As of January 21, 2020

Daiwa Office Investment Corporation

Earnings Announcement for the 28th Fiscal Period (Fiscal Period Ended November 2019) Securities Code: 8976 Contents Section 3 External Growth Topics of the Fiscal Period Ended November 2019 (28th FP) 3 Acquisition/Sale Policy and Status of Deliberation for Property Acquisitions 21 Newly Acquired Properties in the Fiscal Period Ended May 2020 22 Section 1 Properties Acquired and Transferred through Exchange in the Fiscal Period Ended November 2019 23 Fiscal Period Ended November 2019 (28th Fiscal Period) Performance Highlights and Forecasts Change in Asset Size and Acquisition Performance 24 Highlights of the Fiscal Period Ended November 2019 (28th FP) 5 Highlights of Forecasts for the Fiscal Periods Ending May 2020 and November 2020 (29th and 30th FP) 6 Section 4 Change in Dividends 7 Financial Strategy Status of Interest-Bearing Liabilities 26 Section 2 Unitholders as of the End of the November 2019 (28th) Fiscal Period 29 Internal Growth Leasing Market of Office Buildings 10 Analysis of Leasing Business 11 Section 5 Portfolio Map: Increase and Decrease in Unit Contract Rent Efforts on ESG Compared with Previous Fiscal Period 15 Efforts on ESG | Sustainable Development Goals (SDGs) 31 Internal Growth Strategies 16 Efforts on ESG | Environment 32 Portfolio Breakdown by Region and Status in Shinjuku and Areas 17 Efforts on ESG | Social / Governance 33 Highlights of Leasing for the Fiscal Period Ended November 2019 (28th FP) 19 Appendix

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 1 Disclaimer

This material is solely for the purpose of providing information and is not intended to offer or solicit investment nor function as a recommendation to purchase or sell any specific product. Please refer any inquiries on potential purchases of the investment units of Daiwa Office Investment Corporation to a securities dealer. This document is not intended to provide information to meet the requirements of Japan’s Financial Instruments and Exchange Act or Act on Investment Trusts and Investment Corporations, or any associated cabinet orders, cabinet office ordinances, rules, or any rules governing companies listed on the Tokyo Stock Exchange, or any other applicable rules, nor is it a disclosure document or statement of financial performance prepared in accordance with the provisions of any of the foregoing. This document contains forward-looking statements. However, these forward-looking statements are based on certain assumptions and judgments made using currently available information, and there are a number of unknown risks and uncertainties. These forward-looking statements are not a guarantee of future performance or management results of Daiwa Office Investment Corporation, and actual results may materially differ from any explicit or implicit forecasts contained herein. Although the information contained in this document is the best available at the time of publication, no assurances can be given regarding the accuracy and certainty of this information. The content of this document may be modified or withdrawn without prior notice. Reproduction or use of the contents included in this document without prior approval is prohibited.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 2 Topics of the Fiscal Period Ended November 2019 (28th FP)

Matters relating to internal growth n Occupancy rate as of the end of the 28th FP was 99.1% (End of the 27th FP: 97.1%). n Monthly rent continued to increase with contract renewal and tenant replacement. n Dividends growth at annual rate of 4.3% is forecast (from actual dividends of 13,139 yen for the 28th FP to forecast dividends of 13,700 yen for the 29th FP).

Percentage of rent increase Rent increase/decrease rate Rent increase/decrease rate Growth rate of dividend upon contract renewal upon contract renewal upon tenant replacement resource (annualized) 53.4% +7.3% +23.0% 5.1%

For details, For details, For details, please refer to page 13 please refer to page 14 please refer to page 12

Matters relating to external growth n Exchanged Daiwa Osaki 3-chome Building (transfer price: 2,685 million yen) for Daiwa Mita 2-Chome Building (acquisition price: 2,635 million yen) in the 28th FP. Compression of book value utilizing the exchange scheme: Allotted part of gain on sale to the reduction of book value of newly acquired property and contributed to the increase in unrealized gain. n Acquired Daiwa Nakano-Sakaue (Acquisition price: 2,750 million yen) in the 29th FP.

Financial information, matters relating to ESG n Issuance of investment corporation bonds (September 2019): 1.7 billion yen (5-year bond, 0.220%), 1.3 billion yen (12-year bond, 0.660%) n Credit rating: Japan Credit Rating Agency, Ltd. (JCR): AA (stable) Rating and Investment Information, Inc. (R&I): AA- (stable) (Upgraded from A+ in September 2019) n GRESB Real Estate Assessment: Earned Green Star (4 stars).

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 3 Section 1 Fiscal Period Ended November 2019 (28th Fiscal Period) Performance Highlights and Forecasts Highlights of the Fiscal Period Ended November 2019 (28th FP)

Results of the 28th Fiscal Period Factor Item

27th Fiscal Period 28th Fiscal Period n Revenue (rents and common area fees) from 56 existing properties (Note 4) +197 million yen Difference (ended May 2019) (ended Nov. 2019) n Utilities revenue +136 million yen n Other operating revenue +97 million yen Increase n Revenue (rents and common area fees) from property acquired during period +63 million yen Operating Revenue 13,833 million yen 14,094 million yen +261 million yen (1 property) n Full contribution of revenue (rents and common area fees) from 2 properties +61 million yen Operating Expenses 6,853 million yen 6,980 million yen +126 million yen acquired in the previous period n Gain on exchange of real estate properties from property sold during period +18 million yen Operation Income 6,979 million yen 7,114 million yen +134 million yen (1 property)

Non-Operating Expense 662 million yen 659 million yen -3 million yen n Gain on sale of property sold in the previous period (1 property) -142 million yen Decrease n Revenue (rents and common area fees) from property sold in the previous period -134 million yen Net Income 6,320 million yen 6,462 million yen +142 million yen (1 property) n Revenue (rents and common area fees) from property sold during period -49 million yen Dividend per Unit 12,559 yen 13,139 yen +580 yen (1 property) NAV per Unit (Note 1) 697,220 yen 727,729 yen +30,509 yen n Tax and public due (rent-business related expenses) +90 million yen Period End Occupancy Rate 97.1% 99.1% +2.0% Increase n Repair cost +79 million yen Period Average Occupancy Rate n Asset management fee +28 million yen (Note 2) 98.0% 98.3% +0.3%

NOI Yield (annualized) (Note 3) 4.4% 4.6% +0.2% n Outsourcing expenses -52 million yen Decrease n Utilities charges -25 million yen (Note 1) NAV per unit = (Unitholders’ capital +Total appraisal value at the end of fiscal period − Total property book value at the end of fiscal period) / Number of investment units issued and outstanding.* (Note 2) Period average occupancy rate is calculated based on occupancies at the end of months during each fiscal period. Dividends per unit for the 27th FP is calculated by dividing the amount obtained by subtracting provision (Note 3) NOI Yield (annualized) is calculated based on book value. NOI annualizes properties owned at the end of the period. for reserve for reduction entry (142 million yen) from unappropriated retained earnings by the total (Note 4) Existing properties (56 properties) are the 59 properties as of the end of the 28th FP less 2 properties acquired during the 27th FP and 1 property acquired during the 28th FP. number of investment units issued and outstanding.

(Reference) Comparison of Forecasts with Results of 28th Fiscal Period

28th Fiscal Period 28th Fiscal Period Forecast Difference (ended Nov. 2019) (announced Jul. 2019) Increase n Revenue (rents and common area fees) from 58 existing properties (Note 5) +79 million yen Operating Revenue 14,024 million yen 14,094 million yen +69 million yen

Operating Expense 6,966 million yen 6,980 million yen +14 million yen

Net Income 6,394 million yen 6,462 million yen +68 million yen

Dividend per Unit 13,000 yen 13,139 yen +139 yen

Occupancy Rate 99.0% 99.1% +0.1% (Note 5) 58 existing properties are the 59 properties as of the end of the 28th FP less 1 property (Daiwa Mita 2-Chome) acquired in the 28th FP.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 5 Highlights of Forecasts for the Fiscal Periods Ending May 2020 and November 2020 (29th and 30th FP)

The 29th Fiscal Period (Forecast) Factor Item

29th FP Forecast Difference from n Revenue (rents and common area fees) from 58 existing properties (Note 3) +318 million yen Ending May 2020 28th FP Increase n Revenue (rents and common area fees) from property acquired during period +63 million yen (1 property)

Operating Revenue 14,203 million yen +108 million yen n Other operating revenue -145 million yen n Utilities revenue -112 million yen Operating Expense 6,961 million yen -18 million yen Decrease n Gain on exchange of real estate properties from property sold in the previous -18 million yen period (1 property) Operation Income 7,241 million yen +127 million yen n Revenue (rents and common area fees) from property sold in the previous period -9 million yen (1 property) Non-Operating Expense 647 million yen -11 million yen n Other operating expenses +25 million yen Net Income 6,591 million yen +128 million yen Increase n Asset management fee +12 million yen

Dividend per Unit 13,400 yen +261 yen n Outsourcing expenses -33 million yen Decrease n Utilities charges -32 million yen Period End Occupancy Rate 99.1% +0.0%

Period Average Occupancy Rate (Note 1) 99.3% +1.0%

NOI Yield (annualized) (Note 2) 4.6% +0.0%

The 30th Fiscal Period (Forecast) Factor Item

30th FP Forecast Difference from n Utilities revenue +149 million yen Increase n Revenue (rents and common area fees) from 59 existing properties (Note 4) Ending November 2020 29th FP +133 million yen n Full contribution of revenue (rents and common area fees) from 1 property acquired +4 million yen in the previous period Operating Revenue 14,483 million yen +280 million yen

Operating Expense 7,113 million yen +151 million yen n Utilities charges +83 million yen Increase n Tax and public due (rent-business related expenses) +52 million yen Operation Income 7,369 million yen +128 million yen

Non-Operating Expense 628 million yen -18 million yen

Net Income 6,739 million yen +147 million yen

Dividend per Unit 13,700 yen +300 yen

Period End Occupancy Rate 98.6% -0.5% (Note 1) Expected period average occupancy rate is calculated based on occupancies at the end of months during each fiscal period. Period Average Occupancy Rate (Note 1) 98.3% -1.0% (Note 2) Expected NOI Yield (annualized) is calculated by taking into account the properties assumed to be acquired during the 29th FP based on the book value for the 28th FP. (Note 3) 58 existing properties are the 59 properties as of the end of the 28th FP less 1 property acquired in the 28th FP. NOI Yield (annualized) (Note 2) 4.7% +0.1% (Note 4) 59 existing properties are the 59 properties owned as of the end of the 28th FP.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 6 Change in Dividends

Change in Dividends per Unit (forecast/actual)

(yen) (yen)

3,903 3,176 3,280 4,100 4,850 5,500 6,250 7,200 7,540 7,820 8,700 9,350 9,850 10,550 10,700 10,770 11,000 11,850 12,300 13,000 13,400

4,154 2,843 3,180 3,600 4,850 5,350 5,500 6,550 7,300 7,570 8,328 9,000 9,750 9,900 10,560 10,710 10,800 11,400 12,000 12,400 13,200 13,700

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 7 MEMO

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 8 Section 2 Internal Growth Leasing Market of Tokyo Office Buildings

Leasing Market of Tokyo Office Buildings Trend of Office Rent and Vacancy Rate of 5 Central Wards of Tokyo (Yen/Tsubo) 10.0% 24,000 Rent Rent and vacancy rate of large-scale office buildings (Note 1) (Yen/Tsubo) of 5 Central Wards of Tokyo

22,000 8.0% 35,000 Feb. 2008 22,021 yen (Rent)

20,000 6.0% 33,000 Dec. 2019

18,000 4.0% 31,000 (Vacancy rate)

Jun. 2019 2.0% 16,000 29,000 Rental Market Clock 1.49% (conceptual chart) Jun. 2018 Dec. 2017 14,000 0.0% Jun. 2017 Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. Jan. 27,000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Jun. 2010 Data: Miki Shoji Jan. 2004 25,000

Office Building Market Medium-Term Forecast Dec. 2011 Jul. 2012 23,000 (Tsubo) Predicted figures 10.0% 0% 1% 2% 3% 4% 5% 6% 7% 8% 500,000 (Note 1)

(Note 2) 8.0% Average rent and vacancy rate of entire office buildings 400,000 of 5 Central Wards of Tokyo Rent 6.0% (Yen/Tsubo) Dec. 2019 300,000 20,000 Sep. 2008 4.0% 200,000 19,000 Jun. 2019 18,000 Sep. 2007 2.0% 100,000 17,000 Jun. 2018 Dec. 2017 Jan. 2004 0.0% 16,000 0 New supply (Grade A, etc.) New supply (Other) 15,000 Jun. 2016 Floor area of new demands Vacancy rate Jul. 2012 -100,000 -2.0% 14,000 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% Vacancy rate 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023

Data: CBRE “Office market medium term forecast 2019-2023 Data: Sanko Estate, compiled by Daiwa Real Estate Asset Management (Note 1) Predicted figures as of June 2019 (Note 1) Large-scale office buildings: A floor area of 200 tsubos or more. (Note 2) No information on the breakdown of new supply is available in or before 2004 (only the total amount is available). (Note 2) Entire office buildings: Ranging from large-scale buildings to small-scale buildings (less than 20 tsubos).

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 10 Analysis of Leasing Business (1) ― Change in Occupancy Rate and Ratio of Area Attributable to New Leases/Cancellations as a Percentage of Total Leasable Area ―

Occupancy Rate as of the end of each period Change in New Leases and Cancellations and their Reasons (Note)

(%) (Cases) 100.0 50

40 95.0 30

90.0 20

10 85.0 11th 12th 13th 14th 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 0 FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP

-10 Ratio of Area Attributable to New Leases/Cancellations as a Percentage of Total Leasable Area (Note) -20

-30

-40 11th 12th 13th 14th 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP

Cost Space Space Space Better 28th Period Other Total Reduction Expansion Consolidation Reduction Location

New Leases 0 16 1 0 3 5 25 Cancellations 4 3 5 5 0 1 18

Previous number of leases 16

(Note) Change in ratio of area attributable new leases/cancellations as a percentage of total leasable area. (Note) Excluding new leases and cancellations by residence and warehouse tenants.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 11 Analysis of Leasing Business (2) ― Improvement in Basic Strength ― n Monthly rent continued to increase with contract and renewal tenant replacement. n Increase in rent revenue due to improved basic strength leads almost directly to an increase in dividend resource

Monthly Rent Increase Due to Contract Renewal/Tenant Replacement (Thousand Yen/Month) 37,565

28,225 25,528 27,020 21,804 21,309 21,184

14,376 14,246 12,747 9,020

Increase Rate of Dividend Resource Due to Improved Basic Strength

Simple av erage for 19th FP 20th FP 21st FP 22nd FP 23rd FP 24th FP 25th FP 26th FP 27th FP 28th FP the 19th FP onw ard

Gr owth r ate of r evenue 6 months 0.7% 1.0% 0.8% 0.7% 1.4% 1.2% 1.2% 1.5% 1.9% 1.3% 1.2% (r ents and common ar ea fees) (Note 1) Annualized 1.3% 2.0% 1.7% 1.5% 2.8% 2.4% 2.3% 3.0% 3.9% 2.6% 2.3%

Growth rate of 6 months 1.5% 2.1% 1.8% 1.5% 2.9% 2.4% 2.3% 2.9% 3.8% 2.6% 2.4% dividend resource (Note 2) Annualized 3.0% 4.3% 3.6% 2.9% 5.8% 4.9% 4.7% 5.8% 7.6% 5.1% 4.8%

(Note 1) Obtained by dividing the amount of rent increase (increased amount of monthly rent x 6 months) due to the improved basic strength in each fiscal period by rent revenue (rents and common area fees) in the previous fiscal period to the respective fiscal period. (Note 2) Obtained by dividing the amount of rent increase (increased amount of monthly rent x 6 months) due to the improved basic strength in each fiscal period by net income in the previous fiscal period to the respective fiscal period.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 12 Analysis of Leasing Business (3) ― Changes in Rent Increase/Decrease Rate of Contract Renewal Tenants ―

The 28th Fiscal Period Contract Renewal Tenants Change in Rent Increase/Decrease Rate of Contract Renewal Tenants *Ratio of area for which contracts were renewed in the 28th FP (through November 2019) to the total leased (sections) area (354,005.35 m²) as of end of May 2019. Realized upward rent revisions for (%) 12 consecutive periods

*2

*1

(Note) The above indicates rent increase/decrease rate to pre-renewal rents for lease contracts which reached renewed agreements during each FP. Rent increase/decrease rate is calculated based on net amount for increased/decreased rents.

Rent Increase Rate Upon Contract Renewal *1 The decrease in the 25th FP was due to some tenants’ switching from sublease to master lease agreements. *2 The decrease in the 27th FP was due to an agreement on decrease reached by the previous owner. (Breakdown of upward revision magnitude for monthly rents in the 28th FP) (Note)

2% or less 15% or more 5% Properties with rent increase Ratio of Contract Renewal Areas (based on leased area) 11% l Daiwa Ginza Annex l Daiwa Shibaura Forecasts l Daiwa Jingumae (%) 10% or more but 2% or more but less than 15% l Shinjuku Maynds Tower less than 5% 17% l Daiwa Shinagawa North 29% Increase rate l of monthly rent Daiwa Kitahama l 7.3 % CONCURRED Yokohama l Daiwa Kanda East (Previous FP: 7.2%) etc.

5% or more but less than 10% Increased amount of monthly rent 38% 12,334 thousand yen/month

(Note) Ratio of area scheduled for contract renewal in each period to the total leased area (361,788.08 m2) (Note) Percentage figures are based on total monthly rent. as of end of November 2019.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 13 Analysis of Leasing Business (4) ― Increase/Decrease in Rent Due to New Leases and Cancellations ―

Monthly Rent Increase/Decrease and Increase/Decrease Average Contract Rent and Market Rent Rate Due to Tenant Renewal (Yen/Tsubo) 30,000 110.00 88.35 (Total Monthly Rent, 86.67 100.00 Thousand Yen) 27,000 23.1% 23.0% 84.79 90.00 24,000 96,294 98,246 80.00 91,394 83,772 79,804 21,000 19,571 83,962 70.00 16.0% 78,609 18,000 75,943 63,923 69,262 19,237 60.00 66,104 15,000 19,759 50.00 14.9% 56,967 12,000 40.00 9.6% 7th 8th 9th 10th 11th 12th 13th 14th 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP End End 8.9% (Note 1) Average contract rent is the average of monthly contract rent from tenants at the end of each fiscal period. (Note 2) Unit rent index is the earning rates of unit rent of individual properties indexed with the figure at the end of the 7th FP as 100.

Increase/Decrease in Monthly Contract Rent (Note) Compared with the End of the Previous Fiscal Period

(Million Yen) (Note) Comparison of monthly rent due to tenant replacement for the same leasing area. Increase by Ratio is based on total monthly rent. New Leases Increase by Increase by New Acquisition Properties with Rent Increase due to Tenant Renewal Rent Revisions during 28th fiscal period

l Daiwa Shibadaimon l Daiwa Shibuya Miyamasuzaka l Daiwa Higashi-Ikebukuro l Daiwa Kitahama l Shinjuku Maynds Tower l Daiwa Shinagawa Gotenyama Decrease by Decrease by Decrease by Tenants’ Cancellations Rent Revisions Property Sale l E SPACE TOWER l Daiwa Harumi, etc.

Increased amount of monthly rent 14,686 thousand yen/month End of 27th FP End of 28th FP Monthly Contract Rent Monthly Contract Rent

(Note) Monthly Contact Rent is a total of final rent from contracting tenants at the end of the fiscal period. Monthly contract rent for Shinjuku Maynds Tower was adjusted to 3/7 and monthly contract rent for CONCURRED (Note) Square Daikanyama Building was renamed Daiwa Daikanyama as of May 1, 2019. The same hereinafter. Yokohama was adjusted to 75/100.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 14 Portfolio Map: Increase and Decrease in Unit Contract Rent Compared with Previous Fiscal Period

Five Central Wards of Tokyo Comparison with Previous Fiscal Period Greater Tokyo Increase and Decrease of Unit Contract Rent

Unit rent increase: 40 contracts The number in ● indicates increase for the consecutive period Daiwa Higashi-Ikebukuro (Ex: ●2 indicates increase for the second consecutive period) 3 Toshima Daiwa Ogikubo Tower Daiwa Ogikubo 4 Daiwa Nakano-Sakaue Ward Unit rent maintained: 18 contracts Daiwa 6 Shinagawa Gotenyama Daiwa Meguro Square 2 Unit rent decrease: 0 contracts 5 Daiwa Shinagawa North

LAQUAS Higashi Shinjuku Daiwa Kandasudacho CONCURRED Yokohama 3 Daiwa Shinjuku West 3 Shinjuku Ward Daiwa Misakicho Daiwa Sarugakucho Daiwa Kanda East 2 2 Daiwa Nishi-Shinjuku 3 Daiwa Jinbocho 3-chome 3 Daiwa Jimbocho 3 shinyon curumu DaiwaChiyoda Kanda Ward Mikuracho Daiwa Higashi-Nihonbashi Daiwa Kamiooka Shinjuku Maynds Tower 8 Daiwa Nihonbashi 3 Daiwa Kodenmacho Daiwa Kojimachi Hongokucho Daiwa Nihonbashi Horidomecho 4-chome Shibuya Ward Daiwa Kayabacho BuildingChuo WardKirin Nihonbashi Building Koto Ward Daiwa Akasaka Daiwa Sasazuka Tower Daiwa Jingumae Daiwa Kyobashi Daiwa River Gate 4 7 Daiwa Hatchobori ekimae Daiwa Sasazuka 3 Daiwa Ginza Annex 3 2 Daiwa Hatchobori ekimae West 2 Daiwa Aoyama Daiwa Ginza 13 Daiwa Tsukijiekimae Daiwa Minami Aoyama Daiwa Daiwa Tsukiji Daiwa SHIBUYA EDGE Shibuya Miyamasuzaka Daiwa 9 9 Daiwa Nishi-Shimbashi 6 Shimbashi 510 Daiwa Tsukishima E SPACE TOWER 11 Shinsen Place Daiwa Harumi 2 Daiwa A Hamamatsucho Daiwa Shibuya Square 5 Daiwa Azabudai Daiwa Daikanyama 3 Daiwa Shibadaimon

Daiwa Ebisu 4-chome Minato Ward 2 Daiwa Shibaura Daiwa Mita 2-Chome Tokyo Daiwa Azabu Terrace 2 Daiwa Kitahama 2

Shinagawa Regional Major Cities Ward As of November 30, 2019 (Note) Properties acquired in the 28th FP and 29th FP are plotted with ●.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 15 Internal Growth Strategies

Continuous Internal Growth and Office Management Team (8 members) Maximization of Asset Value through “Bonji-Tettei” Aims at maximizing asset value by means of specialist groups headed by personnel assigned to each property in the Investment Corporation’s portfolio.

Hiroshi Udagawa Takafumi Ushiku Kotaro Ishii Jun Arai Asset management work history: Asset management work history: Asset management work history: Asset management work history: 13 years 6 months 15 years 4 months 13 years 9 months 13 years 9 months l Accurate understanding of the leasing market Grasp of l Grasping of needs and trends of occupying present tenants through regular visits situation l In-depth understanding of property features Chie Kamimura Kosuke Mizunara Jun Iwasaki Takeshi Morikawa Asset management work history: Asset management work history: Asset management work history: Asset management work history: 13 years 7 month 5 years 9 months 3 years 3 months 1 year 2 months l Information gathering from brokers l Implementing tenant satisfaction surveys Construction Management Team (7 members) Activities for and proposing improvement measures Engineering: Formulation and implementation of construction planning for assets. internal growth l Periodical property examination

l Maintenance of a stable occupancy rate by promptly filling vacancies

l Realization of stable management through Hiroshi Udagawa Naoki Murayama Kazuyoshi Ono Naoyuki Takeda Realization of solid relationship with tenants Asset management work history: Asset management work history: Asset management work history: Asset management work history: internal growth 13 years 6 months 4 years 7 month 13 years 2 months 4 years 4 months l Securement of revenue based on well- planned medium- to long-term management (Note) AM is an abbreviation for asset management. “AM work history” is the number of years engaged in the relevant work (as of January 21, 2020) and does not Naoki Umezawa Takahiro Hirabayashi Junpei Takaya indicate the number of years Asset management work history: Asset management work history: Asset management work history: employed at the asset 13 years 10 months 4 years 8 months 6 years 8 months management company. Aims to maximize asset value Investment Planning Team (5 members)

Middle office work: Budget and performance management for the portfolio

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 16 Portfolio Breakdown by Region and Status in Shinjuku and Shibuya Areas (1)

Portfolio Breakdown by Region (%) Shinjuku Maynds Tower Osaka City Yokohama City 2.0% Shinjuku Maynds Tower Occupancy Rate 8.6% Other 23 Wards (%) of Tokyo Regional Cities 2.0% 8.7% Greater Tokyo Shibuya Ward 17.4% 35.0% Chiyoda Ward 5.2% Shibuya Ward/ Shinjuku Ward 42.0% Minato Ward 11.4% 2-chome, Yoyogi, Location Shibuya-ku Five Central Wards of Tokyo Acquisition 80.6 66,900 million yen Chuo Ward % Shinjuku Ward price 22.0% 7.1% 12th 13th 14th 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP (Note 1) Based on acquisition price End End (Note 2) Percentage is rounded to the first decimal place (As of January 21, 2020)

Large-Scale Office Building Supply in E SPACE TOWER the 23 Wards of Tokyo E SPACE TOWER Occupancy Rate 2019―2023 (%) Total from 2019 to 2023 4,890,000 m² Other 700,000 m² Chiyoda Shibuya Ward Ward 460,000 m² 1,030,000 m² Shinjuku Ward Chuo Ward 230,000 m² 430,000 m² 3 Maruyama-cho, Location Shibuya-ku

Acquisition Minato Ward 24,000 million yen price 2,040,000 m² 12th 13th 14th 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP End End

Source: Mori Trust Large-scale properties: Offices with total floor areas of 10,000 m² or more (Note) Rent revenue is indexed as 11/11 = 100. Ownership interest of Shinjuku Maynds Tower is adjusted from the 25th FP.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 17 Portfolio Breakdown by Region and Status in Shinjuku and Shibuya Areas (2)

Average Rent in Five Central Wards of Tokyo (Note 1), Shinjuku Maynds Tower Shinjuku Ward and Shibuya Ward (Acquisition Price: 66,900 million yen)

Leasing Results

Newly Leased Area (Note 1) 467.92 tsubos (Note 2)

Unit Rent +24.5% (Note 3)

E SPACE TOWER (Acquisition Price: 24,000 million yen)

(Note 1) Five central wards includes Shinjuku Ward and Shibuya Ward. Leasing Results (Note 2) Average rent in each area is indexed as Nov. 2018 =100. Data: Miki Shoji Newly Leased Area (Note 1) 155.13 tsubos

(Note 3) Portfolio Map of the Shinjuku and Shibuya Areas Unit Rent +37.9%

LAQUAS Daiwa Shinjuku West Shinjuku Higashi Shinjuku Shinjuku StationWard Daiwa Nishi-Shinjuku shinyon curumu Daiwa Nishi-Shinjuku Shinjuku Maynds Tower (Acquisition Price: 13,710 million yen) Shibuya Daiwa Sasazuka Tower Ward Daiwa Jingumae Leasing Results Daiwa Sasazuka Daiwa Aoyama Daiwa SHIBUYA EDGE Newly Leased Area (Note 1) 199.08 tsubos E SPACE TOWER Daiwa Shibuya Shibuya Station Miyamasuzaka (Note 3) Shinsen Place Unit Rent +39.1%

Daiwa Shibuya Square Daiwa Ebisu 4-chome Daiwa Daikanyama (Note 1) “Newly leased” refers to the leases contracted in or after the 28th FP for each property. (Note 2) The figure indicated is arrived by multiplying the actual newly leased area by 3/7, which is equivalent to the co-ownership interest. (Note 3) The figures are calculated by dividing the new contract rent for the section subject to leasing by the previous contract rent.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 18 Highlights of Leasing for the Fiscal Period Ended November 2019 (28th FP)

Daiwa Shibadaimon Daiwa Kandasudacho Daiwa Shinagawa Gotenyama (Acquisition Price: 2,578 million yen) (Acquisition Price: 2,295 million yen) (Acquisition Price: 2,500 million yen)

n The property is a 5-minute walk from n The property is a 1-minute walk from n The property is a 10-minute walk from Shibakoen Station on the Toei Mita Line Iwamotocho Station on the Toei Subway Shinagawa Station on the JR Yamanote and a 7-minute walk from Hamamatsucho Shinjuku Line, a 7-minute walk from the Line, JR Keihin Tohoku Line and JR Station on the JR Yamanote Line. JR Akihabara Station, a 4-minute walk Tokaido Line and a 1-minute walk from n Easy access to Haneda Airport is from Akihabara Station on the Tokyo Kita-Shinagawa Station on the Keikyu available via Tokyo Monorail and the Toei Metro Hibiya Line, an 8-minute walk from Line. Asakusa Line, and the Hamamatsucho the JR Kanda Station and a 6-minute walk n The property expects demand for bus terminal serves as a departure and from Kanda Station on the Tokyo Metro headquarters, branches and business arrival depot for highway buses going to Ginza Line. offices in Tokyo from companies local cities. Having such excellent n The property expects demand from a wide developing businesses nationwide and convenience of transportation while also range of companies that emphasize the emphasizing wide-area traffic convenience displaying a rent level that is comparatively cheap rent while having as well as demand for back-offices from comparatively cheap, the property expects excellent convenience of transportation. companies that have bases in large demand from a wide range of companies. buildings in the neighboring areas.

Leasing Results Leasing Results Leasing Results

Newly Leased Area Newly Leased Area Newly Leased Area (Note 1) 284.01 tsubos (Note 1) 145.20 tsubos (Note 1) 99.64 tsubos

Unit Rent +48.6% (Note 2) Unit Rent +31.5% (Note 2) Unit Rent +60.0% (Note 2)

Location Shibadaimon, Minato-ku, Tokyo Location Kanda Suda-cho, Chiyoda-ku, Tokyo Location Kita-Shinagawa, Shinagawa-ku, Tokyo

Site Area 532.31m² Site Area Site Area 602.41m² 302.42m²

Structure SRC/RC Structure S/RC Structure SRC/S

Floor B1/7F Floor B1/10F Floor 8F

Use Office / Parking Use Office / Parking Use Office / Parking

Total Floor Area 3,524.42m² Total Floor Area 2,435.80m² Total Floor Area 2,897.64m²

Construction Construction Construction Date November 1996 Date August 1990 Date July 1992

(Note 1) “Newly leased” refers to the leases contracted in the 28th FP or in December 2019 for each property. (Note 2) The figures are calculated by dividing the new contract rent for the section subject to leasing by the previous contract rent.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 19 Section 3 External Growth Acquisition/Sale Policy and Status of Deliberation for Property Acquisitions

Acquisition/Sale Policy Distribution Chart of Portfolio Properties

n Places priority in the five central wards of Tokyo and equivalent area. Building Age (Year) n Thoroughly select properties in view of actual demand toward location (distance to station, station power, crowd attraction, surrounding environment), building specs, etc. n Acquire properties that improve growth potential and profitability of existing portfolio. n Invest in buildings with a building age of less than 25 years. n Consider replacement when necessary in consideration of future competitiveness, profitability, etc. of properties.

Sourcing Strategy Capitalizing on Status as Non-Real Estate Sponsored REIT

n Secure a sourcing route across a wide range by capitalizing on status as an independent style REIT and establishing strong relations with business companies, financial institutions, real estate brokers, etc. n Target optimum expansion of portfolio based on in-depth data analysis upon careful selection from among the wide-ranging information on properties that comes from diverse sources.

Number of Properties Reviewed for Acquisition

(Note)

(Note) Number of gross proposals. Distance from station (minutes)

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 21 Newly Acquired Properties in the Fiscal Period Ended May 2020

Daiwa Nakano-Sakaue Acquisition price: 2,750 million yen, Acquisition date: December 13, 2019

Transportation access • The property is a 6-minute walk from Nakano-sakaue Station on the Tokyo Metro Marunouchi Line and Toei Subway Oedo Line. With train rides from Nakano-sakaue Station taking 4 minutes to reach and 23 minutes to reach Tokyo Station, etc., the Property enjoys excellent access to major stations in central Tokyo. • The Nakano-sakaue area where the property stands is a submarket of the adjacent Nishi-shinjuku area offering relatively inexpensive rent despite being close to central Tokyo, and thus has strong appeal for tenants. • In addition, since the property faces Ome-Kaido Road (Prefectural Road No. 4), it enjoys excellent access to the Josai area (western part of Tokyo’s 23 wards) by car. Given such, the Property can expect demand for back offices from companies based in Shinjuku or for their sales offices for the Josai area, etc.

Property overview

• The property has 8 floors above ground and 1 floor below with a gross floor area of 3,978.82 m2 and a leasable area of approximately 120 tsubos per floor is secured. It is equipped with 2,600 mm of typical floor ceiling height, OA floor, individual air-conditioning systems, etc., satisfying needs of offices for various business categories. Furthermore, since there are no pillars in the rental spaces, a flexible and efficient layout is possible. • Although around 25 years have passed since its completion, the property has been properly maintained and managed. It is judged that the property will be able to, with well-planned facility updates, etc., remain competitive when compared with other properties in the surrounding areas going forward even after the acquisition. (Note 1) As of October 10, 2019

Location / Honcho, Nakano-ku, Tokyo / (Note 1) (Note 2) Figures calculated by dividing the expected annualized NOI under the Appraisal Value 2,910 million yen assumed occupancy rate (100.0%) by the acquisition price, based on the Distance from Station 6-minute walk from Nakano-sakaue Station lease agreement upon acquisition, etc. while taking into account the accrual of tax and public due, etc. are indicated. The figures do not represent forecast figures for the current period or the next period onward. Construction Date January 1995 Land Area 915.72m² (Note 3) Figures calculated by dividing the estimated figures under normal /Building Age 24.9 years* occupancy rate (with assumed occupancy rate of 93.0%) after acquisition, obtained by deducting rent business-related expenses from rent revenue assumed under rents over a medium term, by the acquisition price are Structure/Floor SRC / B1/8F Building Area 3,978.82m² indicated. The figures do not represent forecast figures for the current period or the next period onward. (Note 4) Depreciation indicates a figure obtained by dividing the total amount of depreciation (6-month equivalent) expected to be posted upon property Occupancy Rate 100.0% (as of acquisition) Number of Tenant 6 (as of acquisition) acquisition and depreciation (for 6 months) expected to be posted in the following fiscal period by the acquisition price. The figures do not represent forecast figures for the current period or the next period onward. NOI Yield Occupancy Rate NOI Yield Occupancy Rate * As of December 13, 2019 Upon Acquisition (Note 2) Mid-term (Note 3) 4.0% 100.0% 4.4% 93.0%

NOI Yield Occupancy Rate Appraisal Depreciation (Note 4) 0.6% 4.4% 96.0%

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 22 Properties Acquired and Transferred through Exchange in the Fiscal Period Ended November 2019

Acquisition: Daiwa Mita 2-Chome Transfer: Daiwa Osaki 3-chome Acquisition price: 2,635 million yen Transfer price: 2,685 million yen

Transportation access Location / Distance from Station Osaki, Shinagawa-ku, Tokyo / 3 minutes • The property is a 6-minute walk from Akabanebashi Station on the Toei Oedo Subway Line, a 7- minute walk from Mita Station on the Toei Mita and Asakusa Subway Lines and a 10-minute walk Construction Date / Building Age September 2007 / 11.8 years* from Tamachi Station on the JR Yamanote and Keihin Tohoku Line. With train rides from Tamachi Station taking approximately 9 minutes to reach Tokyo Station and those from Mita Station taking Structure / Floor S/SRC / B1F/6F approximately 9 minutes to reach Otemachi Station, etc., the property enjoys excellent access to major stations in Tokyo. Floor area 2,243.36 m² • The Shibakoen, Shiba and Mita area where the property stands is adjacent to newly emerging office districts such as Shiodome and Shinagawa and also offers excellent access to districts with a high concentration of business such as Otemachi and Hibiya. In addition, it is located along Sakurada-dori Appraisal value 2,480 million yen (as of May 31, 2019) street on National Route 1 and offers high visibility. NOI Yield (Note) 4.0% Property overview (Note) NOI yield is calculated by dividing the actual annualized NOI for the 26th FP by the transfer price. • The property has 8 floors above ground with a gross floor area of 3,003.17 m2 and a leasable area of (*) As of July 1, 2019 approximately 90 tsubos per floor is secured. It is equipped with 2,700 mm of typical floor celling height and 100 mm of OA floor. The exterior of the building features black aluminum curtain wall delivering (Note 1) NOI yield after reduction entry is calculated by dividing the expected annualized NOI under the assumed occupancy rate strong presence, and the grade and convenience have been enhanced by having a spacious entrance (100.0%) by the book value, based on the lease agreement on the acquisition date, etc. while taking into account the accrual and multipurpose toilets on the first floor without any rental rooms. of tax and public due, etc. The figures are rounded to the first decimal place. (Note 2) The Investment Corporation made a reduction entry for the land and building of the property acquired by applying the provisions of the “Inclusion in Deductible Expenses of the Amount of Advanced Depreciation of Assets Acquired by Exchange” Mita, Minato-ku, Tokyo / in Article 50 of the Corporation Tax Act and deducted advanced depreciation amount of 1,069 million yen among the gain on Location / Distance from Station Construction Date / Building Age March 2017 / 2.3 years* 6-minute walk from Akabanebashi Station sale of the property sold from the book value of the property acquired. As a result, the book value as of November 30, 2019 was 1,599 million yen. Land Area (Ownership) 454.37m² Building Area 3,003.17m² (Note 3) The figure for depreciation is the total amount of the six-month depreciation conversion figure expected to accrue in the fiscal period of acquisition and the appropriate expected depreciation charge for the next fiscal period (six-month period), which are Structure / Floor S / 8F Number of Tenant 1 (as of acquisition) divided by the acquisition price. The figures are rounded to the first decimal place. The figure is not the forecast for the current fiscal period or the next fiscal period onward.

NOI Yield (Note 1) Assumed Book Value (Note 2) Depreciation (Note 3) (Note 4) The figure for appraisal NOI yield is calculated based on net operating income used for the calculation of the income approach After Reduction entry value as per the direct reduction process as stipulated in the property appraisal report and divided by acquisition price. The 7.9% 1,599 million yen 0.5% figure is rounded to the first decimal place. (Note 5) As of June 1, 2019 NOI Yield (Note 4) Appraisal Value (Note 5) Occupancy Rate Appraisal (Note 6) NOI yield at acquisition is calculated based on the leasing agreement for the property on the acquisition date by dividing the 4.8% 3,240 million yen 100.0% annual income with the assumption of the occupancy rate being 100.0% in consideration of the taxes and other costs that may be incurred by acquisition price. The figures are rounded to the first decimal place. (Note 6) NOI Yield Acquisition Price Occupancy Rate (Note 7) Midterm NOI yield is calculated based on the assumption that after the property acquisition, the Investment Corporation will Upon Acquisition receive rent under normal occupancy rate for the medium term (with the assumption of the occupancy rate being 100.0%). The 4.7% 2,635 million yen 100.0% estimated figures where the rental business expenses are deducted from the rental revenue are divided by the acquisition price. The figures are rounded to the first decimal place. The figure is not the forecast for the current fiscal period or the next NOI Yield (Note 7) Occupancy Rate fiscal period onward. Mid-term 4.7% 100.0% (*) As of July 1, 2019

l Improve profitability by making a reduction entry of 1,069 million yen with the exchange scheme. Furthermore, aim to increase NOI and rejuvenate the entire portfolio. (Rejuvenation of portfolio: -0.1 years)

Effect of asset Increase in unrealized gain through exchange Book value NOI yield after reduction entry (Note) Transferred a 11.8-year old property and replacement 0.8 billion yen → 1.6 billion yen 7.9% acquired a 2.3-year old property

(Note) The difference between the appraisal value (3,280 million yen) and book value (1,599 million yen) as of November 30, 2019 is calculated for the property acquired and the difference between the appraisal value as of May 31, 2019 and the book value as of July 1, 2019 for the property transferred.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 23 Change in Asset Size and Acquisition Performance

Aim to Achieve Medium-Term Goal Asset Size of 500 Billion Yen

(billion yen) 550 80%

Total Acquisition Price LTV (Based on Total Asset) 500.0 500 467.7 469.3 469.3 70% 458.3 459.7 460.0 461.0 445.7 450 439.4 413.2 60% 400 387.5 364.0 352.7 350 332.0 50% 313.2 314.9 311.3 44.3 43.3 42.1 42.1 43.0 41.7 42.3 42.2 42.3 41.5 300 287.3 40.6 40.2 40.5 278.1 269.1 37.5 40% 34.4 34.0 34.2 250 Acquisition Property Acquisition Property 28.9 Acquisition Property • Daiwa River Gate • CONCURRED Yokohama • Daiwa Shibuya Dogenzaka • Daiwa Hatchobori ekimae • Daiwa Kanda East 28.1 • Daiwa Hatchobori ekimae West 25.5 • Daiwa Akasaka 30% 200 • Daiwa Shibuya Miyamasuzaka Acquisition Property Acquisition Property Acquisition Property • Daiwa Kanda Mikuracho • E SPACE TOWER • Daiwa Ebisu 4-chome Acquisition Property • LAQUAS Higashi Shinjuku 150 Acquisition Property • Daiwa Kandasudacho Acquisition Property Acquisition Property • Daiwa Aoyama 20% • Shinsen Place • Daiwa Higashi-Nihonbashi • Daiwa Shinagawa Gotenyama • Daiwa Kayabacho Building • shinyon curumu • Daiwa Shibuya Square • Daiwa Daikanyama • Daiwa Sasazuka Tower • Daiwa Jinbocho 3-chome • Daiwa Meieki • Daiwa Meguro Square • Daiwa Shinjuku West 100 • Daiwa Kamiooka • Daiwa Ogikubo Acquisition Property Acquisition Property Acquisition Property • Daiwa Nishi-Shimbashi Acquisition Property • Daiwa Sasazuka • Daiwa Azabu Terrace 10% • Daiwa Kudan • Daiwa Osaki 3-chome • Daiwa Harumi 50 • Daiwa Kitahama Acquisition Property Acquisition Property Acquisition Property Acquisition Property Acquisition Property • Daiwa Nishi-Shinjuku • Daiwa Jimbocho • Daiwa Nihonbashi Hongokucho • Daiwa Ogikubo Tower • Kirin Nihonbashi Building • Daiwa Mita 2-Chome 0 0% 9th 10th 11th 12th 13th 14th 15th 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th Medium-Term FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP Goal

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 24 Section 4 Financial Strategy Status of Interest-Bearing Liabilities (1)

Loan to Value Trend Status of Interest-bearing Liabilities (Billion Yen) (End of 28th Fiscal Period)

Ratio of Ratio of

(Note) Fixed and Floating Borrowings Long and Short-Term Borrowings

17.9% 16.2%

Medium- to long-term, upper-limit target LTV range 42.1%

82.1% 83.8%

Fixed interest Long-term loans payable, etc.

Floating interest Short-term loans payable, current portion of long-term loans payable and current portion of investment corporation bonds

Status of Rating

Japan Credit Rating Agency, Ltd. (JCR)

Long-term issuer rating Rating outlook: Stable (Assigned on February 5, 2019)

Rating and Investment Information, Inc. (R&I)

Issuer rating Rating outlook: Stable (Note) LTV (based on total assets) = Total interest-bearing liabilities / Total assets (Assigned on September 4, 2019)

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 26 Status of Interest-Bearing Liabilities (2)

Repayment Schedule Change in Procured Years of Interest-Bearing Liabilities

(Million Yen) (Year) (Year)

n Investment Corporation Bond

3.9

7.8

7.8

29th 30th 31st 32nd 33rd 34th 35th 36th 37th 38th 39th 40th 41st 42nd 43rd 44th 45th 46th 47th 48th 49th 50th 51st 52nd 16th 17th 18th 19th 20th 21st 22nd 23rd 24th 25th 26th 27th 28th FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 27 Status of Interest-Bearing Liabilities (3)

As of End of the 28th Fiscal Period

(Million Yen)

Comparison with Comparison with Name of Financial Institutions Balance Previous Period Balance Ratio Name of Financial Institutions Balance Previous Period Balance Ratio Sumitomo Mitsui Banking 41,400 - 20.8% The Yamaguchi Bank, Ltd. 2,000 - 1.0% Corporation Sumitomo Mitsui Trust Bank, 24,500 - 12.3% The Norinchukin Bank 2,000 - 1.0% Limited

Development Bank of Japan Inc. 21,750 - 10.9% Nippon Life Insurance Company 1,300 - 0.7%

MUFG Bank, Ltd. 21,500 - 10.8% The Higashi-Nippon Bank, Limited 1,000 - 0.5%

Mizuho Corporate Bank, Ltd. 20,400 - 10.2% The Hyakugo Bank, Ltd. 1,000 - 0.5%

The Yamanashi Chuo Bank, Shinsei Bank, Limited 14,000 - 7.0% 1,000 - 0.5% Ltd.

Resona Bank, Limited 12,500 - 6.3% Taiyo Life Insurance Company 300 - 0.2%

Mizuho Trust and Banking Co., Fukoku Mutual Life Insurance 9,500 - 4.8% 200 - 0.1% Ltd. Company

The Bank of Fukuoka, Ltd. 6,500 - 3.3% Total 199,350 - 100.0%

Kansai Mirai Bank, Limited 5,000 - 2.5%

Comparison with Duration of Nishi-Nippon City Bank, Ltd. 3,000 - 1.5% Issuance Balance Previous Period Liabilities No. 3 Unsecured Investment The Gunma Bank, Ltd. 2,500 - 1.3% - -3,000 5 years Corporation Bond No. 4 Unsecured Investment Aozora Bank, Ltd. 2,000 - 1.0% 2,100 - 10 years Corporation Bond No. 5 Unsecured Investment The 77 Bank, Ltd. 2,000 - 1.0% 1,700 +1,700 5 years Corporation Bond No. 6 Unsecured Investment The Musashino Bank, Ltd. 2,000 - 1.0% 1,300 +1,300 12 years Corporation Bond Tokio Marine & Nichido Fire Total 2,000 - 1.0% Insurance Co., Ltd. Investment Corporation Bonds 5,100 - -

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 28 Unitholders as of the End of the November 2019 (28th) Fiscal Period

Unitholders’ Share by Investor Type List of Top 10 Investors

Number of Number of Number of Number of Rate (Note) Rate (Note) Units Units Change of Units Units Change of Investor Type End of 28th No. Investor Name End of 28th End of 27th End of 28th Units End of 27th End of 28th Units Fiscal Period Fiscal Period Fiscal Period Fiscal Period Fiscal Period Fiscal Period

Individuals 14,092 13,625 -467 2.77% 1 Daiwa Investment Management Inc. 128,905 128,905 - 26.21%

Financial The Master Trust Bank of Japan, Ltd. 161,625 169,082 +7,457 34.37% 2 Institutions (Investment Trust Account) 60,945 67,247 +6,302 13.67%

Commercial - - - 0.00% Bank 3 Daiwa Securities Group Inc. 59,321 59,321 - 12.06%

Regional Bank 10,802 14,142 +3,340 2.88% Japan Trustee Services Bank, Ltd. 4 (Trust Account) 41,979 41,142 -837 8.36%

Trust Bank 136,995 141,146 +4,151 28.70% Trust & Custody Services Bank, Ltd. 5 (Securities Investment Trust Account) 16,752 14,564 -2,188 2.96% Life Insurance 395 471 +76 0.10% The Nomura Trust and Banking Co., 6 Ltd. 12,804 14,233 +1,429 2.89% Non-life (Investment Trust Account) Insurance 5,366 3,334 -2,032 0.68% 7 Mizuho Securities Co., Ltd. 73 7,059 +6,986 1.44% Other Financial Institutions 8,067 9,989 +1,922 2.03% Mitsubishi UFJ Morgan Stanley Other Domestic 8 6,662 6,916 +254 1.41% 190,743 192,012 +1,269 39.04% Securities Co., Ltd. Corporation

9 BNYM AS AGT/CLTS 10 PERCENT 9,671 6,609 -3,062 1.34% Foreigner 108,524 96,373 -12,151 19.59%

Securities 16,893 20,785 +3,892 4.23% 10 SSBTC CLIENT OMNIBUS ACCOUNT 6,240 5,153 -1,087 1.05%

Total 491,877 491,877 - 100.00% Total 343,352 351,149 +7,797 71.39%

(Note) Rounded to the second decimal place (Note) Rounded to the second decimal place

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 29 Section 5 Efforts on ESG Efforts on ESG | Sustainable Development Goals (SDGs)

Daiwa Real Estate Asset Management Co., Ltd., the asset management company of the Investment Corporation, is making efforts to achieve the “Sustainable Development Goals (SDGs)” under the “Daiwa Securities Group’s SDGs Declaration (Passion for SDGs)” announced by Daiwa Securities Group Inc., the sponsor group.

Passion for SDGs ―Daiwa Securities Group’s SDGs Declaration (Passion for SDGs)―

Daiwa Securities Group recognizes the Sustainable Development Goals (SDGs) adopted by the United Nations in 2015 as overarching goals to lead the world. Through our group business, we will work actively for realization of a prosperous society and improved life by pursuing both our company’s economic value and solutions to social challenges at the same time.

l Creation of shared values l Developing and realizing work styles for diverse human resources

As an integrated securities group that provides a wide range of services for various customer needs, With measures like promoting better work-life balance and success of female and veteran we will address solutions of social challenges with a flexible mindset to bring about our company’s employees to create a working environment in which our employees, regardless of their gender and economic and social value at the same time. age, would feel satisfied to work and where they can demonstrate their full potential, we will endeavor to develop diverse human capital and work styles.

lPartnership with stakeholders l Increase recognition and enhance penetration

By utilizing our group quality of taking a leading role in connecting countries, companies and We will strive to increase awareness and deepen the understanding of SDGs amongst our investors, we aim for contribution to various social business solutions through partnerships with each employees and customers through our group business as a main player in the financial and capital of our stakeholders. market.

SDGs Promotion Committee and SDGs Promotion System of Daiwa Securities Group

Daiwa Securities Group has been discussing group-wide cross-sectional responses to the SDGs at its SDG Promotion Committee since 2018. In FY2019, the committee invited new outside members (Note) to consider various matters utilizing the experience and insight of these experts. Through the committee and SDGs Promotion Office of the Corporate Planning Department, the group is working to roll out SDG-promotion initiatives across the entire group, as well as strengthen collaboration and raise awareness of SDGs within the group.

Foundations Daiwa Securities Group Stakeholders

Board of Directors Investors Executive Management Committee Issuers Investees Daiwa Securities Health Foundation SDGs Promotion Committee Chair: Seiji Nakata, President and CEO, Daiwa Securities Group Inc. Shareholders and others Daiwa Securities Foundation Dialogue Dialogue Direction and approval Proposals and approval Business partners Daiwa Anglo-Japanese Foundation (UK) Governments Daiwa Myanmar-Japan Foundation (Myanmar) Secretariat: SDGs Promotion Office, Corporate Planning Department, Daiwa Securities Group Inc. Communication of information, NPOs/NGOs Consultation, proposals, reports awareness raising, collaboration Local communities Daiwa Real Estate Asset Management Co., Ltd. and other group companies, departments, etc. Employees

(Note) Hiroko Kuniya (Project Professor, Graduate School of Media and Governance, Keio University), Touko Shirakawa (Visiting Professor, Sagami Women’s University), Naohiro Nishiguchi (CEO, Japan Innovation Network)

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 31 Efforts on ESG | Environment

Environmental Certification

GRESB Real Estate Assessment Acquisition of rating in “MUFG ESG Rating Certificate for J-REIT supported by JCR”

The Investment Corporation participates in the GRESB Real Estate Assessment In "MUFG ESG Rating Certificate for J-REIT supported by JCR" since 2011 and earned the best rating of Green Star for eighth consecutive year by MURC, the Investment Corporation received an “A Rank” for from 2012. its wide range of activities in all areas of ESG.

LEED Certification

Daiwa Harumi acquired a GOLD level in LEED

DBJ Green Building Certification The “LEED® Certification Mark” is a registered trademark owned by the Shinjuku Maynds Tower acquired 4 U.S. Green Building Council and is used with permission in this material. Stars, evaluated for improving its building habitability by introducing various environmental and energy CASBEE Property Appraisal conserving technologies while providing Daiwa Shibuya Square and Shinjuku a lot of restaurants, clinic and other Maynds Tower were awarded "A rank" facilities that facilitate convenience for in CASBEE for Market Promotion tenants. certification system. BELS Evaluation

Daiwa Jimbocho, Daiwa Kayabacho Building and shinyon curumu have newly acquired a Building Energy-efficiency Labeling System (BELS) evaluation of Certification Based on SMBC Sustainable Building Assessment Loan ★★★, ★★ and ★ respectively as of March 3, 2016 Daiwa Ginza earned "Gold" due to high evaluation for factors including "policy and implementation of sustainable management," "sustainable utilization of site," and "risk management," despite the age of Daiwa Ginza approaching 50 years. E SPACE TOWER earned "Silver" due to high evaluation for "policy and implementation of sustainable management," “sustainable utilization of site," "indoor environment" and "water-saving."

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 32 Efforts on ESG | Social / Governance

Efforts for Enhancing Tenant Satisfaction

Emergency disaster kit cabinets in elevators Inside the elevator of Digital signage in elevator halls Elevator hall at Daiwa Azabu Terrace Daiwa Shibaura [Target properties] [Target properties] Installation rate among Installation rate among Sequentially, properties for which Sequentially, properties for which properties properties the cabinets can be installed the signage can be installed 58.3 % 36.7 % [Details] [Details] Install emergency disaster kit cabinets in elevators to secure safety of Install digital signage in elevator halls to communicate information to tenants’ office workers as well as those using the offices. Stock food tenants’ office workers as well as those using the offices during their and emergency kit that will be necessary until rescued after trapped in waiting time and reduce their stress from the congestion. elevators.

Coexistence with Local Communities Efforts for Employees

Ratio of women at Shinjuku Minami Lumi Improving various programs the Asset Management Company [Target properties] [Period] [Target] Ratio of women among all employees:32.5% Shinjuku Maynds Tower Annually early November to mid- Officers and employees of the Asset Ratio of women in managerial positions February of next year Management Company (assistant manager or higher): 20.9% [Details] Held “Shinjuku Minami Lumi,” an event to illuminate Shinjuku [Childcare-related] South Exit area, jointly with Odakyu Electric • Childcare leave/Childcare Support Leave Railway, Takashimaya, East Japan Railway and Asahi Mutual system Family Day Life Insurance for sixth consecutive year since 2013. • Short working hours system Hold an annual family With dreamy illuminations, the event provides a space for office • Daycare subsidy/Babysitter system, etc. visit day during the summer holiday workers in the nearby companies and stores, visitors and local [Nursing care-related] residents to communicate with each other while improving awareness of the Shinjuku South Exit area. • Nursing care leave • Time for nursing care, etc.

Establishment of Policy Regarding ESG

[Details] 1. Initiatives on Environmental Protection (Environment) We will proactively promote initiatives on environmental protection such as resource and energy-saving measures including he The Investment Corporation established the Policy introduction of facilities and equipment contributing to environmental protection at owned properties. Regarding ESG on March 31, 2019 as follows, judging that emphasizing ESG (Environment, Social 2. Connection to Society (Social) and Governance) contributes to the enhancement We will proactively disclose information and fulfill our accountability to all of stakeholders through IR activities, etc. We will accomplish of the Investment Corporation's medium- to long- social missions of a listed investment corporation by providing high-quality and comfortable residential spaces in partnership. term corporate value. 3. Corporate Governance (Governance) We will make highly transparent and reasonable decisions in compliance with laws and regulations and various rules while being aware of the importance of corporate ethics and compliance.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 33 Appendix Three Characteristics of the Investment Corporation (As of January 21, 2020)

Office Office Specialized REIT Building 100%

Greater Tokyo Regional Major Cities 17.4% 2.0% REIT focused on the Five Central Wards of

Tokyo Five Central Wards of Tokyo 80.6%

(Note) Based on acquisition price.

Fiscal period ended Fiscal period ended Fiscal period ending Fiscal period ending May 2019 Nov. 2019 May 2020 Nov. 2020 (27th FP) (28th FP) (29th FP) (30th FP) Actual Actual Forecast Forecast Steady Growth in Distribution Dividend per Unit 12,559 yen 13,139 yen 13,400 yen 13,700 yen

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 35 Summary of Results for the Fiscal Period Ended November 2019 (28th FP) (1) ― Balance Sheet ―

Comparison with Results of the 27th Fiscal Period

27th Fiscal Period 28th Fiscal Period 27th Fiscal Period 28th Fiscal Period

Million Yen (%) Million Yen (%) Million Yen (%) Million Yen (%)

Current Assets 30,716 6.3 31,990 6.6 Current Liabilities 32,632 6.7 37,540 7.7

Cash and Deposits 26,663 27,799 Operating Accounts Pay ables 981 701 Cash and Deposits in Trust 3,479 3,581 Short-term loans pay able 5,000 5,000 Current portion of inv estment Other Current Assets 572 609 corporation bonds 3,000 - Current Portion of Long-term Loans Fixed Assets 454,908 93.7 454,004 93.4 Pay able 19,500 28,100 Tangible Fixed Assets 451,185 92.9 450,005 92.6 Accounts Pay ables-Other 567 580 Building and Others Adv ances Receiv ed (including Trust Property ) 85,865 85,375 2,323 2,355 Land and Others Other Current Liabilities (including Trust Property ) 364,489 364,572 1,261 802

Other Tangible Fixed Assets 831 58 Liabilities Fixed Liabilities 198,543 40.9 193,597 39.8

Intangible Fixed Assets 2,725 0.6 2,721 0.6 Inv estment Corporation Bonds 2,100 5,100

Assets Leasehold Rights and Leasehold Long-term Loans Pay able Rights in Trust 2,705 2,705 174,850 166,250 Tenant Leasehold and Security Other Intangible Fixed Assets 20 16 Deposits 19,145 19,978 Tenant Leasehold and Security Inv estments and Other Assets 997 0.2 1,277 0.3 Deposits in Trust 1,844 1,882 Leasehold and Security Deposits Other Fixed Liabilities Paid in Trust 113 113 603 386 Long-term Prepaid Expenses 791 1,123 Total Liabilities 231,175 47.6 231,138 47.6 Other Inv estments and Other Unitholders’ equity (net amount) Assets 92 40 247,876 247,876 Def erred Assets 11 0.0 34 0.0 Unitholders' capital 251,551 251,551 Inv estment Corporation Bond Deduction f rom unitholders’ capital Issuance Costs 11 34 -3,675 -3,675 Total Assets 485,636 100.0 486,030 100.0 Unappropriated Retained Earnings 6,887 7,173

NetAssets Valuation, Translation Adjustments and Others -303 -156 Total Net Assets 254,460 52.4 254,892 52.4 Total Liabilities and Net Assets 485,636 100.0 486,030 100.0

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 36 Summary of Results for the Fiscal Period Ended November 2019 (28th FP) (2) ― Income Statement ―

Comparison with Results of the 27th Fiscal Period Comparison with the 28th Fiscal Period Forecasts (Million Yen) (Million Yen)

28th Fiscal Period 27th 28th Forecast 28th Fiscal Fiscal Period Fiscal Period (Announced Change Period Change July 18, 2019)

Effective Number of Days of Investment 182 days 183 days Effective Number of Days of Investment 183 days 183 days

Operating Rev enues (A) 13,833 14,094 +261 Operating Rev enues (A) 14,024 14,094 +69

Gain on sales of real estate properties(Note 1) 142 18 -123 Gain on sales of real estate properties (Note 1) 20 18 -1

Operating Expenses (B) 6,853 6,980 +126 Operating Expenses (B) 6,966 6,980 +14

Expenses related to Rental Business Expenses related to Rental Business (excluding depreciation) 3,666 3,758 +92 (excluding depreciation) 3,742 3,758 +16

Depreciation 1,813 1,826 +13 Depreciation 1,811 1,826 +14

Gain and Loss f rom Rental Operations Gain and Loss f rom Rental Operations (ex cluding gain on sales of real estate properties (Note 1)) 8,211 8,491 +279 (excluding gain on sales of real estate properties) 8,450 8,491 +40

Operating Income (A-B) 6,979 7,114 +134 Operating Income (A-B) 7,058 7,114 +55

Non-operating Expenses 662 659 -3 Non-operating Expenses 661 659 -2

Interest Expense Interest Expense (including cap amortization) 520 516 -3 (including cap amortization) 518 516 -1

Ordinary Income 6,320 6,463 +143 Ordinary Income 6,396 6,463 +67

Extraordinary Income - - - Extraordinary Income - - -

Extraordinary Expenses - - - Extraordinary Expenses - - -

Total Income Taxes Total Income Taxes (Includes income taxes def erred) 0 0 -0 (Includes income taxes def erred) 2 0 -1

Net Income 6,320 6,462 +142 Net Income 6,394 6,462 +68

Inv estment Units Issued and Outstanding 491,877 units 491,877 units - Inv estment Units Issued and Outstanding 491,877 units 491,877 units -

Div idend per Unit (Note 2) 12,559 yen 13,139 yen +580 yen Div idend per Unit 13,000 yen 13,139 yen +139 yen

(Note 1) Gain on sales of real estate properties for the 28th FP refers to gain on exchange of real estate properties. (Note 2) Dividends per unit for the 27th FP is calculated by dividing the amount obtained by subtracting provision for reserve for reduction entry (142 million yen) from unappropriated retained earnings by the total number of investment units issued and outstanding.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 37 Forecasts for the Fiscal Periods Ending May 2020 and November 2020 (29th and 30th FP)

Forecasts for the 29th and 30th Fiscal Periods (Million Yen) 29th Period 30th Period 28th Period Forecast Forecast (Nov. 30, 2019) (May 31, 2020) (Nov. 30, 2020)

Effective Number of Days of Investment 183 days 183 days 183 days

Operating Rev enues (A) 14,094 14,203 14,483

Gain on sales of real estate properties (Note) 18 - -

Operating Expenses (B) 6,980 6,961 7,113

Expenses related to Rental Business (excluding depreciation) 3,758 3,704 3,851 Depreciation 1,826 1,840 1,845 Gain and Loss f rom Rental Operations (ex cluding gain on sales of real estate properties (Note)) 8,491 8,657 8,786 Operating Income (A-B) 7,114 7,241 7,369

Non-operating Expenses 659 647 628

Interest Expense (including cap amortization) 516 507 490 Ordinary Income 6,463 6,593 6,741

Extraordinary Income - - -

Extraordinary Expenses - - - Total Income Taxes (Includes income taxes def erred) 0 2 2

Net Income 6,462 6,591 6,739

Inv estment Units Issued and Outstanding 491,877 units 491,877 units 491,877 units

Div idend per Unit 13,139 yen 13,400 yen 13,700 yen

(Note) Gain on sales of real estate properties for the 28th FP refers to gain on exchange of real estate properties.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 38 Status of Interest-Bearing Liabilities (1) (as of November 30, 2019)

Borrowings

Balance Interest Interest Rate Date of Balance Interest Interest Rate Date of Term Lender Due date Term Lender Due date (million yen) T ype (%) Advance (million yen) T ype (%) Advance Sumitomo Mitsui Banking Corporation 2,000 Float T+0.250% 19/2/27 20/1/31 MUFG Bank, Ltd. (*) 1,000 Fixed 0.593% 14/12/3 21/11/30 Sumitomo Mitsui Trust Bank, Limited 1,000 Float T+0.250% 19/2/27 20/1/31 MUFG Bank, Ltd. (*) 1,000 Fixed 0.560% 14/12/3 22/5/31 MUFG Bank, Ltd. 1,000 Float T+0.250% 19/2/27 20/1/31 Mizuho Bank, Ltd. (*) 1,500 Fixed 0.353% 14/12/3 22/11/30 Short-term borrowings Mizuho Bank, Ltd. 1,000 Float T+0.250% 19/2/27 20/1/31 Resona Bank, Limited (*) 1,500 Fixed 0.353% 14/12/3 22/11/30 Total short-term borrowings 5,000 Sumitomo Mitsui Trust Bank, Limited (*) 1,000 Fixed 0.353% 14/12/3 22/11/30 Sumitomo Mitsui Trust Bank, Limited (*) 1,500 Fixed 0.896% 13/2/1 20/2/28 Sumitomo Mitsui Banking Corporation (*) 1,500 Fixed 0.458% 14/12/3 23/5/31 Aozora Bank, Ltd. (*) 2,000 Fixed 0.896% 13/2/28 20/2/28 Resona Bank, Limited (*) 2,500 Fixed 0.365% 15/2/27 23/2/28 Resona Bank, Limited (*) 2,000 Fixed 0.896% 13/3/1 20/2/28 Dev elopment Bank of Japan Inc. 2,000 Fixed 0.710% 15/3/31 22/3/31 Kansai Mirai Bank, Limited (*)(**) 2,000 Fixed 0.794% 13/6/28 20/8/31 Shinsei Bank, Limited 1,500 Float L+0.325% 15/3/31 23/5/31 Sumitomo Mitsui Banking Corporation (*) 1,600 Fixed 0.781% 13/7/3 20/8/31 The 77 Bank, Ltd. (*) 1,000 Fixed 0.479% 15/5/1 21/5/31 Shinsei Bank, Limited (*)(**) 1,000 Fixed 0.787% 13/7/3 20/11/30 Dev elopment Bank of Japan Inc. 1,500 Fixed 0.634% 15/5/1 22/5/31 The Higashi-Nippon Bank, Limited (*) 1,000 Fixed 0.808% 13/7/3 20/11/30 The Bank of Fukuoka, Ltd. (*) 1,500 Fixed 0.408% 15/5/1 23/5/31 Sumitomo Mitsui Trust Bank, Limited (*) 4,000 Fixed 0.816% 13/7/8 20/5/29 Sumitomo Mitsui Trust Bank, Limited (*) 1,500 Fixed 0.450% 15/5/1 23/11/30 MUFG Bank, Ltd. (*) 3,000 Fixed 0.761% 13/8/9 20/8/31 Mizuho Bank, Ltd. (*) 1,500 Fixed 0.450% 15/5/1 23/11/30 Shinsei Bank, Limited (*)(**) 1,000 Fixed 0.737% 13/11/29 20/11/30 Shinsei Bank, Limited 1,500 Float L+0.325% 15/5/1 23/11/30 MUFG Bank, Ltd. (*) 2,000 Fixed 0.595% 14/5/29 20/5/29 Resona Bank, Limited (*) 1,500 Fixed 0.450% 15/5/1 23/11/30 Dev elopment Bank of Japan Inc. 1,000 Fixed 0.742% 14/5/29 20/11/30 Sumitomo Mitsui Banking Corporation (*) 3,000 Fixed 0.441% 15/5/1 24/5/31 Mizuho Trust and Banking Co., Ltd. (*) 3,000 Fixed 0.530% 14/7/8 20/11/30 Mizuho Bank, Ltd. (*) 2,000 Fixed 0.450% 15/5/29 23/11/30

Current maturities long-term of borrowings Sumitomo Mitsui Banking Corporation (*) 2,000 Fixed 0.530% 14/7/8 20/11/30 MUFG Bank, Ltd. (*) 500 Fixed 0.450% 15/5/29 23/11/30 The Musashino Bank, Ltd. (*)(**) 1,000 Fixed 0.349% 15/8/31 20/8/31 Nishi-Nippon City Bank, Ltd. 2,000 Float L+0.250% 15/8/31 22/8/31 Total current maturities of long-term borrowings 28,100 The 77 Bank, Ltd. (*) 1,000 Fixed 0.281% 15/8/31 22/8/31 Shinsei Bank, Limited (*)(**) 1,000 Fixed 0.836% 13/7/31 21/5/31 Sumitomo Mitsui Banking Corporation (*) 500 Fixed 0.440% 15/8/31 24/8/30 Shinsei Bank, Limited (*)(**) 1,000 Fixed 0.856% 13/7/31 21/8/31 Nippon Life Insurance Company (*) 1,000 Fixed 0.281% 15/9/11 22/8/31 Sumitomo Mitsui Trust Bank, Limited (*) 1,000 Fixed 0.646% 13/8/9 21/2/26 Sumitomo Mitsui Trust Bank, Limited (*) 1,000 Fixed 0.403% 15/9/11 24/2/29 Sumitomo Mitsui Banking Corporation (*) 1,400 Fixed 0.629% 13/8/9 21/5/31 MUFG Bank, Ltd. (*) 1,000 Fixed 0.403% 15/9/11 24/2/29 Mizuho Bank, Ltd. (*) 4,000 Fixed 0.636% 13/9/27 21/3/31 Sumitomo Mitsui Banking Corporation (*) 1,000 Fixed 0.440% 15/9/11 24/8/30 Sumitomo Mitsui Banking Corporation (*) 1,400 Fixed 0.636% 13/9/27 21/3/31 The Gunma Bank, Ltd. (*) 1,000 Fixed 0.443% 15/11/30 22/2/28 Long-term borrowings Long-term Resona Bank, Limited (*) 2,000 Fixed 0.606% 14/3/18 21/3/31 Nippon Life Insurance Company (*) 300 Fixed 0.281% 15/11/30 22/8/31 Sumitomo Mitsui Banking Corporation (*) 1,000 Fixed 0.606% 14/3/25 21/3/31 Taiyo Life Insurance Company 300 Fixed 0.541% 15/11/30 22/11/30 Sumitomo Mitsui Banking Corporation (*) 1,000 Fixed 0.593% 14/3/25 22/2/28 Sumitomo Mitsui Banking Corporation (*) 1,500 Fixed 0.290% 16/3/29 23/2/28 Mizuho Bank, Ltd. (*) 3,900 Fixed 0.606% 14/3/31 21/3/31 Dev elopment Bank of Japan Inc. 1,500 Fixed 0.303% 16/3/29 23/2/28 MUFG Bank, Ltd. (*) 1,000 Fixed 0.618% 14/5/29 21/11/30 Mizuho Bank, Ltd. (*) 1,000 Fixed 0.290% 16/3/29 23/2/28 Mizuho Bank, Ltd. (*) 1,500 Fixed 0.585% 14/5/29 22/5/31 Resona Bank, Limited (*) 1,000 Fixed 0.391% 16/3/29 23/8/31 MUFG Bank, Ltd. (*) 1,000 Fixed 0.585% 14/5/29 22/5/31 Mizuho Trust and Banking Co., Ltd. (*) 1,000 Fixed 0.391% 16/3/29 23/8/31 Sumitomo Mitsui Banking Corporation (*) 3,000 Fixed 0.378% 14/5/29 22/11/30 Shinsei Bank, Limited (*) 1,000 Fixed 0.378% 16/3/29 24/2/29 MUFG Bank, Ltd. (*) 1,000 Fixed 0.378% 14/5/29 22/11/30 Nishi-Nippon City Bank, Ltd. (*) 1,000 Fixed 0.378% 16/3/29 24/2/29 Long-term borrowings Sumitomo Mitsui Banking Corporation (*) 3,500 Fixed 0.618% 14/7/8 21/11/30 MUFG Bank, Ltd. (*) 2,500 Fixed 0.415% 16/3/29 24/8/30 Sumitomo Mitsui Banking Corporation (*) 4,000 Fixed 0.585% 14/7/8 22/5/31 MUFG Bank, Ltd. (*) 1,500 Fixed 0.415% 16/3/29 24/8/30 Shinsei Bank, Limited 1,000 Float L+0.325% 14/7/8 22/8/31 Sumitomo Mitsui Trust Bank, Limited (*) 2,000 Fixed 0.421% 16/5/26 24/11/29 Sumitomo Mitsui Banking Corporation (*) 2,000 Fixed 0.378% 14/7/8 22/11/30 Sumitomo Mitsui Banking Corporation (*) 1,500 Fixed 0.460% 16/5/26 25/5/30 MUFG Bank, Ltd. (*) 1,000 Fixed 0.560% 14/12/1 22/5/31 Mizuho Bank, Ltd. (*) 1,000 Fixed 0.460% 16/5/26 25/5/30 Mizuho Bank, Ltd. (*) 1,000 Fixed 0.353% 14/12/1 22/11/30 Shinsei Bank, Limited (*) 2,000 Fixed 0.421% 16/5/31 24/11/29 Sumitomo Mitsui Banking Corporation (*) 1,000 Fixed 0.458% 14/12/1 23/5/31 Fukoku Mutual Life Insurance Company 200 Fixed 0.579% 16/5/31 26/5/29 Shinsei Bank, Limited 1,000 Float L+0.350% 14/12/1 23/5/31 The Yamaguchi Bank, Ltd. 1,500 Fixed 0.450% 16/8/31 26/8/31 Dev elopment Bank of Japan Inc. 1,000 Fixed 0.692% 14/12/3 21/11/30 Dev elopment Bank of Japan Inc. 1,700 Fixed 0.387% 17/5/10 23/11/30

(Note) Fixed Interest Rate and Floating Interest Rate are rounded to the third decimal place. ** Interest rates that were changed from a floating rate to a fixed rate by concluding the swap agreement are described as fixed interest rates. ** Interest rates are converted based on 1 year = 365 days and indicated.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 39 Status of Interest-Bearing Liabilities (2) (as of November 30, 2019)

Borrowings Investment Corporation Bonds

Balance Interest Interest Rate Date of Balance Interest Interest Rate Date of Term Lender Due date Issuance Due date (million yen) T ype (%) Advance (million yen) T ype (%) Advance Development Bank of Japan Inc. 3,500 Fixed 0.437% 17/5/22 24/5/31 No. 4 Unsecured Investment Corporation Bond 2,100 Fixed 1.000% 14/9/12 24/9/12 Development Bank of Japan Inc. 3,000 Fixed 0.477% 17/5/22 24/11/29 No. 5 Unsecured Investment Corporation Bond 1,700 Fixed 0.220% 19/9/12 24/9/12 Sumitomo Mitsui Banking Corporation (*) 2,000 Fixed 0.410% 17/5/31 25/5/30 No. 6 Unsecured Investment Corporation Bond 1,300 Fixed 0.660% 19/9/12 31/9/12 Mizuho Trust and Banking Co., Ltd. (*) 1,500 Fixed 0.410% 17/5/31 25/5/30 Total inv estment corporation bonds 5,100 Sumitomo Mitsui Trust Bank, Limited (*) 3,000 Fixed 0.452% 17/5/31 25/11/28 Sumitomo Mitsui Banking Corporation (*) 2,000 Fixed 0.452% 17/5/31 25/11/28 Development Bank of Japan Inc. 2,550 Fixed 0.457% 17/8/31 25/5/30 Sumitomo Mitsui Banking Corporation (*) 1,500 Fixed 0.513% 17/8/31 26/8/31 Mizuho Bank, Ltd. (*) 1,000 Fixed 0.513% 17/8/31 26/8/31 Toki o M ari ne & Ni c hi do Fi re I ns uranc e Co. , Ltd. 1,000 Fixed 0.303% 17/11/30 22/11/30 Development Bank of Japan Inc. 2,000 Fixed 0.498% 17/11/30 25/5/30 The Yamaguchi Bank, Ltd. 500 Fixed 0.489% 17/11/30 25/11/28 Shinsei Bank, Limited (*) 2,000 Fixed 0.482% 17/11/30 26/5/29 Sumitomo Mitsui Trust Bank, Limited (*) 5,000 Fixed 0.436% 18/2/28 26/2/27 The Gunma Bank, Ltd. (*) 500 Fixed 0.335% 18/5/31 25/5/30 The Musashino Bank, Ltd. (*) 500 Fixed 0.457% 18/5/31 26/5/29 Toki o M ari ne & Ni c hi do Fi re I ns uranc e Co. , Ltd. 1,000 Fixed 0.313% 18/7/31 23/7/31 Kansai Mirai Bank, Limited (*) 1,500 Fixed 0.376% 18/8/31 25/8/31 The Bank of Fukuoka, Ltd. 2,000 Float T+0.350% 18/8/31 27/8/31 Development Bank of Japan Inc. 1,000 Fixed 0.679% 18/8/31 27/8/31 Sumitomo Mitsui Trust Bank, Limited (*) 1,000 Fixed 0.472% 18/10/30 26/10/30 Mizuho Trust and Banking Co., Ltd. 4,000 Float T+0.350% 18/10/30 27/10/29 Sumitomo Mitsui Banking Corporation 3,000 Float T+0.350% 18/10/30 27/10/29

Long-term borrowings Long-term MUFG Bank, Ltd. 1,000 Float T+0.350% 18/10/30 27/10/29 Mizuho Bank, Ltd. 1,000 Float T+0.350% 18/10/30 27/10/29 The Gunma Bank, Ltd. 1,000 Float T+0.225% 19/3/29 26/3/31 The Bank of Fukuoka, Ltd. 3,000 Float T+0.350% 19/3/29 28/3/31 MUFG Bank, Ltd. 2,000 Float T+0.350% 19/3/29 28/3/31 The Norinchukin Bank 2,000 Fixed 0.304% 19/5/31 26/5/29 The Hyakugo Bank, Ltd. 1,000 Fixed 0.304% 19/5/31 26/5/29 The Musashino Bank, Ltd. 500 Float T+0.300% 19/5/31 27/5/31 The Yamanashi Chuo Bank, Ltd. 1,000 Fixed 0.540% 19/5/31 29/5/31 Kansai Mirai Bank, Limited 1,500 Float T+0.250% 19/8/30 26/8/31 MUFG Bank, Ltd. 1,000 Float T+0.250% 19/8/30 26/8/31 Resona Bank, Limited 2,000 Float T+0.400% 19/9/30 29/9/28 Sumitomo Mitsui Trust Bank, Limited 1,300 Float T+0.150% 19/11/29 24/11/29 Sumitomo Mitsui Trust Bank, Limited 1,200 Float T+0.250% 19/11/29 26/11/30 Development Bank of Japan Inc. 1,000 Fixed 0.450% 19/11/29 28/11/30 Total long-term borrowings 166,250 Total borrowings 199,350

(Note) Fixed Interest Rate and Floating Interest Rate are rounded to the third decimal place. ** Interest rates that were changed from a floating rate to a fixed rate by concluding the swap agreement are described as fixed interest rates. ** Interest rates are converted based on 1 year = 365 days and indicated.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 40 Analysis of Tenants

Major Tenants Top 10 List Breakdown of Industries (Note 1) of Top 100 Tenants (Note 2) (%) Information & % of Total Other Leased Area Communication Tenant Name Property Leased Area 12.1% 2 25.6% (m ) (Note 2) Information Schools Services 2.4% 13.0% (Note 1) Daiw a Sasazuka Tow er 7,135.30 1.9% Internet-related Not disclosed Insurance Services 4.1% 6.3%

Jupiter Shop Channel Co., Ltd. Daiw a River Gate 6,211.30 1.7% Foods Communications 3.2% 4.6% (Note 1) Visual/Voice Not disclosed Daiw a Kitahama 6,189.96 1.7% Precision Information Production Instruments 3.1% Tokio Marine & Nichido Anshin 4.9% Daiw a Ogikubo Tow er 6,058.41 1.6% Consulting Co., Ltd. Real Estate 4.9% Palsystem Consumers' LAQUAS Higashi 5,985.08 1.6% Co-operative Union Shinjuku Electric Device Services 5.4% Daiw a Kayabacho 23.9% Not disclosed (Note 1) 5,899.11 1.6% Building Construction Retail Trade 5.9% 6.2% Kirin Nihonbashi Building 5,630.17 1.5% Kirin Brewery Company, Ltd. (As of November 30, 2019)

(Note 1) The leased area of top 100 tenants covers 61.1% of total leased area as of the end of the 28th Fiscal Period (Note 1) Not disclosed Daiw a Sasazuka Tow er 5,307.56 1.4% (Note 2) Industries are categorized according to TSE’s 33 industry groups. (Note 3) The categories in the Information & Communication industry are created/prepared by the Investment Corporation in accordance with the Japan Standard Industry Classification of the Ministry of Internal Affairs INES Corporation Daiw a Harumi 4,770.20 1.3% and Communications. (Note 4) The ratio is rounded down to the first decimal place

Mitsubishi UFJ NICOS Co., Ltd. Daiw a Kitahama 4,515.35 1.2%

Total 57,702.44 15.9%

(Note 1) Not disclosed due to tenant's request. (Note 2) Rounded down to the first decimal place.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 41 Appraisal Value Compared to the Previous Fiscal Period (1) (Unit: Million Yen) Compared to Book Value at Appraisal Value Compared to End of 27th Period Book Value Cap Rate End of 28th Period Property Name Acquisition Price End of 27th Period End of 28th Period Difference Change End of 28th Period Difference Change End of 27th Period End of 28th Period Daiw a Ginza 17,400 17,600 +200 +1.1% 12,852 +4,747 36.9% 14,100 3.5% 3.4% Daiw a Ginza Annex 3,860 4,060 +200 +5.2% 2,740 +1,319 48.1% 3,050 3.5% 3.4% Daiw a Shibaura 8,080 8,350 +270 +3.3% 7,957 +392 4.9% 8,265 4.0% 3.9% Daiw a Minami Aoyama 4,660 4,840 +180 +3.9% 4,403 +436 9.9% 4,550 3.8% 3.7% Daiw a Sarugakucho 3,970 4,230 +260 +6.5% 3,147 +1,082 34.4% 3,190 4.4% 4.3% Daiw a A Hamamatsucho 3,810 3,920 +110 +2.9% 2,732 +1,187 43.5% 2,865 3.7% 3.6% Daiw a Jingumae 2,880 3,100 +220 +7.6% 2,686 +413 15.4% 2,800 3.8% 3.7% Daiw a Shibadaimon 3,290 3,560 +270 +8.2% 2,367 +1,192 50.4% 2,578 3.6% 3.5% Daiw a Misakicho 2,870 2,940 +70 +2.4% 2,117 +822 38.8% 2,346 3.9% 3.8% Daiw a Shimbashi 510 2,530 2,530 - - 2,118 +411 19.4% 2,080 4.0% 4.0% Daiw a Tsukijiekimae 2,150 2,170 +20 +0.9% 1,259 +910 72.3% 1,560 4.1% 4.0% Daiw a Tsukiji 1,640 1,660 +20 +1.2% 1,120 +539 48.2% 1,240 4.0% 3.9% Daiw a Tsukishima 10,500 10,800 +300 +2.9% 6,719 +4,080 60.7% 7,840 4.1% 4.0% Daiwa Nihonbashi Horidomecho 2,780 2,840 +60 +2.2% 2,421 +418 17.3% 2,520 4.0% 3.9% Daiw a Azabudai 1,940 1,940 - - 1,495 +444 29.7% 1,600 3.9% 3.9% Daiw a Kyobashi 3,450 3,450 - - 3,169 +280 8.9% 3,460 4.0% 4.1% Daiw a Kojimachi 4-chome 2,890 2,910 +20 +0.7% 2,863 +46 1.6% 2,910 3.7% 3.6% Shinjuku Maynds Tower (Note) 63,000 63,900 +900 +1.4% 63,984 -84 -0.1% 66,900 3.2% 3.1% Daiw a SHIBUYA EDGE 5,250 5,410 +160 +3.0% 5,612 -202 -3.6% 5,900 3.7% 3.6% Daiw a Kodemmacho 2,230 2,310 +80 +3.6% 2,345 -35 -1.5% 2,460 4.2% 4.1% Daiw a Jimbocho 3,890 3,990 +100 +2.6% 3,943 +46 1.2% 4,150 3.8% 3.7% Daiw a Nishishimbashi 7,050 7,240 +190 +2.7% 4,643 +2,596 55.9% 5,000 3.5% 3.4% Daiw a Kayabacho Building 8,190 8,210 +20 +0.2% 5,180 +3,029 58.5% 5,600 3.3% 3.3% Daiwa Jinbocho 3-chome 5,240 5,250 +10 +0.2% 3,314 +1,935 58.4% 3,550 3.3% 3.3% E SPACE T OWER 35,900 36,600 +700 +1.9% 23,471 +13,128 55.9% 24,000 3.1% 3.0% Daiwa Nihonbashi Hongokucho 2,580 2,610 +30 +1.2% 1,554 +1,055 67.9% 1,721 3.9% 3.9% shinyon curumu 16,200 16,500 +300 +1.9% 9,592 +6,907 72.0% 9,650 3.2% 3.1% Daiw a Akasaka 15,000 15,500 +500 +3.3% 10,183 +5,316 52.2% 9,200 3.2% 3.1% Daiw a Shibuya Miyamasuzaka 11,400 11,800 +400 +3.5% 7,339 +4,460 60.8% 7,000 3.4% 3.3% Daiw a Azabu Terrace 17,400 17,800 +400 +2.3% 13,930 +3,869 27.8% 14,000 3.6% 3.5%

(Note) The appraisal value for Shinjuku Maynds Tower is indicated as co-ownership values equivalent to 3/7 of the total values for the building. Co-ownership of 3/7 is indicated in the acquisition price

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 42 Appraisal Value Compared to the Previous Fiscal Period (2) (Unit: Million Yen) Compared to Book Value at Appraisal Value Compared to End of 27th Period Book Value Cap Rate End of 28th Period Property Name Acquisition Price End of 27th Period End of 28th Period Difference Change End of 28th Period Difference Change End of 27th Period End of 28th Period Daiw a Ebisu 4-chome 6,100 6,290 +190 +3.1% 4,215 +2,074 49.2% 4,135 3.7% 3.6% LAQUAS Higashi Shinjuku 10,900 11,200 +300 +2.8% 8,409 +2,790 33.2% 8,450 3.4% 3.3% Daiw a Aoyama 12,400 12,600 +200 +1.6% 9,977 +2,622 26.3% 9,800 3.2% 3.1% Shinsen Place 6,720 6,780 +60 +0.9% 4,852 +1,927 39.7% 4,800 3.3% 3.2% Daiw a Shibuya Square 21,300 21,700 +400 +1.9% 15,889 +5,810 36.6% 16,000 3.4% 3.3% Daiw a River Gate 32,600 33,200 +600 +1.8% 27,762 +5,437 19.6% 28,000 3.8% 3.7% Daiw a Hatchobori ekimae 3,360 3,470 +110 +3.3% 2,914 +555 19.1% 2,871 3.5% 3.4% Daiw a Hatchobori ekimae West 1,860 1,930 +70 +3.8% 1,713 +216 12.6% 1,647 3.6% 3.5% Daiw a Nishi-Shinjuku 16,000 16,600 +600 +3.8% 13,972 +2,627 18.8% 13,710 3.3% 3.2% Kirin Nihonbashi Building 8,290 8,350 +60 +0.7% 8,371 -21 -0.3% 8,180 3.9% 3.8% Daiwa Higashi-Nihonbashi 6,860 7,030 +170 +2.5% 6,267 +762 12.2% 6,370 3.9% 3.8% Daiw a Daikanyama 3,510 3,590 +80 +2.3% 2,375 +1,214 51.1% 2,280 3.3% 3.2% Daiwa Shinjuku West 1,210 1,210 - - 977 +232 23.7% 942 3.8% 3.8% Daiw a Kanda Mikuracho 1,770 1,800 +30 +1.7% 1,588 +211 13.3% 1,592 3.9% 3.8% Daiw a Kanda East 5,470 5,620 +150 +2.7% 4,267 +1,352 31.7% 4,200 3.6% 3.4% Daiw a Kandasudacho 2,760 2,810 +50 +1.8% 2,371 +438 18.5% 2,295 3.7% 3.6% Daiw a Sasazuka Tow er 16,100 16,300 +200 +1.2% 16,032 +267 1.7% 15,500 3.9% 3.8% Daiw a Sasazuka 3,340 3,470 +130 +3.9% 3,188 +281 8.8% 3,000 4.0% 4.0% Daiw a Harumi 12,000 12,300 +300 +2.5% 11,295 +1,004 8.9% 11,200 3.8% 3.7% Daiw a Mita 2-Chome - 3,280 - - 1,599 +1,680 105.0% 2,635 - 3.6% Daiwa Higashi-Ikebukuro 4,250 4,300 +50 +1.2% 2,609 +1,690 64.8% 2,958 4.1% 4.0% Daiw a Shinagaw a North 6,210 6,350 +140 +2.3% 7,087 -737 -10.4% 7,710 4.2% 4.1% Daiw a Kamiooka 2,840 2,900 +60 +2.1% 1,857 +1,042 56.1% 2,000 4.5% 4.4% Daiwa Ogikubo Tower 22,000 22,700 +700 +3.2% 16,546 +6,153 37.2% 15,220 3.7% 3.6% Daiwa Meguro Square 6,910 7,090 +180 +2.6% 5,471 +1,618 29.6% 5,600 3.6% 3.5% Daiwa Ogikubo 4,610 4,730 +120 +2.6% 3,979 +750 18.9% 3,800 3.9% 3.8% CONCURRED Yok oham a 39,900 41,100 +1,200 +3.0% 38,032 +3,067 8.1% 38,100 4.3% 4.2% Daiwa Shinagawa Gotenyama 2,650 2,710 +60 +2.3% 2,579 +130 5.1% 2,500 4.0% 3.9% Daiw a Kitahama 11,700 13,300 +1,600 +13.7% 9,176 +4,123 44.9% 9,481 3.8% 3.7% Total (Note) 545,650 562,730 +13,800 2.5% 452,653 +110,076 24.3% 461,061 - - (Note) Difference and change in “Compared to End of 27th Period” do not include the impact of the properties acquired in the 28th Period.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 43 Appraisal Value at End of Fiscal Period (1)

(Unit: Million Yen) Summary of Appraisal Report (End of 28th Period) Appraisal Value at Property Name Direct Capitalization Method DCF Method End of 28th Period Integrated Value Value Cap Rate Value Discount Rate Terminal Cap Rate Daiw a Ginza 17,600 17,800 3.4% 17,400 3.2% 3.6% 20,000 Daiw a Ginza Annex 4,060 4,110 3.4% 4,010 3.2% 3.6% 5,210 Daiw a Shibaura 8,350 8,310 3.9% 8,360 3.7% 4.1% 7,210 Daiw a Minami Aoyama 4,840 4,910 3.7% 4,770 3.5% 3.9% 4,460 Daiw a Sarugakucho 4,230 4,290 4.3% 4,160 4.1% 4.5% 1,990 Daiw a A Hamamatsucho 3,920 4,000 3.6% 3,890 3.4% 3.8% 2,470 Daiw a Jingumae 3,100 3,150 3.7% 3,040 3.5% 3.9% 2,990 Daiw a Shibadaimon 3,560 3,570 3.5% 3,560 3.3% 3.7% 2,350 Daiw a Misakicho 2,940 2,980 3.8% 2,920 3.6% 4.0% 1,900 Daiw a Shimbashi 510 2,530 2,580 4.0% 2,480 3.8% 4.2% 2,340 Daiw a Tsukijiekimae 2,170 2,200 4.0% 2,160 4.0% 4.2% 2,110 Daiw a Tsukiji 1,660 1,680 3.9% 1,650 3.9% 4.1% 1,650 Daiw a Tsukishima 10,800 10,900 4.0% 10,700 3.7% 4.2% 5,680 Daiwa Nihonbashi Horidomecho 2,840 2,890 3.9% 2,790 3.7% 4.1% 1,800 Daiw a Azabudai 1,940 1,970 3.9% 1,900 3.7% 4.1% 1,400 Daiw a Kyobashi 3,450 3,500 4.1% 3,390 3.9% 4.3% 2,450 Daiw a Kojimachi 4-chome 2,910 2,960 3.6% 2,860 3.4% 3.8% 4,710 Shinjuku Maynds Tower (Note) 63,900 152,000 3.1% 145,000 2.9% 3.3% 55,300 Daiw a SHIBUYA EDGE 5,410 5,510 3.6% 5,310 3.4% 3.8% 3,900 Daiw a Kodemmacho 2,310 2,330 4.1% 2,290 3.9% 4.3% 1,300 Daiw a Jimbocho 3,990 4,040 3.7% 3,970 3.7% 3.9% 4,070 Daiw a Nishishimbashi 7,240 7,370 3.4% 7,190 3.2% 3.6% 5,160 Daiw a Kayabacho Building 8,210 8,340 3.3% 8,160 3.1% 3.5% 6,920 Daiwa Jinbocho 3-chome 5,250 5,350 3.3% 5,200 3.1% 3.5% 4,340 E SPACE T OWER 36,600 37,300 3.0% 35,800 2.8% 3.2% 35,000 Daiwa Nihonbashi Hongokucho 2,610 2,630 3.9% 2,600 3.7% 4.1% 1,790 shinyon curumu 16,500 16,800 3.1% 16,400 2.9% 3.3% 16,300 Daiw a Akasaka 15,500 15,800 3.1% 15,300 2.9% 3.3% 14,300 Daiw a Shibuya Miyamasuzaka 11,800 11,900 3.3% 11,600 3.1% 3.5% 11,200 Daiw a Azabu Terrace 17,800 18,100 3.5% 17,400 3.3% 3.7% 17,100

(Note) The appraisal value for Shinjuku Maynds Tower is indicated as co-ownership values equivalent to 3/7 of the total values for the building. The other figures are indicated as 7/7 of the total values.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 44 Appraisal Value at End of Fiscal Period (2)

(Unit: Million Yen) Summary of Appraisal Report (End of 28th Period) Appraisal Value at Property Name Direct Capitalization Method DCF Method End of 28th Period Integrated Value Value Cap Rate Value Discount Rate Terminal Cap Rate Daiw a Ebisu 4-chome 6,290 6,220 3.6% 6,320 3.7% 3.8% 4,950 LAQUAS Higashi Shinjuku 11,200 11,500 3.3% 11,000 3.1% 3.5% 11,200 Daiw a Aoyama 12,600 12,900 3.1% 12,400 2.9% 3.3% 12,000 Shinsen Place 6,780 6,890 3.2% 6,730 3.1% 3.4% 4,790 Daiw a Shibuya Square 21,700 21,900 3.3% 21,400 3.1% 3.5% 19,300 Daiw a River Gate 33,200 33,300 3.7% 33,100 3.4% 3.8% 32,300 Daiw a Hatchobori ekimae 3,470 3,580 3.4% 3,420 3.2% 3.6% 4,130 Daiw a Hatchobori ekimae West 1,930 1,980 3.5% 1,910 3.3% 3.7% 2,100 Daiw a Nishi-Shinjuku 16,600 16,900 3.2% 16,400 3.0% 3.4% 16,600 Kirin Nihonbashi Building 8,350 8,490 3.8% 8,210 3.5% 3.9% 7,570 Daiwa Higashi-Nihonbashi 7,030 7,180 3.8% 6,960 3.6% 4.0% 5,610 Daiw a Daikanyama 3,590 3,650 3.2% 3,560 3.2% 3.4% 3,470 Daiwa Shinjuku West 1,210 1,220 3.8% 1,200 3.6% 4.0% 1,010 Daiw a Kanda Mikuracho 1,800 1,840 3.8% 1,780 3.8% 4.0% 2,100 Daiw a Kanda East 5,620 5,730 3.4% 5,500 3.2% 3.6% 5,450 Daiw a Kandasudacho 2,810 2,890 3.6% 2,770 3.6% 3.8% 2,540 Daiw a Sasazuka Tow er 16,300 16,900 3.8% 16,000 3.6% 4.0% 15,000 Daiw a Sasazuka 3,470 3,600 4.0% 3,420 3.8% 4.2% 2,680 Daiw a Harumi 12,300 12,900 3.7% 12,000 3.7% 3.9% 9,670 Daiw a Mita 2-Chome 3,280 3,340 3.6% 3,220 3.4% 3.8% 3,250 Daiwa Higashi-Ikebukuro 4,300 4,320 4.0% 4,290 3.8% 4.2% 2,380 Daiw a Shinagaw a North 6,350 6,470 4.1% 6,220 3.9% 4.3% 4,570 Daiw a Kamiooka 2,900 2,910 4.4% 2,890 4.2% 4.6% 2,260 Daiwa Ogikubo Tower 22,700 22,800 3.6% 22,600 3.4% 3.8% 15,100 Daiwa Meguro Square 7,090 7,260 3.5% 7,020 3.3% 3.7% 7,050 Daiwa Ogikubo 4,730 4,800 3.8% 4,700 3.6% 4.0% 3,530 CONCURRED Yok oham a 41,100 42,300 4.2% 40,600 4.0% 4.4% 35,000 Daiwa Shinagawa Gotenyama 2,710 2,760 3.9% 2,690 3.7% 4.1% 2,600 Daiw a Kitahama 13,300 13,500 3.7% 13,200 3.5% 3.9% 14,800 Total 562,730 659,300 - 637,770 - - 500,410

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 45 Change in the Portfolio’s Unrealized Gain/Loss

(Billion Yen) (%)

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 46 Portfolio Performance Summary (1) Fiscal Period Ended November 2019 (28th FP Results by Property)

Daiwa Ginza Daiwa Ginza Annex Daiwa Shibaura Daiwa Minami Aoyama Daiwa Sarugakucho Daiwa A Hamamatsucho Daiwa Jingumae

Property Name

Acquisition Price (million yen) 14,100 3,050 8,265 4,550 3,190 2,865 2,800 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP Book Value (million yen) 12,920 12,852 2,749 2,740 7,980 7,957 4,413 4,403 3,161 3,147 2,747 2,732 2,693 2,686 Appraisal Value (million yen) 17,400 17,600 3,860 4,060 8,080 8,350 4,660 4,840 3,970 4,230 3,810 3,920 2,880 3,100 Occupancy Rate (% ) 99.6 99.4 100.0 100.0 99.1 99.5 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 PML (%) (Note 1) 4.53 4.53 3.97 3.97 3.82 3.82 9.19 9.19 7.14 7.14 3.79 3.79 13.33 13.33 Property Management Company Best Property Best Property Xymax Alpha Best Property Property Partners Best Property Best Property Number of operating days 182 183 182 183 182 183 182 183 182 183 182 183 182 183

(1) Property-related Rev enues (thousand yen) 425,575 431,930 98,515 101,678 263,820 268,901 130,737 131,717 - (Note 5) - (Note 5) 135,884 136,734 92,088 88,027

Rent (incl. common serv ice fees) 411,787 431,930 98,515 101,678 260,480 267,483 130,737 131,717 - (Note 5) - (Note 5) 135,884 136,734 78,751 88,027 (Note 2) Other Rev enues (Note 3) 13,787 0 0 0 3,340 1,418 0 0 - (Note 5) - (Note 5) 0 0 13,336 0 (2) Property-related Expenses (thousand yen) 104,216 96,505 22,672 23,782 65,664 67,739 26,978 26,768 - (Note 5) - (Note 5) 90,821 55,991 19,869 15,878

Administrativ e Expenses 16,999 14,637 3,999 4,493 13,477 14,406 3,720 3,761 - (Note 5) - (Note 5) 7,681 7,652 6,806 3,092

Utility Charges 26,865 25,898 6,997 6,731 20,082 17,441 7,136 6,792 - (Note 5) - (Note 5) 9,249 7,600 4,411 4,009

Property Management Fee 6,374 6,503 1,503 1,530 3,942 4,054 2,016 1,977 - (Note 5) - (Note 5) 2,135 1,979 1,345 1,323

Tax and Public Due 29,740 31,731 9,751 10,479 20,496 20,850 12,479 13,017 - (Note 5) - (Note 5) 9,047 9,067 6,737 6,894

Non-life Insurance Costs 389 419 90 97 355 381 140 150 - (Note 5) - (Note 5) 164 176 76 82

Repair Expenses 10,703 2,324 330 450 7,289 10,604 1,484 1,067 - (Note 5) - (Note 5) 33,142 115 485 468

Other Expenses 13,144 14,990 0 0 20 0 0 0 - (Note 5) - (Note 5) 29,400 29,400 7 7 Profits from property-related activities (3) NOI (=(1)-(2)) (thousand yen) 321,358 335,424 75,842 77,895 198,156 201,161 103,758 104,949 92,155 96,632 45,062 80,743 72,218 72,149 Annualized NOI (thousand yen) 644,482 669,017 152,101 155,366 397,401 401,223 208,087 209,325 184,817 192,736 90,372 161,046 144,833 143,904 NOI Yield (Note 4) 5.0% 5.2% 5.5% 5.7% 5.0% 5.0% 4.7% 4.8% 5.8% 6.1% 3.3% 5.9% 5.4% 5.4% Depreciation and amortization (thousand yen) 74,881 68,415 10,284 9,178 31,069 31,036 14,693 14,522 - (Note 5) - (Note 5) 15,111 14,951 9,212 8,928

Proceeds from Restoration and Repair Work 9,300 0 0 0 376 300 0 0 - (Note 5) - (Note 5) 0 0 5,658 0 (thousand yen)

(Reference) Proceeds from Amortization of Leasehold and 0 0 0 0 0 0 0 0 - (Note 5) - (Note 5) 0 0 0 0 Security Deposits (thousand yen)

(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 28th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2019). (Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen. (Note 3) Other Revenues includes Proceeds from Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits. (Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value. (Note 5) Not disclosed due to tenant's request.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 47 Portfolio Performance Summary (2) Fiscal Period Ended November 2019 (28th FP Results by Property)

Daiwa Nihonbashi Daiwa Shibadaimon Daiwa Misakicho Daiwa Shimbashi 510 Daiwa Tsukij iekimae Daiwa Tsukij i Daiwa Tsukishima Horidomecho

Property Name

Acquisition Price (million yen) 2,578 2,346 2,080 1,560 1,240 7,840 2,520 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP Book Value (million yen) 2,376 2,367 2,128 2,117 2,127 2,118 1,273 1,259 1,127 1,120 6,775 6,719 2,436 2,421 Appraisal Value (million yen) 3,290 3,560 2,870 2,940 2,530 2,530 2,150 2,170 1,640 1,660 10,500 10,800 2,780 2,840 Occupancy Rate (% ) 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 PML (%) (Note 1) 3.72 3.72 4.24 4.24 5.51 5.51 4.23 4.23 4.98 4.98 4.87 4.87 4.68 4.68 Property Management Company Best Property Best Property Property Partners MS Building Support Xymax Alpha Property Partners Best Property Number of operating days 182 183 182 183 182 183 182 183 182 183 182 183 182 183

(1) Property-related Rev enues (thousand yen) 87,259 87,788 - (Note 5) - (Note 5) 76,380 77,996 67,187 67,644 51,535 49,370 280,562 279,610 84,699 86,180

Rent (incl. common serv ice fees) 87,259 87,788 - (Note 5) - (Note 5) 76,380 77,996 67,187 67,644 51,535 49,370 280,562 279,610 84,699 86,180 (Note 2) Other Rev enues (Note 3) 0 0 - (Note 5) - (Note 5) 0 0 0 0 0 0 0 0 0 0

(2) Property-related Expenses (thousand yen) 20,478 26,618 - (Note 5) - (Note 5) 19,041 21,055 15,170 14,360 11,538 12,033 42,352 84,666 19,118 16,935

Administrativ e Expenses 5,275 11,394 - (Note 5) - (Note 5) 5,961 6,569 2,713 2,763 2,431 3,851 7,465 7,920 3,475 3,804

Utility Charges 6,460 5,659 - (Note 5) - (Note 5) 5,399 5,294 5,542 4,237 2,869 2,240 15,241 12,005 5,198 3,985

Property Management Fee 1,319 1,316 - (Note 5) - (Note 5) 1,200 1,200 1,200 1,200 1,383 1,200 4,210 4,195 1,270 1,299

Tax and Public Due 6,566 6,654 - (Note 5) - (Note 5) 6,049 6,157 5,230 5,271 4,056 4,102 14,264 14,992 6,992 7,048

Non-life Insurance Costs 111 119 - (Note 5) - (Note 5) 114 122 89 97 57 62 269 289 121 130

Repair Expenses 745 1,474 - (Note 5) - (Note 5) 317 1,712 376 773 740 577 900 45,263 2,060 667

Other Expenses 0 0 - (Note 5) - (Note 5) 0 0 18 18 0 0 0 0 0 0 Profits from property-related activities (3) NOI (=(1)-(2)) (thousand yen) 66,780 61,169 63,227 48,745 57,338 56,940 52,017 53,283 39,996 37,337 238,209 194,944 65,580 69,244 Annualized NOI (thousand yen) 133,927 122,004 126,803 97,224 114,991 113,570 104,320 106,276 80,212 74,470 477,728 388,822 131,521 138,111 NOI Yield (Note 4) 5.6% 5.2% 6.0% 4.6% 5.4% 5.4% 8.2% 8.4% 7.1% 6.6% 7.1% 5.8% 5.4% 5.7% Depreciation and amortization (thousand yen) 10,837 10,746 - (Note 5) - (Note 5) 9,293 9,212 13,537 13,459 7,622 7,603 56,012 56,029 15,326 15,398

Proceeds from Restoration and Repair Work 0 0 - (Note 5) - (Note 5) 0 0 0 0 0 0 0 0 0 0 (thousand yen)

(Reference) Proceeds from Amortization of Leasehold and 0 0 - (Note 5) - (Note 5) 0 0 0 0 0 0 0 0 0 0 Security Deposits (thousand yen)

(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 28th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2019). (Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen. (Note 3) Other Revenues includes Proceeds from Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits. (Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value. (Note 5) Not disclosed due to tenant's request.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 48 Portfolio Performance Summary (3) Fiscal Period Ended November 2019 (28th FP Results by Property)

Daiwa Azabudai Daiwa Kyobashi Daiwa Koj imachi 4-chome Daiwa Onarimon (Note 5) Shinjuku Maynds Tower Daiwa SHIBUYA EDGE Daiwa Kodemmacho

Property Name

Acquisition Price (million yen) 1,600 3,460 2,910 13,860 66,900 5,900 2,460 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP Book Value (million yen) 1,503 1,495 3,188 3,169 2,822 2,863 - - 64,158 63,984 5,628 5,612 2,354 2,345 Appraisal Value (million yen) 1,940 1,940 3,450 3,450 2,890 2,910 - - 63,000 63,900 5,250 5,410 2,230 2,310 Occupancy Rate (% ) 100.0 100.0 100.0 100.0 100.0 100.0 - - 99.3 95.1 100.0 100.0 100.0 100.0 PML (%) (Note 1) 6.64 6.64 4.51 4.51 6.19 6.19 - - 2.03 2.03 1.56 1.56 4.19 4.19 Property Management Company Best Property Best Property Best Property Xymax Alpha Xymax Alpha Xymax Alpha Property Partners Number of operating days 182 183 182 183 182 183 89 - 182 183 182 183 182 183

(1) Property-related Rev enues (thousand yen) 55,446 55,885 103,915 105,254 88,824 89,728 155,684 - 1,334,628 1,367,036 128,157 130,706 66,202 67,292

Rent (incl. common serv ice fees) 55,446 55,885 103,915 105,254 88,824 89,728 149,714 - 1,334,628 1,349,146 128,157 130,706 66,202 67,292 (Note 2) Other Rev enues (Note 3) 0 0 0 0 0 0 5,969 - 0 17,889 0 0 0 0 (2) Property-related Expenses (thousand yen) 12,564 23,195 27,741 23,185 68,293 50,989 76,126 - 359,398 389,962 22,108 23,129 33,253 16,214

Administrativ e Expenses 2,655 3,018 4,304 4,206 3,567 3,874 9,731 - 76,171 73,161 4,726 4,901 3,955 4,315

Utility Charges 3,440 2,947 8,794 8,351 6,893 5,765 13,699 - 135,616 136,974 7,630 7,014 5,067 4,847

Property Management Fee 1,200 1,200 1,559 1,578 1,333 1,361 1,542 - 9,383 9,240 1,930 1,958 1,200 1,215

Tax and Public Due 5,080 5,070 7,476 7,540 16,055 16,419 50,166 - 130,392 135,846 7,587 7,986 3,792 3,841

Non-life Insurance Costs 68 73 119 128 131 141 183 - 1,669 1,797 96 104 86 92

Repair Expenses 120 10,886 5,486 1,379 40,312 23,427 803 - 3,914 30,260 136 1,164 18,327 1,078

Other Expenses 0 0 0 0 0 0 0 - 2,248 2,681 0 0 822 822 Profits from property-related activities (3) NOI (=(1)-(2)) (thousand yen) 42,882 32,689 76,173 82,069 20,530 38,738 79,558 - 975,230 977,074 106,049 107,577 32,948 51,077 Annualized NOI (thousand yen) 86,000 65,201 152,765 163,690 41,174 77,265 - - 1,955,819 1,948,810 212,681 214,566 66,078 101,876 NOI Yield (Note 4) 5.7% 4.4% 4.8% 5.2% 1.5% 2.7% - - 3.0% 3.0% 3.8% 3.8% 2.8% 4.3% Depreciation and amortization (thousand yen) 9,174 8,900 19,821 19,824 13,840 15,072 19,066 - 201,093 200,817 16,862 16,880 9,724 9,715

Proceeds from Restoration and Repair Work 0 0 0 0 0 0 0 - 0 12,857 0 0 0 0 (thousand yen)

(Reference) Proceeds from Amortization of Leasehold and 0 0 0 0 0 0 0 - 0 0 0 0 0 0 Security Deposits (thousand yen)

(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 28th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2019). (Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen. (Note 3) Other Revenues includes Proceeds from Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits. (Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value. (Note 5) Property sold in 27th FP

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 49 Portfolio Performance Summary (4) Fiscal Period Ended November 2019 (28th FP Results by Property)

Daiwa Daiwa Nihonbashi Daiwa Jimbocho Daiwa Nishishimbashi Daiwa Kayabacho Building E SPACE TOW ER shinyon curumu Jinbocho 3-chome Hongokucho

Property Name

Acquisition Price (million yen) 4,150 5,000 5,600 3,550 24,000 1,721 9,650 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP Book Value (million yen) 3,964 3,943 4,678 4,643 5,208 5,180 3,334 3,314 23,541 23,471 1,567 1,554 9,614 9,592 Appraisal Value (million yen) 3,890 3,990 7,050 7,240 8,190 8,210 5,240 5,250 35,900 36,600 2,580 2,610 16,200 16,500 Occupancy Rate (% ) 100.0 100.0 100.0 100.0 100.0 100.0 88.1 100.0 89.6 97.0 100.0 93.9 100.0 100.0 PML (%) (Note 1) 5.05 5.05 3.76 3.76 4.50 4.50 5.33 5.33 3.11 3.11 3.80 3.80 4.44 4.44 Property Management Company Japan Property Solutions Xymax Alpha Property Partners Japan Property Solutions Xymax Alpha MS Building Support MS Building Support Number of operating days 182 183 182 183 182 183 182 183 182 183 182 183 182 183

(1) Property-related Rev enues (thousand yen) 103,021 115,503 167,803 185,015 - (Note 5) - (Note 5) 124,000 115,281 765,141 797,483 71,732 71,437 394,138 393,931

Rent (incl. common serv ice fees) 103,021 115,503 167,803 185,015 - (Note 5) - (Note 5) 115,308 115,281 765,141 797,483 71,732 67,838 391,383 390,235 (Note 2) Other Rev enues (Note 3) 0 0 0 0 - (Note 5) - (Note 5) 8,692 0 0 0 0 3,598 2,754 3,696 (2) Property-related Expenses (thousand yen) 29,003 27,545 50,943 43,927 - (Note 5) - (Note 5) 25,847 27,979 164,715 206,710 11,419 11,251 84,222 83,621

Administrativ e Expenses 7,873 5,667 18,465 13,308 - (Note 5) - (Note 5) 5,666 8,324 41,385 49,713 2,154 2,479 20,216 19,067

Utility Charges 7,133 5,734 10,336 9,984 - (Note 5) - (Note 5) 7,439 7,502 48,208 47,900 3,459 2,631 24,076 22,474

Property Management Fee 1,200 1,200 2,268 2,464 - (Note 5) - (Note 5) 1,834 1,764 7,714 8,027 1,200 1,219 3,925 3,941

Tax and Public Due 11,534 11,749 16,253 16,266 - (Note 5) - (Note 5) 9,843 9,940 59,644 62,367 4,533 4,555 35,211 37,279

Non-life Insurance Costs 124 134 223 240 - (Note 5) - (Note 5) 115 124 598 644 71 76 305 329

Repair Expenses 877 3,020 3,396 1,663 - (Note 5) - (Note 5) 947 321 6,321 37,986 0 289 487 530

Other Expenses 260 40 0 0 - (Note 5) - (Note 5) 0 0 841 72 0 0 0 0 Profits from property-related activities (3) NOI (=(1)-(2)) (thousand yen) 74,017 87,958 116,860 141,087 146,990 149,573 98,153 87,302 600,426 590,772 60,313 60,186 309,916 310,309

Annualized NOI (thousand yen) 148,442 175,436 234,362 281,404 294,788 298,330 196,845 174,127 1,204,152 1,178,316 120,958 120,043 621,535 618,923 NOI Yield (Note 4) 3.7% 4.4% 5.0% 6.1% 5.7% 5.8% 5.9% 5.3% 5.1% 5.0% 7.7% 7.7% 6.5% 6.5% Depreciation and amortization (thousand yen) 21,159 21,266 35,408 35,559 - (Note 5) - (Note 5) 19,854 19,858 75,037 75,095 13,300 13,335 36,500 36,599

Proceeds from Restoration and Repair Work 0 0 0 0 - (Note 5) - (Note 5) 0 0 0 0 0 0 0 0 (thousand yen)

(Reference) Proceeds from Amortization of Leasehold and 0 0 0 0 - (Note 5) - (Note 5) 0 0 0 0 0 0 0 0 Security Deposits (thousand yen)

(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 28th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2019). (Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen. (Note 3) Other Revenues includes Proceeds from Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits. (Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value. (Note 5) Not disclosed due to tenant's request.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 50 Portfolio Performance Summary (5) Fiscal Period Ended November 2019 (28th FP Results by Property)

Daiwa Shibuya Daiwa Akasaka Daiwa Azabu Terrace Daiwa Ebisu 4-chome LAQUAS Higashi Shinjuku Daiwa Aoyama Shinsen Place Miyamasuzaka

Property Name

Acquisition Price (million yen) 9,200 7,000 14,000 4,135 8,450 9,800 4,800 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP Book Value (million yen) 10,239 10,183 7,360 7,339 13,981 13,930 4,228 4,215 8,441 8,409 9,994 9,977 4,864 4,852 Appraisal Value (million yen) 15,000 15,500 11,400 11,800 17,400 17,800 6,100 6,290 10,900 11,200 12,400 12,600 6,720 6,780 Occupancy Rate (% ) 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 PML (%) (Note 1) 7.14 7.14 5.64 5.64 2.67 2.67 2.44 2.44 4.46 4.46 4.42 4.42 6.21 6.21 Property Management Company Xymax Alpha Japan Property Solutions Best Property MS Building Support ITOCHU Urban Community MS Building Support MS Building Support Number of operating days 182 183 182 183 182 183 182 183 182 183 182 183 182 183

(1) Property-related Rev enues (thousand yen) 357,743 375,298 301,868 310,381 475,286 485,286 - (Note 5) - (Note 5) 230,454 233,397 227,404 252,862 - (Note 5) - (Note 5)

Rent (incl. common serv ice fees) 357,743 375,298 301,868 310,381 471,657 485,286 - (Note 5) - (Note 5) 230,454 233,365 227,404 252,862 - (Note 5) - (Note 5) (Note 2) Other Rev enues (Note 3) 0 0 0 0 3,629 0 - (Note 5) - (Note 5) 0 32 0 0 - (Note 5) - (Note 5) (2) Property-related Expenses (thousand yen) 101,818 92,648 139,908 64,622 123,689 123,312 - (Note 5) - (Note 5) 46,181 48,177 37,711 37,658 - (Note 5) - (Note 5)

Administrativ e Expenses 20,671 20,316 20,557 20,127 30,853 28,033 - (Note 5) - (Note 5) 8,739 8,844 13,305 11,038 - (Note 5) - (Note 5)

Utility Charges 30,215 25,973 16,275 14,238 48,266 51,879 - (Note 5) - (Note 5) 13,602 14,623 7,674 8,370 - (Note 5) - (Note 5)

Property Management Fee 3,963 4,125 3,602 3,783 4,299 4,303 - (Note 5) - (Note 5) 1,200 1,200 2,775 2,895 - (Note 5) - (Note 5)

Tax and Public Due 34,399 35,764 21,137 22,650 33,089 33,795 - (Note 5) - (Note 5) 21,095 21,206 13,446 14,321 - (Note 5) - (Note 5)

Non-life Insurance Costs 375 410 267 293 531 580 - (Note 5) - (Note 5) 276 296 139 150 - (Note 5) - (Note 5)

Repair Expenses 11,993 6,057 78,032 3,505 6,567 4,719 - (Note 5) - (Note 5) 1,109 1,848 370 882 - (Note 5) - (Note 5)

Other Expenses 200 0 36 24 82 0 - (Note 5) - (Note 5) 158 158 0 0 - (Note 5) - (Note 5) Profits from property-related activities (3) NOI (=(1)-(2)) (thousand yen) 255,924 282,649 161,959 245,758 351,596 361,974 140,076 140,969 184,273 185,219 189,692 215,204 125,481 124,188 Annualized NOI (thousand yen) 513,255 563,754 324,809 490,173 705,125 721,971 280,922 281,168 369,558 369,427 380,427 429,232 251,653 247,698 NOI Yield (Note 4) 5.0% 5.5% 4.4% 6.7% 5.0% 5.2% 6.6% 6.7% 4.4% 4.4% 3.8% 4.3% 5.2% 5.1% Depreciation and amortization (thousand yen) 58,871 58,971 25,343 27,130 51,902 51,933 - (Note 5) - (Note 5) 33,168 33,335 18,649 17,728 - (Note 5) - (Note 5) Proceeds from Restoration and Repair Work 0 0 0 0 0 0 - (Note 5) - (Note 5) 0 0 0 0 - (Note 5) - (Note 5) (thousand yen)

Proceeds from Amortization of Leasehold and (Reference) 0 0 0 0 0 0 - (Note 5) - (Note 5) 0 0 0 0 - (Note 5) - (Note 5) Security Deposits (thousand yen)

(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 28th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2019). (Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen. (Note 3) Other Revenues includes Proceeds from Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits. (Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value. (Note 5) Not disclosed due to tenant's request.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 51 Portfolio Performance Summary (6) Fiscal Period Ended November 2019 (28th FP Results by Property)

Daiwa Hatchobori ekimae Daiwa Shibuya Square Daiwa River Gate Daiwa Hatchobori ekimae Daiwa Nishi-Shinj uku Kirin Nihonbashi Building Daiwa Higashi-Nihonbashi W est

Property Name

Acquisition Price (million yen) 16,000 28,000 2,871 1,647 13,710 8,180 6,370 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP Book Value (million yen) 15,919 15,889 27,837 27,762 2,923 2,914 1,717 1,713 13,991 13,972 8,390 8,371 6,290 6,267 Appraisal Value (million yen) 21,300 21,700 32,600 33,200 3,360 3,470 1,860 1,930 16,000 16,600 8,290 8,350 6,860 7,030 Occupancy Rate (% ) 100.0 100.0 99.7 98.9 100.0 100.0 100.0 100.0 100.0 90.5 100.0 100.0 100.0 100.0 PML (%) (Note 1) 1.61 1.61 1.76 1.76 5.89 5.89 7.03 7.03 4.32 4.32 5.76 5.76 4.37 4.37

Property Management Company Xymax Alpha Best Property ITOCHU Urban Community ITOCHU Urban Community MS Building Support Japan Property Solutions ITOCHU Urban Community Number of operating days 182 183 182 183 182 183 182 183 182 183 182 183 182 183

(1) Property-related Rev enues (thousand yen) 397,162 443,044 1,069,611 1,081,781 83,293 85,172 47,491 47,749 338,420 332,297 - (Note 5) - (Note 5) 173,721 175,163

Rent (incl. common serv ice fees) 397,162 443,044 1,062,880 1,076,615 83,293 85,172 47,491 47,749 338,420 331,501 - (Note 5) - (Note 5) 173,721 175,163 (Note 2) Other Rev enues (Note 3) 0 0 6,730 5,166 0 0 0 0 0 796 - (Note 5) - (Note 5) 0 0

(2) Property-related Expenses (thousand yen) 111,406 71,390 323,469 331,449 50,858 24,955 12,360 13,503 71,473 113,407 - (Note 5) - (Note 5) 30,039 30,952

Administrativ e Expenses 54,955 11,736 71,641 74,171 5,729 6,423 3,622 4,743 12,290 13,529 - (Note 5) - (Note 5) 5,286 5,157

Utility Charges 22,751 23,206 124,667 127,474 6,154 7,025 3,148 2,769 17,230 19,655 - (Note 5) - (Note 5) 10,575 11,068

Property Management Fee 4,073 5,339 10,704 10,778 1,200 1,205 1,200 1,200 2,376 2,307 - (Note 5) - (Note 5) 1,737 1,751

Tax and Public Due 28,550 29,106 103,435 104,870 9,263 9,317 4,220 4,260 37,612 39,572 - (Note 5) - (Note 5) 11,667 11,725

Non-life Insurance Costs 330 358 1,596 1,713 116 124 59 64 280 300 - (Note 5) - (Note 5) 187 201

Repair Expenses 745 1,643 11,303 12,440 28,394 858 110 465 1,490 38,042 - (Note 5) - (Note 5) 586 1,018

Other Expenses 0 0 120 0 0 0 0 0 193 0 - (Note 5) - (Note 5) 0 30 Profits from property-related activities (3) NOI (=(1)-(2)) (thousand yen) 285,755 371,654 746,142 750,332 32,435 60,217 35,130 34,246 266,946 218,889 156,045 157,909 143,682 144,211

Annualized NOI (thousand yen) 573,081 741,277 1,496,384 1,496,564 65,048 120,105 70,454 68,305 535,360 436,583 312,948 314,956 288,154 287,634 NOI Yield (Note 4) 3.6% 4.7% 5.4% 5.4% 2.2% 4.1% 4.1% 4.0% 3.8% 3.1% 3.7% 3.8% 4.6% 4.6% Depreciation and amortization (thousand yen) 33,193 33,282 130,891 132,329 10,310 10,321 4,806 4,813 21,167 20,604 - (Note 5) - (Note 5) 25,174 25,277 Proceeds from Restoration and Repair Work 0 0 558 889 0 0 0 0 0 0 - (Note 5) - (Note 5) 0 0 (thousand yen)

Proceeds from Amortization of Leasehold and (Reference) 0 0 0 0 0 0 0 0 0 0 - (Note 5) - (Note 5) 0 0 Security Deposits (thousand yen)

(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 28th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2019). (Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen. (Note 3) Other Revenues includes Proceeds from Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits. (Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value. (Note 5) Not disclosed due to tenant's request.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 52 Portfolio Performance Summary (7) Fiscal Period Ended November 2019 (28th FP Results by Property)

Daiwa Kanda Mikuracho Daiwa Daikanyama Daiwa Shinj uku W est Daiwa Kanda East Daiwa Kandasudacho Daiwa Sasazuka Tower Daiwa Sasazuka Building

Property Name

Acquisition Price (million yen) 2,280 942 1,592 4,200 2,295 15,500 3,000 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP Book Value (million yen) 2,380 2,375 979 977 1,592 1,588 4,285 4,267 2,377 2,371 16,072 16,032 3,110 3,188 Appraisal Value (million yen) 3,510 3,590 1,210 1,210 1,770 1,800 5,470 5,620 2,760 2,810 16,100 16,300 3,340 3,470 Occupancy Rate (% ) 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 96.0 92.7 PML (%) (Note 1) 6.21 6.21 8.28 8.28 6.01 6.01 3.86 3.86 5.12 5.12 1.52 1.52 5.90 5.90 Property Management Company Xymax Alpha ITOCHU Urban Community Best Property ITOCHU Urban Community MS Building Support Jones Lang LaSalle Best Property Number of operating days 182 183 182 183 182 183 182 183 182 183 182 183 156 183

(1) Property-related Rev enues (thousand yen) - (Note 5) - (Note 5) 38,316 38,527 50,754 50,739 138,966 141,050 63,981 64,921 467,293 469,078 77,109 85,069

Rent (incl. common serv ice fees) - (Note 5) - (Note 5) 38,316 38,527 50,754 50,739 138,966 141,050 63,981 64,921 464,516 469,078 77,109 84,889 (Note 2) Other Rev enues (Note 3) - (Note 5) - (Note 5) 0 0 0 0 0 0 0 0 2,776 0 0 180 (2) Property-related Expenses (thousand yen) - (Note 5) - (Note 5) 9,614 10,411 11,018 11,955 22,857 47,892 11,247 14,907 123,113 169,310 15,000 46,910

Administrativ e Expenses - (Note 5) - (Note 5) 2,303 2,336 3,131 3,897 9,583 10,906 5,460 4,815 45,020 40,908 5,576 8,556

Utility Charges - (Note 5) - (Note 5) 2,685 2,986 2,796 3,031 10,009 9,809 4,347 3,970 67,552 60,938 7,924 8,784

Property Management Fee - (Note 5) - (Note 5) 1,200 1,200 1,200 1,200 1,389 1,416 1,200 1,200 4,207 4,221 1,122 1,264

Tax and Public Due - (Note 5) - (Note 5) 3,113 3,116 3,496 3,544 134 10,467 41 4,624 9 55,284 17 8,845

Non-life Insurance Costs - (Note 5) - (Note 5) 38 41 51 54 136 147 64 69 724 777 114 143

Repair Expenses - (Note 5) - (Note 5) 261 718 343 227 1,603 15,145 132 217 5,600 7,180 245 19,316

Other Expenses - (Note 5) - (Note 5) 12 12 0 0 0 0 0 10 0 0 0 0 Profits from property-related activities (3) NOI (=(1)-(2)) (thousand yen) -33,187 35,471 28,701 28,115 39,735 38,783 116,109 93,158 52,733 50,013 344,179 299,767 62,108 38,159

Annualized NOI (thousand yen) -66,557 70,749 57,561 56,077 79,690 77,355 232,856 185,808 105,757 99,753 690,250 597,897 145,318 76,109 NOI Yield (Note 4) -2.8% 3.0% 5.9% 5.7% 5.0% 4.9% 5.4% 4.4% 4.4% 4.2% 4.3% 3.7% 4.7% 2.4% Depreciation and amortization (thousand yen) - (Note 5) - (Note 5) 2,259 1,877 4,959 4,985 18,396 18,445 6,511 6,553 59,903 60,916 9,656 10,195

Proceeds from Restoration and Repair Work - (Note 5) - (Note 5) 0 0 0 0 0 0 0 0 0 0 0 180 (thousand yen)

(Reference) Proceeds from Amortization of Leasehold and - (Note 5) - (Note 5) 0 0 0 0 0 0 0 0 0 0 0 0 Security Deposits (thousand yen) (Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 28th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2019). (Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen. (Note 3) Other Revenues includes Proceeds from Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits. (Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value. (Note 5) Not disclosed due to tenant's request.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 53 Portfolio Performance Summary (8) Fiscal Period Ended November 2019 (28th FP Results by Property)

Daiwa Harumi Daiwa Mita 2-Chome Daiwa Higashi-Ikebukuro Daiwa Shinagawa North Daiwa Osaki 3-chome (Note 6) Daiwa Kamiooka Daiwa Ogikubo Tower

Property Name

Acquisition Price (million yen) 11,200 2,635 2,958 7,710 1,650 2,000 15,220 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP Book Value (million yen) 11,281 11,295 - 1,599 2,633 2,609 7,116 7,087 1,584 - 1,875 1,857 15,738 16,546 Appraisal Value (million yen) 12,000 12,300 - 3,280 4,250 4,300 6,210 6,350 2,480 - 2,840 2,900 22,000 22,700 Occupancy Rate (% ) 47.3 100.0 - 100.0 100.0 100.0 100.0 100.0 100.0 - 100.0 100.0 99.6 100.0 PML (%) (Note 1) 4.30 4.30 - 3.21 3.55 3.55 7.19 7.19 6.14 - 6.29 6.29 1.18 1.18 Property Management Company Best Property Best Property Best Property Best Property Xymax Alpha Xymax Alpha Xymax Alpha Number of operating days 94 183 - 153 182 183 182 183 182 30 182 183 182 183

(1) Property-related Rev enues (thousand yen) 72,935 153,955 - - (Note 5) 122,856 110,618 196,306 202,310 65,496 11,197 93,212 93,474 659,394 664,086

Rent (incl. common serv ice fees) 72,935 153,955 - - (Note 5) 122,856 110,618 196,306 202,310 65,496 11,197 93,212 93,474 659,394 664,086 (Note 2) Other Rev enues (Note 3) 0 0 - - (Note 5) 0 0 0 0 0 0 0 0 0 0 (2) Property-related Expenses (thousand yen) 87,258 86,465 - - (Note 5) 82,483 37,893 52,494 57,683 11,405 5,758 21,096 19,883 183,162 242,883

Administrativ e Expenses 80,959 60,882 - - (Note 5) 10,278 16,571 12,443 14,907 2,527 450 4,065 4,135 45,854 46,638

Utility Charges 5,399 21,944 - - (Note 5) 13,535 10,269 15,284 13,799 3,351 1,132 8,319 7,758 77,370 71,580

Property Management Fee 614 1,359 - - (Note 5) 1,773 1,720 2,959 3,035 1,200 200 1,212 1,300 7,274 7,315

Tax and Public Due 74 107 - - (Note 5) 8,567 8,610 18,885 18,968 4,006 3,964 6,414 6,399 45,204 45,088

Non-life Insurance Costs 210 439 - - (Note 5) 197 211 304 326 65 11 110 118 779 844

Repair Expenses 0 1,457 - - (Note 5) 48,130 511 2,427 6,636 254 0 973 172 6,050 71,235

Other Expenses 0 274 - - (Note 5) 0 0 190 9 0 0 0 0 630 180 Profits from property-related activities (3) NOI (=(1)-(2)) (thousand yen) -14,323 67,490 - 60,274 40,373 72,724 143,812 144,627 54,091 5,438 72,115 73,590 476,232 421,202 Annualized NOI (thousand yen) -55,617 134,611 - 143,792 80,968 145,052 288,415 288,463 108,479 - 144,627 146,779 955,081 840,104 NOI Yield (Note 4) -0.5% 1.2% - 9.0% 3.1% 5.6% 4.1% 4.1% 6.8% - 7.7% 7.9% 6.1% 5.1% Depreciation and amortization (thousand yen) 23,051 34,847 - - (Note 5) 24,451 24,629 35,982 36,378 11,428 3,813 18,065 18,065 99,921 128,828

Proceeds from Restoration and Repair Work 0 0 - - (Note 5) 0 0 0 0 0 0 0 0 0 0 (thousand yen)

(Reference) Proceeds from Amortization of Leasehold and 0 0 - - (Note 5) 0 0 0 0 0 0 0 0 0 0 Security Deposits (thousand yen)

(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 28th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2019). (Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen. (Note 3) Other Revenues includes Proceeds from Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits. (Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the period-end book value. (Note 5) Not disclosed due to tenant's request. (Note 6) Property sold in 28th FP

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 54 Portfolio Performance Summary (9) Fiscal Period Ended November 2019 (28th FP Results by Property)

CONCURRED Daiwa Shinagawa Daiwa Meguro Square Daiwa Ogikubo Daiwa Kitahama Yokohama Gotenyama

Property Name Total (Note 5)

Acquisition Price (million yen) 5,600 3,800 38,100 2,500 9,481 460,076 461,061 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP 27th FP 28th FP Book Value (million yen) 5,494 5,471 3,983 3,979 38,136 38,032 2,583 2,579 9,173 9,176 453,059 452,653 Appraisal Value (million yen) 6,910 7,090 4,610 4,730 39,900 41,100 2,650 2,710 11,700 13,300 548,130 562,730 Occupancy Rate (% ) 100.0 100.0 100.0 100.0 98.7 100.0 100.0 100.0 86.9 100.0 97.1 99.1 PML (%) (Note 1) 1.68 1.68 6.41 6.41 0.92 0.92 7.07 7.07 3.48 3.48 1.95 1.94 Property Management Company Xymax Alpha ITOCHU Urban Community Jones Lang LaSalle Best Property Japan Property Solutions Number of operating days 182 183 182 183 182 183 182 183 182 183 182 183

(1) Property-related Rev enues (thousand yen) 162,712 166,976 127,276 128,654 990,724 1,032,027 61,048 67,453 342,683 466,815 13,690,644 14,075,850

Rent (incl. common serv ice fees) 162,712 166,976 127,276 128,654 989,706 1,032,006 61,048 67,453 342,683 339,815 13,628,608 13,916,051 (Note 2) Other Rev enues (Note 3) 0 0 0 0 1,018 21 0 0 0 127,000 62,035 159,798

(2) Property-related Expenses (thousand yen) 33,749 34,333 26,496 27,558 174,923 210,039 15,994 17,291 95,479 181,955 3,663,258 3,755,816

Administrativ e Expenses 7,710 8,116 8,126 7,582 49,497 52,053 7,676 5,297 20,026 37,007 909,659 855,144

Utility Charges 8,810 9,250 6,344 6,946 86,448 87,475 3,898 3,831 33,586 35,756 1,099,123 1,074,122

Property Management Fee 2,006 2,167 1,401 1,660 5,983 6,194 1,200 1,200 5,038 5,059 153,175 155,433

Tax and Public Due 13,836 13,827 8,089 8,205 28,727 57,460 17 5,514 33,833 34,523 1,041,049 1,131,152

Non-life Insurance Costs 154 166 132 142 767 777 81 87 519 567 15,289 16,479

Repair Expenses 1,230 805 2,402 3,020 2,613 5,935 2,969 1,360 2,178 68,945 395,024 474,514

Other Expenses 0 0 0 0 885 143 150 0 296 96 49,936 48,970 Profits from property-related activities (3) NOI (=(1)-(2)) (thousand yen) 128,962 132,642 100,780 101,095 815,801 821,987 45,053 50,162 247,204 284,859 10,027,386 10,320,033 Annualized NOI (thousand yen) 258,634 264,560 202,113 201,639 1,636,085 1,639,483 90,355 100,050 495,767 568,161 19,944,182 20,596,398 NOI Yield (Note 4) 4.7% 4.8% 5.1% 5.1% 4.3% 4.3% 3.5% 3.9% 5.4% 6.2% 4.4% 4.6% Depreciation and amortization (thousand yen) 23,174 23,215 13,006 11,878 113,314 114,012 5,673 5,723 54,148 56,354 1,813,035 1,826,120

Proceeds from Restoration and Repair Work 0 0 0 0 0 0 0 0 0 127,000 15,893 141,226 (thousand yen)

(Reference) Proceeds from Amortization of Leasehold and 0 0 0 0 0 0 0 0 0 0 0 0 Security Deposits (thousand yen)

(Note 1) Sompo Risk Care Management Inc. has prepared the PML for the 28th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2019). (Note 2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen. (Note 3) Other Revenues includes Proceeds for Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits. (Note 4) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value. (Note 5) Acquisition price, annualized NOI and NOI yield for the 27th FP do not include Daiwa Onarimon Building which was sold in the 27th FP. Acquisition price, annualized NOI and NOI yield for the 28th FP do not include Daiwa Osaki 3-chome Building which was sold in the 28th FP. The portfolio total of (2) Property-related Expenses in the table does not include expenses related to the Investment Corporation

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 55 Overview of Asset Management Company (1)

Company Overview Directors (As of January 1, 2020) (As of January 1, 2020)

Company Name Daiwa Real Estate Asset Management Co., Ltd. Chairman of the Board Akira Yamanouchi President and Representative Director Toshio Fukushima Address 6-2-1 Ginza, Chuo-ku, Tokyo Vice President and Representative Director Yoshiki Nishigaki Established October 21, 2004 Director Hajime Imbe Director Yuji Shinotsuka Paid-in Capital 200 million yen Director (non-executive) Keiichi Ishikawa Representative Director Toshio Fukushima Auditor Tamaki Shibayama Auditor (non-executive) Sachiko Hanaoka Executive directors: 5 Executive auditors: 1 Auditor (non-executive) Shinji Kiso Board of Directors 9 Non-executive directors: 1 Non-executive auditors: 2 REITs which Entrust Asset Management No. of Employees 114 (excluding dispatched employees) to the Asset Management Company Registration No. 355 (Financial Instruments), (As of January 1, 2020) Registered Financial Director-General, Kanto Local Finance Bureau Instruments Firm (Kinsho) Daiwa Office Listed REIT focusing on office buildings Investment Corporation Asset size: approximately 463.8 billion yen (60 properties) Building Lots and Buildings License No. (4)-83920, Governor of Tokyo Transaction Business License Japan Rental Listed REIT focusing on residential properties Housing Investments Inc. Asset size: approximately 227.8 billion yen (193 properties) Discretionary Agent for Real License No. 34, Minister of Land, Infrastructure, Estate Transaction Approval Transport and Tourism Daiwa Residential Private REIT focusing on residential properties Private Investment Corporation Asset size: approximately 121.8 billion yen (81 properties) Member of The Investment Trusts Association, Japan Nippon Healthcare Japan’s first listed REIT focusing on healthcare facilities Investment Member of Japan Investment Advisers Association Membership Corporation Asset size: approximately 19.7 billion yen (23 properties) Association Member of Type II Financial Instruments Firms Daiwa Hotel Private Private REIT focusing on hotels Association Investment Corporation Asset size: approximately 40.7 billion yen (10 properties)

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 56 Overview of Asset Management Company (2)

Organization Chart

Shareholders’ Meeting

Corporate Auditors

Board of Directors

Compliance Committee Compliance Officer Investment Committee * President and * Set up separately for each Representative Director investment corporation

Internal Control Office

Acquisition and Asset Private Fund Division Corporate Division Management Division

DOI Asset JRH Construction Private Fund REIT Corporation Compliance & Risk Acquisition Origination Asset Management Investment Planning Finance Administration Corporate Planning Management Asset Management Management Management Planning Management Department Department Department Department Department Department Department Department Department Department Department Department Department

DOI Investment DRP Management Infrastructure AM Team Finance Team Team Team Team

JRH Investment Portfolio System NHI Management Fund Management Accounting Team Team Team Team Team

DRP Investment DHP Management Management Team Team Team

NHI Investment DLP Management Team Team

DHP Investment Team

DLP Investment Team

(As of January 1, 2020)

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 57 Change of Property Names

The names of some properties under management are changed on September 1, 2019 to carry the brand name which the Investment Corporation uses for its portfolio properties. The new names are used in this document.

[Properties with new names] New name Former name Date of change

Daiwa Ogikubo Tower Integral Tower

Daiwa Shibuya Square Glass City Shibuya

Daiwa Shinjuku West Shinjuku West Building

Daiwa Kandasudacho Prime Kanda Building September 1, 2019 Daiwa Shinagawa Gotenyama Kita-Shinagawa Gotenyama Building

Daiwa Sasazuka Tower Sasazuka NA Building

Daiwa Sasazuka Sasazuka South Building

Daiwa Harumi Glass City Harumi

Daiwa Mita 2-Chome Sumitomo Fudosan Mita 2-chome Building

This document is not material disclosed in compliance with the Financial Instruments and Exchange Act or any regulation of similar nature, nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 58