Sumitomo Fudosan Mita 2-Chome Building) and Divestment (Daiwa Osaki 3-Chome Building) of Assets Through Exchange

This translation of the original Japanese notice is provided solely for information purposes. Should there be any discrepancy between this translation and the Japanese original, the latter shall prevail.

July 1, 2019

REIT Issuer: Daiwa Office Investment Corporation (Stock Code No.: 8976) Representative: Motoi Takahashi, Executive Director

Asset Manager: Daiwa Real Estate Asset Management Co. Ltd. Representative: Hisao Fukushima, President and Representative Director Inquiries to: Kentaro Azumi, General Manager, Corporate Division (Tel: +81-3-6215-9649)

Notice Concerning Acquisition (Sumitomo Fudosan Mita 2-chome Building) and Divestment (Daiwa Osaki 3-chome Building) of Assets Through Exchange

Daiwa Office Investment Corporation (the “Investment Corporation”) hereby announces that Daiwa Real Estate Asset Management Co. Ltd., to which the Investment Corporation entrusts management of its assets (the “Asset Manager”), has determined today to acquire and divest trust beneficial interest of domestic real estate through exchange (the “Acquisition” and the “Divestment.” The Acquisition and Divestment are collectively referred to as the “Exchange”) as follows. Moreover, as for Sumitomo Fudosan Mita 2-chome Building, the property to be acquired, a reduction entry is scheduled to be made by applying the provisions of the “Inclusion in Deductible Expenses of the Amount of Advanced Depreciation of Assets Acquired by Exchange” in Article 50 of the Corporation Tax Act.

1. Summary of the Exchange Date of Conclusion of July 1, 2019 Exchange Agreement Date of Exchange July 1, 2019 The Counterparty of the Sumitomo Realty & Development Co., Ltd. Exchange The Investment Corporation is scheduled to make a reduction entry of 1,067 million yen in total for the land and building of the property to be acquired (provisions of the Reduction Entry “Inclusion in Deductible Expenses of the Amount of Advanced Depreciation of Assets Acquired by Exchange” in Article 50 of the Corporation Tax Act will be applied). The difference from exchange of property (50 million yen), which is the difference between the sale price of Daiwa Osaki 3-chome Building and the acquisition price of Difference from Sumitomo Fudosan Mita 2-chome Building, will be paid to the Investment Exchange of Property Corporation by Sumitomo Realty & Development Co., Ltd., the counterparty of the exchange, on the delivery date.

I. Summary of Property to be Acquired Asset Name Sumitomo Fudosan Mita 2-chome Building (the “Property to be Acquired”)

Type of Specified Asset Trust beneficial interest in domestic real estate

Location 2-10-4 Mita, Minato-ku, Tokyo

Acquisition Price (Note) 2,635 million yen (Excluding acquisition costs, consumption tax, etc.) (Note) Acquisition price is the price of trust beneficial interest of the Property to be Acquired indicated in the trust beneficial interest exchange agreement.

Note: This press release has been prepared as a public announcement regarding the Investment Corporation’s acquisition and divestment of assets through exchange and has not been prepared with the aim of soliciting investments. 1

II. Summary of Property to be Divested Asset Name Daiwa Osaki 3-chome Building (the “Property to be Divested”) Type of Asset Trust beneficial interest in domestic real estate Sale Price (Note 1) 2,685 million yen (excluding settlement amounts of fixed asset tax and city planning tax, consumption tax, etc.) Book Value 1,594 million yen (November 30, 2018) Difference between the Sale Price and the Book 1,091 million yen (Note 2) Value (Note 1) Sale price is the price of trust beneficial interest of the Property to be Divested indicated in the trust beneficial interest exchange agreement. (Note 2) The figure differs from a capital gain from divestment. It is a simple calculation of difference between the sale price and the book value as of November 30, 2018 for reference.

2. Reason for the Exchange The Investment Corporation decided to conduct the Exchange based on the basic policy for asset management set forth in the Articles of Incorporation and the management policy of the Investment Corporation by taking into account that rejuvenation of the portfolio and improvement in medium- to long-term profitability can be expected with the Exchange. Please refer to the following for further details.

I. Acquisition of Sumitomo Fudosan Mita 2-chome Building (1) Location The Property to be Acquired 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 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 approximately 9 minutes to reach Otemachi Station, etc., the Property to be Acquired enjoys excellent access to major stations in Tokyo. The Shibakoen, Shiba and Mita area where the Property to be Acquired 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 street on National Route 1 and offers high visibility.

(2) Building Facilities: The Property to be Acquired has 8 floors above ground with a gross floor area of 3,003.17 m2 and a leasable area of 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 strong presence, and the grade and convenience have been enhanced by having a spacious entrance and multipurpose toilets on the first floor without any rental rooms.

Given the building functionality and favorable location of the Property to be Acquired, it should perform competitively and contribute regularly to the profitability of the Investment Corporation’s portfolio.

II. Divestment of Daiwa Osaki 3-chome Building The Investment Corporation decided to divest the Property to be Divested in line with its management policy by comprehensively taking into account the characteristics of the Property to be Divested, measures on return of profits to unitholders, current and future portfolio strategy and the trend of the real estate market condition for the improvement of unitholder value. The Property to be Divested will be transacted in exchange of the Property to be Acquired. The Asset Manager judged that the divestment of the Property to be Divested is reasonable as the rejuvenation of the entire portfolio and improvement in NOI can be achieved through the Exchange.

3. Impact of the Exchange (1) Assumed Book Value of the Property to be Acquired The Investment Corporation is scheduled to make a reduction entry for the land and building of the Property to be Acquired by applying the provisions of the “Inclusion in Deductible Expenses of the Amount of Advanced Depreciation of Assets Acquired by Exchange” in Article 50 of the Corporation Tax Act and deduct advanced depreciation amount of 1,067 million yen among the gain on sale of the Property to be Divested from the book value of the Property to be Acquired. As a result, the book value of the Property to be Acquired is expected to be 1,567 million yen before applying the acquisition costs, etc.

Price NOI Yield Advanced Assumed Based on Based on Asset Name Acquisition Depreciation Book Value Acquisition Assumed Price (A) Amount (B) (A-B) Price Book Value Sumitomo Fudosan 2,635 million 1,067 million 1,567 million Mita 2-chome 4.7% 7.9% yen yen yen Building

(2) Gain on Sale of Real Estate though the Exchange As a result of the Exchange, 20 million yen calculated by deducting the above advanced depreciation amount (1,067 million yen) from of gain on sale of 1,087 million yen, which is calculated by deducting divestment costs, etc. (estimated amount) from the sale price of the Property to be Divested, is scheduled to be recorded as gain on sale of real estate in the fiscal period ending November 2019 (28th fiscal period). (Note) The amounts are estimated amounts as of the date of this document and are subject to change. In addition, there is a possibility that the provisions of reduction entry will not be applied.

4. Details of the Property to be Acquired and Lease Asset Name Sumitomo Fudosan Mita 2-chome Building Type of Specified Asset Trust beneficial interest in real estate Trustee Sumitomo Mitsui Trust Bank, Limited. Trust Period From July 1, 2019 to July 1, 2029 Location (Address) 2-8-2 Mita, Minato-ku, Tokyo and 3 other lots Use Office, parking (Real Property Registry) Ownership Form (i) Land: Ownership (ii) Building: Ownership Site Area 454.37 m2 (Real Property Registry) Total Floor Area 3,003.17 m2 (Real Property Registry) Structure (Real Property Steel framed structure flat roof, 8 stories above ground Registry) Construction Date March 31, 2017 (Real Property Registry) Building Engineer Nishimatsu Construction Co., Ltd. Constructor Nishimatsu Construction Co., Ltd. Structural-design Engineer Nishimatsu Construction Co., Ltd. Floor Height/Ceiling Height 4,110 mm (for standard floor) / 2,700 mm (for standard floor) Air-conditioning System/ OA Each floor individual treatment air-conditioning/OA-capable floor Laying Building Inspection Agency Japan ERI Co., Ltd. Engineering Due Diligence Tokyo Bldg-Tech Center Co., Ltd Company Soil Contamination Risk Earth-Appraisal Co., Ltd. Survey Company Probable Maximum Loss 3.21% (Sompo Risk Management Inc.) Level (Assessor) Acquisition Price 2,635 million yen (Excluding acquisition costs, consumption tax, etc.) Appraisal Value 3,240 million yen (as of May 1, 2019) Note: This press release has been prepared as a public announcement regarding the Investment Corporation’s acquisition and divestment of assets through exchange and has not been prepared with the aim of soliciting investments. 3

(Appraisal Date) Appraiser Japan Real Estate Institute Collateral None Summary of Tenants Total Number of 1 (as of the acquisition date) Tenants Rent Revenue Not disclosed (Note1) Security Deposit and Not disclosed (Note1) Guaranty Total Leased Floor 2,101.61 m2 (estimation for the scheduled delivery date) (Note 2) Space Total Leasable Floor 2,101.61 m2 (Note 2) Space Trend in occupancy rate March 31, 2018 March 31, 2019 Acquisition date (Note 2) 100.0% 100.0% 100.0% NOI yield at acquisition Midterm NOI yield 4.7% 4.7% (Note 3) (Note 4) Depreciation Appraisal NOI yield (Note 5) 4.8% 0.5% (Note 6) Other Relevant Information Not applicable. (Note 1) Not disclosed as consent for disclosure has not been obtained from the lessee. (Note 2) The figures are based on the data obtained from the seller for the total leased floor space, total leasable floor space and trend in occupancy rates of the end tenants. (Note 3) NOI yield at acquisition is calculated based on the leasing agreement for the Property to be Acquired on the acquisition date by dividing the 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 4) Midterm NOI yield is calculated based on the assumption that after the property acquisition, the Investment Corporation will receive rent on an ongoing basis for the medium term (with the assumption of the occupancy rate being 100.0%). The 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 fiscal period onward. (Note 5) The figure for appraisal NOI yield is calculated based on net operating income used for the calculation of the income approach value as per the direct reduction process as stipulated in the property appraisal report and divided by acquisition price. The figure is rounded to the first decimal place. (Note 6) 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 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.

5. Details of the Property to be Divested Asset Name Daiwa Osaki 3-chome Building Type of Specified Asset Trust beneficial interest in domestic real estate Trustee Sumitomo Mitsui Trust Bank, Limited. Maturity of Trust Period September 30, 2022 Location (Address) 3-6-28 Osaki, Shinagawa-ku, Tokyo Use Office (Real Property Registry) Ownership Form (i) Land: Ownership (ii) Building: Ownership Site Area 749.63 m2 (Real Property Registry) Total Floor Area 2,243.36 m2 (Real Property Registry) Structure Steel-framed reinforced concrete structure with alloy plated steel sheet roof, 6 (Real Property Registry) stories above ground and 1 below Construction Date September 14, 2007 (Real Property Registry) Book Value 1,594 million yen (November 30, 2018) Appraisal Value (Appraisal Date) 2,350 million yen (as of November 30, 2018) Appraiser Daiwa Real Estate Appraisal Co., Ltd. Summary of Tenants (as of November 30, 2018) Total Number of 5 Tenants Rent Revenue 65 million yen (Note) Security Deposit and 96,918,280 yen Guaranty Total Leased Floor 1,786.06 m2 Space Total Leasable Floor 1,786.06 m2 Space Occupancy Rate 100.0% (Note) Rent revenue is for the fiscal period ended November 2018 (from June 1, 2018 to November 30, 2018).

6. Summary of the Exchange Counterparty (1) Name Sumitomo Realty & Development Co., Ltd. (2) Location 2-4-1 Nishi-Shinjuku, Shinjuku-ku, Tokyo Title/Name of (3) President and CEO Kojun Nishima Representative 1. Acquisition, disposal and lease of real estate 2. Management, use and development of real estate 3. Brokerage and appraisal of real estate 4. Creation, reclamation and dredging of land 5. Construction, design, supervision and contracting of civil engineering and construction work 6. Management of mountains and forests and production, processing and (4) Nature of Business sales of forest products including timber 7. Manufacturing, sales and lease of building and housing-related devices and building-related materials including interior material as well as brokerage of such business 8. Business related to the solicitation of life insurance, non-life insurance agency business and automobile liability insurance 9. Agency business of insurance based on the Act on Liability 10. Tourism business, etc. (5) Stated Capital 122,805,350,767 yen (as of March 31, 2019) (6) Date of Incorporation December 1, 1949 (7) Net Assets 1,208,116 million yen (as of March 31, 2019) (8) Total assets 5,127,464 million yen (as of March 31, 2019) Major Shareholder & (9) The Master Trust Bank of Japan, Ltd. (Trust Account) 7.94% Shareholding Ratio (10) Relationship with the Investment Corporation/Asset Manager There is no capital relationship to be stated between the Investment Corporation/Asset Manager and the company. Furthermore, there is no capital Capital Relationship relationship to be stated between the affiliated parties and the affiliated companies of the Investment Corporation/Asset Manager and those of the company. There is no personnel relationship to be stated between the Investment Corporation/Asset Manager and the company. Furthermore, there is no Personnel personnel relationship to be stated between the affiliated parties and the Relationship affiliated companies of the Investment Corporation/Asset Manager and those of the company. There is no business relationship to be stated between the Investment Corporation/Asset Manager and the company. Furthermore, there is no Business business relationship to be stated between the affiliated parties and the Relationship affiliated companies of the Investment Corporation/Asset Manager and those of the company. The company does not fall under the Related Party of the Investment Status of Corporation/Asset Manager. Also, the affiliated parties and the affiliated Classification as Related Party companies of the company do not fall under the Related Party of the Investment Corporation/Asset Manager.

7. Status of the Exchange Counterparty The acquisition of the trust beneficial interest does not pertain to acquisition from any persons having a special interest in the Investment Corporation or the Asset Manager.

8. Status of the Intermediary Not applicable.

9. Payment Method, etc. The difference from exchange of property will be paid in lump sum on July 1, 2019, the execution date of the Exchange.

10. Schedule of the Exchange Date of Determination of July 1, 2019 Exchange Date of Conclusion of July 1, 2019 Exchange Agreement Date of Payment and Receipt of Difference from July 1, 2019 Exchange of Property Delivery Date July 1, 2019

11. Future Prospect The Exchange will have no impact on the management status forecast for the fiscal period ended May 2019 (27th fiscal period) as the delivery will take place on July 1, 2019, and gain on sale of real estate of 20 million yen is expected to be recorded for the fiscal period ending November 2019 (28th fiscal period). The impact on the management status forecast for the fiscal period ending November 2019 (28th fiscal period) is minimal, and there are presently no revisions to the previously released forecasts. Moreover, the management status forecast for the fiscal period ending November 2019 (28th fiscal period) and the fiscal period ending May 2020 (29th fiscal period) are scheduled to be disclosed upon the announcement of the financial results for the fiscal period ended May 2019 (27th fiscal period) on July 18, 2019.

12. Summary of Appraisal Report I. Sumitomo Fudosan Mita 2-chome Building Appraiser Japan Real Estate Institute Appraisal Date June 1, 2019 Appraisal Value 3,240 million yen

Items (million yen) (Note 1) Outline, etc. Based on DCF method with reference to direct Income Approach Value 3,240 capitalization method Direct Capitalization Value 3,300 (1) Operating Revenue 169 Potential Annual Rent Stable receivable rent is estimated for the mid- to long- 169 Revenue term Amount of Loss due to Stable occupancy ratio is estimated for the mid- to long- 0 Vacancy term (2) Operating Expenses 43 Maintenance and Maintenance and operation cost is based on actual

Operation Cost historical data and maintenance and operation cost of 14 (Note 2) peer properties and PM fee is based on the fee rate, PM Fee etc. based on contract conditions, taking into consideration the individuality of the property, etc. Taking into consideration the occupancy rates of Water & Utility Charges 10 rented portions, etc. based on actual historical data. Taking into consideration annual average of repair and Repair 0 renewal expenses stated in the ER, etc. with reference to actual historical data. Deemed leasing fee, etc. to be unnecessary taking into Leasing Fee 0 account the content of the current lease agreement. Tax 17 Taking into account tax-related materials, etc. Taking into consideration the insurance contract and Non-life Insurance 0 insurance premium of peer buildings, etc. Recorded maintenance and operation cost of Others 0 illuminating lamp on the sidewalk. (3) Net Operating Revenue 125 (4) Profit from 1 Return yield is assumed at 1.0%. deposits/guarantees Assessed by taking into account the annual average of (5) Capital Expenditures 2 repair and renewal expenses stated in the ER, level in peer properties, etc. (6) Net Revenue ((3)+(4)-(5)) 125 Assessed by taking into account future uncertainties, transaction yield of peer properties, etc., reflecting (7) Capitalization Rate 3.8% spread attributable to property conditions in regard to location, building, etc. Discounted Cash Flow Value 3,180 Assessed by comprehensively taking into account the Discount Rate 3.6% individuality of the property, etc. with reference to investment yield of peer properties.

Assessed by comprehensively taking into account the Terminal Capitalization Rate 4.0% future trends of investment yield, etc. with reference to transaction yield of peer properties. Integrated Value by Using Cost 3,230 Method Ratio of Land 76.2% Ratio of Building 23.8%

Other things noted by the appraiser upon valuation - (Note 1) The above revenue and expenses are based on the appraisal report and are not the figures forecasted by the Investment Corporation or the Asset Manager. (Note 2) With no prospective PM’s permission given for a specific disclosure of the PM fees, there is no disclosure of the breakdown of the fees. Disclosure of the PM fee figures in a specific manner may cause adverse effects on other business operations of the prospective PM, leading to bring about negative impact on the planned efficient operation based on the maintenance policy of the investment-target property of the Investment Corporation that the Investment Corporation is to contract with the PM. This may in return further cause adverse effects on unitholders’ interest. Therefore, the figure presented in this column is calculated together with maintenance and operation costs. Note: This press release has been prepared as a public announcement regarding the Investment Corporation’s acquisition and divestment of assets through exchange and has not been prepared with the aim of soliciting investments. 8

II. Divestment of Daiwa Osaki 3-chome Building Appraiser Daiwa Real Estate Appraisal Co., Ltd. Appraisal Date November 30, 2018 Appraisal Value 2,350 million yen

Items (million yen) (Note 1) Outline, etc. Based on DCF method with reference/verification to Income Approach Value 2,350 direct capitalization value. Direct Capitalization Value 2,370 (1) Operating Revenue 118 Potential Annual Rent Mid- to long-term competitiveness is accounted for the 125 Revenue standardized rent. Amount of Loss due to Stable occupancy ratio is estimated for the mid- to 6 Vacancy long-term (2) Operating Expenses 25 Maintenance and Maintenance and operation cost is based on the

Operation Cost current administration entrustment agreement, etc., 6 (Note 2) and the PM fee is based on the current PM PM Fee agreement. Water & Utility Charges 7 Based on actual historical data. Based on annualized repair expense on ER judged Repair 1 appropriate. Leasing Fee 1 Based on the standard fee levels of peer properties. Tax 8 Based on actual historical data. Deemed the amount in current contract as being Non-life Insurance 0 appropriate. Others 1 Based on fees including renewal contracts. (3) Net Operating Revenue 93 (4) Profit from 0 Return yield is assumed at 1.0%. deposits/guarantees Based on annualized repair expense on ER judged (5) Capital Expenditures 3 appropriate, and considering CM fee. (6) Net Revenue ((3)+(4)-(5)) 90 Peer property comparison as well as investor (7) Capitalization Rate 3.8% sounding has been referenced. Discounted Cash Flow Value 2,340 Based on historical discount rates of peer properties Discount Rate 3.6% as well as comparison with cap rate related to other financial instruments. Consideration of marketability of the Property at the Terminal Capitalization Rate 4.0% end of the period that the DCF valuation assumed. Integrated Value by Using Cost 1,600 Method Ratio of Land 73.9% Ratio of Building 26.1%

-End- Note: This press release has been prepared as a public announcement regarding the Investment Corporation’s acquisition and divestment of assets through exchange and has not been prepared with the aim of soliciting investments. 9

[Reference Material 1] Sumitomo Fudosan Mita 2-chome Building

[Reference Material 2] Portfolio Overview after the Exchange of the Property Acquisition Price Investment Ratio Region Name of Property Date of (Scheduled) Acquisition (million yen) (Note 4)

Daiwa Ginza Oct 21, 2005 14,100.0 3.1% Daiwa Ginza Annex Oct 21, 2005 3,050.0 0.7% Daiwa Shibaura Oct 21, 2005 8,265.0 1.8% Daiwa Minami-Aoyama Oct 21, 2005 4,550.0 1.0% Oct 21, 2005/ Daiwa Sarugakucho 3,190.0 0.7% Mar 30, 2012 Daiwa A Hamamatsucho Oct 21, 2005 2,865.0 0.6% Daiwa Jingumae Oct 21, 2005 2,800.0 0.6% Daiwa Shibadaimon Oct 21, 2005 2,578.0 0.6% Daiwa Misakicho Oct 21, 2005 2,346.0 0.5% Daiwa Shimbashi 510 Oct 21, 2005 2,080.0 0.5% Daiwa Tsukijiekimae Jan 27, 2006 1,560.0 0.3% Daiwa Tsukiji Jan 27, 2006 1,240.0 0.3% Daiwa Tsukishima Mar 24, 2006 7,840.0 1.7% Daiwa Nihombashi Horidomecho May 1, 2006 2,520.0 0.5% Daiwa Azabudai May 1, 2006 1,600.0 0.3% Daiwa Kyobashi Jul 31, 2006 3,460.0 0.8% Oct 6, 2006 Daiwa Kojimachi 4 Chome 2,910.0 0.6% Mar 29/ May 29, 2013 Five Central Shinjuku Maynds Tower Jul 13/ Nov 26, 2007 66,900.0 14.5% Wards of Tokyo (Note 1) SHIBUYA EDGE Jul 13, 2007 5,900.0 1.3% Daiwa Kodenmacho Aug 31, 2007 2,460.0 0.5% Daiwa Jimbocho Mar 10, 2010 4,150.0 0.9% Daiwa Nishi-Shimbashi Aug 13, 2010 5,000.0 1.1% Daiwa Kayabacho Building Mar 25, 2011 5,600.0 1.2% Daiwa Jimbocho 3 Chome Mar 29, 2011 3,550.0 0.8% E SPACE TOWER Jul 8, 2011 24,000.0 5.2% Daiwa Nihonbashi Hongokucho May 11, 2012 1,721.0 0.4% Dec 3, 2012/ shinyon curumu 9,650.0 2.1% Apr 12, 2013 Daiwa Akasaka Aug 9, 2013 9,200.0 2.0% Daiwa Shibuya Miyamasuzaka Sep 27, 2013 7,000.0 1.5% Azabu Green Terrace July 4,2014 14,000.0 3.0% Daiwa Ebisu 4-chome December 1,2014 4,135.2 0.9% LAQAS Higashi Shinjuku December 3,2014 8,450.0 1.8% Daiwa Aoyama March 2,2015 9,800.0 2.1% Shinsen Place March 2,2015 4,800.0 1.0% Grass City Shibuya May 1, 2015 16,000.0 3.5% Daiwa River Gate Jun 2, 2015 28,000.0 6.1% Daiwa Hatchobori ekimae September 11,2015 2,871.0 0.6%

Acquisition Price Investment Ratio Region Name of Property Date of Acquisition (million yen) (Note 4)

Daiwa Hatchobori ekimae West September 11,2015 1,647.0 0.4% Nikko Building Mar 29, 2016 13,710.0 3.0% Kirin Nihonbashi Building May 26, 2016 8,180.0 1.8% Daiwa Higashi-Nihonbashi Jun 1, 2016 6,370.0 1.4% Square Daikanyama Building Jun 29, 2016 2,280.0 0.5% Shinjuku West Building Jul 21, 2016 942.0 0.2% Five Central Daiwa Kanda Mikuracho Building Dec 21, 2016 1,592.0 0.3% Wards of Tokyo (Note 1) Nippon Manpower Building Jan 12, 2018 4,200.0 0.9% Prime Kanda Building Jun 7,2018/ Nov 1,2018 2,295.0 0.5% Sasazuka NA Building Oct 30, 2018 15,500.0 3.4% Sasazuka South Building Dec 27, 2018 3,000.0 0.7% Glass City Harumi Feb 27, 2019 11,200.0 2.4%

Sumitomo Fudosan Mita 2-chome Jul 1, 2019 2,635.0 0.6% Building

Total Number of Properties located in Five Central Wards of Tokyo: 50 373,692.2 81.1%

Daiwa Higashi-Ikebukuro Oct 21, 2005 2,958.0 0.6% Daiwa Shinagawa North Jul 13, 2007 7,710.0 1.7% Daiwa Kamiooka Mar 1, 2013 2,000.0 0.4% Integral Tower May 29, 2014 15,220.0 3.3% Greater Tokyo (Note 2) Daiwa Meguro Square May 1, 2015 5,600.0 1.2% Daiwa Ogikubo Jul 21, 2016 3,800.0 0.8% CONCUREDD Yokohama Jan 11, 2018 38,100.0 8.3% Kita-Shinagawa Sep 13, 2018 2,500.0 0.5% Gotenyama Building Total Number of Properties located in Greater Tokyo: 8 77,888.0 16.9% Major Regional Daiwa Kitahama Aug 1, 2014 9,481.5 2.1% Cities (Note 3) Total Number of Properties located in Major Regional Cities: 1 9,481.5 2.1%

Total Number of Properties: 59 461,061.7 100.0%

(Note 1) “Five Central Wards of Tokyo” means Chiyoda-ku, Chuo-ku, Minato-ku, Shinjuku-ku and Shibuya-ku. (Note 2) “Greater Tokyo” means Tokyo (excluding the Five Central Wards of Tokyo), Kanagawa, Chiba and Saitama prefectures. (Note 3) “Major Regional Cities” means Osaka area (i.e., Osaka, Kyoto and Hyogo Prefectures), Nagoya area (Aichi, Mie and Gifu Prefectures), ordinance-designated cities and core cities under Local Autonomy Act. (Note 4) Figures in the “Investment Ratio” column represent the percentage of the (scheduled) acquisition price of each property to the aggregate amount of the (scheduled) acquisition price and are rounded to the first decimal place. Please note that adding up of the investment ratio of the properties may not exactly match the investment ratio for each investment region or for the overall portfolio.

* Website URL of the Investment Corporation: http://www.daiwa-office.co.jp/en/