This document was prepared based on statements made at the earnings announcement meeting held on
January 19, 2018 (Friday) and should not be construed as a solicitation for investment in the Investment
Corporation. Moreover, please understand that we shall not be held liable for omissions and errors ofdata and phrases used in this document. Furthermore, opinions and forecasts indicated in this document
are the Investment Corporation’s judgments as of the time this document was prepared. No assurancesor promises can be given regarding the accuracy and certainty of this information, and it can be modified
without prior notice.

Main Q&A at the 24th Fiscal Period Earnings Announcement
Date and Time: 17:00-18:00, January 19, 2018 (Friday)
Presenter: Akira Yamanouchi / President and Representative Director
Daiwa Real Estate Asset Management Co. Ltd.
*Questions are presented in sequential order.

Q1.

The increase in rents and common area fees of existing properties for the 26th fiscal
period ending November 2018 seems to be stronger than for the 24th fiscal period ended
November 2017. What do you think are the factors?
(Answer)
Since the ratio of leased floor space subject to contract renewal decreases in the 25th fiscal period
ending May 2018, it is thought that the impact of ended free rent periods is more significant thancontribution from increased monthly rents as on page 18 of the presentation materials.

Q2.

On page 8 of the presentation materials, one of the scenarios assumed for the use ofsurplus funds is the acquisition of new properties with the equivalent of NOI yield after
depreciation of 3.2%. However, finding such a property in the investment target area ofDaiwa Office Investment Corporation does not seem easy. Would you rather not consider
acquiring an investment corporation with even greater yields?
(Answer)
There are still properties such as those with rents lower than the market rent where NOI can beincreased through management, even if the yield is low at time of acquisition. As such, we willcontinue to consider the acquisition of such properties. As for the acquisition mentioned, if anopportunity is to arise, we will negotiate with Daiwa Securities Group, the sponsor, and respondflexibly.

Q3.

In considering the share buybacks, is it not difficult to operate flexibly as there is thepossibility of disrupting conduit requirements due to the present sponsor’s high holding
ratio, or again being impacted by the review of calculation methodology for the TSE REIT
Index with the reduction in free-float weight in units of the Investment Corporation?
(Answer)
Even if the entirety of surplus funds were allocated to share buybacks, the sponsor’s holding ratio will
not exceed 50%, thus there is no need to worry about violating conduit requirements. Regarding thereview of the calculation methodology for the TSE REIT Index, while the impact was considerable
initially, we do not believe that the impact of the rise in the sponsor’s holding ratio through theretirement of treasury units will be significant. Rather, the positive effect of the share buyback itself isthought to be greater.

Q4.

It was said in the previous earnings announcement that you would not consider sharebuybacks if the investment unit price is at the current level. Does the same thinking still
apply?
(Answer)Compared to when the previous earnings announcement was held, NAV per unit has increased andby comparison the investment unit price is seen to be low, so we believe there is room for considering
share buybacks. Furthermore, since it is believed that appraisal-based NAV will be exceeded by thewhole value if the entire current portfolio was sold, we think that our investment unit price is low
compared to the real value.

Q5.

How is the sense of scarcity of properties and how does it compare with six months ago
and a year ago?
(Answer)
While there is no difference in the amount of information on properties, property prices have gone up
and so it can’t be denied that the sense of scarcity has increased compared to six months ago or ayear ago. However, there are still times when valuable opportunities come our way and so we would
like to conduct acquisitions that utilize these opportunities.

Q6.

The buyer of partial co-ownership interest of Shinjuku Maynds Tower was GIC. Was this asale envisioning some form of future cooperation or did it just happen to be that GIC wasseeking this kind of transaction?
(Answer)
We and Daiwa Securities Group had been in contact with GIC from before. With this sale, weconducted a bidding limited to major investors with high competitiveness in terms of price and chose
GOIC as the buyer through a comprehensive decision. We would like to actively consider cooperatingwith GIC in the future if it will be to the advantage of the Investment Corporation.

Q7.

There are three scenarios given regarding the use of surplus funds on page 8 of thepresentation materials. What sort of time frames do you have in mind for each of these?
(Answer)
We will consider the acquisition of new properties and share buybacks until about the end of February.
If necessary, we will consider for another month or two and if there are no prospects by then we will
likely negotiate loan repayment with our lenders.

Q8.

Which of these three scenarios are most prioritized?
(Answer)
We would like to first prioritize the acquisition of new properties. After a certain period, if necessary,
we will consider a combination of loan repayments and share buybacks.

Q9.

Regarding share buybacks, at what level does the investment unit price have to be tocome to a decision on share buybacks?
(Answer)We will not implement share buybacks if the investment unit price exceeds what we consider to be thesubstantial NAV. However, we are still at the stage of calculating such NAV. Furthermore, the decision
for share buybacks will depend largely on the status of the investment unit price as of the end of
February and therefore the decision will be made in light of the effect that announcing the sharebuybacks will have.

Q10.

Is there a possibility that you would combine property acquisitions with share buybacks?
(Answer)Yes, a combination is conceivable.