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 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, 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.

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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 in respect of national government bonds, 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.

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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.

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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 yield is assumed at 2.0%. Recorded based on annual average repair and (5) Capital Expenditures 17 renewal expenses stated in ER, considering CM fee. (6) Net Revenue ( (3)+(4)-(5)) 254 Assessed based on the method of using the (7) Capitalization Rate 3.8% comparison with peer properties cases while also referring to interviews with investors, etc. Discounted Cash Flow Value 6,240 Assessed by comparing with discount rates of Discount Rate 3.6% peer properties’ transactions and yields of other financial instruments, etc. Assessed by considering marketability of the Terminal Capitalization Rate 4.0% subject property at the end of the capitalization analysis period, etc. Integrated Value by Using Cost Method 4,270 Ratio of Land 88.5% Ratio of Building 11.5%

Other, things appraiser noted upon valuation -

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.

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(Note 1) The above revenue and expenses are based on the appraisal report and are not the figures forecasted by the Investment Corporation or the Asset Manager. (Note 2) With no prospective PM’s permission given for a specific disclosure of the PM fees, there is no disclosure of the breakdown of the fees. Disclosure of the PM fee figure in a specific manner may cause adverse effect on the other business operation of the prospective PM, leading to bring about negative impact on the planned efficient operation that the Investment Corporation is to contract with the PM. This may in return further cause adverse effect on unitholders’ interest. Therefore the figure presented at this column is summed up with maintenance and operation cost.

-End-

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.

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[Reference Material] Portfolio Overview after Divestment of the Property

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

Daiwa Ginza Oct 21, 2005 14,100.0 3.0% Daiwa Ginza Annex Oct 21, 2005 3,050.0 0.7% Daiwa Shibaura Oct 21, 2005 8,265.0 1.8% Daiwa Minami-Aoyama Oct 21, 2005 4,550.0 1.0% Oct 21, 2005/ Daiwa Sarugakucho 3,190.0 0.7% Mar 30, 2012 Daiwa A Hamamatsucho Oct 21, 2005 2,865.0 0.6% Daiwa Jingumae Oct 21, 2005 2,800.0 0.6% Daiwa Shibadaimon Oct 21, 2005 2,578.0 0.6% Daiwa Misakicho Oct 21, 2005 2,346.0 0.5% Daiwa Shimbashi 510 Oct 21, 2005 2,080.0 0.4% Daiwa Tsukijiekimae Jan 27, 2006 1,560.0 0.3% Daiwa Tsukiji Jan 27, 2006 1,240.0 0.3% Daiwa Tsukishima Mar 24, 2006 7,840.0 1.7% Daiwa Nihombashi Horidomecho May 1, 2006 2,520.0 0.5% Daiwa Azabudai May 1, 2006 1,600.0 0.3% Daiwa Kyobashi Jul 31, 2006 3,460.0 0.7% Oct 6, 2006 Daiwa Kojimachi 4 Chome 2,910.0 0.6% Mar 29/ May 29, 2013 Daiwa Onarimon Dec 1, 2006 13,860.0 3.0% Five Central Wards of Tokyo Shinjuku Maynds Tower Jul 13/ Nov 26, 2007 133,800.0 28.9% (Note 1) SHIBUYA EDGE Jul 13, 2007 5,900.0 1.3% Daiwa Kodenmacho Aug 31, 2007 2,460.0 0.5% Daiwa Jimbocho Mar 10, 2010 4,150.0 0.9% Daiwa Nishi-Shimbashi Aug 13, 2010 5,000.0 1.1% Daiwa Kudan Sep 2, 2010 4,000.0 0.9% Daiwa Kayabacho Building Mar 25, 2011 5,600.0 1.2% Daiwa Jimbocho 3 Chome Mar 29, 2011 3,550.0 0.8% E SPACE TOWER Jul 8, 2011 24,000.0 5.2% Daiwa Nihonbashi Hongokucho May 11, 2012 1,721.0 0.4% Dec 3, 2012/ shinyon curumu 9,650.0 2.1% Apr 12, 2013 Daiwa Akasaka Aug 9, 2013 9,200.0 2.0% Daiwa Shibuya Miyamasuzaka Sep 27, 2013 7,000.0 1.5% Azabu Green Terrace July 4,2014 14,000.0 3.0% Daiwa Ebisu 4-chome December 1,2014 4,135.2 0.9% LAQAS Higashi Shinjuku December 3,2014 8,450.0 1.8% Concept Aoyama March 2,2015 9,800.0 2.1% Shinsen Place March 2,2015 4,800.0 1.0% Grass City Shibuya May 1, 2015 16,000.0 3.5% River Gate Jun 2, 2015 28,000.0 6.0%

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.

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Daiwa Hatchobori ekimae September 11,2015 2,871.0 0.6%

Five Central Daiwa Hatchobori ekimae West September 11,2015 1,647.0 0.4% Wards of Tokyo Nikko Building Mar 29, 2016 13,710.0 3.0% (Note 1) May 26, 2016 Kirin Nihonbashi Building 8,180.0 1.8% (scheduled)

Total Number of Properties located in Five Central Wards of Tokyo: 42 408,438.2 88.2%

Daiwa Higashi-Ikebukuro 21-Oct-05 2,958.0 0.6% Daiwa Shinagawa North 13-Jul-07 7,710.0 1.7%

Greater Tokyo Daiwa Osaki 3 Chome 18-Sep-12 1,650.0 0.4% (Note 2) Daiwa Kamiooka 1-Mar-13 2,000.0 0.4% Integral Tower 29-May-14 15,220.0 3.3% Meguro Place Tower 1-May-15 5,600.0 1.2%

Total Number of Properties located in Greater Tokyo: 6 35,138.0 7.6%

Daiwa Minami-Senba 31-Aug-07 4,810.0 1.0% Regional Major Daiwa Meieki 1-Feb-13 5,300.0 1.1% Cities (Note 3) Kitahama Grand Building 1-Aug-14 9,481.5 2.0%

Total Number of Properties located in Major Regional Cities: 3 19,591.5 4.2%

Total Number of Properties: 51 463,167.7 100.0%

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

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

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.

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