Daiwa Office Investment Corporation

As of January 23, 2017

Earnings Announcement for the 22nd Fiscal Period (Fiscal Period ended November 2016) Contents

Section 3 Overview of Daiwa Office Investment Corporation External Growth Topics of the Fiscal Period ended November 2016 (22nd FP)・・ 3 Properties Acquired in the Fiscal Period ・・・・・・Changes in Rent Revenue ・・・・・・4 ending May 2017 (23rd FP) 23 Changes in Dividends ・・・・・・5 Properties Acquired in the Fiscal Period ended November 2016 (22nd FP) ・・・・・・24 Section 1 Changes in Asset Size and Trading Performance・・・・・・26 Fiscal Period ended November 2016 (22nd Fiscal Properties Acquired after Sponsor Change・・・・・・27 Period) Performance Highlights and Forecasts Acquisition/Sale Policy and Status of Deliberation Highlights of the Fiscal Period ended November 2016 (22nd FP) ・・ 7 for Property Acquisitions ・・・・・・29 Highlights of Forecasts for the Fiscal Periods ending May 2017 and November 2017 (23rd and 24th FP)・・・・ 8

Section 2 Section 4 Internal Growth Financial Strategy Leasing Market of Tokyo Office Buildings ・・・・・・10 Status of Interest-bearing Liabilities ・・・・・・32 Analyses of Leasing Income ・・・・・・11 Unitholders as of the end of the November 2016 Portfolio Map: Increase and Decrease in Unit (22nd) Fiscal Period ・・・・・・35 Contract Rent Compared with Previous Fiscal Period ・・・・・・15 Change in Investment Unit Price and Dividend Yield Forecasts ・・ 36 Performance of Shinjuku Maynds Tower & Future Initiatives・・・・・・37 E SPACE TOWER ・・・・・・16 Internal Growth Strategies・・・・・・17 Appendix Measures to Increase Portfolio Value・・・・・・18 Environmental Efforts・・・・・・19 Occupancy Status of Properties Subject to Leasing Improvement in the Fiscal Period ended November 2016 (22nd FP) ・・・・・・20 Properties Subject to Leasing Improvement in the Fiscal Period ending May 2017 (23rd FP)・・・・・・21

This material is solely for the purpose of providing information and is not intended for the purpose of offering or soliciting investment, or 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 new 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 known and 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.

█ Domestic capital increase through public offering conducted in August 2016  Offering for the third consecutive year, Offering investment units: 12,700 units (primary offering), 1,169 units (third-party allotment), Issue price: 607,425 yen, Issue value: 587,489 yen, Total issue price: 7,461 million yen (primary offering), 686 million yen (third-party allotment), Total: 8,147 million yen; Acquired 4 properties (total acquisition price: 13,392 million yen) █ Results of continuous internal growth  Average Contract Rent at the end of November 2016 (Note 1): 19,219 yen (% and amount of change from the end of May 2015: +114yen, +0.6%)  Occupancy Rate at end of the 22nd FP: 97.7% (22nd FP Expected Occupancy Rate estimated in July 2016: 97.5%) (Occupancy Rate at the end of the 21st FP: 98.7%) █ Property Acquisition  Acquired 4 properties during the 22nd FP  Heiwa Higashi-nihonbashi Building (Acquisition date: June 1, 2016; Acquisition price: 6,370 million yen), Square Daikanyama Building (Acquisition date: June 29, 2016; Acquisition price: 2,280 million yen), Shinjuku West Building (Acquisition date: July 21, 2016; Acquisition price: 942 million yen), Ogikubo TM Building (Acquisition date: July 21, 2016; Acquisition price: 3,800 million yen)  Acquired 1 property during the 23rd FP  Shin Kanda Mikuracho Building (Acquisition date: December 21, 2016; Acquisition price: 1,592 million yen) █ Financial Situation  LTV (based on total assets): 42.3% (end of 21st FP: 43.3%)  Average remaining debt years at the end of the Fiscal Period: 4.1 years (end of 21st FP: 4.5 years)  Ratio of fixed interest: 80.4 % (end of 21st FP: 70.8%)

(Note 1) Average contract rent is, as a rule, calculated after excluding all non-office uses such as retail, residence and warehouse. (Note 2) Excluding properties acquired/sold in 22nd FP

Changes in increase/decrease of period-on-period rents and common area fees (Million Yen) (external growth/internal growth)

11,000 227 ■ External growth (contribution by properties acquired/disposed excluding the during-the-period 229 contribution in the previous FP) ■ External growth (during-the-period contribution by properties acquired/disposed) 115 117 ■ Internal growth (increase/decrease of rents of existing properties) 154 27 10,000 267

839

9,000 282 176 148 215

8,000 349 511

77 261 6 64 7,000 347 -55 29 190 278 -70 6,000

5,000 15th FPFP 16th FPFP 17th FPFP 18th18th FPFP 19th19th FPFP 20th20th FPFP 21st21st FPFP 22nd22nd FP (Note) External growth (full contribution by properties acquired/disposed) indicates the full contribution to the revenue of current fiscal period by the change in rents and common area fees of properties acquired or disposed in the previous fiscal period. External growth (During-the-period contribution by properties acquired/disposed) indicates the full contribution to the revenue of current fiscal period by the change in rents and common area fees of properties acquired or disposed in the current fiscal period. Internal growth (increase/decrease of rents of existing properties) indicates the period-on-period change in rents and common area fees of existing properties.

Changes in Dividends per Unit (Forecast/Actual)

(Yen) (Yen) 595,860 14,000 569,585 600,000 545,661 10,560 10,710 506,681 9,900 9,750 10,700 12,000 10,550 478,051 9,000 9,850 500,000 459,893 10,695 449,764 8,328 9,350 10,508 467,984 422,993 417,390 421,941 7,570 8,700 10,000 9,688 7,400 445,466 6,550 7,300 7,820 9,142 428,435 419,285 416,844 400,000 6,009 5,500 7,200 7,540 8,256 5,350 7,478 7,621 8,000 6,847 6,250 4,154 5,500 4,850 6,542 3,903 300,000 3,600 4,850 5,986 6,000 5,246 3,180 4,100 5,107 2,843 3,280 4,464 3,176 3,671 200,000 4,000 3,240

100,000 2,000

0 0 '09/118th FP期9th'10/5 FP期10th'10/11 FP期 11th'11/5 FP期12th'11/11 FP期 13th'12/5 FP期 14th'12/11 FP期 15th'13/5 FP期 16th'13/11 FP期 17th'14/5 FP期 18th'14/11 FP期 19th'15/5 FP期 20th'15/11 FP期 21st'16/5 FP期 22nd'16/11 FP期 23rd'17/5 FP期 '17/11 24th FP期

1年前予想（左軸）Forecast from 半年前予想（左軸）Forecast from 分配金実績（左軸）Actual dividends (left axis) NAV1口当たり per unitNAV (right（右軸） axis) a year earlier (left axis) six months earlier (left axis)

█ Results of the 22nd Fiscal Period (Million Yen) Increase factors(Unit: Yen): 21st Fiscal Period 22nd Fiscal Period Full contribution of revenue (rents and common area fees) Difference (ended May 2016) (ended Nov. 2016) from 2 properties acquired in the previous period (+370 million) Revenue (rents and common area fees) Operating Revenue 12,363 12,853 + 489 from 4 properties acquired during the period (+299 million) Utilities revenue (+152 million) Operating Expense 6,255 6,709 + 454 Revenue (rents and common area fees) from 47 existing Properties (Note 5) (+117 million) Operation Income 6,108 6,143 + 35 Gain on 1 property sold during the fiscal period (+102 million) Non-Operating Expense 787 829 + 41 Decrease factors(Unit: Yen): Gain on 2 properties sold in the previous fiscal period (net) (-323 million) Ordinary Income 5,326 5,325 - 1 Revenue (rents and common area fees) from 2 properties sold in the previous period (-143 million) Net Income 5,250 5,324 + 74 Revenue (rents and common area fees) from 1 property sold during the period ((-70 million) Dividend per Unit (Note 1) 10,508 yen 10,695 yen + 187 yen Increase factors(Unit: Yen): NAV per Unit (Note 2) 569,585 yen 595,860 yen + 26,275 yen Tax and public due (including general and administrative expenses) (+133 million) Period End Occupancy Rate 98.7% 97.7% -1.0% Other operating expenses (+101 million) Period Average Occupancy 98.2% 97.2% -1.0% Outsourcing expense (+73 million) Rate (Note 3) Repair cost (+52 million) NOI Yield (annualized) (Note 4) 4.0% 3.9% -0.0% Asset Management fees (+48 million) Increase factor(Unit: Yen): (Note 1) Distribution per unit for the 21st fiscal period is calculated by dividing the amount obtained by Investment unit issuance cost (+31 million) subtracting provision for reserve for reduction entry (164 million yen) from unappropriated retained earnings by the total number of investment units issued and outstanding. (Note 5) 47 existing properties are properties held (53 properties) as of the end of (Note 2) NAV per unit = (Unitholders’ capital +Total appraisal value at the end of fiscal period − Total property the 22nd Fiscal Period (ended November 2016) less the 2 properties book value at the end of fiscal period) / Number of investment units issued and outstanding. acquired during the 21th Fiscal Period (ended May 2015) and 4 properties (Note 3) Period average occupancy rate is calculated based on occupancies at the end of months during each acquired during the 22nd Fiscal Period. fiscal period. (Note 4) NOI Yield (annualized) calculated based on book value. NOI annualizes properties at the end of the period and does not include properties sold during the period. Increase factors(Unit: Yen): Other operating revenue (+54 million) (Reference) (Million Yen) Revenue (rents and common area fees) Comparison of 22nd Fiscal Period 22nd Fiscal Period from 53 existing properties (Note 6) (+27 million) forecasts with results Difference of 22nd Fiscal Period (announced Jul. 2016) (ended Nov. 2016) Increase factors(Unit: Yen): Operating Revenue 12,775 12,853 + 77 Other operating expenses (+87 million) Operating Expense 6,674 6,709 + 35 Outsourcing expense (+50 million) Net Income 5,254 5,324 + 70 Repair cost (+21 million) Decrease factor(Unit: Yen): Dividend per Unit 10,550 yen 10,695 yen + 145 yen Utility Charges (-118 million) Occupancy Rate 97.5% 97.7% + 0.2% This document is not material disclosed in compliance with the Financial Instruments(Note and 6) Exchange 53 existing Law properti or anyes regulation are the 53 of properties similar nature, owned as of the end of the nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises22nd readers FP (ended to make November investment 2016). dec isions at their own judgment. 7 Highlights of Forecasts for the Fiscal Periods ending May 2017 and November 2017 (23rd and 24th FP)

(Million Yen) █ The 23rd Fiscal Period Increase factors(Unit: Yen): 23rd FP Forecast Difference from Full contribution of revenue (rents and common area fees) (Forecast) Ending May 2017 22nd FP from 4 properties acquired in the previous period (+32 million) Revenue (rents and common area fees) Operating Revenue 12,462 - 390 from 1 property acquired during the period (+13 million) Decrease factors(Unit: Yen): Operating Expense 6,352 - 356 Utilities revenue (-146 million) Revenue (rents and common area fees) Operation Income 6,109 - 34 from 49 existing properties (Note 3) (-120 million) Non-Operating Expense 779 - 49 Gain on 1 property sold during the previous period (-102 million) Revenue (rents and common area fees) Net Income 5,327 + 2 from 1 property sold in the previous period (-18 million)

Dividend per Unit 10,700 yen + 5 yen Decrease factors(Unit: Yen): Repair cost (-170 million) Expected Occupancy Rate 96.8% -0.9% Other operating expenses (-102 million) Expected Period Average Utility Charges (-77 million) 97.0% -0.2% Occupancy Rate (Note 1) Expected NOI Yield Decrease factors(Unit: Yen): 4.0% + 0.0% (annualized) (Note 2) Investment unit issuance cost (-31 million) Interest expense (-14 million)

█ The 24th Fiscal Period (Million Yen) Increase factors(Unit: Yen): (Forecast) 24th FP Forecast Difference from Utilities revenue (+148 million) Ending Nov. 2017 23rd FP Revenue (rents and common area fees) Operating Revenue 12,655 + 193 from 53 existing properties (Note 4) (+48 million) Full contribution of revenue (rents and common area fees) Operating Expense 6,604 + 251 from 1 property acquired in the previous period (+7 million)

Operation Income 6,051 - 57 Increase factors(Unit: Yen): Utility Charges (+106 million) Non-Operating Expense 716 - 62 Tax and public due (+79 million) Net Income 5,332 + 5 Repair cost (+78 million)

Dividend per Unit 10,710 yen + 10 yen Increase factor(Unit: Yen): Interest expense (-46 million) Expected Occupancy Rate 97.6% + 0.8% (Note 1) Period average occupancy rate is calculated based on occupancies at the end of months during Expected Period Average each fiscal period. 96.4% - 0.6% (Note 2) Expected NOI Yield (annualized) is calculated based on the book value for the 22nd Fiscal Occupancy Rate (Note 1) Period for existing properties, and is based on the acquisition price for newly acquired Expected NOI Yield properties. 3.9% - 0.0% (annualized) (Note 2) (Note 3) 49 existing properties for the 23rd FP (ending May 2017) are the 53 properties as of the end of the 22nd FP (ended November 2016) less the 4 properties acquired during the 22nd FP. This document is not material disclosed in compliance with the Financial(Note Instruments 4) 53 existing and propertiesExchange for Law the 24thor any FP regulation(ending November of simi 2017)lar nature, are the 54 properties as of the 8 nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporatendion of theadvises 23rd FP readers (ending to May make 2017) investment less the 1 propertydecisions acquired at their during own the judgment. 23rd FP. Section 2 Internal Growth Leasing Market of Tokyo Office Buildings Trend of Office Rent and Vacancy Rate of 5 Central Wards of Tokyo Leasing Market of Tokyo Office Buildings Rent (Yen/Tsubo) (Yen/Tsubo) （賃料）(Rent) 24,000 10.0%

27,000 22,000 8.0% 2008/9 (Vacancy Rate)

20,000 6.0% 25,000 BＢクラスビル Class Bldg. 18,319 yen AＡクラスビル Class Bldg. 18,000 4.0% 2007/9 2001/6 2000/1 23,000 レンタル・マーケット・クロックRental Market Clock (conceptual（イメージ図） chart) 3.29% 16,000 2.0% Existing building average rent (left axis) 2003/10 Existing building vacancy rate (right axis) 21,000 14,000 0.0% '01/01 '02/01 '03/01 '04/01 '05/01 '06/01 '07/01 '08/01 '09/01 '10/01 '11/01 '12/01 '13/01 '14/01 '15/01 '16/01 19,000 (Data): Miki Shoji Rent and vacancy rate of large scale buildings* of 5 Central Wards of Tokyo 2012/6 (Tsubo) 2011/12 Predicted figures* 17,000 400,000 9.0% 2016/12 300,000 7.5% 2012/12 15,000 2008/9 2007/9 2000/1 200,000 6.0% 2001/6 2003/10 100,000 4.5% 13,000 Office Buildings** of 5 Central Wards 2011/12 0 3.0% of Tokyo 2016/12 2012/6 -100,000 1.5% Floor area of new supplies Floor area of new demands 11,000 Vacancy rate 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% -200,000 0.0% Vacancy rate '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 (Data): Sanko Estate compiled by Daiwa Real Estate Asset Management 2 (Data): CBRE “Office market medium term forecast 2016-2020” * Large scale buildings: A floor area of 200 tsubos (661.2m ) or more. *Predicted figures as of June 2016 ** Office Buildings: Ranging from large scale buildings to small scale buildings (less than 20 tsubo). This document is not material disclosed in compliance with the Financial Instruments and Exchange Law 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 Analyses of Leasing Income (1) - Transition of Occupancy and New Leases / Cancellations Rates -

Transition of New Leases and Period-end Occupancy Rate Cancellations and its Reasons** (Cases) Occupancy Rate (Actual) Expected Occupancy Rate 60 Expected Occupancy Rate (as of disclosure in Jul. 2016) 98.7% 97.3% 44 42 43 100% 97.2% 98.3% 38 97.7% 97.7% 97.6% 40 96.4% 96.4% 33 95.9% 95.4% 30 31 94.3% 97.5% 95% 97.3% 96.8% 25 92.8% 96.3% 24 22 95.0% 17 18 18 16 18 17 20 13 12 12 15 92.4% 9 11 11 90% 6 4 2 4 85.7% -2 -2 85% 0

7th FP 8th FP 9th FP -20

21st FP -11 10th FP 11th FP 12th FP 13th FP 14th FP 15th FP 16th FP 17th FP 18th FP 19th FP 20th FP 24th FP 23rd FP -12 22ndFP -20 -14 -15 -13 -13 -13 -13 -20 Rate of New Leases and Cancellations* -24 -25 -26 -24 -31 Rate of new leases Rate of cancellations -40 (%) Expected rate of new leases Expected rate of cancellations 20 13.4 -60 -53 7.4 9.8 8.2 10 7.2 6.1 5.7 6.2 4.3 3.9 3.2 3.3 4.4 8th FP 9th FP 21st FP 2.0 2.9 3.5 10th FP 11th FP 12th FP 13th FP 14th FP 15th FP 16th FP 17th FP 18th FP 19th FP 20th FP

1.8 2.6 22nd FP 0 New Leases Cancellations Net New Leases -3.4 -1.7 -2.8 -2.4 -1.6 -3.2 -2.8 Previous number -3.9 -3.9 -5.3 -5.7 -3.8 of leases: 6 -10 -5.9 -6.3 -6.1 -7.3 Cost Space Space Space Better -12.0 22nd Period Other Total Reduction Expansion Consolidation Reduction Location -20 -14.7 New Leases 010001617 Cancellations 10 570013 7th FP 8th FP 9th FP 21st FP 10th FP 11th FP 12th FP 13th FP 14th FP 15th FP 16th FP 17th FP 18th FP 19th FP 20th FP 24th FP 23rd FP 22ndFP *Transition of rate of new leases and cancellations areas to the total leasable area. ** Excluding residence and warehouse tenants.

 Basic strength (profitability accompanied by realization of internal growth) has steadily improved due to renewal of contract and occupancy of new tenants.  Increase in rent revenue due to improved basic strength leads almost directly to an increase in distributable income.

Monthly Rent Increase Due to Contract Renewal/Occupancy of new tenants

Contract Renewal Occupancy of new tenants Total (Please see p.13 for details) (Please see p.14 for details) 19th FP 5,862 thousand yen/month 3,157 thousand yen/month 9,020 thousand yen/month 20th FP 7,938 thousand yen/month 6,438 thousand yen/month 14,376 thousand yen/month 21st FP 13,479 thousand yen/month 766 thousand yen/month 14,246 thousand yen/month 22nd FP 8,759 thousand yen/month 3,988 thousand yen/month 12,747 thousand yen/month

Increase in Dividend Resource Due to Improved Basic Strength

Percentage of Total Rent Revenue Growth rate of dividend (rents and common area fees)*1 resource*2 6 months Annualized 6 months Annualized 19th FP 0.7% 1.3% 1.5% 3.0% 20th FP 1.0% 2.0% 2.1% 4.3% 21st FP 0.8% 1.7% 1.8% 3.6% 22nd FP 0.7% 1.5% 1.5% 2.9%

*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. *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.

Contract Renewal Area █ Changes in Rent Increase/Decrease Rate of Contract Renewal Tenants (sections) █ The 22nd Fiscal Period Contract * The ratio of areas for which contract was renewed in Renewal Tenants the 22nd FP (through Nov. 2016) to the total leased 15.0% area (323,776.16m2) as of end of May 2016. 9.8% 5.2% 9.0% 7.3% Cancellation from Non 10.0% 6.1% Properties sold in the fiscal period ended Nov. 2016 4.5% 2.5% 5.0% 4.3% 5.2% Contract Renewal Area, 3.2% are included in those not subject to renewal. 5.0% 1.0% 9.0% 0.0% 7.2% 6.1% 0.0% Contract Renewal Non Contract Renewal Area -5.2% -6.5% 0.0% 0.0% -5.1% 0.0% -5.0% Area, 18.1% (Excluding cancellation), 78.6% -4.9% -10.0% -7.0% -7.0% -10.2% Increase rate -15.0% -22.7% Decrease rate 22nd FP 42.6% 53.4% 3.9% -20.0% Rent increase/decrease rate 21st FP 0.2% 49.0% 50.1% 0.7% -25.0% -22.7% 20th FP 37.5% 61.1% 1.4% 14th FP 15th FP 16th FP 17th FP 18th FP 19th FP 20th FP 21st FP 22nd FP 19th FP 26.5% 70.8% 2.7% * The above indicates rate of increase/decrease in rents against pre-renewal rents for lease 18th FP4.8% 8.6% 66.7% 19.9% contracts which reached renewed agreements during each fiscal period. * * 17th FP 8.5% 7.9% 14.1% 57.4% 12.1% Rent increase/decrease rate is calculated based on net amount for increased/decreased rents. 16th FP 10.0% 4.6% 77.1% 8.2% 15th FP 14.4% 3.1% 70.3% 12.3% █ Status of Upward Rent Revisions 14th FP 18.9% 67.3% 13.8% (Breakdown of upward revision magnitude for monthly rents in the 22nd FP) 13th FP 40.6% 0.8% 54.6% 4.0% 15% or Properties with 0% 20% 40% 60% 80% 100% more rent increase Decrease Increase Unchanged Cancellation 2% or less 3% Daiwa Ginza *Of the increase in the 17th FP, 14.1% was due to some tenants’ switching from sublease 8% Daiwa Ginza Annex to master lease agreements and 7.9% was thanks to negotiations with tenants. 10% or more but Daiwa Shibadaimon █ Contract Renewal Periods (based on leasable area) less than 15% 17% Daiwa Nihonbashi Horidomecho Expected renewals Shinjuku Maynds Tower 30.0% Increase rate of Daiwa Jinbocho 3-chome shinyon curumu 25.0% 2% or more monthly rent but less than 5% 6.1% Azabu Green Terrace 20.0% 24.6% 23.6% 38% (Previous FP: Glass City Shibuya 18.2% Integral Tower, etc. 15.0% 18.1% 17.6% 7.3%) 10.0% 5% or more but less than 10% Increased amount of 5.0% 34% 0.0% monthly rent 22nd FP 23rd FP 24th FP 25th FP 26th FP 8,759 thousand yen/month * The ratio of areas scheduled for contract renewal in each period to the total leased area (329,312.48㎡) as of end November 2016. * Percentage figures are based on total monthly rent.

Monthly Rent Increase/Decrease and Increase/Decrease Rate Average Contract Rent and Market Rent Due to Occupancy of New Tenants (compared to the previous tenant for the same leasing area) (Yen/Tsubo) The contract rent of 49 existing properties in the 22nd Fiscal Period was 19,331 yen (period-on-period change of 209 yen) 30,000 100 （Total Monthly Rent, Thousand Yen） 80.16 59,042 27,000 78.85 90 60,000 22.5% 78.52 52,580 55,054 79.53 24,000 80 50,000 18.8% 46,142 21,000 18,674 19,105 70 40,000 15.0% 35,345 29,970 32,188 18,000 60 29,203 19,219 30,000 14.0% 11.3% Average Contract Rent* 18,738 7.2% 15,000 50 Unit rent index(period-on-period comparison, right axis)** 20,000 7.5% 9.8% 12,000 40 2.6% 10,000 3.8% 4th FP 5th FP 6th FP 7th FP 8th FP 9th FP 21st FP 10th FP 11th FP 12th FP 13th FP 14th FP 15th FP 16th FP 17th FP 18th FP 19th FP 20th FP 0 0.0% 22nd FP *Average contract rent is the average of monthly contract rent from tenants at the end of each period. 19th FP 20th FP 21st FP 22nd FP ** Unit rent index is the earning rates of unit rent of individual properties indexed with the figure at the Previous tenant (left axis) New tenant (left axis) end of the 7th FP as 100. Increase/decrease rate (right axis) * Percentage figures are based on total monthly rent. Attribution Analysis/Monthly Contract Rent* (Million Yen) 2,000 Properties with rent increase due to occupancy of Decrease by Tenants’ Decrease by new tenants during 22nd fiscal period Transfer 1,950 Cancellations Decrease by +59 -68 Rent +57 -15 1,905 Daiwa Minami Aoyama shinyon curumu 1,900 Revisions Daiwa Tsukishima Daiwa Shibuya 1,863 +8 0 Increase by Increase by Miyamasuzaka 1,850 New Leases Increase by E SPACE TOWER Rent New Acquisition Glass City Shibuya Revisions Daiwa Nihonbashi 1,800 Hongokucho Daiwa Kamiooka etc. 1,750

1,700 Increased amount of monthly rent End of 21st FP End of 22nd FP Monthly Contract Rent Monthly Contract Rent 3,988 thousand yen/month * 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 6/7 of the total.

Greater Tokyo 5 Central Wards of Tokyo Comparison with previous Fiscal Period Increase and decrease of unit contract rent

Unit rent increase: 27 Daiwa Higashi-Ikebukuro Toshima Ward The number in indicates increase for the consecutive period Integral Tower (Ex:2 indicates increase for the Meguro Place Tower second consecutive period) Daiwa Osaki 3-chome Unit rent decrease: 2 Daiwa Shinagawa North Unit rent maintained: 20 LAQUAS Higashi Shinjuku

Daiwa Sarugakucho Nikko Building Shinjuku Ward Daiwa Misakicho Daiwa Jinbocho 3-chome Daiwa Jimbocho Daiwa Kamiooka 3 shinyon curumu Shinjuku Maynds Tower 2 Chiyoda Ward Daiwa Kodenmacho Daiwa Nihonbashi Hongokucho 3 Daiwa Nihonbashi Horidomecho Daiwa Kojimachi 4-chome Chuo Ward Daiwa Kayabacho Build. Kirin Nihonbashi Building Koto Daiwa Jingumae Daiwa Akasaka River Gate Ward 2 Daiwa Kyobashi Shibuya 3 Daiwa Hatchobori ekimae Daiwa Hatchobori ekimae West Ward Concept Aoyama Daiwa Ginza Annex 2 Daiwa Ginza 7 Daiwa Tsukijiekimae Daiwa Minami Aoyama SHIBUYA EDGE Daiwa Tsukiji Daiwa Shibuya Miyamasuzaka 3 3 Daiwa Nishi-Shimbashi Daiwa Shimbashi 510 E SPACE TOWER 5 Daiwa Onarimon Daiwa Tsukishima Shinsen Place 3 Daiwa Azabudai Daiwa A Hamamatsucho Glass City Shibuya 4 Daiwa Shibadaimon Minato Ward Major Regional Cities Daiwa Ebisu 4-chome Daiwa Shibaura 2 Azabu Green Terrace Daiwa Meieki

Kitahama Grand Building

As of November 30, 2016

(Note) Properties acquired/sold in the 22nd Fiscal Period are not included.

Office Building Supply in the 23 Shinjuku Maynds Tower Occupancy Rate █ Shinjuku Maynds Tower Wards of Tokyo

(Million Yen) 98.8% 98.8% 96.6% 100% 94.9% 94.7% 2,800 2011-2015 99.2% 99.9% 99.9% 98.3% 95.7% 96.1% 80% 99.9% 94.0% 2,600

60% 2,400 Others 2 40% 2,200 1,460,000m Occupancy rate at end of period (left axis) Chiyoda Ward 2 20% Occupancy rate (forecast) (left axis) 2,000 Shibuya Ward 1,950,000m Rent revenue (right axis) 220,000m2 0% 1,800 Shinjuku Ward 520,000m2 Chuo Ward 2-chome, Yoyogi, 740,000m2 Address Shibuya-ku Minato Ward 21st FP 12th FP 13th FP 14th FP 15th FP 16th FP 17th FP 18th FP 19th FP 20th FP 24th FP 23rd FP 23rd 2 Acquisition price 133,800 million yen 22nd FP 900,000m

█ E SPACE TOWER E SPACE TOWER Occupancy Rate

(Million Yen) 2016-2020 100.0% 100.0% 100.0% 100.0%100.0% 96.8% 100.0% 100% 900 100.0% 100.0% 100.0% 100.0% Others 80% 89.3% 89.1% 96.4% 800 760,000m2 Shibuya Ward 60% 700 590,000m2 Chiyoda Ward 40% Occupancy rate at end of period (left axis) 600 Shinjuku Ward 1,610,000m2 2 20% Occupancy rate (forecast) (left axis) 500 190,000m Rent revenue (right axis) 0% 400 Minato Ward Chuo Ward 2 1,620,000m 690,000m2

3 Maruyama-cho, 21st FP 24th FP 12th FP 13th FP 14th FP 15th FP 16th FP 17th FP 18th FP 19th FP 20th FP 23rd FP

Address 22nd FP Shibuya-ku Source : Mori Trust Large scale properties are offices with Acquisition price 24,000 million yen total floor area of 10,000m2 or more. Upon Acquisition This document is not material disclosed in compliance with the Financial Instruments and Exchange Law 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 Internal Growth Strategies

Continuous internal growth and maximization of asset Office Managementg() Team (7 members) value through “Bonji-Tettei” Aims at maximizing asset value with assigning the specialist group personnel in charge to each of all properties in the investment corporation’s Hiroshi Udagawa Takafumi Ushiku Kotaro Ishii portfolio. Asset management work Asset management work Asset management work • In depth understanding of the leasing market history: 10 years 4 months history: 12 years 2 months history: 10 years 7 months • Capturing real opinions of occupying tenants Accurate • Understanding of features of portfolio properties grasp of present • Determined budget control situations

• Proactive interactions with brokers • Accompanying new tenant candidate viewings Jun Arai Chie Kamimura Yuuki Kobatake Jun Iwasaki Asset management work Asset management work Asset management work Asset management work • Frequent visit on tenants history: 10 years 7 months history: 10 years 5 months history: 4 years 1 month history: 1 month Activities • Conducing tenant satisfaction surveys for internal growth • Thorough examination of properties Construction Management Team (4 members) • Solid numerical analysis in detail

Engineering: • Prompt and appropriate strategic lease-up Formulation and implementation of • Realizing stable revenue over a long-term by construction Realization building up solid relationship with tenants planning of the of internal • Reliable cost control based on rigorous repair assets Shigeyoshi Naito Koji Ozeki Naoki Murayama Kazuyoshi Ono growth plans, etc. Asset management Asset management Asset management Asset management work history: work history: work history: work history: 15 years 8 months 10 years 6 months 1 year 5 months 10 years 0 month

(Note) “Asset Management work history” is the number of years engaged in the relevant work (as of end of Nov. 2016) and does not indicate the number of years employed at the asset management company. Investment Planning Team (3 members) Aims to maximize asset value Middle office work: Budget and performance management for the portfolios

█ Strategic Renewal Works █ Coexistence with Local Societies ・Daiwa Tsukishima ■ Participated in “Shinjuku Minamirumi” （Before）（After）・Shinjuku Maynds Tower Shinjuku Maynds Tower participated in “Shinjuku Minamirumi” (annual event held for the fourth time) organized by Odakyu Electric Railway Co, Ltd., Takashimaya Co., Ltd., East Japan Railway Company, Asahi Mutual Life Insurance Company and Daiwa Securities, and arranged delightful space featuring shooting stars and snow crystals displayed in a row from the snow-covered Christmas tree to the pedestrian deck and to the main entrance.

[Period: November 9, 2016 – February 14, 2017]

＜Plants＞

＜ビル模型＞・Concept Aoyama

█ Progress in Introduction of Green Leasing at Shinjuku Maynds Tower As part of measures to protect the environment and raise tenant satisfaction, the Investment Corporation has taken initiatives in which it concludes green leasing agreements with tenants and promotes installation of LED lighting in areas exclusively occupied by the tenants at Shinjuku Maynds Tower since 2014. Around 40% of areas exclusively occupied by the tenants are expected to have LED lighting in the fiscal period ending May 2017.

Ratio of areas with LED lighting installed* Benefits of introducing green leasing

【Benefits for Tenants】 Reducing utility charges and maintenance costs Improving working environment in offices Contributing to corporate social responsibility (CSR) Enhancing the company’s image

【Benefits for the Investment Corporation】 Shinjuku Maynds Tower Reducing maintenance costs Enhancing property value by making energy-saving investments Receiving green lease fees *Forecast figure is indicated for the 23rd FP.

█ Acquired “Green Star” Rating for 5th Consecutive Year at GRESB 2016 Daiwa Real Estate Management participated in the Global Real Estate Sustainability Benchmark (GRESB)’s GRESB Real Estate Assessment in 2016, targeting Daiwa Office Investment Corporation, and received a high evaluation on sustainability in both “management and policy” and “implementation and measurement” and acquired Green Star, the highest category, for the fifth consecutive year.

█ Daiwa Tsukishima (Acquisition Price: 7,840 million yen) █ Daiwa Shimbashi 510 (Acquisition Price: 2,080 million yen) █ Daiwa Osaki 3-chome (Acquisition Price: 1,650 million yen)

 Located within an approximate  Located at a 6-minute walk  Located at an approximate 2-minute walk to Kachidoki from Shimbashi Station on three-minute walk from the west Station on the Toei Oedo Line the JR Yamanote Line. An exit of Osaki Station on all JR and an approximate 5-minute area with high traffic Lines. convenience where walk to Tsukishima Station on Shimbashi Station on the  An area with high traffic the Tokyo Metro Yurakucho Toei Asakusa Line and Tokyo convenience not only to the Line and the Toei Oedo Line. Metro Ginza Line can also be metropolitan area but also to  Area with back office needs used. major cities all over Japan since by companies with  Kanjo 2 Gosen (MacArthur it is close to Shinagawa Station warehouses and logistics Road) runs in the neighboring and Haneda Airport. Sub-office facilities. Has area and mass needs of companies and competitiveness due to its communication related occupancy needs of group companies and local relatively large scale in the agencies of financial companies are expected as surrounding area. institutions and government there are several properties with offices concentrate. headquarters functions of major companies in the surrounding area.

Location 4-chome, Tsukishima, Chuo-ku, Tokyo Location 5-chome Shimbashi, Minato-ku, Tokyo Location 3-chome Osaki, Shinagawa-ku, Tokyo Site Area 3,157.62m2 Site Area 626.18m2 Site Area 749.63m2 Structure S Structure SRC Structure S/RC Floor 5F Floor B1/8F Floor B1/6F Use Office Use Store / Office / Parking Use Office Total Floor Area 9,416.34m2 Total Floor Area 3,653.19m2 Total Floor Area 2,243.36m2 Construction Date July 1996 Construction Date April 1974 Construction Date September 2007 Occupancy Rate (%) Occupancy Rate (%) Occupancy Rate (%) 100.0 88.0 88.0 90.0 99.6 99.6 99.6 80.0 (82.2)* 70.0 '15/11 '16/2 '16/5 '16/8 '16/11 Promoted to increase inquiries by holding property Captured floor expansion motive of the existing tenants With the property’s high scarcity value due to its viewings before and after the major renewal work and through constant and good relationships and succeeded relatively new age and proximity to the station, raising recognition of the property among brokers. to conclude a floor expansion agreement without succeeded in drawing out the major companies’ needs creating any downtime. Visited brokers separately considering business by tapping into the needs for sub-offices/relocation of categories/styles that would match the property * Without the floor expansion from the existing tenant, companies with rent-paying capacity. characteristics and explained the property. the occupancy rate was supposed to fall to 88.2%. As a result of negotiations, contracts were concluded at an early stage with favorable terms and conditions to realize full occupancy.

█ Daiwa Tsukishima (Acquisition Price: 7,840 million yen) █ Concept Aoyama (Acquisition Price: 9,800 million yen) █ River Gate (Acquisition Price: 28,000 million yen)

 Located within an approximate  Located at an approximate 4-  Located at an approximate 3- 2-minute walk to Kachidoki minute walk from Gaiemmae minute walk from Suitengumae Station on the Toei Oedo Line Station on the Tokyo Metro Station on the Tokyo Metro and an approximate 5-minute Ginza Line and also an Hanzomon Line. All together 3 walk to Tsukishima Station on approximate 8-mitue walk from subway stations and 4 subway the Tokyo Metro Yurakucho Omotesando Station on the lines are available for use. Line and the Toei Oedo Line. Tokyo Metro Ginza, Hanzomon  With excellent access to  Area with back office needs and Chiyoda Lines. Otemachi and Nihonbashi by companies with  Area with constant demand areas, office needs from warehouses and logistics mainly from creative major companies’ affiliates facilities. Has businesses such as apparel located in the areas are competitiveness due to its which seek the image expected. relatively large scale in the associated with Aoyama area surrounding area. and from foreign companies as well.

Location 4-chome, Tsukishima, Chuo-ku, Tokyo Location 3-chome Jingumae, Shibuya-ku, Tokyo Location Nihonbashi Hakozaki-cho, Chuo-ku, Tokyo

Site Area 3,157.62m2 Site Area 1,439.04m2 Site Area 7,088.66m2

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

Floor 5F Floor B1/7F Floor B2/20F

Use Office Use Office, warehouse Use Office, apartment, parking Total Floor Total Floor Total Floor 9,416.34m2 4,933.40m2 53,790.26m2 Area Area Area Occupancy Occupancy 100.0% 71.4% Occupancy 95.1% 91.8% 56.7% (Nov. 2016) Rate Rate (Nov. 2016) (Assumed figure for May 2017) Rate (Nov. 2016) (Assumed figure for May 2017) Construction Construction Construction July 1996 November 2001 February 1994 Date Date Date

Aim for securing tenants centering on companies based With the move-out of the main tenant, implemented Aim for early securement of tenants by taking advantage in the area, etc. by taking advantage of favorable access renovation of facilities (air-conditioning, plumbing- of the property feature capable of securing 600 tsubos to central Tokyo and relatively low rent level for the size related) which was left undone since the completion to or larger area per floor at a reasonable rent in Tokyo’s and grade of the property. enhance the value of the building. major three wards. Aim for early leasing for the remaining vacancies by Aim to take in needs of creative businesses and/or For leasing sections scheduled to be vacated but still launching campaigns targeting tenants and brokers. needs from Shibuya area where vacancies are occupied (cancellation dates yet to arrive), aim to decreasing, capitalizing on the brand strength of the conclude leasing contracts before the cancellation dates Aoyama area. by conducting a property viewing using currently vacant sections.

█ Shin Kanda Mikuracho Building █ Ratio of portfolio properties by area after Acquisition Price: 1,592 million yen (Acquisition Date: December 21, 2016) the acquisitions*

Major Regional Cities**** (2 properties)

Greater Tokyo*** 3.1% (7 properties) 8.3%

54 properties

Location Kanda Mikura-cho, Chiyoda-ku, Tokyo Appraisal Value 1,680 million yen (Note 1) 469,341.7 Site Area 365.65m2 Construction Date January 1991 Structure/Floor SRC/S/B1/7F Occupancy Rate 43.4% (Note 2) million yen Total Floor Area 2,167.76m2 Number of Tenant 3 (Note 2)

Upon Acquisition NOI Yield Assumed Occupancy Rate NOI Yield Assumed Occupancy Rate Mid-term (Note 4) Five Central Wards of Tokyo** (Note 3) 4.0% 96.0% 4.6% 96.0% NOI Yield Assumed Occupancy Rate Depreciation (45 properties) Appraisal 0.6% 4.9% 95.0% (Note 5) (Note 1) As of December 1, 2016. (Note 2) Upon acquisition. (Note 3) Upon Acquisition indicates figures obtained by using 88.6% expected annual balance of payments under the assumed occupancy rate, calculated based on the lease agreement upon acquisition, etc. while taking into account the accrual of tax and public due, etc. (Note 4) Mid-term indicates estimated figures for normal operation period (with assumed occupancy rate of 96.0%) after acquisition, obtained by deducting rent business-related expenses from rent revenue assumed under rents over a medium term, and do not represent forecast figures for the current period or the next period onward. (Note 5) Depreciation indicates a figure obtained by dividing the total amount of depreciation (6-month equivalent) expected to be posted upon property acquisition and depreciation (for 6 months) expected to be posted in the following fiscal period by the acquisition price.  Transportation access * Based on acquisition price The property is a five-minute walk from Kanda Station on the JR Yamanote Line, JR Keihin Tohoku Line, JR Chuo Line and the Tokyo Metro Ginza Line and a four-minute walk from Shin- ** The Five Central Wards of Tokyo are Chiyoda, Chuo, Minato, Shinjuku and Shibuya Wards. Nihonbashi Station on the JR Sobu Line. It is a seven-minute walk from Mitsukoshimae Station on the Tokyo Metro Ginza Line and Tokyo Metro Hanzomon Line, Kodenmacho Station on the *** Greater Tokyo is Tokyo, Kanagawa, Chiba and Saitama Prefectures (excluding the Five Tokyo Metro Hibiya Line, and Iwamotocho Station on the Toei Shinjuku Line and is located in an Central Wards of Tokyo). area with rare traffic convenience where five stations and eight lines fall within walking distance.  Property overview **** Major Regional Cities are the Osaka metropolitan area (Osaka, Kyoto and Hyogo The property has seven floors above ground and one below with a gross floor area of Prefectures), Nagoya metropolitan area (Aichi, Mie and Gifu Prefectures), and ordinance- 2,167.76m2 and a leasable area of approximately 80 tsubos per floor is secured. It has 50mm of designated cities and core cities set forth in the Local Autonomy Act. OA floor and facilities include an individual air conditioner in addition to 2,450mm of ceiling height for a standard floor. The rental room has a rectangular shape (regular shape) and an office space with no pillars, allowing flexible layout and efficient use.

█ Heiwa Higashi-nihonbashi Building █ Square Daikanyama Building Acquisition Price: 6,370 million yen (Acquisition Date: June 1, 2016) Acquisition Price: 2,280 million yen (Acquisition Date: June 29, 2016)

Location Higashi-nihonbashi, Chuo-ku, Tokyo Appraisal Value 6,450 million yen (Note 1) Location Daikanyama-cho, Shibuya-ku, Tokyo Appraisal Value 2,420 million yen (Note 1) Site Area 1,213.24m2 Construction Date March 2008 Site Area 503.72m2 Construction Date March 2001 Structure/Floor S/7F Occupancy Rate 100.0% (Note 2) Structure/Floor S/6F Occupancy Rate 100.0% (Note 2) Total Floor Area 6,724.10m2 Number of Tenant 5 (Note 2) Total Floor Area 1,989.40m2 Number of Tenant 1 (Note 2)

Upon Acquisition NOI Yield Assumed Occupancy Rate NOI Yield Assumed Occupancy Rate Upon Acquisition NOI Yield Assumed Occupancy Rate NOI Yield Assumed Occupancy Rate Mid-term (Note 4) Mid-term (Note 4) (Note 3) 4.1% 100.0% 4.2% 96.0% (Note 3) 4.0% 100.0% 4.5% 100.0% NOI Yield Assumed Occupancy Rate Depreciation NOI Yield Assumed Occupancy Rate Depreciation Appraisal 0.8% Appraisal 0.4% 4.3% 96.0% (Note 5) 4.0% 95.0% (Note 5) (Note 1) As of April 30, 2016. (Note 2) Upon acquisition. (Note 3) Upon Acquisition indicates figures obtained by using (Note 1) As of June 1, 2016. (Note 2) Upon acquisition. (Note 3) Upon Acquisition indicates figures obtained by using expected annual balance of payments under the assumed occupancy rate, calculated based on the lease agreement upon expected annual balance of payments under the assumed occupancy rate, calculated based on the lease agreement upon acquisition, etc. while taking into account the accrual of tax and public due, etc. (Note 4) Mid-term indicates estimated figures acquisition, etc. while taking into account the accrual of tax and public due, etc. (Note 4) Mid-term indicates estimated figures for normal operation period (with assumed occupancy rate of 96.0%) after acquisition, obtained by deducting rent business- for normal operation period (with assumed occupancy rate of 100%) after acquisition, obtained by deducting rent business- related expenses from rent revenue assumed under rents over a medium term, and do not represent forecast figures for the related expenses from rent revenue assumed under rents over a medium term, and do not represent forecast figures for the current period or the next period onward. (Note 5) Depreciation indicates a figure obtained by dividing the total amount of current period or the next period onward. (Note 5) Depreciation indicates a figure obtained by dividing the total amount of depreciation (6-month equivalent) expected to be posted upon property acquisition and depreciation (for 6 months) expected depreciation (6-month equivalent) expected to be posted upon property acquisition and depreciation (for 6 months) expected to be posted in the following fiscal period by the acquisition price. to be posted in the following fiscal period by the acquisition price.  Transportation access Transportation access The property is located at approximately 2-minute walk from Higashi-Nihonbashi Station on the The property is located at approximately 7-minute walk from Daikanyama Station on the Tokyu Toei Asakusa Subway Line and Bakuro-Yokoyama Station on the Toei Shinjuku Subway Line and Toyoko Line and Shibuya Station on the JR Yamanote Line. It faces Hachiman Dori which is a very 3-minute walk from Bakurocho Station on the JR Sobu Line (Rapid) and all three lines are busy street and an exclusive residential area and apparel shops are located in its surrounding available at the three stations. areas. Since the Horidomecho and Higashi-Nihonbashi area flourished centering on textile industry for a Property overview long time, a large number of apparel companies are seen and specific demands are expected. The property has six floors above ground and gross floor area of 1,989.40m2 and a leasable area  Property overview of approximately 85 tsubos per floor is secured. It has 2,600mm of ceiling height for a standard The property has seven floors above ground and gross floor area of 6,724.10m2 and a leasable floor and 70mm of OA floor equipped with facilities such as individual air conditioning. It has area of approximately 240 tsubos per floor is secured. It has 2,750mm of ceiling height for a excellent flexibility of layout and efficiency of utilization since it has rental rooms with no pillars. standard floor and 80mm of OA floor equipped with facilities such as individual air conditioning. As for the external appearance, it has a modern facade constituted mainly of glass surface and is As for the external appearance, it has a modern facade constituted mainly of glass surface and a judged to be preferred by apparel related companies and creative companies that emphasize the This document is not material disclosed in compliance with the Financialbuilding Instruments image. and Exchange Law or any regulation of similar nature, space that matches its scale is securednor atis theit intended entrance for hall. the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment. 24 Properties Acquired in the Fiscal Period ended November 2016 (22nd FP)

█ Shinjuku West Building █ Ogikubo TM Building Acquisition Price: 942 million yen (Acquisition Date: July 21, 2016) Acquisition Price: 3,800 million yen (Acquisition Date: July 21, 2016)

Location Nishishinjuku, Shinjuku-ku, Tokyo Appraisal Value 1,140 million yen (Note 1) Location Ogikubo, Suginami-ku, Tokyo Appraisal Value 4,230 million yen (Note 1) Site Area 623.78m2 Construction Date March 1989 Site Area 970.53m2 Construction Date November 1990 Structure/Floor RC/4F Occupancy Rate 100.0% (Note 2) Structure/Floor SRC/B1/7F Occupancy Rate 100.0% (Note 2) Total Floor Area 1,438.16m2 Number of Tenant 7 (Note2) Total Floor Area 5,116.78m2 Number of Tenant 11 (Note2)

Upon Acquisition NOI Yield Assumed Occupancy Rate NOI Yield Assumed Occupancy Rate Upon Acquisition NOI Yield Assumed Occupancy Rate NOI Yield Assumed Occupancy Rate Mid-term (Note 4) Mid-term (Note 4) (Note 3) 5.5% 100.0% 4.9% 96.0% (Note 3) 5.0% 100.0% 4.7% 95.0% NOI Yield Assumed Occupancy Rate Depreciation NOI Yield Assumed Occupancy Rate Depreciation Appraisal 0.5% Appraisal 0.5% 5.5% 95.0% (Note 5) 5.0% 96.0% (Note 5) (Note 1) As of July 1, 2016. (Note 2) Upon acquisition. (Note 3) Upon Acquisition indicates figures obtained by using (Note 1) As of July 1, 2016. (Note 2) Upon acquisition. (Note 3) Upon Acquisition indicates figures obtained by using expected annual balance of payments under the assumed occupancy rate, calculated based on the lease agreement upon expected annual balance of payments under the assumed occupancy rate, calculated based on the lease agreement upon acquisition, etc. while taking into account the accrual of tax and public due, etc. (Note 4) Mid-term indicates estimated figures acquisition, etc. while taking into account the accrual of tax and public due, etc. (Note 4) Mid-term indicates estimated figures for normal operation period (with assumed occupancy rate of 96.0%) after acquisition, obtained by deducting rent business- for normal operation period (with assumed occupancy rate of 95.0%) after acquisition, obtained by deducting rent business- related expenses from rent revenue assumed under rents over a medium term, and do not represent forecast figures for the related expenses from rent revenue assumed under rents over a medium term, and do not represent forecast figures for the current period or the next period onward. (Note 5) Depreciation indicates a figure obtained by dividing the total amount of current period or the next period onward. (Note 5) Depreciation indicates a figure obtained by dividing the total amount of depreciation (6-month equivalent) expected to be posted upon property acquisition and depreciation (for 6 months) expected depreciation (6-month equivalent) expected to be posted upon property acquisition and depreciation (for 6 months) expected to be posted in the following fiscal period by the acquisition price. to be posted in the following fiscal period by the acquisition price.  Transportation access  Transportation access The property is located at a 2-minute walk from Nishi-Shinjuku Station on The Tokyo Metro The property is located at 1-minute walk from Ogikubo Station on the JR Chuo Line and the Marunouchi Line and has an excellent appeal on its proximity to a station. Also, it is located at a Tokyo Metro Marunouchi Line. In addition, the JR Ogikubo Station has high traffic convenience 7-minute walk from Shinjuku Station which is the largest terminal station in Tokyo with high traffic which is about 11-minutes from Shinjuku Station and about 24 minutes from Tokyo Station. Both convenience where several lines including the JR Line can be used. the north and south side of the property are a busy commercial area and the property has an high As for the characteristics of tenants in Nishi-Shinjuku area, various shop-visit type service related appeal on its location to service related companies for local residents such as banks and industries such as temporary staffing business and financial business for end users of insurance, securities, cram schools and clinics since it is excellent in terms of proximity to Ogikubo Station. etc. concentrate against the backdrop of high convenience of JR Shinjuku Station as a terminal. Also, demands of back offices of large companies in central Tokyo such as call centers are also assumed.  Property overview  Property overview The main facilities of the property are individual air-conditioner, ceiling height of 2,480mm and 3WAY floor duct with a facility standard satisfying recent office needs. Also, the property can The property has approximately 172 tsubos of standard floor area and excellent flexibility of respond to office needs as a business base that carries packages in and out since it has a plane layout and efficiency of utilization since the rental rooms are in a rectangular shape with a side parking lot within the site and a warehouse area on each floor. core. Also, it is considered to incorporate office demands of a wide range of industries such as This document is not material disclosed in compliance with the Financialshop-visit Instruments type tenants and Exchange and areas Law since or itany is wellregulation lighted of facing similar a nature, corner lot and can respond to 25 nor is it intended for the purposes of solicitation. Daiwa Office Investmentsmall-scale Corporat tenantion needs advises with readers floor division. to make investment decisions at their own judgment. Changes in Asset Size and Trading Performance

Aim to achieve medium-term goal of asset size of 500 billion yen

[Acquisition Properties] (Billion Yen) Heiwa Higashi-nihonbashi [Acquisition Property] Building Shin Kanda Mikuracho 550 Square Daikanyama Building Building 80% Shinjuku West Building Total Acquisition Price LTV (Based on Total Asset) Ogikubo TM Building 500.0 500 [Acquisition Properties] 469.3 Daiwa Shibuya Dogenzaka 458.3 467.7 70% Daiwa Akasaka 445.7 450 Shibuya Miyamasuzaka [Acquisition Properties] [Acquisition Property] 413.2 Daiwa Osaki 3-chome Daiwa Nishi-Shimbashi 60% Daiwa Kudan [Acquisition Properties] 400 Daiwa Kayabacho 387.5 Building 364.0 [Acquisition Properties] Daiwa Jinbocho 3-chome 352.7 Nikko Building 332.0 Kirin Nihonbashi Building 350 50% 311.3 313.2 314.9 44.3% 43.0% 43.3% 278.1 287.3 41.7% 42.3% 300 40.6% 40.2% 265.0 269.1 37.5% 40% 34.0% 34.2% [Acquisition Properties] 250 34.4% River Gate Daiwa Hatchobori ekimae Daiwa Hatchobori ekimae West 28.1% 28.9% 200 30% 25.3% 25.5% [Acquisition Properties] Daiwa Ebisu 4-chome 150 LAQUAS Higashi Shinjuku [Acquisition Property] Concept Aoyama 20% Daiwa Nihonbashi [Acquisition Property] Shinsen Place Hongokucho Integral Tower Glass City Shibuya 100 Meguro Place Tower 0.0%

[Acquisition Property] [Acquisition Properties] [Acquisition Properties] 10% Daiwa Jimbocho 50 [Acquisition Property] shinyon curumu Azabu Green Terrace E SPACE TOWER Daiwa Meieki Kitahama Grand Building Daiwa Kamiooka

0% 8th 9th 10th 11th 12th 13th 14th 15th 16th 17th 18th 19th 20th 21st 22nd End of Medium 8th 9th 10th 11th 12th 13th 14th 15th 16th 17th 18th 19th 20th 21st 22nd Dec. Term FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP 2016 Goal

Acquisition 9th Fiscal Period 10th Fiscal Period 11th Fiscal Period 12th Fiscal Period 13th Fiscal Period 14th Fiscal Period Period Daiwa Daiwa Daiwa Nihonbashi Daiwa Daiwa Jimbocho Daiwa Kudan Daiwa Kayabacho E SPACE TOWER Nishi-Shimbashi Jimbocho 3-chome Hongokucho Osaki 3-chome

Property Name

Shinagawa-ku, Address Chiyoda-ku, Tokyo Minato-ku, Tokyo Chiyoda-ku, Tokyo Chuo-ku, Tokyo Chiyoda-ku, Tokyo Shibuya-ku, Tokyo Chuo-ku, Tokyo Tokyo Acquisition Price 4,150 million yen 5,000 million yen 4,000 million yen 5,600 million yen 3,550 million yen 24,000 million yen 1,721 million yen 1,650 million yen Japan Core Shining Nova Daiwa Property Co.. Tokyu Land Endeavor Realty Seller ORIX JREIT Inc. Tosei Corporation MCR Six GK Asset II Ltd. the Fifth B TMK Ltd. Corporation Fund Ltd. March 10, August 13, September 2, March 25, March 29, July 8, May 11, September 18, Acquisition date 2010 2010 2010 2011 2011 2011 2012 2012

Acquisition 15th Fiscal Period 16th Fiscal Period 17th Fiscal Period 18th Fiscal Period Period Daiwa Shibuya Daiwa Shibuya Azabu shinyon curumu Daiwa Meieki Daiwa Kamiooka Daiwa Akasaka Integral Tower Dogenzaka Miyamasuzaka Green Terrace

Property Name

Yokohama-shi, Address Shibuya-ku, Tokyo Nagoya-shi, Aichi Shibuya-ku, Tokyo Minato-ku, Tokyo Shibuya-ku, Tokyo Suginami-ku, Tokyo Minato-ku, Tokyo Kanagawa Acquisition 9,650 million yen 5,300 million yen 2,000 million yen 4,500 million yen 9,200 million yen 7,000 million yen 15,220 million yen 14,000 million yen Price Two Domestic Domestic Special Domestic Special Hakuba Capital 1 E Buildings Limited Ogikubo Building Azabu Green Seller Shimizu Corporation Industrial Companies purpose company purpose company TMK Liability Company Y. K. Terrace GK December 3, 2012 February 1, March 1, July 3, August 9, September 27, May 29, July 4, Acquisition date April 12, 2013 2013 2013 2013 2013 2013 2014 2014

Acquisition 18th Fiscal 19th Fiscal Period 20th Fiscal Period Period Period Kitahama Grand Daiwa Ebisu LAQUAS Meguro Daiwa Concept Aoyama Shinsen Place Glass City Shibuya River Gate Building 4-chome Higashi Shinjuku Place Tower Hatchobori ekimae

Property Name

Address Osaka-shi, Osaka Shibuya-ku, Tokyo Shinjuku-ku, Tokyo Shibuya-ku, Tokyo Shibuya-ku, Tokyo Shibuya-ku, Tokyo Meguro-ku, Tokyo Chuo-ku, Tokyo Chuo-ku, Tokyo Acquisition 9,481 million yen 4,135 million yen 8,450 million yen 9,800 million yen 4,800 million yen 16,000 million yen 5,600 million yen 28,000 million yen 2,871 million yen Price Domestic industrial Higashi Shinjuku Domestic Special Domestic Special Domestic industrial Seller GK North Beach Glass City TMK Meguro Place TMK Temuzu TMK company Building TMK purpose company purpose company company August 1, December 1, December 3, March 2, March 2, May 1, May 1, June 2, September 11, Acquisition date 2014 2014 2014 2015 2015 2015 2015 2015 2015

Acquisition 20th Fiscal 23rd Fiscal 21st Fiscal Period 22nd Fiscal Period Period Period Period Square Daiwa Hatchobori Kirin Nihonbashi Heiwa Higashi- Shinjuku West Ogikubo TM Shin Kanda Nikko Building Daikanyama ekimae West Building nihonbashi Building Building Building Mikuracho Building Building

Total Property Name

Address Chuo-ku, Tokyo Shinjuku-ku, Tokyo Chuo-ku, Tokyo Shibuya-ku, Tokyo Shibuya-ku, Tokyo Shibuya-ku, Tokyo Meguro-ku, Tokyo Chiyoda-ku, Tokyo － Acquisition 1,647 million yen 13,710 million yen 8,180 million yen 6,370 million yen 2,280 million yen 942 million yen 3,800 million yen 1,592 million yen 244,199 million yen Price OH Real Estate Domestic industrial Kirin Beer Domestic Special Seller Oversea company Hulic Co., Ltd. GK TC1 GK TC1 Management － company Marketing Co., Ltd. purpose company Co., Ltd. September 11, Mar. 29, May 26, Jun. 1, Jun. 29, Jul. 21, Jul. 21, Dec. 21, Acquisition date － 2015 2016 2016 2016 2016 2016 2016 2016

(Note) The sum of ; i) the total acquisition price from the time of the above sponsor change up to December 21, 2016 and ii) total acquisition prices for additional acquisition of existing properties or of the site in existing properties during the same period, is 244,619 million yen. “Ltd.” and “TMK” (Tokutei Mokuteki Kaisha) in sellers’ names refer to a limited liability company and special purpose company, respectively.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Law 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 Acquisition/Sale Policy and Status of Deliberation for Property Acquisitions █ Acquisition/Sale Policy Distribution Chart of Portfolio Properties  Places priority in the five central wards of Tokyo and equivalent area.  Thoroughly select properties in view of actual demand toward location Building Age (Year) (distance to station, station power, crowd attraction, surrounding 55 environment), building specs, etc. ● properties acquired in the 22nd FP ● properties acquired in the 23rd FP  Target properties to improve growth potential and profitability of our ● properties acquired after the sponsor change existing portfolio. 50 ● properties acquired before the sponsor change  Invest in buildings less than 25 years of building age. ● properties sold in the 22nd FP  Consider replacements when necessary in consideration of properties’ future competitiveness, profitability, etc. ＊The distance from station is the distance from the 45 nearest station █ Sourcing Strategy Capitalizing on Status as Non-Real Estate Sponsored REIT 40

 Secure wide-range sourcing route by capitalizing on status as an independent style REIT and establishing strong relations with 35 business companies, financial institutions, real estate brokers, etc.  Target optimum expansion of portfolio based on in-depth data analysis upon careful selection from among the wide-range Daiwa Kudan information on properties that comes from diverse sources. 30 Shinjuku West Building

Shin Kanda Mikuracho Building Number of Properties Reviewed for Acquisition * Number of gross proposals. 25 Ogikubo TM Building Number of properties reviewed* (left axis) Number of properties reviewed in detail (right axis) 500 120 20 416 393 100 400 Square Daikanyama Building 356 344 15 300 296 289 80 300 268 264 Heiwa Higashi-nihonbashi Building 10 60 200 40 5 31 100 28 18 25 26 23 20 17 15 12 0 0 0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 14th FP 15th FP 16th FP 17th FP 18th FP 19th FP 20th FP 21st FP 22nd FP Distance to station (minutes) This document is not material disclosed in compliance with the Financial Instruments and Exchange Law 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 Memorandum

Loan to Value Trend █ Status of Interest-bearing Liabilities (End of 22nd Fiscal Period) (Billion Yen) 280 70.0%  Ratio of Fixed and  Ratio of Long and Interest-bearing Liabilities (left axis) Floating Borrowings Short-Term Borrowings LTV (based on Total Asset)* (right axis) 240 60.0% 19.6% 14.3%

200 50.0% Medium-to-long term, upper-limit LTV target range 80.4% 85.7% 160 40.0% Fixed interest Long-term loans payable, etc. Floating interest Long-term loans and Current portion 120 30.0% of long-term loans payable █ Status of Rating 80 20.0%

Japan Credit Rating Agency, Ltd. (JCR)

40 10.0% Long-term issuer rating Rating outlook: Stable

0 0.0% Rating and Investment Information, Inc. (R&I) 1st FP 4th FP 5th FP 6th FP 7th FP 8th FP 9th FP 3rd FP 2nd FP 21st FP 10th FP 11th FP 12th FP 13th FP 14th FP 15th FP 16th FP 17th FP 18th FP 19th FP 20th FP 22ndFP Issuer rating *LTV (based on Total Asset) ＝Total interest-bearing liabilities / Total Asset Rating outlook: Stable

Repayment Schedule Changes in Procured Years of Interest-Bearing Liabilities (Million Yen) 20,000 (Year) (Year) Investment Corporation Bond 5.5 11.0 18,000 End of period maturity (left axis) 10.0 5.0 10.0 16,000 Average PROC years (right axis) 4.5 4.5 9.0 Average PROC years 4.1 14,000 (excluding short-term loans 4.0 8.0 payable) (right axis) 7.1 12,000 3.5 7.0

10,000 3.0 6.0

2.5 5.0 8,000

2.0 4.0 6,000 1.5 3.0 4,000 1.0 2.4 2.0

2,000 0.5 1.0

0 0.0 0.0 8th FP 9th FP 31st FP 41st FP 24th FP 25th FP 26th FP 27th FP 28th FP 29th FP 30th FP 34th FP 35th FP 36th FP 37th FP 38th FP 39th FP 40th FP 21st FP 23rd FP 33rd FP 10th FP 11th FP 12th FP 13th FP 14th FP 15th FP 16th FP 17th FP 18th FP 19th FP 20th FP 32nd FP 42nd FP 22nd FP * Payment dates as of November 30, 2016. * Dotted line indicates average procured years in the current fiscal period excluding short-term loans payable.

As of the 22nd Fiscal Period

(Unit: Million Yen)

Comparison Comparison Balance Balance Name of Financial Institutions Balance with Previous Name of Financial Institutions Balance with Previous Ratio Ratio Period Period

Sumitomo Mitsui Banking Corporation 41,400 -500 20.8% The Musashino Bank, Ltd. 2,000 0 1.0%

Sumitomo Mitsui Trust Bank, Limited 24,850 -1,500 12.5% Tokio Marine & Nichido Fire Insurance 2,000 0 1.0% Co., Ltd. Development Bank of Japan Inc. 21,750 0 10.9% Mizuho Corporate Bank, Ltd. 19,400 0 9.7% The Yamaguchi Bank, Ltd. 2,000 +1,500 1.0% The Bank of Tokyo-Mitsubishi UFJ, Ltd. 16,000 0 8.0% The Higashi-Nippon Bank, Limited 1,500 0 0.8% Shinsei Bank, Ltd 14,000 0 7.0% Nippon Life Insurance Company 1,300 0 0.7% Resona Bank, Limited 12,500 0 6.3% The Kagawa Bank, Ltd. 1,000 0 0.5% The Hiroshima Bank, Ltd. 1,000 0 0.5% Mitsubishi UFJ Trust and Banking 8,500 0 4.3% Corporation Taiyo Life Insurance Company 300 0 0.2% Mizuho Trust and Banking Co., Ltd. 6,000 0 3.0% Fukoku Mutual Life Insurance Company 200 0 0.1% The Bank of Fukuoka, Ltd. 5,500 0 2.8% Total (25 banks) 199,200 -2,000 100.0% Kansai Urban Banking Corporation 5,000 0 2.5% Comparison Duration Aozora Bank, Ltd. 3,000 -1,500 1.5% Issuance Balance with Previous of Nishi-Nippon City Bank, Ltd. 3,000 0 1.5% Period Liabilities No. 3 Unsecured Investment Corporation 3,000 0 5 years ORIX Bank Corporation 2,500 0 1.3% Bond No. 4 Unsecured Investment Corporation The Gunma Bank, Ltd. 2,500 0 1.3% 2,100 0 10 years Bond The 77 Bank, Ltd. 2,000 0 1.0% Total Investment Corporation Bonds 5,100 0 -

█ Unitholders’ Share by Investor Type █ List of Top 10 Investors

21st Fiscal 22nd Fiscal 21st Fiscal 22nd Fiscal 22nd Fiscal 22nd Fiscal Period Period Change of Period Period Change of Investor Type Period No. Investor Name Period Number Number Units Number of Number of Units Rate* Rate* of Units of Units Units Units

Individuals 20,292 22,035 +1,743 4.43% Daiwa Investment Management 1 128,905 128,905 0 25.89% Inc. Financial Institutions 212,202 218,952 +6,750 43.98% Japan trustee Services Bank, Ltd. 2 79,220 70,700 -8,520 14.20% Commercial (Trust Account) 0000.00% Bank 3 Daiwa Securities Group Inc. 59,321 59,321 0 11.91% Trust & Custody Services Bank, Regional Bank 7,682 12,014 +4,332 2.41% 4 Ltd. (Securities Investment Trust 48,441 52,849 +4,408 10.62% Account) Trust Bank 196,509 196,395 -114 39.45% The Master Trust Bank of Japan, 5 48,330 51,052 +2,722 10.25% Life Insurance 2,961 2,028 -933 0.41% Ltd. (Investment Trust Account) The Nomura Trust and Banking Non-life 695 883 +188 0.18% 6 Co,.Ltd. (Investment Trust 17,306 17,676 +370 3.55% Insurance Account)

STATE STREET BANK AND Other Financial 7 893 5,786 +4,893 1.16% 4,355 7,632 +3,277 1.53% TRUST COMPANY 505012 Institutions CBLDN STICHTING PENSIOEN 8 0 4,295 +4,295 0.86% Other Domestic FONDS METAAL EN TECHNIEK 191,340 191,428 +88 38.45% Corporation BNP Paribas Securities Services 9 Sydney/Jasdec/Australian 4,552 4,217 -335 0.85% Foreigner 53,390 61,792 +8,402 12.41% Residents

State Street Bank -West Pension Securities 6,776 3,662 -3,114 0.74% 10 3,382 3,643 +261 0.73% Fund Clients- Exempt 505233 Total 484,000 497,869 +13,869 100.00% Total 390,350 398,444 +8,094 80.03%

(*) Rounded to the second decimal place. (*) Rounded to the second decimal place.

 Before and after the announcement of Tokyo Stock Exchange’s Public Comment “Revisions to Calculation Methodology for TSE REIT-related Indices” on October 19, 2016, the investment unit price has been on a declining trend and the dividend yield forecast of the Investment Corporation has neared the dividend yield forecast of all REITs.

Jan 2016 Feb 2016 Mar 2016 Apr 2016 May 2016 Jun 2016 Jul 2016 Aug 2016 Sep 2016 Oct 2016 Nov 2016 Dec 2016

Unit price (the Investment Corporation) 688,000 724,000 700,000 694,000 659,000 609,000 611,000 619,000 621,000 592,000 579,000 590,000

Dividend yield forecast (the Investment Corporation) 2.86% 2.72% 2.81% 2.84% 2.99% 3.23% 3.45% 3.41% 3.40% 3.56% 3.64% 3.58%

Dividend yield forecast (all REITs)* 3.38% 3.27% 3.25% 3.22% 3.29% 3.42% 3.41% 3.52% 3.53% 3.62% 3.63% 3.52%

Difference -0.52% -0.55% -0.44% -0.38% -0.30% -0.19% 0.04% -0.11% -0.13% -0.06% 0.01% 0.06%

(*) Data : The Association for Real Estate Securitization (yen) (units) 750,000 20,000

18,000 700,000 16,000

650,000 14,000

12,000 600,000 10,000 Trading volume (right axis) Oct. 19, 2016 550,000 DOI Investment unit price (left axis) Announcement of 8,000 revision to TSE REIT TSE REIT Index (left axis) Index calculation 6,000 500,000 Closing price: 608,000 yen 4,000 450,000 2,000

400,000 0 1/4 2/3 3/4 4/5 6/8 7/7 8/8 9/7 1/4 1/14 1/25 2/15 2/24 3/15 3/25 4/14 4/25 5/10 5/19 5/30 6/17 6/28 7/19 7/28 8/18 8/29 9/16 9/29 12/1 1/16 10/11 10/20 10/31 11/10 11/21 12/12 12/21 (Note 1) Dividend yield forecasts of all REITs are calculated by weighted average of the total fair value of (forecast dividend of current fiscal period x 2/investment unit price). The investment unit prices are closing pricesThis at documentthe end of iseach not materialmonth. disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, 36 (Note 2) TSE REIT Index is calculatednor isusing it intended the index for onthe January purposes 4, of2016 solicit asation. the closing Daiwa price Office of Investment the Investment Corporat Corporation’sion advises inv readersestment to unit make price investment (648,000 decyenisions as of atJanuary their own 4, 2016). judgment. Future Initiatives

Internal Growth • Connecting to internal growth through a thorough hands-on approach based on focusing the portfolio Tokyo in the → “Bonji-Tettei” background of steady office markets in Tokyo.

External Growth → Acquisition of carefully • Continue to carefully select and actively invest in competitive properties that contribute to enhancement of portfolio value. selected properties Financial Strategy • Work to further strengthen financial structure against the backdrop of possible volatile hikes in the financial market. → Continue to strengthen • Conduct agile and flexible fund procurement by capitalizing on strong relationship with lenders. financial structure • Strengthen IR aiming for increasing the number of investors.

Corporate Governance As a REIT on which strict governance is required, further reinforce readiness concerning internal control, legal compliance and risk management in order to further assure the trust of unitholders.

█ Comparison with Results of the 21st Fiscal Period

21st Fiscal Period 22nd Fiscal Period 21st Fiscal Period 22nd Fiscal Period Million Yen (%) Million Yen (%) Million Yen (%) Million Yen (%) Current Assets 23,829 5.0% 21,254 4.4% Current Liabilities 25,635 5.4% 34,085 7.1% Cash and Deposits 20,940 19,070 Operating Accounts Payables 988 1,996 Cash and Deposits in Trust 2,097 1,597 Short-term Loans Payable - 1,000 Other Current Assets 791 586 Current Portion of Long-term 21,200 28,250 Fixed Assets 452,830 95.0% 462,170 95.6% Loans Payable Tangible Fixed Assets 448,445 94.1% 458,018 94.7% Accounts Payables-Other 494 456 Building and Others (including 84,825 86,007 Advances Received 2,051 2,028 Trust Property) Other Current Liabilities 900 354 Land and Others (including 363,574 371,608 Trust Property) Fixed Liabilities 203,334 42.7% 192,847 39.9%

Other Tangible Fixed Assets 45 402 Liabilities Investment Corporation Bonds 5,100 5,100 Intangible Fixed Assets 2,716 0.6% 2,707 0.6% Long-term Loans Payable 180,000 169,950 Leasehold Rights and Tenant Leasehold and 15,881 16,447 Assets 2,713 2,705 Leasehold Rights in Trust Security Deposits

Other Intangible Fixed Assets 2 2 Tenant Leasehold and 988 504 Investments and Other Assets 1,668 0.3% 1,444 0.3% Security Deposits in Trust Leasehold and Security Other Fixed Liabilities 1,364 845 113 113 Deposits Paid in Trust Total Liabilities 228,969 48.0% 226,933 46.9% Long-term Prepaid Expenses 1,189 1,074 Unitholders' equity 243,403 251,551 Other Investments and Other Unappropriated Retained 365 256 5,250 5,488 Assets Earnings Deferred Assets 29 0.0% 26 0.0% Valuation, Translation -933 -523

Net Assets Adjustments and Others Investment Corporation Bond 29 26 Issuance Costs Total Net Assets 247,720 52.0% 256,517 53.1% Total Assets 476,690 100.0% 483,450 100.0% Total Liabilities and Net Assets 476,690 100.0% 483,450 100.0%

█ Comparison with Results of the 21st Fiscal Period █ Comparison with the 22nd Fiscal Period Forecasts

(Unit: Million Yen) (Unit: Million Yen)

21st Fiscal 22nd Fiscal 22nd Fiscal Period 22nd Fiscal Period Period Change Forecast Period Change

Effective Number of Days of Investment 183 183 Effective Number of Days of Investment 183 183 Operating Revenues (A) 12,363 12,853 +489 Operating Revenues (A) 12,775 12,853 +77 Gain on Sale 323 102 -221 Gain on Sale 99 102 +2 Operating Expenses (B) 6,255 6,709 +454 Operating Expenses (B) 6,674 6,709 +35 Expenses related to Rental Business Expenses related to Rental Business 3,288 3,683 +395 3,632 3,683 +50 (excluding depreciation) (excluding depreciation) Depreciation 1,726 1,749 +23 Depreciation 1,751 1,749 -1 Gain and Loss from Rental Operations Gain and Loss from Rental Operations 7,025 7,317 +292 7,292 7,317 +25 (excluding gain on sale) (excluding gain on sale) Operating Income (A-B) 6,101 6,143 +41 Operating Income (A-B) 6,108 6,143 +35 Non-operating Expenses 845 829 -16 Non-operating Expenses 787 829 +41 Interest Expense (including cap Interest Expense (including cap 626 619 -6 614 619 +5 amortization) amortization) Ordinary Income 5,256 5,325 +69 Ordinary Income 5,326 5,325 -1 Extraordinary Income - - - Extraordinary Income - - - Extraordinary Expenses - - - Extraordinary Expenses - - - Total Income Taxes (Includes income Total Income Taxes (Includes income 20-1 76 0 -75 taxes deferred) taxes deferred) Net Income 5,254 5,324 +70 Net Income 5,250 5,324 +74 Investment Units Issued and Outstanding 498,000 497,869 -131 Investment Units Issued and Outstanding 484,000 497,869 + 13,869 Dividend per Unit (unit: yen) (*) 10,508 10,695 +187 Dividend per Unit (unit: yen) 10,550 10,695 +145

* Distribution per unit for the 21st fiscal period is calculated by dividing the amount obtained by subtracting provision for reserve for reduction entry (164 million yen) from unappropriated retained earnings by the total number of investment units issued.

█ Forecasts for the 23rd and 24th Fiscal Periods (Unit: Million Yen)

22nd Period 23rd Period Forecast 24th Period Forecast (Nov. 30, 2016) (May 31, 2017) (Nov. 30, 2017)

Effective Number of Days of Investment 183 182 183 Operating Revenues (A) 12,853 12,462 12,655 Gain on Sale 102 - - Operating Expenses (B) 6,709 6,352 6,604

Expenses related to Rental Business 3,683 3,309 3,550 (excluding depreciation)

Depreciation 1,749 1,778 1,777

Gain and Loss from Rental Operations 7,317 7,373 7,327 (excluding gain on sale)

Operating Income (A-B) 6,143 6,109 6,051

Non-operating Expenses 829 779 716 Interest Expense (including cap amortization) 619 605 558 Ordinary Income 5,325 5,329 5,334 Extraordinary Income - - - Extraordinary Expenses - - -

Total Income Taxes (Includes income taxes deferred) 0 2 2

Net Income 5,324 5,327 5,332 Investment Units Issued and Outstanding 497,869 497,869 497,869 Dividend per Unit (unit: yen) 10,695 10,700 10,710

18th 19th 20th 21st 22nd Item Unit Period Period Period Period Period  NOI Rent revenue + Other operating revenue – Number of days of investment Day 183 182 183 183 183 Expenses related to rent business + Number of properties at end of period Property 46 47 50 50 53 Depreciation  FFO Occupancy rate at end of period % 97.2 97.3 98.3 98.7 97.7 Net income + Depreciation – Gain on sale  Average acquisition price Million Yen 381,872 397,194 443,106 448,052 466,891 ROA Annualized ordinary income / Total assets NOI (after deduction of gain on sale) Million Yen 6,936 7,213 8,515 8,751 9,067  ROE Annualized net income / Net assets Funds from operation (FFO) Million Yen 5,138 5,344 6,392 6,652 6,972  Loan-to-Value (LTV) at end of fiscal period Return on asset (ROA) % 1.9 1.9 2.0 2.3 2.2 Interest-bearing liabilities at end of fiscal period / Total assets at end of fiscal period Return on equity (ROE) % 3.4 3.6 3.8 4.2 4.2

Capital adequacy ratio at end of period % 55.7 51.6 53.8 52.0 53.1

Loan-to-Value (LTV) at end of period % 40.2 44.3 41.7 43.3 42.3

Balance Balance Balance Interest Date of Interest Date of Interest Date of Term Lender Type Due date Term Lender Type Due date Term Lender Type Due date (million Rate (%) Advance (million Rate (%) Advance (million Rate (%) Advance yen) yen) yen) Short-term （） borrowings Sumitomo Mitsui Banking Corporation 1,000 Float T+0.250% 16/6/1 17/5/31 The Bank of Tokyo-Mitsubishi UFJ, Ltd. * 3,000 Fixed 0.761% 13/8/9 20/8/31 Sumitomo Mitsui Banking Corporation 1,500 Float T+0.350% 14/12/3 23/5/31 Development Bank of Japan Inc. 1,700 Fixed 1.018% 12/5/11 17/5/10 Sumitomo Mitsui Trust Bank, Limited（*） 1,000 Fixed 0.646% 13/8/9 21/2/26 Resona Bank, Limited（*） 2,500 Fixed 0.365% 15/2/27 23/2/28 Development Bank of Japan Inc. 6,500 Fixed 1.022% 12/5/21 17/5/22 Sumitomo Mitsui Banking Corporation（*） 1,400 Fixed 0.629% 13/8/9 21/5/31 Development Bank of Japan Inc. 2,000 Fixed 0.710% 15/3/31 22/3/31 Sumitomo Mitsui Banking Corporation(*) 4,000 Fixed 0.859% 12/5/21 17/5/31 Mitsubishi UFJ Trust and Banking Corporation(*) 2,000 Fixed 0.622% 13/9/27 18/11/30 Shinsei Bank, Ltd. 1,500 Float L+0.325% 15/3/31 23/5/31 Sumitomo Mitsui Trust Bank, Limited(*) 3,000 Fixed 0.847% 12/5/21 17/5/31 Mizuho Bank, Ltd.(*) 4,000 Fixed 0.636% 13/9/27 21/3/31 The 77 Bank, Ltd.(*) 1,000 Fixed 0.479% 15/5/1 21/5/31 Mizuho Trust and Banking Co., Ltd.(*) 1,500 Fixed 0.847% 12/5/21 17/5/31 Sumitomo Mitsui Banking Corporation(*) 1,400 Fixed 0.636% 13/9/27 21/3/31 Development Bank of Japan Inc. 1,500 Fixed 0.634% 15/5/1 22/5/31 Development Bank of Japan Inc. 2,550 Fixed 0.962% 12/9/18 17/8/31 ORIX Bank Corporation 1,500 Fixed 0.687% 13/9/30 19/2/28 The Bank of Fukuoka, Ltd. 1,500 Float T+0.300% 15/5/1 23/5/31 Sumitomo Mitsui Banking Corporation(*) 1,500 Fixed 0.705% 12/9/18 17/8/31 The Bank of Fukuoka, Ltd.(*) 2,000 Fixed 0.662% 13/9/30 19/3/29 Sumitomo Mitsui Trust Bank, Limited 1,500 Float T+0.325% 15/5/1 23/11/30 Mizuho Bank, Ltd.(*) 1,000 Fixed 0.705% 12/9/18 17/8/31 Shinsei Bank, Ltd.(*)(**) 1,000 Fixed 0.737% 13/11/29 20/11/30 Mizuho Bank, Ltd. 1,500 Float T+0.325% 15/5/1 23/11/30 The Hiroshima Bank, Ltd.(*) 1,000 Fixed 0.791% 12/9/18 17/8/31 Resona Bank, Limited(*) 2,000 Fixed 0.571% 14/3/18 19/9/30 Shinsei Bank, Ltd. 1,500 Float L+0.325% 15/5/1 23/11/30 Current maturities maturities of Current long-term borrowings long-term Development Bank of Japan Inc. 2,000 Fixed 0.847% 12/12/3 17/11/30 Resona Bank, Limited(*) 2,000 Fixed 0.606% 14/3/18 21/3/31 Resona Bank, Limited 1,500 Float T+0.325% 15/5/1 23/11/30 Shinsei Bank, Ltd.(*)(**) 2,000 Fixed 0.613% 12/12/3 17/11/30 Sumitomo Mitsui Banking Corporation(*) 1,000 Fixed 0.606% 14/3/25 21/3/31 Sumitomo Mitsui Banking Corporation 3,000 Float T+0.350% 15/5/1 24/5/31 Tokio Marine & Nichido Fire Insurance Co., Ltd. 1,000 Fixed 0.690% 13/2/1 17/11/30 Sumitomo Mitsui Banking Corporation(*) 1,000 Fixed 0.593% 14/3/25 22/2/28 Mizuho Bank, Ltd. 2,000 Float T+0.325% 15/5/29 23/11/30 The Yamaguchi Bank, Ltd. 500 Fixed 0.690% 13/2/1 17/11/30 Mitsubishi UFJ Trust and Banking Corporation(*) 3,000 Fixed 0.500% 14/3/31 19/3/29 The Bank of Tokyo-Mitsubishi UFJ, Ltd. 500 Float T+0.325% 15/5/29 23/11/30 Total short-term borrowings and current maturities of long-term borrowings 29,250 The Gunma Bank, Ltd.(*) 1,000 Fixed 0.500% 14/3/31 19/3/29 The Musashino Bank, Ltd.(*)(**) 1,000 Fixed 0.349% 15/8/31 20/8/31 Sumitomo Mitsui Trust Bank, Limited(*) 3,400 Fixed 0.691% 12/9/18 18/2/28 Mizuho Bank, Ltd.(*) 1,000 Fixed 0.642% 14/3/31 20/3/31 Nishi-Nippon City Bank, Ltd. 2,000 Float L+0.250% 15/8/31 22/8/31 Sumitomo Mitsui Trust Bank, Limited(*) 1,950 Fixed 0.600% 12/11/30 18/2/28 Mizuho Bank, Ltd.(*) 3,900 Fixed 0.606% 14/3/31 21/3/31 The 77 Bank, Ltd.(*) 1,000 Fixed 0.281% 15/8/31 22/8/31 ORIX Bank Corporation(*) 1,000 Fixed 0.679% 13/1/10 18/2/28 Sumitomo Mitsui Trust Bank, Limited 2,000 Fixed 0.471% 14/5/29 19/5/31 Sumitomo Mitsui Banking Corporation 500 Float T+0.350% 15/8/31 24/8/30 The Higashi-Nippon Bank, Limited(*) 500 Fixed 0.726% 13/2/1 18/2/28 The Musashino Bank, Ltd.(*)(**) 500 Fixed 0.435% 14/5/29 19/5/31 The Bank of Tokyo-Mitsubishi UFJ, Ltd. 1,000 Fixed 0.300% 15/9/11 19/8/30 Sumitomo Mitsui Banking Corporation(*) 2,000 Fixed 0.896% 13/2/1 20/2/28 The Bank of Tokyo-Mitsubishi UFJ, Ltd.(*) 2,000 Fixed 0.595% 14/5/29 20/5/29 Nippon Life Insurance Company(*) 1,000 Fixed 0.281% 15/9/11 22/8/31 Sumitomo Mitsui Trust Bank, Limited(*) 1,500 Fixed 0.896% 13/2/1 20/2/28 Mizuho Trust and Banking Co., Ltd.(*) 500 Fixed 0.595% 14/5/29 20/5/29 Sumitomo Mitsui Trust Bank, Limited 1,000 Float T+0.325% 15/9/11 24/2/29 The Kagawa Bank, Ltd.(*) 1,000 Fixed 0.814% 13/2/28 19/2/28 Development Bank of Japan Inc. 1,000 Fixed 0.742% 14/5/29 20/11/30 The Bank of Tokyo-Mitsubishi UFJ, Ltd. 1,000 Float T+0.325% 15/9/11 24/2/29 Aozora Bank, Ltd.(*) 2,000 Fixed 0.896% 13/2/28 20/2/28 The Bank of Tokyo-Mitsubishi UFJ, Ltd.(*) 1,000 Fixed 0.618% 14/5/29 21/11/30 Sumitomo Mitsui Banking Corporation 1,000 Float T+0.350% 15/9/11 24/8/30 Resona Bank, Limited(*) 2,000 Fixed 0.896% 13/3/1 20/2/28 Mizuho Bank, Ltd.(*) 1,500 Fixed 0.585% 14/5/29 22/5/31 Long term borrowings The Gunma Bank, Ltd.(*) 1,000 Fixed 0.443% 15/11/30 22/2/28 The Gunma Bank, Ltd.(*) 500 Fixed 0.716% 13/4/12 18/5/31 The Bank of Tokyo-Mitsubishi UFJ, Ltd.(*) 1,000 Fixed 0.585% 14/5/29 22/5/31 Nippon Life Insurance Company(*) 300 Fixed 0.281% 15/11/30 22/8/31 The Musashino Bank, Ltd.(*)(**) 500 Fixed 0.578% 13/4/12 18/5/31 borrowings Long-term Sumitomo Mitsui Banking Corporation(*) 3,000 Fixed 0.378% 14/5/29 22/11/30 Taiyo Life Insurance Company 300 Fixed 0.541% 15/11/30 22/11/30 Aozora Bank, Ltd.(*) 1,000 Fixed 0.878% 13/4/12 19/5/31 The Bank of Tokyo-Mitsubishi UFJ, Ltd.(*) 1,000 Fixed 0.378% 14/5/29 22/11/30 Sumitomo Mitsui Banking Corporation(*) 1,500 Fixed 0.290% 16/3/29 23/2/28 Sumitomo Mitsui Trust Bank, Limited(*) 1,500 Fixed 0.844% 13/4/12 19/11/29 Sumitomo Mitsui Banking Corporation(*) 2,000 Fixed 0.411% 14/7/8 19/11/29 Development Bank of Japan Inc. 1,500 Fixed 0.303% 16/3/29 23/2/28 Development Bank of Japan Inc. 1,000 Fixed 0.963% 13/4/12 19/11/29 Mizuho Trust and Banking Co., Ltd.(*) 3,000 Fixed 0.530% 14/7/8 20/11/30 Mizuho Bank, Ltd.(*) 1,000 Fixed 0.290% 16/3/29 23/2/28 Kansai Urban Banking Corporation 1,500 Fixed 0.893% 13/6/28 18/8/31 Sumitomo Mitsui Banking Corporation(*) 2,000 Fixed 0.530% 14/7/8 20/11/30 Resona Bank, Limited 1,000 Float T+0.275% 16/3/29 23/8/31 Kansai Urban Banking Corporation(*)(**) 1,500 Fixed 0.677% 13/6/28 19/8/30 Sumitomo Mitsui Banking Corporation(*) 3,500 Fixed 0.618% 14/7/8 21/11/30 Mizuho Trust and Banking Co., Ltd. 1,000 Float T+0.275% 16/3/29 23/8/31 Kansai Urban Banking Corporation(*)(**) 2,000 Fixed 0.794% 13/6/28 20/8/31 Sumitomo Mitsui Banking Corporation(*) 4,000 Fixed 0.585% 14/7/8 22/5/31 Shinsei Bank, Ltd. 1,000 Float T+0.300% 16/3/29 24/2/29 Development Bank of Japan Inc. 1,000 Fixed 0.833% 13/7/3 18/8/31 Shinsei Bank, Ltd. 1,000 Float L+0.325% 14/7/8 22/8/31 Nishi-Nippon City Bank, Ltd. 1,000 Float T+0.300% 16/3/29 24/2/29 Long term Long term borrowings Sumitomo Mitsui Banking Corporation(*) 1,600 Fixed 0.781% 13/7/3 20/8/31 Sumitomo Mitsui Banking Corporation(*) 2,000 Fixed 0.378% 14/7/8 22/11/30 Mitsubishi UFJ Trust and Banking Corporation 2,500 Float T+0.325% 16/3/29 24/8/30 Shinsei Bank, Ltd.(*)(**) 1,000 Fixed 0.787% 13/7/3 20/11/30 The Bank of Tokyo-Mitsubishi UFJ, Ltd.(*) 1,000 Fixed 0.560% 14/12/1 22/5/31 The Bank of Tokyo-Mitsubishi UFJ, Ltd. 1,500 Float T+0.325% 16/3/29 24/8/30 The Higashi-Nippon Bank, Limited(*) 1,000 Fixed 0.808% 13/7/3 20/11/30 Mizuho Bank, Ltd.(*) 1,000 Fixed 0.353% 14/12/1 22/11/30 Sumitomo Mitsui Trust Bank, Limited 2,000 Float T+0.325% 16/5/26 24/11/29 The Bank of Fukuoka, Ltd.(*) 1,000 Fixed 0.681% 13/7/8 18/8/31 Sumitomo Mitsui Banking Corporation 1,000 Float T+0.350% 14/12/1 23/5/31 Sumitomo Mitsui Banking Corporation 1,500 Float T+0.350% 16/5/26 25/5/30 Sumitomo Mitsui Trust Bank, Limited(*) 1,000 Fixed 0.824% 13/7/8 19/11/29 Shinsei Bank, Ltd. 1,000 Float L+0.350% 14/12/1 23/5/31 Mizuho Bank, Ltd. 1,000 Float T+0.350% 16/5/26 25/5/30 Sumitomo Mitsui Trust Bank, Limited(*) 4,000 Fixed 0.816% 13/7/8 20/5/29 Development Bank of Japan Inc. 1,000 Fixed 0.692% 14/12/3 21/11/30 Shinsei Bank, Ltd. 2,000 Float T+0.325% 16/5/31 24/11/29 Shinsei Bank, Ltd.(*)(**) 1,000 Fixed 0.836% 13/7/31 21/5/31 Mitsubishi UFJ Trust and Banking Corporation(*) 1,000 Fixed 0.593% 14/12/3 21/11/30 Fukoku Mutual Life Insurance Company 200 Fixed 0.579% 16/5/31 26/5/29 Shinsei Bank, Ltd.(*)(**) 1,000 Fixed 0.856% 13/7/31 21/8/31 The Bank of Tokyo-Mitsubishi UFJ, Ltd.(*) 1,000 Fixed 0.560% 14/12/3 22/5/31 The Yamaguchi Bank, Ltd. 1,500 Fixed 0.450% 16/8/31 26/8/31 Tokio Marine & Nichido Fire Insurance Co., 1,000 Fixed 0.540% 13/8/9 18/7/31 Mizuho Bank, Ltd.(*) 1,500 Fixed 0.353% 14/12/3 22/11/30 Total long-term borrowings 169,950 Ltd.(*)(**) The Bank of Tokyo-Mitsubishi UFJ, Ltd.(*) 2,000 Fixed 0.661% 13/8/9 18/8/31 Resona Bank, Limited(*) 1,500 Fixed 0.353% 14/12/3 22/11/30 Total borrowings 199,200 The Bank of Fukuoka, Ltd.(*) 1,000 Fixed 0.681% 13/8/9 18/8/31 Sumitomo Mitsui Trust Bank, Limited(*) 1,000 Fixed 0.353% 14/12/3 22/11/30

█ Investment Corporation Bonds Note: Fixed Interest Rate and Floating Interest Rate are rounded to the third decimal place. Balance Interest Date of (*) Interest rates that were changed from a floating rate to a fixed rate by concluding the swap Term Lender Type Due date agreement are described as fixed interest rates. (million yen) Rate (%) Advance (**) Interest rates are converted based on 1 year=365 days and indicated. Long- No. 3 Unsecured Investment Corporation Bond 3,000 Fixed 0.42% 14/9/12 19/9/12 term No. 4 Unsecured Investment Corporation Bond 2,100 Fixed 1.00% 14/9/12 24/9/12 Total Investment corporate bonds 5,100 (Note) Both are with pari passu clause among specified investment corporation bonds. This document is not material disclosed in compliance with the Financial Instruments and Exchange Law 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 Analyses of Tenants

(As of November 30, 2016)

Major Tenants Top 10 List % Share of Industries* of Top 100 Tenants**

Leased % of Total Tenant Name Area Leased Property (*1) (m2) Area (*2) (*3) Other 12.8%

Trend Micro Incorporated Shinjuku Maynds Tower 6,314.58 1.9% Schools 3.1% Services Tokio Marine & Nichido Anshin 25.6% Integral Tower 6,058.41 1.8% Securities, commodity Consulting Co., Ltd. futures trade Palsystem Consumers' 3.2% LAQUAS Higashi Shinjuku 5,985.08 1.8% Co-operative Union Electric Device 3.4% Not disclosed Daiwa Kayabacho Build. 5,899.11 1.7% Foods 3.7% EMC Japan Shinjuku Maynds Tower 5,693.39 1.7% Wholesale Kirin Brewery Company, Limited 4.5% Kirin Nihonbashi Building 5,630.17 1.7% (*4) Information& Jupiter Shop Channel Co., Ltd. River Gate 5,629.68 1.7% Real Estate Communication 6.3% 21.6% Shinjuku Maynds Tower Temp Holdings Co., Ltd. 5,563.81 1.6% Daiwa Shibuya Miyamasuzaka Construction 6.6% Mitsubishi UFJ NICOS Co., Ltd. Kitahama Grand Building 5,418.42 1.6% Retail Trade 8.7% Not disclosed Shinjuku Maynds Tower 5,337.60 1.6%

Total 57,530.25 17.4% * The leased area of top 100 tenants covers 65.3% of total leased area as *1 Not disclosed due to tenant's request. of the end of the 22nd Fiscal Period. ** Industries are categorized according to TSE’s 33 industry groups. *2 Leased spaces of the tenants in Shinjuku Maynds Tower are described as the figure equivalent to 6/7, *** The ratio is rounded down to the first decimal place ownership % of the Investment Corporation. *3 Rounded down to first decimal place. *4. Succeeded the position of lessee from Kirin Beer Marketing Co, Ltd. on January 1, 2017.

(Unit: Million Yen) Compared to Compared to Appraisal Value Cap Rate End of 21st Period (*) Acquisition Acquisition Price Property Name End of 21st End of 22nd Price End of 21st End of 22nd Difference Change Difference Change Period Period Period Period Daiwa Ginza 16,300 16,700 +400 2.5% 14,100 +2,600 18.4% 3.8% 3.7% Daiwa Ginza Annex 3,440 3,500 +60 1.7% 3,050 +450 14.8% 3.7% 3.6% Daiwa Shibaura 7,520 7,670 +150 2.0% 8,265 -595 -7.2% 4.2% 4.1% Daiwa Minami Aoyama 4,360 4,410 +50 1.1% 4,550 -140 -3.1% 4.1% 4.0% Daiwa Sarugakucho 3,340 3,340 0 0.0% 3,190 +150 4.7% 4.7% 4.6% Daiwa A Hamamatsucho 3,320 3,380 +60 1.8% 2,865 +515 18.0% 4.0% 3.9% Daiwa Jingumae 2,290 2,320 +30 1.3% 2,800 -480 -17.1% 4.0% 3.9% Daiwa Shibadaimon 2,900 2,960 +60 2.1% 2,578 +382 14.8% 3.9% 3.8% Daiwa Misakicho 2,680 2,730 +50 1.9% 2,346 +384 16.4% 4.2% 4.1% Daiwa Shimbashi 510 2,430 2,470 +40 1.6% 2,080 +390 18.8% 4.3% 4.2% Daiwa Tsukijiekimae 1,590 1,650 +60 3.8% 1,560 +90 5.8% 4.5% 4.4% Daiwa Tsukiji 1,390 1,430 +40 2.9% 1,240 +190 15.3% 4.4% 4.3% Daiwa Tsukishima 9,170 9,230 +60 0.7% 7,840 +1,390 17.7% 4.4% 4.3% Daiwa Nihonbashi 2,510 2,530 +20 0.8% 2,520 +10 0.4% 4.3% 4.2% Horidomecho Daiwa Azabudai 1,830 1,860 +30 1.6% 1,600 +260 16.3% 4.2% 4.1% Daiwa Kyobashi 3,270 3,290 +20 0.6% 3,460 -170 -4.9% 4.2% 4.1% Daiwa Kojimachi 4-chome 2,690 2,750 +60 2.2% 2,910 -160 -5.5% 3.9% 3.8% Daiwa Onarimon 13,100 13,400 +300 2.3% 13,860 -460 -3.3% 4.0% 3.9% Shinjuku Maynds Tower 119,000 122,000 +3,000 2.5% 133,800 -11,800 -8.8% 3.5% 3.4% SHIBUYA EDGE 4,750 4,870 +120 2.5% 5,900 -1,030 -17.5% 4.0% 3.9% Daiwa Kodemmacho 2,110 2,150 +40 1.9% 2,460 -310 -12.6% 4.5% 4.4% Daiwa Jimbocho 3,340 3,470 +130 3.9% 4,150 -680 -16.4% 4.3% 4.1% Daiwa Nishishimbashi 5,510 6,000 +490 8.9% 5,000 +1,000 20.0% 4.0% 3.7% Daiwa Kayabacho Building 7,570 7,710 +140 1.8% 5,600 +2,110 37.7% 3.6% 3.5% Daiwa Jinbocho 3-chome 4,500 4,620 +120 2.7% 3,550 +1,070 30.1% 3.6% 3.5% E SPACE TOWER 32,500 32,800 +300 0.9% 24,000 +8,800 36.7% 3.6% 3.5% Daiwa Nihonbashi 2,190 2,310 +120 5.5% 1,721 +589 34.2% 4.2% 4.1% Hongokucho

(Unit: Million Yen) Compared to Compared to Appraisal Value Cap Rate End of 21st Period (*) Acquisition Acquisition Price Property Name End of 21st End of 22nd Price End of 21st End of 22nd Difference Change Difference Change Period Period Period Period shinyon curumu 12,600 13,700 +1,100 8.7% 9,650 +4,050 42.0% 3.5% 3.4% Daiwa Akasaka 12,500 12,900 +400 3.2% 9,200 +3,700 40.2% 3.5% 3.4% Daiwa Shibuya Miyamasuzaka 8,580 8,660 +80 0.9% 7,000 +1,660 23.7% 3.8% 3.7% Azabu Green Terrace 15,700 15,900 +200 1.3% 14,000 +1,900 13.6% 4.1% 4.0% Daiwa Ebisu 4-chome 5,300 5,380 +80 1.5% 4,135 +1,245 30.1% 3.9% 3.8% LAQUAS Higashi Shinjuku 10,100 10,200 +100 1.0% 8,450 +1,750 20.7% 3.5% 3.5% Concept Aoyama 11,400 11,800 +400 3.5% 9,800 +2,000 20.4% 3.6% 3.4% Shinsen Place 6,150 6,260 +110 1.8% 4,800 +1,460 30.4% 3.6% 3.5% Glass City Shibuya 17,500 17,800 +300 1.7% 16,000 +1,800 11.3% 3.7% 3.6% River Gate 29,900 30,100 +200 0.7% 28,000 +2,100 7.5% 4.3% 4.2% Daiwa Hatchobori ekimae 3,130 3,210 +80 2.6% 2,871 +339 11.8% 3.7% 3.6% Daiwa Hatchobori ekimae 1,750 1,800 +50 2.9% 1,647 +153 9.3% 3.8% 3.7% West Nikko Building 14,400 14,800 +400 2.8% 13,710 +1,090 8.0% 3.6% 3.5% Kirin Nihonbashi Building 8,220 8,230 +10 0.1% 8,180 +50 0.6% 4.1% 4.0% Heiwa Higashi-nihonbashi - 6,560 - - 6,370 +190 3.0% - 4.0% Building Square Daikanyama Building - 2,470 - - 2,280 +190 8.3% - 3.6% Shinjuku West Building - 1,160 - - 942 +218 23.1% - 3.9% Daiwa Higashi-Ikebukuro 3,580 3,650 +70 2.0% 2,958 +692 23.4% 4.4% 4.3% Daiwa Shinagawa North 5,870 6,010 +140 2.4% 7,710 -1,700 -22.0% 4.5% 4.4% Daiwa Osaki 3-chome 2,270 2,320 +50 2.2% 1,650 +670 40.6% 4.0% 3.9% Daiwa Kamiooka 2,470 2,600 +130 5.3% 2,000 +600 30.0% 4.8% 4.7% Integral Tower 18,100 18,500 +400 2.2% 15,220 +3,280 21.6% 4.0% 3.9% Meguro Place Tower 6,290 6,410 +120 1.9% 5,600 +810 14.5% 3.8% 3.7% Ogikubo TM Building - 4,300 - - 3,800 +500 13.2% - 4.1% Daiwa Meieki 7,320 7,660 +340 4.6% 5,300 +2,360 44.5% 4.4% 4.3% Kitahama Grand Building 11,300 11,500 +200 1.8% 9,481 +2,019 21.3% 4.0% 3.9% Total(*) 480,030 505,430 +10,910 2.3% 467,749 +37,680 8.1% - -

Difference and change in “Compared to End of 21st Period” do not include the impact of the properties acquired/sold in the 22nd Period.

(Unit: Million Yen) Summary of Appraisal Report (End of 22nd period) Appraisal Value Direct Capitalization Method DCF Method Property Name Integrated at End of 22nd Period Discount Terminal Value Cap Rate Value Value Rate Cap Rate Daiwa Ginza 16,700 17,000 3.7% 16,400 3.5% 3.9% 15,000 Daiwa Ginza Annex 3,500 3,530 3.6% 3,470 3.4% 3.8% 3,890 Daiwa Shibaura 7,670 7,760 4.1% 7,630 3.9% 4.3% 6,330 Daiwa Minami Aoyama 4,410 4,450 4.0% 4,360 3.8% 4.2% 3,880 Daiwa Sarugakucho 3,340 3,400 4.6% 3,280 4.4% 4.8% 1,600 Daiwa A Hamamatsucho 3,380 3,430 3.9% 3,360 3.7% 4.1% 2,110 Daiwa Jingumae 2,320 2,340 3.9% 2,300 3.7% 4.1% 2,340 Daiwa Shibadaimon 2,960 3,030 3.8% 2,930 3.6% 4.0% 2,020 Daiwa Misakicho 2,730 2,760 4.1% 2,710 3.9% 4.3% 1,610 Daiwa Shimbashi 510 2,470 2,520 4.2% 2,420 4.0% 4.4% 2,000 Daiwa Tsukijiekimae 1,650 1,670 4.4% 1,640 4.4% 4.6% 1,550 Daiwa Tsukiji 1,430 1,400 4.3% 1,440 4.3% 4.5% 1,390 Daiwa Tsukishima 9,230 9,430 4.3% 9,150 4.0% 4.5% 5,260 Daiwa Nihonbashi 2,530 2,580 4.2% 2,470 4.0% 4.4% 1,520 Horidomecho Daiwa Azabudai 1,860 1,890 4.1% 1,820 3.9% 4.3% 1,210 Daiwa Kyobashi 3,290 3,360 4.1% 3,210 3.9% 4.3% 2,020 Daiwa Kojimachi 4-chome 2,750 2,760 3.8% 2,730 3.6% 4.0% 4,240 Daiwa Onarimon 13,400 13,700 3.9% 13,100 3.7% 4.1% 11,800 Shinjuku Maynds Tower* 122,000 145,000 3.4% 139,000 3.2% 3.6% 92,600 SHIBUYA EDGE 4,870 4,950 3.9% 4,780 3.7% 4.1% 3,430 Daiwa Kodemmacho 2,150 2,160 4.4% 2,130 4.2% 4.6% 1,050 Daiwa Jimbocho 3,470 3,560 4.1% 3,430 4.1% 4.3% 3,270 Daiwa Nishishimbashi 6,000 6,140 3.7% 5,940 3.5% 3.9% 4,280 Daiwa Kayabacho Building 7,710 7,840 3.5% 7,660 3.3% 3.7% 6,220 Daiwa Jinbocho 3-chome 4,620 4,720 3.5% 4,580 3.3% 3.7% 4,030 E SPACE TOWER 32,800 33,500 3.5% 32,100 3.3% 3.7% 31,000 Daiwa Nihonbashi 2,310 2,340 4.1% 2,300 3.9% 4.3% 1,560 Hongokucho

*Appraisal value for Shinjuku Maynds Tower is indicated as 6/7 of the total appraisal value for the building. The figure regarding the overview of appraisal report is indicated as 7/7 of the total. This document is not material disclosed in compliance with the Financial Instruments and Exchange Law 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 Appraisal Value at End of Fiscal Period (2)

(Unit: Million Yen) Summary of Appraisal Report (End of 22nd period) Appraisal Value Direct Capitalization Method DCF Method Property Name Integrated at End of 22nd Period Discount Terminal Value Cap Rate Value Value Rate Cap Rate shinyon curumu 13,700 14,000 3.4% 13,600 3.2% 3.6% 12,700 Daiwa Akasaka 12,900 13,100 3.4% 12,800 3.2% 3.6% 12,800 Daiwa Shibuya 8,660 8,820 3.7% 8,500 3.5% 3.9% 9,460 Miyamasuzaka Azabu Green Terrace 15,900 16,000 4.0% 15,800 3.7% 4.1% 15,800 Daiwa Ebisu 4-chome 5,380 5,370 3.8% 5,390 3.6% 4.0% 3,850 LAQUAS Higashi Shinjuku 10,200 10,500 3.5% 10,000 3.3% 3.7% 10,700 Concept Aoyama 11,800 12,100 3.4% 11,600 3.2% 3.6% 10,100 Shinsen Place 6,260 6,340 3.5% 6,230 3.4% 3.7% 3,870 Glass City Shibuya 17,800 17,900 3.6% 17,700 3.3% 3.7% 17,400 River Gate 30,100 30,200 4.2% 29,900 3.9% 4.3% 27,200 Daiwa Hatchobori ekimae 3,210 3,350 3.6% 3,150 3.4% 3.8% 3,830 Daiwa Hatchobori ekimae 1,800 1,880 3.7% 1,760 3.5% 3.9% 1,920 West Nikko Building 14,800 15,400 3.5% 14,500 3.3% 3.7% 14,600 Kirin Nihonbashi Building 8,230 8,440 4.0% 8,020 3.8% 4.1% 7,810 Heiwa Higashi-nihonbashi 6,560 6,760 4.0% 6,480 3.8% 4.2% 4,950 Building Square Daikanyama 2,470 2,490 3.6% 2,460 3.6% 3.8% 2,460 Building Shinjuku West Building 1,160 1,180 3.9% 1,150 3.7% 4.1% 940 Daiwa Higashi-Ikebukuro 3,650 3,700 4.3% 3,630 4.1% 4.5% 2,190 Daiwa Shinagawa North 6,010 6,130 4.4% 5,890 4.2% 4.6% 4,070 Daiwa Osaki 3-chome 2,320 2,350 3.9% 2,310 3.7% 4.1% 1,510 Daiwa Kamiooka 2,600 2,600 4.7% 2,600 4.5% 4.9% 2,170 Integral Tower 18,500 18,800 3.9% 18,400 3.7% 4.1% 12,500 Meguro Place Tower 6,410 6,620 3.7% 6,320 3.5% 3.9% 5,960 Ogikubo TM Building 4,300 4,380 4.1% 4,270 3.9% 4.3% 2,980 Daiwa Meieki 7,660 7,860 4.3% 7,580 4.3% 4.5% 8,530 Kitahama Grand Building 11,500 11,800 3.9% 11,300 3.7% 4.1% 12,600 Total 505,430 535,290 - 517,680 - - 430,110 This document is not material disclosed in compliance with the Financial Instruments and Exchange Law 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 (1) Fiscal Period ended May 2016 and November 2016 (21st and 22nd FP Results by Property)

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

Acquisition Price (million yen) 14,100 3,050 8,265 4,550 3,190 2,865 2,800 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP Book Value (million yen) 13,243 13,231 2,814 2,802 8,005 8,061 4,454 4,456 3,211 3,204 2,822 2,818 2,700 2,734 Appraisal Value (million yen) 16,300 16,700 3,440 3,500 7,520 7,670 4,360 4,410 3,340 3,340 3,320 3,380 2,290 2,320 Occupancy Rate (%) 93.9 94.9 100.0 100.0 99.1 97.6 84.8 100.0 100.0 100.0 100.0 100.0 100.0 100.0 PML (%) (*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 183 183 183 183 183 183 183 183 183 183 183 183 183 183 (1) Property-related Revenues 388,955 395,979 89,018 88,749 245,293 242,624 123,516 113,035 - (*6) - (*6) 131,581 132,392 71,486 71,675 (thousand yen) Rent (incl. common service 388,955 395,979 89,018 88,749 243,550 240,358 123,516 113,035 - (*6) - (*6) 131,581 132,392 71,486 71,675 fees) Other Revenues (*3) 0 0 0 0 1,743 2,266 0 0 - (*6) - (*6) 0 0 0 0 (2) Property-related Expenses 98,811 198,207 22,259 25,861 66,994 68,774 30,263 37,490 - (*6) - (*6) 58,694 60,492 16,067 23,405 (thousand yen) Administrative Expenses 13,954 14,247 5,347 4,273 12,955 12,966 3,733 9,038 - (*6) - (*6) 8,359 8,619 2,873 2,990 Utility Charges 24,964 25,340 5,910 6,228 19,980 17,995 6,440 6,866 - (*6) - (*6) 8,960 8,746 5,162 5,292 Property Management Fee 5,871 5,873 1,346 1,357 3,694 3,624 1,852 1,726 - (*6) - (*6) 2,017 1,949 1,200 1,420 Tax and Public Due 28,001 27,981 9,097 9,132 19,598 19,582 11,849 11,850 - (*6) - (*6) 8,773 8,794 6,365 6,365 Non-life Insurance Costs 447 431 104 100 408 394 163 157 - (*6) - (*6) 190 184 88 85 Repair Expenses 13,730 21,657 453 4,769 10,337 14,211 6,224 7,850 - (*6) - (*6) 992 2,799 370 7,243 Other Expenses 11,841 102,675 0 0 20 0 0 0 - (*6) - (*6) 29,400 29,400 7 7 (3) NOI (=(1)-(2)) (*4) 290,143 197,772 66,759 62,887 178,298 173,850 93,252 75,545 84,830 86,152 72,886 71,900 55,418 48,270

Profits from property-related property-related activitiesProfits from (*2) (thousand yen) Annualized NOI (thousand yen) 578,702 394,464 133,154 125,431 355,623 346,751 185,995 150,678 169,197 171,834 145,374 143,407 110,535 96,276 NOI Yield (*5) 4.4% 3.0% 4.7% 4.5% 4.4% 4.3% 4.2% 3.4% 5.3% 5.4% 5.2% 5.1% 4.1% 3.5% Depreciation and amortization 70,338 70,452 17,945 18,073 25,736 26,457 13,391 13,501 - (*6) - (*6) 15,072 15,078 7,621 8,835 (thousand yen) Repair Work (thousand yen) 0 0 0 0 337 830 0 0 - (*6) - (*6) 0 0 0 0 Proceeds from Amortization of Leasehold and Security 00000000-(*6)-(*6)0000 (Reference) (thousand yen) (*1) Sompo Risk Care Management Inc. has prepared the PML for the 22nd fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2016). (*2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen. (*3) Other Revenues includes Proceeds for Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits. (*4) (3) NOI in this table is calculated by adjusting the Tax and Public Due for the “NOI (after deduction of gain on sale)”aforementioned in the Appendix “Major Financial Data” so the figures do not match. (*5) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value. (*6) Not disclosed due to tenant's request.

Daiwa Nihonbashi Property Name Daiwa Shibadaimon Daiwa Misakicho Daiwa Shimbashi 510 Daiwa Tsukijiekimae Daiwa Tsukiji Daiwa Tsukishima Horidomecho

Acquisition Price (million yen) 2,578 2,346 2,080 1,560 1,240 7,840 2,520 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP Book Value (million yen) 2,389 2,384 2,185 2,174 2,134 2,131 1,341 1,328 1,164 1,157 6,952 7,051 2,485 2,477 Appraisal Value (million yen) 2,900 2,960 2,680 2,730 2,430 2,470 1,590 1,650 1,390 1,430 9,170 9,230 2,510 2,530 Occupancy Rate (%) 100.0 100.0 100.0 100.0 88.0 99.6 100.0 100.0 89.2 100.0 100.0 56.7 100.0 100.0 PML (%) (*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 183 183 183 183 183 183 183 183 183 183 183 183 183 183 (1) Property-related Revenues 84,201 85,853 - (*6) - (*6) 78,385 69,202 55,724 56,720 45,389 50,807 274,707 129,017 82,806 82,561 (thousand yen) Rent (incl. common service 84,201 85,853 - (*6) - (*6) 78,385 69,202 55,724 56,720 45,389 47,332 274,707 129,017 82,806 82,561 fees) Other Revenues (*3) 0 0 - (*6) - (*6) 0 0 0 0 0 3,474 0 0 0 0 (2) Property-related Expenses 19,631 21,842 - (*6) - (*6) 30,784 21,081 26,205 15,780 10,685 11,517 47,552 68,780 18,760 18,646 (thousand yen) Administrative Expenses 5,641 5,965 - (*6) - (*6) 4,913 5,474 3,100 3,054 2,617 3,511 7,885 30,220 3,927 4,311 Utility Charges 6,199 6,693 - (*6) - (*6) 5,988 6,091 5,740 5,950 2,663 2,618 21,372 11,307 5,289 4,993 Property Management Fee 1,265 1,289 - (*6) - (*6) 1,224 1,200 1,200 1,200 1,200 1,282 4,143 1,798 1,275 1,261 Tax and Public Due 6,239 6,240 - (*6) - (*6) 5,704 5,673 5,072 5,072 3,866 3,863 13,681 13,666 6,706 6,750 Non-life Insurance Costs 130 125 - (*6) - (*6) 133 128 104 101 67 65 309 298 141 136 Repair Expenses 154 1,527 - (*6) - (*6) 12,801 2,512 10,968 383 271 176 160 11,454 1,420 1,143 Other Expenses 0 0 - (*6) - (*6) 18 0 18 18 0 0 0 34 0 50 (3) NOI (=(1)-(2)) (*4) 64,570 64,011 61,321 64,906 47,600 48,121 29,519 40,940 34,703 39,289 227,154 60,237 64,045 63,915

Profits from property-related property-related activitiesProfits from (*2) s(thousand yen) Annualized NOI (thousand yen) 128,789 127,673 122,307 129,458 94,941 95,979 58,877 81,656 69,217 78,364 453,068 120,145 127,740 127,481 NOI Yield (*5) 5.4% 5.4% 5.6% 6.0% 4.4% 4.5% 4.4% 6.1% 5.9% 6.8% 6.5% 1.7% 5.1% 5.1% Depreciation and amortization 9,643 9,691 - (*6) - (*6) 7,682 7,817 13,493 13,497 7,295 7,297 53,615 56,204 14,072 14,157 (thousand yen) Repair Work (thousand yen) 0 0 - (*6) - (*6) 0 0 0 0 0 0 0 0 0 0 Proceeds from Amortization of Leasehold and Security 00-(*6)-(*6)0000000000 (Reference) (thousand yen) (*1) Sompo Risk Care Management Inc. has prepared the PML for the 22nd fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2016). (*2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen. (*3) Other Revenues includes Proceeds for Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits. (*4) (3) NOI in this table is calculated by adjusting the Tax and Public Due for the “NOI (after deduction of gain on sale)”aforementioned in the Appendix “Major Financial Data” so the figures do not match. (*5) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value. (*6) Not disclosed due to tenant's request.

Daiwa Kojimachi 4- Shinjuku Maynds Property Name Daiwa Azabudai Daiwa Kyobashi Daiwa Onarimon SHIBUYA EDGE Daiwa Kodemmacho chome Tower

Acquisition Price (million yen) 1,600 3,460 2,910 13,860 133,800 5,900 2,460 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP Book Value (million yen) 1,536 1,530 3,300 3,282 2,865 2,856 13,449 13,424 130,157 129,961 5,708 5,697 2,400 2,392 Appraisal Value (million yen) 1,830 1,860 3,270 3,290 2,690 2,750 13,100 13,400 119,000 122,000 4,750 4,870 2,110 2,150 Occupancy Rate (%) 100.0 100.0 100.0 88.2 100.0 100.0 100.0 100.0 98.8 99.2 100.0 100.0 100.0 100.0 PML (%) (*1) 6.64 6.64 4.51 4.51 6.19 6.19 3.89 3.89 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 183 183 183 183 183 183 183 183 183 183 183 183 183 183 (1) Property-related Revenues 57,467 53,489 97,019 93,383 90,734 92,072 337,495 341,453 2,455,214 2,514,385 114,261 125,017 63,626 64,621 (thousand yen) Rent (incl. common service 56,087 53,489 97,019 93,383 90,734 92,072 337,495 341,453 2,455,214 2,514,385 114,261 125,017 63,626 64,621 fees) Other Revenues (*3) 1,380 0 0 0 0 0 0 0 0 0 0 0 0 0 (2) Property-related Expenses 18,274 13,258 28,485 26,696 28,854 36,650 80,572 76,638 736,482 829,473 21,566 21,487 13,148 13,919 (thousand yen) Administrative Expenses 2,531 3,427 5,519 4,796 4,491 4,578 12,535 12,407 144,591 138,407 5,160 4,664 2,853 3,422 Utility Charges 3,300 3,225 7,870 7,396 6,228 6,692 22,702 23,432 271,207 273,181 6,905 6,991 4,470 4,730 Property Management Fee 1,200 1,200 1,461 1,376 1,352 1,371 3,376 3,417 17,354 17,639 1,718 1,864 1,200 1,200 Tax and Public Due 4,911 4,934 7,114 7,134 14,935 14,951 34,928 34,932 247,651 253,764 7,250 7,241 3,637 3,646 Non-life Insurance Costs 79 76 138 133 154 149 429 413 3,938 3,794 112 108 100 97 Repair Expenses 6,252 394 6,382 5,858 1,690 8,907 6,601 2,034 47,639 135,569 419 616 63 0 Other Expenses 0 0 0 0 0 0 0 0 4,098 7,116 0 0 822 822 (3) NOI (=(1)-(2)) (*4) 39,193 40,231 68,534 66,687 61,880 55,422 256,922 264,814 1,718,732 1,684,911 92,695 103,529 50,477 50,701

Profits from property-related property-related activitiesProfits from (*2) (thousand yen) Annualized NOI (thousand yen) 78,172 80,242 136,694 133,010 123,422 110,541 512,441 528,182 3,428,072 3,360,615 184,884 206,494 100,679 101,126 NOI Yield (*5) 5.1% 5.2% 4.1% 4.1% 4.3% 3.9% 3.8% 3.9% 2.6% 2.6% 3.2% 3.6% 4.2% 4.2% Depreciation and amortization 8,677 8,778 19,739 19,946 11,843 12,483 30,890 30,996 380,807 386,650 16,207 16,250 9,356 9,379 (thousand yen) Repair Work (thousand yen) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Proceeds from Amortization of Leasehold and Security 00000000000000 (Reference) (thousand yen) (*1) Sompo Risk Care Management Inc. has prepared the PML for the 22nd fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2016). (*2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen. (*3) Other Revenues includes Proceeds for Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits. (*4) (3) NOI in this table is calculated by adjusting the Tax and Public Due for the “NOI (after deduction of gain on sale)”aforementioned in the Appendix “Major Financial Data” so the figures do not match. (*5) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.

Daiwa Kayabacho Daiwa Jinbocho Daiwa Nihonbashi Property Name Daiwa Jimbocho Daiwa Nishishimbashi Daiwa Kudan(*6) E SPACE TOWER Building 3-chome Hongokucho

Acquisition Price (million yen) 4,150 5,000 4,000 5,600 3,550 24,000 1,721 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP Book Value (million yen) 4,080 4,065 4,845 4,813 3,803 - 5,369 5,342 3,450 3,432 23,664 23,623 1,641 1,628 Appraisal Value (million yen) 3,340 3,470 5,510 6,000 3,360 - 7,570 7,710 4,500 4,620 32,500 32,800 2,190 2,310 Occupancy Rate (%) 100.0 100.0 100.0 100.0 100.0 - 100.0 100.0 100.0 100.0 100.0 96.8 100.0 100.0 PML (%) (*1) 5.05 5.05 3.76 3.76 5.51 - 4.50 4.50 5.33 5.33 3.11 3.11 3.80 3.80 Property Management Company Japan Property Solutions Xymax Alpha Japan Property Solutions Property Partners Japan Property Solutions Xymax Alpha MS Building Support Number of operating days 183 183 183 183 183 36 183 183 183 183 183 183 183 183 (1) Property-related Revenues 103,433 105,713 156,566 163,966 98,947 21,811 - (*7) - (*7) 110,547 114,455 785,083 797,381 60,579 63,187 (thousand yen) Rent (incl. common service fees) 103,433 105,713 156,566 163,966 98,947 21,811 - (*7) - (*7) 110,547 114,455 785,083 793,932 60,579 63,187 Other Revenues (*3) 0 0 0 0 0 0 - (*7) - (*7) 0 0 0 3,448 0 0 (2) Property-related Expenses 26,112 25,561 45,989 45,044 23,416 12,419 - (*7) - (*7) 23,659 29,050 164,477 196,072 13,905 15,498 (thousand yen) Administrative Expenses 5,247 4,905 16,780 13,282 4,236 857 - (*7) - (*7) 5,636 6,607 43,286 46,359 4,424 6,260 Utility Charges 7,324 6,917 9,697 10,659 6,517 1,880 - (*7) - (*7) 6,637 7,408 45,927 49,851 3,373 3,217 Property Management Fee 1,200 1,200 2,072 2,169 1,514 318 - (*7) - (*7) 1,661 1,719 7,855 7,879 1,200 1,200 Tax and Public Due 10,894 10,874 15,736 15,766 8,747 8,988 - (*7) - (*7) 9,395 9,374 56,893 56,790 4,420 4,407 Non-life Insurance Costs 144 139 244 238 120 23 - (*7) - (*7) 127 124 672 653 77 74 Repair Expenses 1,038 1,483 1,455 2,925 2,280 350 - (*7) - (*7) 200 3,816 9,342 34,465 410 339 Other Expenses 263 40 3 3 0 0 - (*7) - (*7) 0 0 500 72 0 0 (3) NOI (=(1)-(2)) (*4) 77,321 80,152 110,577 118,921 75,530 9,392 144,399 148,719 86,887 85,405 620,606 601,308 46,674 47,688 (thousand yen) Profits from property-related property-related Profitsactivities from (*2) Annualized NOI (thousand yen) 154,220 159,866 220,549 237,193 150,648 - 288,009 296,626 173,299 170,344 1,237,820 1,199,331 93,093 95,116 NOI Yield (*5) 3.8% 3.9% 4.6% 4.9% 4.0% - 5.4% 5.6% 5.0% 5.0% 5.2% 5.1% 5.7% 5.8% Depreciation and amortization 21,501 21,587 34,006 34,136 24,731 8,244 - (*7) - (*7) 19,751 19,780 64,921 65,855 13,169 13,173 (thousand yen) Repair Work (thousand yen) 0 0 0 0 0 0 - (*7) - (*7) 0 0 0 0 0 0 Proceeds from Amortization of Leasehold and Security 000000-(*7)-(*7)000000 (Reference) (thousand yen) (*1) Sompo Risk Care Management Inc. has prepared the PML for the 22nd fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2016). (*2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen. (*3) Other Revenues includes Proceeds for Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits. (*4) (3) NOI in this table is calculated by adjusting the Tax and Public Due for the “NOI (after deduction of gain on sale)”aforementioned in the Appendix “Major Financial Data” so the figures do not match. (*5) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value. (*6) Properties sold in the 22nd fiscal period. (*7) Not disclosed due to tenant's request.

Daiwa Shibuya Daiwa Daiwa Shibuya LAQUAS Higashi Property Name shinyon curumu Daiwa Akasaka Azabu Green Terrace Daiwa Ebisu 4-chome Dogenzaka (*6) Miyamasuzaka Shinjuku

Acquisition Price (million yen) 9,650 4,500 9,200 7,000 14,000 4,135 8,450 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP Book Value (million yen) 9,811 9,777 - - 9,385 9,381 7,233 7,244 14,239 14,190 4,275 4,263 8,610 8,578 Appraisal Value (million yen) 12,600 13,700 - - 12,500 12,900 8,580 8,660 15,700 15,900 5,300 5,380 10,100 10,200 Occupancy Rate (%) 100.0 100.0 - - 100.0 100.0 100.0 100.0 94.9 99.6 100.0 100.0 100.0 100.0 PML (%) (*1) 4.44 4.44 - - 7.14 7.14 5.64 5.64 2.67 2.67 2.44 2.44 4.46 4.46 Property Management Company MS Building Support Best Property Xymax Alpha Japan Property Solutions Best Property MS Building Support ITOCHU Urban Community Number of operating days 183 183 122 - 183 183 183 183 183 183 183 183 183 183 (1) Property-related Revenues 326,200 322,419 93,374 0 311,393 342,044 233,581 242,942 458,576 436,169 - (*7) - (*7) 225,363 227,681 (thousand yen) Rent (incl. common service fees) 326,200 322,419 93,374 0 311,393 342,044 233,581 242,942 413,576 436,169 - (*7) - (*7) 225,363 227,681 Other Revenues (*3) 0 0 0 0 0 0 0 0 45,000 0 - (*7) - (*7) 0 0 (2) Property-related Expenses 78,055 85,929 45,344 3 98,596 111,656 67,180 76,287 124,372 120,940 - (*7) - (*7) 47,006 49,191 (thousand yen) Administrative Expenses 18,927 26,548 7,724 0 22,383 22,623 20,995 20,477 37,455 37,058 - (*7) - (*7) 10,202 9,973 Utility Charges 21,251 22,100 10,312 0 34,721 41,499 15,811 15,555 43,614 44,123 - (*7) - (*7) 13,753 16,254 Property Management Fee 3,226 3,267 1,060 0 3,396 3,819 2,825 2,923 3,613 3,852 - (*7) - (*7) 1,200 1,200 Tax and Public Due 33,622 33,513 20,128 3 33,101 33,494 19,977 20,000 31,841 31,815 - (*7) - (*7) 20,342 20,426 Non-life Insurance Costs 334 322 143 0 433 418 303 292 616 595 - (*7) - (*7) 319 307 Repair Expenses 669 177 5,976 0 4,361 9,802 7,207 17,038 7,101 3,395 - (*7) - (*7) 1,031 803 Other Expenses 25 0 0 0 200 0 60 0 130 99 - (*7) - (*7) 158 226 (3) NOI (=(1)-(2)) (*4) 248,144 236,489 48,030 -3 212,796 230,387 166,400 166,654 334,204 315,229 39,407 113,147 178,357 178,489 (thousand yen) Profits from property-related property-related Profitsactivities from (*2) Annualized NOI (thousand yen) 494,932 471,686 - - 424,430 459,516 331,892 332,399 666,582 628,735 78,600 225,677 355,739 356,003 NOI Yield (*5) 5.0% 4.8% - - 4.5% 4.9% 4.6% 4.6% 4.7% 4.4% 1.8% 5.3% 4.1% 4.2% Depreciation and amortization 35,834 35,874 15,144 0 26,933 24,402 23,357 22,861 50,391 50,467 - (*7) - (*7) 32,290 32,292 (thousand yen) Repair Work (thousand yen) 0 0 0 0 0 0 0 0 0 0 - (*7) - (*7) 0 0 Proceeds from Amortization of Leasehold and Security 0000000000-(*7)-(*7)00 (Reference) (thousand yen) (*1) Sompo Risk Care Management Inc. has prepared the PML for the 22nd fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2016). (*2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen. (*3) Other Revenues includes Proceeds for Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits. (*4) (3) NOI in this table is calculated by adjusting the Tax and Public Due for the “NOI (after deduction of gain on sale)”aforementioned in the Appendix “Major Financial Data” so the figures do not match. (*5) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value. (*6) Properties sold in the 21st fiscal period. (*7) Not disclosed due to tenant's request.

Daiwa Hatchobori Daiwa Hatchobori Property Name Concept Aoyama Shinsen Place Glass City Shibuya River Gate Nikko Building ekimae ekimae West

Acquisition Price (million yen) 9,800 4,800 16,000 28,000 2,871 1,647 13,710 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP Book Value (million yen) 10,045 10,088 4,915 4,907 16,094 16,073 28,190 28,159 2,974 2,966 1,709 1,736 13,983 13,970 Appraisal Value (million yen) 11,400 11,800 6,150 6,260 17,500 17,800 29,900 30,100 3,130 3,210 1,750 1,800 14,400 14,800 Occupancy Rate (%) 91.4 100.0 100.0 100.0 100.0 100.0 98.6 95.1 100.0 100.0 100.0 100.0 99.3 99.3 PML (%) (*1) 4.42 4.42 6.21 6.21 1.61 1.61 1.76 1.76 5.89 5.89 7.03 7.03 4.32 4.32 Property Management Company MS Building Support MS Building Support Xymax Alpha Best Property ITOCHU Urban Community ITOCHU Urban Community MS Building Support Number of operating days 183 183 183 183 183 183 183 183 183 183 183 183 64 183 (1) Property-related Revenues 241,533 265,285 - (*6) - (*6) 384,623 416,414 935,993 1,043,216 78,266 78,032 44,901 45,625 85,050 311,095 (thousand yen) Rent (incl. common service fees) 215,914 215,785 - (*6) - (*6) 370,957 416,414 932,951 1,039,686 78,266 78,032 44,901 45,625 85,050 311,095 Other Revenues (*3) 25,618 49,500 - (*6) - (*6) 13,666 0 3,041 3,529 0 0 0 0 0 0 (2) Property-related Expenses 33,332 104,419 - (*6) - (*6) 51,025 78,641 286,985 358,425 15,739 29,828 9,321 35,477 8,789 38,378 (thousand yen) Administrative Expenses 9,922 27,110 - (*6) - (*6) 16,418 16,478 80,447 73,458 6,304 6,575 3,443 3,086 4,765 12,951 Utility Charges 8,226 8,395 - (*6) - (*6) 25,747 28,026 132,117 126,682 6,982 7,445 3,668 3,588 3,190 20,614 Property Management Fee 2,420 1,992 - (*6) - (*6) 4,474 4,457 9,339 10,399 1,240 1,200 1,200 1,200 713 2,178 Tax and Public Due 0 12,736 - (*6) - (*6) 333 27,200 68 105,226 46 8,999 15 4,029 8 72 Non-life Insurance Costs 162 156 - (*6) - (*6) 379 366 1,858 1,792 133 128 68 66 110 306 Repair Expenses 12,599 54,028 - (*6) - (*6) 3,671 2,111 63,033 40,865 987 5,479 915 23,506 0 2,253 Other Expenses 0 0 - (*6) - (*6) 0 0 120 0 46 0 10 0 1 0 (3) NOI (=(1)-(2)) (*4) 208,201 160,865 131,248 123,692 333,598 337,773 649,007 684,790 62,527 48,204 35,580 10,147 76,260 272,717 (thousand yen) Profits from property-related property-related Profitsactivities from (*2) Annualized NOI (thousand yen) 415,264 320,851 261,778 246,709 665,374 673,700 1,294,469 1,365,839 124,713 96,144 70,965 20,240 434,922 543,945 NOI Yield (*5) 4.1% 3.2% 5.3% 5.0% 4.1% 4.2% 4.6% 4.9% 4.2% 3.2% 4.2% 1.2% 3.1% 3.9% Depreciation and amortization 17,436 17,897 - (*6) - (*6) 32,188 32,368 152,338 156,711 9,955 10,010 4,140 4,322 8,667 17,424 (thousand yen) Repair Work (thousand yen) 8,270 49,500 - (*6) - (*6) 0 0 406 964 0 0 0 0 0 0 Proceeds from Amortization of Leasehold and Security 0 0 - (*6) - (*6) 0 0 239 215 0 0 0 0 0 0 (Reference) (thousand yen) (*1) Sompo Risk Care Management Inc. has prepared the PML for the 22nd fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2016). (*2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen. (*3) Other Revenues includes Proceeds for Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits. (*4) (3) NOI in this table is calculated by adjusting the Tax and Public Due for the “NOI (after deduction of gain on sale)”aforementioned in the Appendix “Major Financial Data” so the figures do not match. (*5) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value. (*6) Not disclosed due to tenant's request.

Kirin Nihonbashi Heiwa Higashi- Square Daikanyama Shinjuku West Daiwa Higashi- Daiwa Shinagawa Property Name Daiwa Osaki 3-chome Building nihonbashi Building Building Building Ikebukuro North

Acquisition Price (million yen) 8,180 6,370 2,280 942 2,958 7,710 1,650 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP Book Value (million yen) 8,326 8,320 - 6,412 - 2,371 - 984 2,727 2,712 7,267 7,238 1,649 1,639 Appraisal Value (million yen) 8,220 8,230 - 6,560 - 2,470 - 1,160 3,580 3,650 5,870 6,010 2,270 2,320 Occupancy Rate (%) 100.0 100.0 - 100.0 - 100.0 - 100.0 100.0 100.0 100.0 100.0 78.9 100.0 PML (%) (*1) 5.76 5.76 - 4.37 - 6.21 - 8.28 3.55 3.55 7.19 7.19 6.14 6.14 Property Management Company Japan Property Solutions ITOCHU Urban Community Xymax Alpha ITOCHU Urban Community Best Property Best Property Xymax Alpha Number of operating days 6 183 - 183 - 155 - 133 183 183 183 183 183 183 (1) Property-related Revenues - (*6) - (*6) - 165,841 - - (*6) - 26,862 122,206 121,229 189,574 196,667 60,999 52,347 (thousand yen) Rent (incl. common service fees) - (*6) - (*6) - 165,841 - - (*6) - 26,716 122,206 121,229 188,044 196,667 60,999 52,347 Other Revenues (*3) - (*6) - (*6) - 0 - - (*6) - 145 0 0 1,530000 (2) Property-related Expenses - (*6) - (*6) - 18,063 - - (*6) - 4,277 34,991 32,412 57,610 51,602 13,041 12,834 (thousand yen) Administrative Expenses - (*6) - (*6) - 6,145 - - (*6) - 1,779 8,922 9,339 13,330 12,067 2,497 4,850 Utility Charges - (*6) - (*6) - 9,942 - - (*6) - 1,578 12,192 11,622 15,107 15,472 2,977 2,681 Property Management Fee - (*6) - (*6) - 1,679 - - (*6) - 870 1,833 1,813 2,846 2,944 1,200 1,200 Tax and Public Due - (*6) - (*6) - 3 - - (*6) - 8 8,594 8,598 18,442 18,374 3,903 3,935 Non-life Insurance Costs - (*6) - (*6) - 208 - - (*6) - 30 228 220 351 339 70 68 Repair Expenses - (*6) - (*6) - 10 - - (*6) - 0 3,220 819 7,531 2,404 2,392 98 Other Expenses - (*6) - (*6) - 72 - - (*6) - 9 0 0 0000 (3) NOI (=(1)-(2)) (*4) 5,879 175,410 - 147,778 - 43,002 - 22,584 87,215 88,817 131,964 145,064 47,957 39,513 (thousand yen) Profits from property-related property-related activitiesProfits from (*2) Annualized NOI (thousand yen) 357,659 349,862 - 294,749 - 101,264 - 61,980 173,953 177,149 263,208 289,336 95,653 78,810 NOI Yield (*5) 4.3% 4.2% - 4.6% - 4.3% - 6.3% 6.4% 6.5% 3.6% 4.0% 5.8% 4.8% Depreciation and amortization - (*6) - (*6) - 25,061 - - (*6) - 1,788 23,309 23,048 33,772 34,050 11,342 11,377 (thousand yen) Repair Work (thousand yen) - (*6) - (*6) - 0 - - (*6) - 0 0 0 1,530000 Proceeds from Amortization of Leasehold and Security -(*6)-(*6)-0 --(*6)-145000000 (Reference) (thousand yen) (*1) Sompo Risk Care Management Inc. has prepared the PML for the 22nd fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (December 2016). (*2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen. (*3) Other Revenues includes Proceeds for Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits. (*4) (3) NOI in this table is calculated by adjusting the Tax and Public Due for the “NOI (after deduction of gain on sale)”aforementioned in the Appendix “Major Financial Data” so the figures do not match. (*5) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value. (*6) Not disclosed due to tenant's request.

Property Name Meguro Place Ogikubo TM Daiwa Minami- Kitahama Grand Daiwa Kamiooka Integral Tower Tower Building Senba (*6) Daiwa Meieki Building

Total (*7)

Acquisition Price (million yen) 2,000 15,220 5,600 3,800 4,810 5,300 9,481 458,357 467,749 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP 21st FP 22nd FP Book Value (million yen) 1,975 1,966 15,113 15,027 5,616 5,595 - 3,947 - - 5,315 5,288 9,468 9,416 451,114 460,321 Appraisal Value (million yen) 2,470 2,600 18,100 18,500 6,290 6,410 - 4,300 - - 7,320 7,660 11,300 11,500 483,390 505,430 Occupancy Rate (%) 89.8 93.7 99.5 100.0 100.0 96.1 - 100.0 - - 100.0 100.0 100.0 100.0 98.7 97.7 PML (%) (*1) 6.29 6.29 1.18 1.18 1.68 1.68 - 6.41 - - 10.31 10.31 3.48 3.48 2.03 2.06 Property Management Company Xymax Alpha Xymax Alpha Xymax Alpha ITOCHU Urban Community Japan Property Solutions Xymax Alpha Japan Property Solutions Number of operating days 183 183 183 183 183 183 - 133 134 - 183 183 183 183 183 183 (1) Property-related Revenues (thousand yen) 89,082 82,673 576,531 574,331 138,929 146,476 - 90,039 74,068 602 249,751 248,690 337,322 347,799 12,039,783 12,750,885 Rent (incl. common service fees) 89,082 82,673 576,531 574,331 138,929 145,224 - 90,039 74,068 602 249,751 248,690 337,322 347,799 11,947,802 12,687,269 Other Revenues (*3) 000001,251-000000091,98063,616 (2) Property-related Expenses (thousand yen) 19,671 21,384 293,764 182,167 22,300 34,441 - 12,056 36,184 0 61,812 63,081 95,792 94,065 3,285,902 3,671,021 Administrative Expenses 4,444 5,237 45,636 49,722 10,308 7,475 - 6,691 8,169 0 18,572 23,152 19,897 20,043 732,458 802,428 Utility Charges 6,873 6,602 74,437 68,113 8,635 9,477 - 3,753 10,206 0 15,810 16,324 33,183 34,575 1,051,126 1,068,008 Property Management Fee 1,200 1,200 6,356 6,292 2,000 1,717 - 1,012 1,129 0 2,989 2,931 5,059 5,216 136,240 139,986 Tax and Public Due 6,357 6,333 44,206 44,329 187 13,576 - 8 16,406 0 20,152 20,291 32,935 32,864 895,922 1,045,881 Non-life Insurance Costs 121 117 900 868 179 172 - 105 182 0 394 380 599 578 17,250 17,056 Repair Expenses 654 1,893 121,846 12,661 85 2,023 - 485 90 0 3,893 0 4,020 689 403,758 456,738 Other Expenses 1803801809050 -00000969649,144140,922 (3) NOI (=(1)-(2)) (*4) (thousand yen) 69,410 61,288 282,767 392,163 116,628 112,034 - 77,982 37,884 602 187,938 185,609 241,529 253,733 8,753,880 9,079,863

Profits from property-related property-related Profitsactivities from (*2) Annualized NOI (thousand yen) 138,441 122,242 563,988 782,184 232,620 223,456 - 214,012 - - 374,850 370,205 481,739 506,080 17,917,318 18,181,085 NOI Yield (*5) 7.0% 6.2% 3.7% 5.2% 4.1% 4.0% - 5.4% - - 7.1% 7.0% 5.1% 5.4% 4.0% 3.9% Depreciation and amortization (thousand yen) 17,864 17,920 93,991 93,773 22,562 22,597 - 8,487 26,994 0 35,020 35,117 53,184 53,219 1,726,073 1,749,716 Repair Work (thousand yen) 00000880-000000010,54352,174 Proceeds from Amortization of Leasehold and Security 000000 -0000000239360

(Reference) (thousand yen) (*1) Sompo Risk Care Management Inc. has prepared the PML for the 22nd fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (Dec. 2016). (*2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen. (*3) Other Revenues includes Proceeds for Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits. (*4) (3) NOI in this table is calculated by adjusting the Tax and Public Due for the “NOI (after deduction of gain on sale)”aforementioned in the Appendix “Major Financial Data” so the figures do not match. (*5) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value (including properties sold during the period). (*6) Properties sold in the 21st fiscal period.. (*7) Annualized NOIs and NOIs Yield for the 21st and 22nd fiscal periods do not include properties sold in the 21st and 22nd fiscal periods, respectively. The portfolio total of (2) Property-related Expenses in the table does not include expenses related to the Investment Corporation. Furthermore, Acquisition Price indicates the total of the portfolio at the end of each fiscal period.

Company Overview Directors

(As of December 31, 2016) (As of December 31, 2016) President and Akira Yamanouchi Company Name Daiwa Real Estate Asset Management Co., Ltd. Representative Director Vice President and Representative Director Yuji Shinotsuka Address 6-2-1 Ginza, Chuo-ku, Tokyo Vice President and Representative Director Yoshiki Nishigaki Established October 21, 2004 Director Naoyuki Owa

Director (non-executive) Mikita Komatsu Paid-in Capital 200 million yen Director (non-executive) Akihiko Ogino Representative Director Akira Yamanouchi Auditor Tamaki Shibayama 9 Auditor (non-executive) Masamori Matsuda Executive directors: 4 / Executive auditors: 1 Board of Directors Non-executive directors: 2 / Non-executive Auditor (non-executive) Shinji Kiso auditors: 2

No. of Employees 69 (excluding dispatched employees) REITs which entrust asset management Registration No. 355 (Financial Instruments), Registered Financial to the Asset Management Company Director-General, Kanto Local Finance Bureau Instruments Firm (Kinsho) (As of December 31, 2016) Building Lots and Listed REIT focusing on office buildings Daiwa Office Investment Buildings Transaction License No. (3)-83920, Governor of Tokyo Asset size: approximately 469.3billion yen Corporation Business License (54 properties) Discretionary Agent for License No. 34, Minister of Land, Infrastructure, Unlisted REIT focusing on residential Real Estate Transaction Transport and Tourism Daiwa Residential Private properties Approval Investment Corporation Asset size: approximately 91.8 billion yen Member of The Investment Trusts Association, (58 properties) Japan Member of Japan Investment Advisers Japan’s first listed REIT focusing on healthcare Association Membership Association Nippon Healthcare facilities Member of Type II Financial Instruments Firms Investment Corporation Asset size: approximately 19.3 billion yen Association (22 properties)

Organization Chart

Shareholders’ Meeting

Corporate Auditors

Board of Directors

Compliance Committee

Investment Committee(*) Compliance Officer *Set up separately for each investment corporation President and Representative Director Internal Control Office

Asset Private Fund Customer Corporate Acquisition Origination Finance Administration Management Management Relations Planning Department Department Department Department Department Department Department Department

Office Investment Office Management Finance Team Team Team

Residential Residential Accounting Team Investment Team Management Team

Healthcare Management Healthcare Investment Management Team Team Team Investment Planning Infrastructure Team Investment team Construction Management Team

Daiwa Securities Group’s Commitment to the asset management business Daiwa Securities Group upholds “expansion of the real estate asset management business” in its medium-term management plan and aims to strategically reinforce the business over the mid-to-long-term. ● Daiwa Securities Group’s Commitment in asset management business Daiwa Securities Group Inc. upholds “expansion of the real estate asset management business” in Daiwa Securities Group’s medium-term management plan “Passion for the Best” 2017. Stance Towards Investments for Growth

Action Plan for Asset Management Division for FY2016 Overview of the Daiwa Securities Group

1. Strengthen the management structure and target performance. Company Name Daiwa Securities Group, Inc. Market Approx. 955.8 billion yen Capitalization (as of the end of Sep. 2016) (Note 1) 2. Develop products suitable for expanding the investor base and long- (Securities code: 8601) No. of Employees 15,559 (as of the end of Sep. 2016, No. term asset building. of employees at the Group companies) Commencement April 26, 1999 (Note 1) Assets under 49.5 trillion yen 3. Expanded products that meet the needs of clients and enhance of Operations Custody (as of the end of Sep. 2016) (Note 2) support Representative Takashi Hibino, President and CEO No. of Shops 144 (as of the end of Sep. 2016) (Note 2) Director (Note 1) 4. Further accomplish and thoroughly enforce fiduciary duty Address GranTokyo North Tower 9-1, No. of Cash 3,848,000 accounts Marunouchi 1-chome, Chiyoda-ku, Management (as of the end of Sep. 2016) (Note 2) 5. Further reinforce the real estate asset management business. Tokyo (Note 1) Service Accounts (Note 1) Daiwa Securities Group, Inc. (Note 2) Daiwa Securities Co., Ltd.

█ Establish highly-transparent business structure

 Strictly control conflicts of interest with sponsor  Introduce financial institutions’ rigorous compliance framework  Ensure high transparency and establish disciplined investment

█ Expand network of collaboration with the Daiwa Securities Group

 Reduce financing costs and remarkably expand financing capacity by capitalizing on the credit capability of the Daiwa Securities Group  Reinforce leasing activities by capitalizing on the network of the Daiwa Securities Group  Improve sourcing capacity by capitalizing on the network of the Daiwa Securities Group

█ Secure well-experienced, highly-professional human resources

 Develop team of outstanding professional staff by capitalizing on the human resources of the Daiwa Securities Group  Employ excellent human resources from outside by drawing on the Daiwa Securities Group’s brand power  Secure number of employees with a high level of motivation to challenge new business stages