively determined at their respective board of directors meetings held May 26, 2016 to implement an absorption-type merger, with NMF as the surviving corporation and TOP as the absorbed corporation with the effective date being September 1, 2016, and have entered into a merger agreement dated May 26, 2016. Consequently, the Investment Corporations announced the forecasts of the financial results for the fiscal period ending February 28, 2017 (September 1, 2016 to February 28, 2017) of NMF, the surviving corporation after the merger. For the period ending February 28, 2017, the company expects operating revenues of JPY 34,493 million, operating profit of JPY 10,912 million, ordinary income of JPY 8,245 million, net income of 8,244 million or JPY 1,872 distribution per unit (excluding distribution in excess of net income).