This document was prepared based on statements made at the earnings announcement meeting held on July 22, 2013 andshould not be construed as a solicitation for investment to the Investment Corporation.
Moreover, please note that we shall not bear liability for omissions and errors of data and expressions 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 assurances or promises can be given regarding the accuracy and completeness of thisinformation, which is subject to change without prior notice.

Main Q&A in the 15th Fiscal Period Earnings Announcement
Date and Time: 16:30~17:30, July 22, 2013 (Monday)
Presenter: Akira Yamanouchi / President and Representative Director
Daiwa Real Estate Asset Management Co. Ltd.
*Questions are presented in order of sequence.

Q1. What are your current thoughts on the upper limit of LTV?
(Answer)
Our policy is to control the upper limit of LTV in a range between 40% and 50%.
We will comprehensively take into consideration the investment unit price level and the financial
environment as we continue to deliberate on control of the LTV level, and will also consider a capitalincrease through public offering. If a public offering is to be undertaken, we will do our best toensure that our existing unitholders will be satisfied with its implementation.

Q2. How is the status of obtaining information on properties?
(Answer)
The amount of information is decreasing. Since there is a tendency among sellers of not wanting
to widely disperse property information and not disclosing information to unintended parties, there isa trend of limited disclosure of property information.
Under these circumstances, we will regularly contact potential real estate funds and real estatecompanies to check the intensions to sell properties and establish trust relationships while
presenting our acquisition price assessment and such.
Since the cap rate has been decreasing recently and the perception of rent is becoming closer tothat of buyers, we feel owners are becoming more and more inclined to sell their properties.
Daiwa Office is planning on active engagement ahead of March when sales cases are expected
to increase. Since we are an independent-type REIT and are known among sellers because of ourrecent property acquisitions, we can expect sellers to let us know when they are ready to sell theirproperties. Because of this, we believe we will be able to continue acquiring properties to a certain
extent into the future.
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Q3. What advantages does Daiwa Office have when it comes to property acquisitions?
(Answer)
One advantage is that potential sellers can consult us with regard to sales.
As potential sellers want to limit the disclosure of property information, Daiwa Office, which is anindependent-type REIT that has been continually acquiring properties, is working to establish trust
relations while presenting its acquisition price assessment and such even prior to when thesepotential sellers start to seriously consider selling their properties.
Many potential sellers do in fact let us know when they are selling. We receive property
information on about 80% of properties other than acquisitions from REIT sponsors.
Going forward, we will continue to respond in good faith to potential sellers in an effort tostrengthen relationships.

Q4. What were the results of the expected tenant departure at E Space Tower that you announced at
the previous earnings announcement meeting?
(Answer)
The vacated space was filled with another tenant as there were needs for internal floor
expansion.

Q5. Is there any negative impact on Daiwa Office’s management from the commencement of theresidential private REIT?
(Answer)
The operational structure of the residential private REIT is strengthened by recruiting people fromthe outside.
No personnel from the office management team have been transferred to the residential
management team.

Q6. What are the reasons for changing the building age in the acquisition policy from 20 years to 25years?
(Answer)
There is no change in our policy of actively acquiring relatively new properties.
When it comes to considering properties for acquisition and looking at various factors such as
location and building age, we still wish to lower the average building age of the portfolio as much as
possible. However, we will firstly prioritize location and acquire properties at appropriate prices.

Q7. Distributions for the 16th and 17th fiscal periods are announced as 7,200 yen and 7,300 yen
respectively. How much would these distributions go up if the factors not incorporated into
the assumptions are considered?
(Answer)
Distributions in the 7,800 yen level can be expected with the resolution of free rent (increase ofapprox. 300 yen), steady occupancy of shinyon curumu (increase of approx. 130 yen) and2

achieving an asset size of 350 billion yen (additional property acquisition of more than 4.2 billion
yen) (increase of approx. 70 yen).
Also, a reduction of costs to a certain extent can be expected with the refinancing of borrowings
that have not been non-collateralized.
Furthermore, an addition of about 500 yen to distributions can be expected if properties areadditionally acquired to where the LTV comes to about 45%.
In addition, since the increase of rents is not included in the assumptions for the forecast ofdistributions, an increase in distributions is expected if the economy recovers.

Q8. What was the difficulty you mentioned in the recent acquisition of Akasaka Business Place?
(Answer)
The difficulty I mentioned was in reference to a matter that can be solved post-acquisition. It isindicated as a special note in the press release and involves the fact that the registration for theadditional construction section is not yet complete. This matter will have no particular impact onmanagement in the long-term.

Q9. Why has the appraisal cap rate of Shinjuku Maynds Tower which was 3.9% at the point ofacquisition become 3.8%?
(Answer)
Although we acquire appraisal from appraisers upon submitting materials properly and going
through all the appropriate processes, the cap rate is not a matter that we are able to present ouropinions on.
We believe the cap rate was decreased as if it’s evaluated on the scarcity of the property as alarge-scale property in a good location.

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