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Daiwa Shibuya Dogenzaka Building) This translation of the original Japanese notice is provided solely for information purposes. Should there be any discrepancy between this translation and the Japanese original, the latter shall prevail. March 30, 2016 REIT Issuer: Daiwa Office Investment Corporation (Stock Code No.: 8976) Representative: Nobuaki Omura, Executive Director Asset Manager: Daiwa Real Estate Asset Management Co. Ltd. Representative: Akira Yamanouchi, President and Representative Director Inquiries to: Yuji Shinotsuka, Vice President and Representative Director (Tel: +81-3-6215-9649) Notice concerning Divestment of Asset (Daiwa Shibuya Dogenzaka Building) We hereby announce that today Daiwa Office Investment Corporation (the “Investment Corporation”) has determined to divest a trust beneficial interest in real estate (the “Divestment”) as follows. 1. Summary of Asset to Be Divested Property Name Daiwa Shibuya Dogenzaka (the “Property”) Type of Assets Trust beneficial interest in real estate 6,400 million yen (excluding settlement amounts of Sale Price fixed asset tax and city-planning tax, consumption tax and local consumption tax) Book Value 4,484 million yen (as of November 30, 2015) Difference between the Sale Price and the Book 1,915 million yen (Note 1) Value Date of Conclusion of Sales Agreement March 30, 2016 Date of Delivery April 1, 2016 (scheduled) Purchaser Not disclosed (Note 2) Payment Method Lump-sum payment at the time of delivery Sumitomo Mitsui Trust Bank, Limited (the Intermediary “Intermediary”) (Note 1) This figure differs from capital gain. It is simply calculated to show difference between the Sale Price and the Book Value for reference. (Note 2) The purchaser is a domestic business company, but information is not disclosed as consent for disclosure has not been obtained from the purchaser. 2. Reason for Divestment We have conducted a total review of the portfolio composition and future revenue and expenses, and concluded to divest the Property. 3. Details of the Property to Be Divested Property Name Daiwa Shibuya Dogenzaka Type of Specified Assets Trust beneficial interest in real estate Trustee Sumitomo Mitsui Trust Bank, Limited Maturity of Trust Period July 2, 2023 Location (Lot Number) 28-1 Maruyamacho, Shibuya-ku, Tokyo Use (Real Property Registry) Office, Shops, Parking Ownership Form (i) Land: Ownership (ii) Building: Ownership Site Area (Real Property Registry) 721.34m2 Total Floor Area 5,644.91m2 (Real Property Registry) Note: This press release has been prepared as a public announcement regarding the Investment Corporation’s acquisition of asset and not prepared with the aim of soliciting investments. 1 Structure Steel framed reinforced concrete, flat roof, 11 stories above ground (Real Property Registry) and 1 below Construction Date Initial construction: March 11, 1988 (Real Property Registry) Extension: October 6, 1988 Book Value 4,484 million yen (as of November 30, 2015) Appraisal Value 6,380 million yen (date of Valuation) (as of November 30, 2015) Appraiser Daiwa Real Estate Appraisal Co., Ltd. Date of Delivery April 1, 2016 (scheduled) Summary of Tenants (as of February 29, 2016) Total Number of Tenants 5 Rent Revenue 147 million yen (Note) Security Deposit and 118,695,060 JPY Guaranty Total Leased Floor Space 3,812.47m2 Total Leasable Floor Space 4,144.90m2 Occupancy Rate 91.9% (Note) Rent Revenue during the accounting period between June 1, 2015 and November 30, 2015 is presented. 4. Details of the Purchaser The purchaser of the Property is a domestic business company, but information such as its name is not disclosed as consent for disclosure has not been obtained from the purchaser. There is no capital, personnel or business relationship required to be disclosed between the Investment Corporation/Asset Manager and the purchaser, and the purchaser does not fall under the Related Party of the Investment Corporation/Asset Manager. 5. Status of Intermediary (1) Summary of Intermediary Company Name Sumitomo Mitsui Trust Bank, Limited Location 1-4-1 Marunouchi, Chiyoda-ku, Tokyo Title and Name of President, Hitoshi Tsunekage Representative 1. Trust business (including antique dealings as trust business) 2. Acceptance of deposits and installment savings, extending loans, discounting bills and notes and exchange transactions 3. Guarantee of obligations, acceptance of bills and notes and any other business incidental to the banking business mentioned in the preceding item 4. Underwriting, handling of offering for subscription and for sale, purchasing and Description of selling and any other business which banks and/or trust companies are permitted Business to conduct under the Financial Instruments and Exchange Act of Japan in respect of national government bonds, local government bonds and government-guaranteed bonds and any other securities 5. Any business in which banks and/or trust companies are permitted to engage under the Secured Bonds Trust Law and other laws 6. Any other business incidental or relating to the businesses mentioned in any of the foregoing items Amount of Capital Approx. 342.0 billion yen Date of July 28, 1925 Incorporation Relationship with the Investment Corporation/Asset Manager There is no capital relationship required to be stated between the Investment Capital Corporation/Asset Manager and the Intermediary. Also, the affiliated parties and the Relationship affiliated companies of the Intermediary do not fall under the Capital Relationship of those of the Investment Corporation/Asset Manager. Note: This press release has been prepared as a public announcement regarding the Investment Corporation’s acquisition of asset and not prepared with the aim of soliciting investments. 2 There is no personnel relationship required to be stated between the Investment Personnel Corporation/Asset Manager and the Intermediary. Also, the affiliated parties and the Relationship affiliated companies of the Intermediary do not fall under the Personnel Relationship of those of the Investment Corporation/Asset Manager. The Intermediary is the Investment Corporation’s lender. Also, the affiliated parties Business and the affiliated companies of the Intermediary do not fall under the Business Relationship Relationship of those of the Investment Corporation/Asset Manager. The Intermediary does not fall under the Related Party of the Investment Status of Corporation/Asset Manager. Also, the affiliated parties and the affiliated companies of Classification as the Intermediary do not fall under the Related Persons of the Investment Related Party Corporation/Asset Manager. (2) Fees for the Intermediary With no intermediary’s permission to disclosure of the fees and other details of the transactions, there is no disclosure on the fees. 6. Future Prospects As to the impact of the Divestment on the management status forecast for the fiscal period ending May 2016 (21st Fiscal Period), although a certain amount of increase in operating revenues, etc. is expected due to the occurrence of gain on sales of real estate properties from the Divestment concluded today, the degree of variance in the forecast is expected to be minimal when taking into account occurrence of loss on sales of real estate properties from divestments of other portfolio properties assumed hereafter in the fiscal period ending May 2016 (21st Fiscal Period), and thus variance in the distribution amount forecast is expected to be less than 5%. The Investment Corporation will announce the divestments of other portfolio properties as soon as they are determined and will also announce, at the same time, the management status forecast at the time of determining the divestments of such properties. As the variance in the management status forecast for the fiscal period ending November 2016 (22nd Fiscal Period) due to the Divestment is also minimal, there is no change to the forecast as of present. Note: This press release has been prepared as a public announcement regarding the Investment Corporation’s acquisition of asset and not prepared with the aim of soliciting investments. 3 7. Summary of Appraisal Report Appraiser Daiwa Real Estate Appraisal Co., Ltd. Appraisal Date November 30, 2015 Appraised Value 6,380 million yen (million Items yen) Outline, etc. (Note 1) Assessed based on the value obtained by DCF Income Approach Value 6,380 method with verification using the value obtained by direct capitalization method. Direct Capitalization Value 6,690 (1) Operating Revenue 357 Recorded standardized rent, etc. after taking into Potential Annual Rent 371 account competitiveness over the mid- to Revenue long-term, etc. Amount of Loss due to Assessed a vacancy rate that is recognized as 14 Vacancy stable over the mid- to long-term. (2) Operating Expenses 89 Maintenance and Operation Assessed maintenance and operation cost based Cost 24 on actual historical data, etc. and PM fee based PM Fee (Note 2) on the current PM agreement while verifying them with peer properties’ standard levels. Assessed based on actual historical data, etc. Water & Utility Charges 30 while verifying it with peer properties’ standard levels. Recorded by judging the annual average repair Repair 1 and renewal expenses stated in ER, etc. to be appropriate. Assessed based on peer properties' standard Leasing Fee 2 levels. Tax 27 Based on actual historical data. Assessed based on actual historical data while Non-life Insurance 0 verifying it with peer properties’ standard levels. others 2 Recorded renewal fees. (3) Net Operating Revenue 267 (4) Profit from deposits/guarantees 4 Return
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