January 24, 2008

daVinci Select K.K.

Business Results for the Fourth Fiscal
Period, Ended November 30, 2007

Disclaimer:z This presentation includes forward-looking statements about DA Office Investment

Corporation, daVinci Select and daVinci Advisors and affiliated companies (the Group).
To the extent that statements in this presentation do not relate to historical or current
facts, they constitute forward-looking statements. These forward-looking statements are
based on the current assumptions and beliefs of the Group in light of current
information and involve known and unknown risks, uncertainties and other factors.
Such risks, uncertainties and other factors may cause actual performance to bematerially different from any future results, performance, achievements or financial
position expressed or implied by these forward-looking statements.
z This document is not intended as an inducement or invitation to purchase or invest in

the products or investment shares of the Group. Nor is the document intended to provide
comprehensive information about the business performance and strategies of the Group.
Each investment decision requires the independent exercise of judgment in fully
reviewing the merits and risks. Investment decisions should not rely solely on theinformation contained herein and should consider multiple factors utilizing various
sources of information.
z The Group undertakes no obligation to publicly update any forward-looking statements

after the date of this presentation.

1Fourth Fiscal Period Highlights■Business Results for the Fourth Fiscal Period (June 1, 2007 – November 30, 2007)
Results
Results (35(35 Properties)
Properties)

ChangeChange fromfrom Previous
Previous Period
PeriodInitial
Initial Forecast
Forecast(33(33 properties)
properties)

Difference
Difference between
between Actual
ActualResults
andResults and Forecast
Forecast（Disclosed as of June 15, 2007）

OperatingOperating Revenue
Revenue¥8,553¥8,553 million
million+¥2,402+¥2,402 million
million+39.1%+39.1%¥8,224¥8,224 million
million+¥329+¥329 million
million

+4.0%
+4.0%

OperatingOperating Income
Income¥5,217¥5,217 million
million+¥1,513+¥1,513 million
million+40.9%+40.9%¥5,016¥5,016 million
million+¥200+¥200 million
million

+4.0%
+4.0%

Net
Net Income
Income¥4,355¥4,355 million
million+¥1,417+¥1,417 million
million+48.3%+48.3%¥4,041¥4,041 million
million+¥313+¥313 million
million

+7.8%
+7.8%

Dividend
Dividend per
per Unit
Unit¥21,245¥21,245-¥8,129-¥8,129-27.7%-27.7%¥19,716¥19,716+¥1,529+¥1,529

+7.8%
+7.8%

■Recent Key Activities

Expansion of asset scale

第３期末Third period-end

第４期末
Fourthperiod-end(Note) The amounts above for total acquisition price do not include various costs necessary for undertaking acquisitions

2■ Forecasts

Fifth Period

Sixth Period

OperatingOperating
Revenue
Revenue¥10,176¥10,176 million
million¥9,762¥9,762 million
millionOperatingOperating
IncomeIncome¥6,021¥6,021 million
million¥5,287¥5,287 million
millionNet
Net Income
Income¥3,897¥3,897 million
million¥3,014¥3,014 million
millionDividend
Dividend per
per
Unit
Unit

¥19,013¥19,013¥14,706¥14,706

Fourth Fiscal Period Highlights
Asset Scale(Acquisition Price)

Acquisition priceapprox. ¥287.0 billion

Acquisition priceapprox. ¥110.8 billion

Acquisition priceapprox. ¥130.4 billion

Acquisition priceapprox. ¥138.4 billion

Ratio of properties
located in the Tokyo
metropolitan area

Acquisition priceapprox. ¥79.5 billion

Ratio of properties
located in the Tokyo
metropolitan area

Ratio of properties
located in the Tokyo
metropolitan area

Ratio of properties
located in the Tokyo
metropolitan area

Ratio of properties
located in the Tokyo
metropolitan area

95.3%

95.9%

99.0%

97.8%

October. 2005

May 31, 2006

November 30, 2006

May 31, 2007

November 30, 2007

(As of IPO)

(First period-end)(Second period-end)(Third period-end)(Fourth period-end)

93.5%

3

External Growth—Performance Results■Changes in Value of Property Acquisitions since Public Listing
Starting with an asset scale of ¥79.5 billion at the time of listing on the Tokyo Stock Exchange on October 19, 2005, DA Office REIT has
attained solid growth in its portfolio. With the acquisitions of the Shinjuku Maynds Tower (42.9％ co-ownership), SHIBUYA EDGE, anddaVinci Shinagawa II on July 13, 2007, daVinci Minami-Senba and daVinci Kodemmacho on August 31, 2007, and the Shinjuku Maynds
Tower (42.9％ co-ownership) on November 26, 2007, the value of its portfolio has expanded to ¥287.0 billion in just two years
and one month since public listing.
Continuing its external growth strategy, DA Office REIT is aiming to reach an asset scale of ¥300.0 billion by the end of 2008.

4

External Growth—Next Growth Strategy■ Portfolio Composition Strategy

Continue investment focus on Tokyo’s
five central wards■ daVinci Advisors Performance Results● daVinci Advisors, a real estate fund giant, has an extensive track record as a real estate
private fund in fund formation, operation and management.
● An investment fund on the scale of ¥1 trillion (the “¥1 Trillion Fund”) was put in place inFebruary 2006.

■ Examples of daVinci Advisors’ investment assets

Invest in office buildings that havepotential for internal growth■ Revision of Operating Guidelines （09/28/2007）

The size of properties that can beacquired has been increased

daVinci Iidabashi

daVinci Takada 3-chomedaVinci Shinjuku

Properties can be acquired up to
110% of their appraisal value(when the transaction involves interested parties)

Kokusai Akasaka Bldg.

5

daVinci Fukuoka Tenjin

daVinci Sakurabashi

Fourth Period NOI Yield■ NOI Yield (based on 35 properties at the end of the fourth fiscal period*1)

Rent Gap Rate

31.3%
Fourth Period NOI Yield *2Rent Increases
In the fourth fiscal period,

5.0%of the 63 tenants who renewed contracts,

58 tenants (92%)
accepted rent increases
Total rent increase: 3.9％
(Third period: 2.4%)*1 daVinci Yushima, daVinci Nishi-Gotanda, DaVinci Kayabacho 376 and daVinci
Shin-Yokohama 131 are not included in the fourth fiscal period.
*2 The base for the annualized NOI yield is before property repair expenses.
6Implementation of Increased Rent Revisions■ Rent Revisions (35 properties with 353 tenants at fourth period-end)
For its 35 properties held as of the fourth period-end, DA Office REIT has been implementing rent increases since June 1, 2007
Tenants subject to■ Total Rent Increase
Tenants not subject to rent revisions
rent revisions

17.8％
63

82.2％
290

3.9％

(14 tenants renegotiatednew contracts)

Tenants continuing
previous contract terms

7.9％

5

Tenants in rent revision negotiations

92.1％

Achieved fourth fiscal period target ofincreasing total rent revenues 2.5% above thesecond period!!
■ Rental Increase for Targeted Tenants

58 (14 tenants renegotiated new contracts)

16.0％

Tenants accepting rent increases

100％

Rent increase by type of tenant
Tenant type

Rent increase

Contract renewal

13.1%

New contract

43.6%■ Higher Rent Revision Success Rate

58 (14 tenants renegotiated new contracts)

100％

Total rate of rent increase = total monthly rent for fourth period-end / (total monthly rent as of third period-end) – (total monthly rent at third period-end for properties sold during the fourth period) +(monthly rents at July-end for Shinjuku Maynds Tower, SHIBUYA EDGE and daVinci Shinagawa II, and monthly rents at August-end for daVinci Kodemmacho and daVinci Minami-Senba)

7

Internal Growth—Management Indicators■ Changes in Occupancy Rate

■ Changes in Annualized NOI Yields*1

(%)
100.0

As of May 31, 2006

99.0
98.0

5.9%
6.1%
6.1%
5.6%
3.6%
5.0%

97.0

Occupancy rate as ofNovember 30, 2007

96.0
95.0
94.0

98.2%

93.0
92.0
91.0

2005

*1 The base for the annualized NOI yield is before property repair expenses.
*2 The above calculations of the NOI yield exclude data for properties sold before November 30, 2007.

2006

30

1

v.
31
No

Se
p.

31

31

Ju
l. 3

M
ay
.

31

M
ar
.

Ja
n.

v.
30

1

30

No

Se
p.

31

Ju
l. 3

31

M
ay
.

M
ar
.

31

90.0
Ja
n.

5.5%
6.1%
5.7%
5.4%
5.7%

31

5.3%
5.8%
5.5%
5.6%

ct
.

5.1%
5.3%
5.3%

O

15 acquisitions
at time of IPO*2
9 acquisitions
in first period
5 acquisitions
in second period
1 acquisitionin third period
5 acquisitions
in fourth period
Total at the end offourth period

As of November 30,
As of November 30,
As of May 31, 2007
2006
2007

2007

■ Results of Rent Increase at daVinci Nihonbashi Honcho
Monthly rental contract Average increase■Increases in Portfolio Rental Levels

Up 10.6% ¥18,754/tsubo

April 30, 2007

November 30, 2007

/tsubo3.9%(%)¥16,646

4

3

2.1%

daVinci Nihonbashi
Honcho2.4%

Proportion of rent gap

62.2%

44.0%

April 30, 2007

November 30, 2007

2

Period-end appraisal value increase
1¥9,0900Second Period

Third Period

millionMay 31, 2007

Fourth Period8

Up 11.1% ¥10,100 million
November 30, 2007

Internal Growth—Next Growth Strategy
Strategy for Bridging the Rent Gap
賃料のギャップを埋める戦略
Gap between current DA Office
REIT property rent levels andmarket rent levels

PushingAhead with Increased Rent Revisions
賃料増額改定の推進

Push ahead withincreased rent revisions

Fifth fiscal period target: 3.5% increase in rental revenues(above previous period)■Increased Rent Revision Outline* NOI (rent cash flows) = Earnings from rental operations – Expenditures from rental operations + Depreciation from the fiscal period

9

Maximize NOIClosing the Rent Gap■Comparison of Current Rent and Market-Level Rent (for 35 Properties as of November 30, 2007)

daVinci Ginza
daVinci Ginza Annex
daVinci Kamiyacho
daVinci Shibaura
daVinci Minami Aoyama
daVinci Mita
daVinci Sarugakucho
daVinci A Hamamatsucho
daVinci Jingumae
daVinci Shibadaimon
daVinci MisakichodaVinci Shimbashi 510
daVinci Tsukiji
BPS Square
daVinci Tsukiji 616
Shuwa Tsukishima Bldg.
Nihonbashi MS Bldg.
Atlantic Bldg.
Shibuya SS Bldg.

Current rent
(Nov. 2007)
28,301
22,762
24,401
18,341
29,10818,757
18,15019,89222,082
18,967
20,111
16,76618,083
12,62814,196
14,047
16,06916,794
22,495Market rent
(Apr. 2007)
35,00029,50031,00019,50032,00021,00021,00022,00024,00022,00021,00019,00018,00017,00019,00015,50020,00020,00030,000Market rent
(Nov. 2007)
35,00030,00031,00021,00035,00023,00021,00022,00024,00025,00021,00019,00019,00017,00019,00016,00020,00021,00030,000Market rentchange (%)
0.0%
1.7%
0.0%
7.7%
9.4%
9.5%
0.0%
0.0%
0.0%
13.6%
0.0%
0.0%
5.6%
0.0%
0.0%
3.2%
0.0%
5.0%
0.0%

Rent gap rate
(Nov. 2007)
23.7%
31.8%
27.0%
14.5%
20.2%
22.6%
15.7%
10.6%
8.7%
31.8%
4.4%
13.3%
5.1%
34.6%
33.8%
13.9%
24.5%
25.0%
33.4%

Area
F ive central w ards ofT okyoProperty nameT okyo m etropolitan area
and regional m ajor cities

Area

F iv e cen tral w ard s o f T o k y oCurrent rent levels for DA Office REIT properties are below accepted market levels. DA Office REIT anticipates theimportance of closing this “rent gap,” and has therefore positioned increased rental revisions as a management priority.
Property namedaVinci Nihonbashi Honcho
daVinci Ginza 1-chomedaVinci Kyobashi
Sunline 7 Bldg.
daVinci Onarimon
Shinjuku Maynds Tower
SHIBUYA EDGE
daVinci Kodemmacho
SubtotaldaVinci KinshichodaVinci Higashi-Ikebukuro
daVinci Shin-Yokohama 214
Bennex S-3
Believe Omori
Sapporo Chiyoda Bldg.
daVinci Shinagawa II
daVinci Minami-Senba
Subtotal
Total

Current rent
(Nov. 2007)
18,75427,26918,70821,512
20,87831,10031,312
15,42024,183
12,21014,195
11,028
14,66517,08912,075
18,17012,641
14,07821,892Market rent
(Apr. 2007)
27,00030,00022,00026,00027,00045,00032,50018,00031,906
16,00016,00014,00015,00019,00013,00021,00013,00015,82628,260Market rent
(Nov. 2007)
28,00032,00022,00027,00030,00045,00033,00018,00032,50416,00016,00014,00015,00019,00013,00021,00014,00015,95028,751Market rentchange (%)
3.7%
6.7%
0.0%
3.8%
11.1%
0.0%
1.5%
0.0%
1.9%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
7.7%
0.8%
1.7%

*1 Current rent is calculated based on the rent level on April 30, 2007 for offices above the second floor*2 Market rent is based on assessments prepared in market reports by Tokyu Livable, Inc.
*3 Rent gap ＝ (Market rent – Current rent) / Current rent
*4 Market rent (Apr. 2007) figures shown for da Vinci Kodemmacho and da Vinici Minami-Senba actually represent figures current as of August 2007.

10

Rent gap rate
(Nov. 2007)
49.3%
17.3%
17.6%
25.5%
43.7%
44.7%
5.4%
16.7%
34.4%
31.0%
12.7%
26.9%
2.3%
11.2%
7.7%
15.6%
10.8%
13.3%
31.3%

Fourth Period Financial Highlights■Public offerings (July 10 and August 7, 2007)
Total units■Investment Corporation Bond Issue
Registration (Submitted October 2, 2007)

205,000 units

100,000 units

Planned issue amount *million¥100,000

Total amount *¥49,698 million¥128,779 million* The period of the planned issue amount is from
October 10, 2007 to October 9, 2009

* Including overallotment■Acquired Bond Rating (September 12, 2007)■Issue of Investment Corporation Bond
(November 26, 2007)

Rating issued *First Unsecured Investment Corporation Bond *A+ (Stable)¥30 billion* Date of maturity: November 28, 2008

* Rating and Investment Information, Inc. (R&I)

11

English page

Acquired Property and Interest-Bearing Liabilities(Note) Investment corporation bonds are included in interest-bearing liabilities
Properties
acquired via PO(3 buildings: ¥78.7
billion)(Billions of yen)

300

Properties
acquired (2buildings: ¥7.3
billion)

Properties acquired (7:3 coownership of Shinjuku
Maynds Tower: ¥68.7 billion)

Acquisition price(Incl. unsecured assets)
Interest-bearing liabilities¥287.0 billion¥287.0 billion

250¥211.0 billion¥218.3 billion

200¥138.4 billion

150¥154.9 billion¥154.9 billion

100¥84.1 billion

50¥78.8 billion

36%

61%

Aug. 31

Nov. 26

Ratio of acquisition
price standards tointerest-bearing
liabilities:

Ratio of acquisition
price standards tointerest-bearing
liabilities:

Ratio of acquisition
price standards tointerest-bearing
liabilities:

37.3%

39.1%

54.0%

0%

37%

3rd period-end

July 31

Unsecured asset ratio¥85.3 billion
61%

Unsecured asset ratio

0Period-end ratio of
total assets to interestbearing liabilities：

57.7%

12

4th period-end

Period-end ratio of
total assets tointerest-bearing
liabilities：

51.2%

English page

Finance Activities
Diversification of Debt Repayment

Fixed
Floating(Billions of yen)Amount of Repayment

70
60
50

30.0

1 0 .0

40
2.5
7 .5

30
20
10
0

6.168

1 1 .0

May
2008

Nov.
2008

Conversion to long-term fixedloans will be considered

8 .6 2 5
3 0 .01 3 .53 .5
7.2

Settlement dates will be
spread out throughrefinancing to undertake theprepayment of debt to theutmost extent

5.0
1 4 .5 5
5.0
May
2009

Nov.
2009

May
2010

Nov.
2010

Year of Repayment

13

May
2011

Nov.
2011

May
2012

Nov.
2012

January 24, 2008

daVinci Select K.K.

Reference MaterialFourth Period Acquisitions (1)■Overview of Property
Shinjuku Maynds Tower

Acquired as ofJuly 13, 2007

Acquired as ofNovember 26, 2007

Acquisition Price:¥65,100 million
Co-ownership: 42.9％

Acquisition Price:¥68,700 million
Co-ownership: 42.9％

Fourth period NOI yield (Note 1)
Assumed NOI yield based onmarket report (Note 2)

3.3%

Total Acquisition Price:Price¥133,800 million

Current rent (Note 3)
Market rent (Note 4)

4.9%

Most recent rental lease
Rent gap ratio (Note 5)

Co-ownership:
85.7％¥31,100¥45,000¥50,000
44.7%(Note 1) Fourth period NOI yield = Fourth period NOI / acquisition price (July and September are annualized and calculated on a weighted average basis)(Note 2) Assumed NOI Yield (before property repair expenses) is calculated based on a market report by Tokyo Livable, Inc.
(Note 3) Current rent is based on the rent level on November 30 for offices above the second floor.
(Note 4) Market rent is based on an assessment prepared in a market report by Tokyo Livable, Inc. (November 30, 2007).
(Note 5) Rent gap ratio ＝ (Market rent – Current rent) / Current rent

Location: 2-1-1 Yoyogi, Shibuya-ku, Tokyo
Land area: 11,500.48 m2
Structure: S, SRC
Number of floors: 3 below ground, 34 above ground
Floor area: 97,978.74 m2
Leasable floor area: 51,911.14 m2
Construction completion: September 26, 1995
Occupancy rate: 99.4% (as of November 30, 2007)(Note) DA Office REIT acquired trust beneficiary rights in real estate forco-ownership corresponding to a ratio of 6:7 of the entire building. The above figuresfor land area, floor area and leasable floor space refer to the entire property.

15Fourth Period Acquisitions (2)■Overview of Properties

daVinci Minami-Senba

daVinci Kodemmacho
Current rent (Note 1)

Current rent (Note 1)¥12,641¥14,000¥13,000
10.8%
4.8%
6.1%

Market rent (Note 2)
Most recent rental lease
Rent gap ratio (Note 3)
Projected fourth period
NOI yield
Assumed NOI yield basedon market report (Note 4)

Market rent (Note 2)
Most recent rental lease
Rent gap ratio (Note 3)
Projected fourth period
NOI yield
Assumed NOI yield basedon market report (Note 4)(Note 1) Current rent is based on the rent level on November 30 for
offices above the second floor.

¥15,420¥18,000¥16,000
16.7%
4.9%
5.4%

(Note 1) Current rent is based on the rent level on November 30 for
offices above the second floor.

(Note 2) Market rent is based on an assessment prepared in a market
report by Tokyo Livable, Inc. (November 30, 2007).

(Note 2) Market rent is based on an assessment prepared in a market
report by Tokyo Livable, Inc. (November 30, 2007).

(Note 3) Rent gap ratio ＝ (Market rent – Current rent) / Current rent

(Note 3) Rent gap ratio ＝ (Market rent – Current rent) / Current rent

(Note 4) Assumed NOI Yield (before property repair expenses) is
calculated based on a market report by Tokyo Livable, Inc.

(Note 4) Assumed NOI Yield (before property repair expenses) is
calculated based on a market report by Tokyo Livable, Inc.

Location: 4-11-28 Minami Senba, Chuo-ku, Osaka

Location: 3-2 Odemmacho Nihonbashi, Chuo-ku, Tokyo

Land area：1,405.74 m2

Land area：486.86 m2

Structure: SRC

Structure: SRC

Number of floors: B1/8F

Number of floors: 8F

Floor area：7,738.47 m2

Floor area：2,882.28 m2

Leasable floor area：5747.05 m

Leasable floor area：2,379.21 m2

Construction completion：September 30, 1986

Construction completion：March 25, 1985

Acquisition price：¥4.81 billion

Acquisition price：¥2.46 billion

Occupancy rate：92.8% (As of November 30, 2007)

Occupancy rate：100% (As of November 30, 2007)2

16

Fourth Period Acquisitions (3)■Overview of Properties

SHIBUYA EDGE

daVinci Shinagawa II
Current rent (Note 1)
Market rent (Note 2)
Most recent rental lease
Rent gap ratio (Note 3)
Projected fourth period
NOI yield
Assumed NOI yield basedon market report (Note 4)

Current rent (Note 1)¥31,312¥33,000¥33,000
5.4%
4.5%
4.5%

Market rent (Note 2)
Most recent rental lease
Rent gap ratio (Note 3)
Projected fourth period
NOI yield
Assumed NOI yield basedon market report (Note 4)¥18,170¥21,000¥21,000
15.6%
5.2%
5.6%

(Note 1) Current rent is based on the rent level on November 30 for
offices above the second floor.

(Note 1) Current rent is based on the rent level on November 30 for
offices above the second floor.

(Note 2) Market rent is based on an assessment prepared in a market
report by Tokyo Livable, Inc. (November 30, 2007).

(Note 2) Market rent is based on an assessment prepared in a market
report by Tokyo Livable, Inc. (November 30, 2007).

(Note 3) Rent gap ratio ＝ (Market rent – Current rent) / Current rent

(Note 3) Rent gap ratio ＝ (Market rent – Current rent) / Current rent

(Note 4) Assumed NOI Yield (before property repair expenses) is
calculated based on a market report by Tokyo Livable, Inc.

(Note 4) Assumed NOI Yield (before property repair expenses) is
calculated based on a market report by Tokyo Livable, Inc.

Location: 10-3 Udagawa-cho, Shibuya-ku, Tokyo

Location: 1-8-11 Kita-Shinagawa, Shinagawa-ku, Tokyo

Land area: 527.65 m

Land area: 2,345.20 m2

Structure: RC

Structure: SRC

Number of floors: 1 below ground, 9 above groundNumber of floors: 1 below ground, 11 above ground

Floor area: 3,022.33 m2

Floor area: 10,200.29 m2

Leasable floor area: 2,479.49 m2

Leasable floor area: 6,543.38 m2

Construction completion: August 30, 2006

Construction completion: July 3, 1991

Acquisition price: ¥5.90 billion

Acquisition price: ¥7.71 billion

Occupancy rate: 100% (As of November 30, 2007)

Occupancy rate: 99.5% (As of November 30, 2007)

217

Property Disposition Results
DA Office REIT aims to raise portfolio quality by selling its small-sized office buildings and officebuildings outside of the five central wards of Tokyo to bring about high gains on sales.
(Millions of yen)
Period2

Property nameAppraisal value

Selling price

Capital gain*

1,688

1,719

2,180

29.1%

daVinci Shimbashi 620

660

732

790

19.7%

daVinci Koishikawa

1,460

1,460

1,500

2.7%

daVinci Okayama

1,266

1,357

1,600

26.4%

daVinci Hakata

2,520

2,280

3,090

22.6%

daVinci Nishi-Gotanda I

1,640

1,790

2,211

34.8%

daVinci Kayabacho 376

2,020

2,400

2,600

28.7%

daVinci Shin-Yokohama 131

1,350

1,520

2,165

60.4%

daVinci Yushima

1,080

1,200

1,295

19.9%

Sapporo Chiyoda Bldg.

1,384

1,624

2,005

44.9%

daVinci Shin-Yokohama

2,180

2,980

3,200

46.8%

Believe Omori

3,160

4,010

4,480

41.8%

Total

20,40823,072

27,11632.9%

daVinci Gyoenmae

3

4

5
6

Acquisition price* Capital gain: Gain on sale/acquisition price18

Fifth Fiscal Period EPS Interest Sensitivity
Sensitivity Analysis(Unit: Yen)

Imapact of dividend
per unit
0%Rate of rent1%
increase2%
3%(six-month4%
period
5%

0.00%
207
569
930
1,292
1,654
2,016

Interest rate spread (annual rate)
0.15%
0.30%
0.45%
0.60%
0
-207
-414
-622
361
154
-53
-260
723
516
308
101
1,085
877
670
463
1,447
1,239
1,032
824
1,808
1,601
1,394
1,186

0.75%
-829
-467
-106
255
617
979

The above impact on dividend
per unit is factored in torecalculate the forecast dividend
based on the publicly announced
amount of ¥19,013

0.00%
19,221
19,582
19,94420,306
20,66821,029Interest rate spread (annual rate)
0.15%
0.30%
0.45%
0.60%
19,01318,806
18,59918,391
19,375
19,16818,96018,753
19,737
19,52919,322
19,11520,09919,891
19,684
19,476
20,46020,25320,046
19,83820,822
20,615
20,407
20,2000.75%
18,184
18,545
18,907
19,26919,631
19,993(Note) The above sensitivity analysis is based solely on the forecast dividend per unit and is provided for simulation purposes only.
Accordingly, there is no guarantee of the accuracy of predicted amounts.

19

Since interest rate revisions
are planned during the fifth
fiscal period mainly on
February 29, 2008, interest
cost has been calculated overa three-month period
The dividend per unit isbased on the assumption thata total of 205,000 units havebeen issued(Unit: Yen)

Forecast dividend
per unit
0%Rate of rent1%
increase2%
3%(six-month4%
period)5%

A 0.15% interest rate increaseis factored in on the basis ofcurrent short-term variableinterest rate levels

Portfolio Performance Summary (Fourth Fiscal Period Results by Property)
Operating Income from Property Leasing
Activities (*1)

Building
Aquisition Price (millions of yen)Book Price (millions of yen)Appraisal Value (millions of yen)Occupancy Rate (%)
PML#days worked (for 4th FP)
1 Operating Revenues
Revenues from Property Leasing(Incl. common service fees)
Other Income (*2)
2 Total Property-related Expenses
Property Management Fees
Utilities
PM Fees
Prperty Related Taxes (*3)
Insurance
Other
3 NOI（=1-2）
Annualized NOI(Reference)

NOI Yield（*4）
Repair expenses
Annualized repair expenses
NOI yield to repair expenses
NOI after repair expenses
NOI yield after repair expenses
Depreciation and amortization
Restoration and renovation work
Deferred security deposits

Operating Income from Property Leasing
Activities (*1)

Building
Aquisition Price (millions of yen)Book Price (millions of yen)Appraisal Value (millions of yen)Occupancy Rate (%)
PML#days worked (for 4th FP)
1 Operating Revenues
Revenues from Property Leasing(Incl. common service fees)
Other Income (*2)
2 Total Property-related Expenses
Property Management Fees
Utilities
PM Fees
Prperty Related Taxes (*3)
Insurance
Other
3 NOI（=1-2）
Annualized NOINOI Yield（*4）(Reference)

Repair expenses
Annualized repair expenses
NOI yield to repair expenses
NOI after repair expenses
NOI yield after repair expenses
Depreciation and amortization
Restoration and renovation work
Deferred security deposits

daVinci
Ginza

daVinci
Ginza
Annex

daVinciKamiyacho

daVinci
Shibaura

daVinci
MinamiAoyamadaVinci
MitadaVinci A
daVincidaVincidaVincidaVinci
Hamamatsu
Shibadaimo
Sarugakucho
Jingumae
MisakichochondaVinci
Shinbashi
510

daVinci
Kayabacho 376

daVinci
TsukijidaVinci
Tsukiji 616

Shuwa
Nihonbashi
TsukiMS Bldg.
shima Bldg.

14,10014,031
17,800
99.5
12.5
183

Atlanctic Bldg.

3,050
12,000
8,265
4,550
3,250
3,000
2,865
2,800
2,578
2,346
2,080
1,560
1,240
2,440
7,840
2,520
3,021
12,054
8,238
4,532
3,201
3,029
2,836
2,798
2,549
2,331
2,090
1,518
1,272
2,398
7,694
2,550
3,240
14,200
9,226
5,050
4,410
3,530
3,185
2,940
2,853
2,482
2,470
1,780
1,710
2,440
7,990
3,290
98.2
90.1
98.7
100
100
100
100
100
100
100
95.4
100
100
86.8
100
81.0
12.7
13.8
14.5
13.8
9.5
14.6
14.6
13.9
12.5
13.1
13.4
12.5
14.0
13.0
14.4
11.8
183
183
183
183
183
183
183
183
183
183
183
183
183
183
183
183
499,845,047 94,922,908 365,266,005 325,517,661 153,569,193 141,932,701 127,339,552 148,684,225 90,886,277 97,515,608 87,292,799 85,955,247 54,900,000 55,522,048 75,424,879 254,825,484 96,100,289

1,600
1,599
1,940
100
13.7
183
63,815,427

492,601,047 94,922,908 365,266,005 323,510,661 153,569,193 141,932,701 127,339,552 148,684,225 90,886,277 97,515,608 87,292,799 85,955,247 54,900,000 55,522,048 75,424,879 254,825,484 96,100,289

63,815,427
0
12,388,794
3,205,760
2,559,328
1,415,659
5,083,494
124,553
051,426,633
102,572,246
6.4%
556,364
1,109,687
0.1%
101,462,559
6.3%
7,893,985
007,244,000
0
0 2,007,000
0087,096,967 21,218,991 71,395,019 60,214,367 31,210,230 33,149,152
12,814,965 4,127,077 13,862,312 11,888,880 3,827,810 9,436,474
28,973,654 8,022,561 16,467,760 20,500,226 8,971,857 10,443,091
9,874,084 1,652,388 7,996,601 8,340,202 7,430,981 2,696,675
22,558,531 7,220,314 32,510,507 18,901,828 10,776,855 10,258,435
800,383
185,651
557,839583,231202,727
314,477
12,075,350
11,0000000412,748,080 73,703,917 293,870,986 265,303,294 122,358,963 108,783,549

0
0
0
0
0
0
0
0
0
0
0
29,121,755 60,826,078 20,256,937 20,552,245 16,923,586 15,975,750 6,124,564 11,603,681 21,234,322 50,600,178 19,245,722
5,385,342 9,063,812 3,924,625 5,750,460 2,891,368 4,513,270
0 2,548,950 4,951,949 8,401,658 3,923,462
9,493,331 10,207,360 8,832,617 7,254,458 7,110,924 4,371,341
0 3,761,438 7,209,437 24,421,788 6,651,284
3,458,403 2,924,394 1,361,918 1,818,032 1,309,903 1,470,794
677,773 1,258,584 1,434,258 4,313,836 1,492,071
3,031,870 8,964,948 5,955,555 5,562,443 5,434,371 5,448,551 5,293,158 3,942,340 7,435,782 13,022,013 6,970,238
199,229
265,564
111,863
166,852
177,020
171,794
153,633
92,369202,896
440,883
208,667
7,553,580 29,400,000
70,359
0
0
0
0
0
0
0
0
98,217,797 87,858,147 70,629,340 76,963,363 70,369,213 69,979,497 48,775,436 43,918,367 54,190,557 204,225,306 76,854,567
823,240,706 147,005,080 586,136,119 529,156,843 244,049,297 216,972,652 195,898,884 175,236,194 140,872,727 153,506,161 140,353,894 139,576,592 97,284,339 87,596,742 108,084,990 407,334,626 153,289,163
5.8%
4.8%
4.9%
6.4%
5.4%
6.7%
6.5%
6.1%
5.0%
6.0%
6.0%
6.7%
6.2%
7.1%
4.4%
5.2%
6.1%
5,710,585 9,219,740 4,357,445 5,877,744 11,642,073 4,028,547
9,904,058
924,000 1,210,144
35,000652,000 4,723,800
438,000
90,369 2,758,800 8,082,800 2,707,287
11,389,964 18,389,098 8,691,078 11,723,369 23,220,528 8,035,080 19,753,995 1,842,950 2,413,675
69,808 1,300,437 9,421,786
873,606
180,244 5,502,524 16,121,431 5,399,780
0.1%
0.6%
0.1%
0.1%
0.5%
0.2%
0.7%
0.1%
0.1%
0.0%
0.1%
0.5%
0.1%
0.0%
0.2%
0.2%
0.2%
811,850,742 128,615,982 577,445,041 517,433,474 220,828,769 208,937,572 176,144,889 173,393,244 138,459,052 153,436,353 139,053,457 130,154,806 96,410,733 87,416,498 102,582,466 391,213,195 147,889,383
5.8%
4.2%
4.8%
6.3%
4.9%
6.4%
5.9%
6.1%
4.9%
6.0%
5.9%
6.3%
6.2%
7.0%
4.2%
5.0%
5.9%
66,196,625 16,524,679 44,174,418 30,252,535 17,440,590 22,168,693 13,863,711 14,433,470 9,530,026 14,353,675 14,076,047 3,800,264 17,519,099 11,218,709 25,277,001 65,192,802 15,769,428
2,571,429
00187,500 8,200,000
0
0
0
0
0
0
0
0
0
0
0 5,700,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
daVinci
Shibuya SS
Nihonbashi
Bldg.
Honcho

3,930
3,922
4,510
100.0
14.7
183

7,420
7,397
10,100
97.9
12.0
183

daVinci
Ginza 1chomedaVinci
Kyobashi

Sunline 7
Bldg.

4,620
4,630
5,530
96.6
13.6
183

3,460
3,457
3,810
100
13.4
183

2,680
2,689
3,060
97.2
14.1
183

daVinci
OnarimonShinjuku
MayndsTower

13,860133,800
13,899134,366
16,800137,000
100
99.4
14.8
9.4
183 141（5）（*5）

daVinci
SHIBUYA
daVinci
Koemmach
EDGE
KinshichoodaVinci
HigashiIkebukuro

daVinci
ShinYokohama

Bennex
S-3

Believe
Omori

daVinci
Shinagawa
II

SapporoChiyodaBldg.

daVinci
Minami
Senba

5,900
5,927
5,980
100
11.2
141

Total of 35
Properties

2,460
3,653
2,958
2,180
4,950
3,160
7,710
1,384
4,810
2,474
3,556
2,915
2,097
4,837
3,166
7,696
1,361
4,831
2,410
3,879
3,417
2,980
6,060
4,010
7,760
1,624
4,810
100
100
100
95.6
97.3
100
99.5
100
92.8
14.7
14.9
13.9
13.0
12.9
12.8
11.9
10.5
12.5
92
183
183
183
183
183
141
183
92
142,735,027 286,330,751 163,900,857 123,603,720 102,063,068 476,881,671 1,143,199,907 118,139,804 36,838,260 170,733,498 147,405,018 111,241,660 228,980,865 133,350,003 194,444,668 89,760,418 77,357,628

287,019
286,979
314,276
98.2
9.6
6,566,282,173

142,735,027 255,127,421 163,900,857 123,603,720 101,801,778 476,881,671 1,142,268,020 118,139,804 36,838,260 170,733,498 147,405,018 110,490,396 228,980,865 133,350,003 194,444,668 89,760,418 77,357,628

6,523,883,402
42,398,771
1,425,606,734
307,650,672
489,765,219
133,930,166
429,347,442
12,717,355
52,195,880
5,140,675,439
11,100,136,838
5.0%
141,029,466
290,176,834
0.1%
10,809,960,004
4.9%
1,056,673,168
28,586,075
00 31,203,330
00261,2900931,8870000751,2640000030,597,764 48,653,013 31,503,922 20,920,993 25,562,743 87,961,813 290,511,766 16,436,231 6,270,054 46,495,869 41,589,569 20,312,820 49,481,472 33,995,175 39,403,970 28,174,827 18,596,395
6,104,310 14,769,924 5,912,600 4,651,658 4,207,506 17,934,075 52,632,160 2,972,663 1,530,245 15,192,140 10,153,002 5,154,090 16,172,115 11,686,854 10,169,351 11,086,105 6,803,700
11,603,132 15,411,049 8,987,280 7,711,178 6,252,178 24,667,403 123,207,275 6,029,256 1,772,598 15,069,259 18,796,205 9,046,870 20,748,136 9,851,081 12,173,502 8,392,859 4,793,503
2,396,824 6,219,001 9,563,565 1,863,101 2,058,195 12,852,350 13,884,472 2,454,351
660,204 2,708,596 2,214,099 2,160,803 3,783,654 3,131,270 4,137,731 1,569,777 1,345,617
10,243,345 11,812,925 6,814,822 6,493,205 12,863,611 31,843,966 95,580,740 4,816,217 1,827,249 13,171,092 10,071,901 3,633,020 8,205,465 9,024,341 12,491,891 6,608,212 5,474,207
250,153
440,114225,655
201,851
181,253664,0192,569,373
163,744
63,914354,782354,362
318,037
572,102
301,629
421,994495,374
179,3680000002,637,746
0415,844
0
0
0
0
0
9,501
22,5000112,137,263 237,677,738 132,396,935 102,682,727 76,500,325 388,919,858 852,688,141 101,703,573 30,568,206 124,237,629 105,815,449 90,928,840 179,499,393 99,354,828 155,040,698 61,585,591 58,761,233
224,890,664 476,661,397 265,521,325 205,929,644 153,420,981 779,976,638 2,207,313,272 263,275,206 121,276,034 247,796,363 211,052,671 181,360,801 358,017,915 198,166,733 401,346,487 122,834,648 233,128,804

5.7%
6.4%
2,496,054 3,533,820
4,978,468 7,048,329
0.1%
0.1%

5.7%
6.0%
5.7%
456,600
783,833 1,260,079
910,704 1,563,382 2,513,272
0.0%
0.0%
0.1%

5.6% 3.3% (*6)
254,500 20,774,324
507,609 53,777,505
0.0%
0.1%

4.5%
24,00062,127
0.0%

4.9%
6.8%
7.1%
8.3%
7.2%
6.3%
5.2%
8.9%
48,000 11,748,029 1,311,159 7,625,609 4,817,400 1,558,000 4,959,803 6,459,500
190,434 23,431,861 2,615,153 15,209,548 9,608,475 3,107,486 12,839,206 12,883,702
0.0%
0.6%
0.1%
0.7%
0.2%
0.1%
0.2%
0.9%

4.8%
0
0
0.0%

219,912,196 469,613,068 264,610,621 204,366,262 150,907,709 779,469,029 2,153,535,767 263,213,079 121,085,600 224,364,502 208,437,518 166,151,253 348,409,440 195,059,247 388,507,281 109,950,946 233,128,804

5.6%
6.3%
5.7%
5.9%
5.6%
5.6%
3.2%
4.5%
4.9%
6.1%
7.0%
7.6%
7.0%
6.2%
5.0%
7.9%
4.8%
15,976,537 28,628,711 24,678,030 15,783,237 11,725,449 29,079,736 253,433,382 13,007,665 5,245,313 37,239,220 25,466,460 33,934,428 56,539,789 21,984,299 37,721,321 18,935,017 17,608,817
0 2,970,000
00714,286
03,942,860
0000 2,100,000 2,200,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

(*1)
(*2)
(*3)
(*4)
(*5)

Figures in the statements of income above are rounded down to the nearest 1,000 yen, (excluding other income and property-related taxes).
Other income does not include restoration and renovation work or deferred security deposits.
Property-related taxes for properties acquired in 2006 are calculated according to the number of operating days in the third fiscal period, which overlaps with 2007.
The NOI yield in 3 NOI is calculated by dividing annualized NOI by total acquisition price.
The DA Office REIT acquired trust beneficiary rights in Shinjuku Maynds Tower twice within the period under review. The number of operating days
corresponding to the first 7:3 acquisition on July 13, 2007 totaled 141. The number of operating days corresponding to the second 7:3 acquisition on November 26, 2007 appears inparentheses.
(*6) The DA Office REIT acquired trust beneficiary rights in Shinjuku Maynds Tower twice within the period under review. Accordingly, NOI is calculated according to each acquisition
price and the weighted average number of operating days for each acquisition.
(Note) The above third period-end data does not include investment assets sold during the period, namely daVinci Kyabacho 376, daVinci Yushima, daVinci Nishi-Gotanda I, and daVinci
Shin-Yokohama 131.

20

Portfolio Property Photographs (1)(As of January 23, 2008)

daVinci Nihonbashi
HonchodaVinci Kyobashi

daVinci Ginza 1-chome

Sunline 7 Bldg.

Believe Omori

daVinci Ginza

daVinci Ginza Annex

daVinci Kamiyacho

daVinci Shibaura

daVinci Minami Aoyama

daVinci Mita

daVinci Sarugakucho

daVinci A Hamamatsucho

daVinci Jingumae

daVinci Shibadaimon

daVinci MisakichodaVinci Shimbashi 510

Shinjuku Maynds Tower

21

daVinci Onarimon

BPS Square

daVinci Tsukiji

Portfolio Property Photographs (2)(As of January 23, 2008)

daVinci Tsukiji 616

Shuwa Tsukishima Bldg.

Nihonbashi MS Bldg.

Atlantic Bldg.

Shibuya SS Bldg.

daVinci KinshichodaVinci Higashi-Ikebukuro

SHIBUYA EDGE

daVinci Shinagawa Ⅱ

daVinci Shin-Yokohama
214

daVinci Minami-Senba

Bennex S-3

Sapporo Chiyoda Bldg.

daVinci Kodemmacho

22

Map of Portfolio(As of January 23, 2008)

Main Target Area for Investment: Five Central Wards of Tokyo

投資可能エリア・Possible
Areas for Investment:
地方主要都市
Major Regional Cities
Sapporo Chiyoda Bldg.

Shinjuku Ward
Shinjuku Station
Shinjuku
Maynds
Tower

ShibuyaWarddaVinci Sarugakucho

daVinci MisakichodaVinci Nihonbashi Honcho

Nihonbashi MS Bldg.

Chiyoda Ward
Sunline 7 Bldg.
Tokyo
daVinci Ginza 1-chome
BPS Square Station

daVinci Kodemmacho

Chuo WarddaVinci Minami-Senba

daVinci Tsukiji
daVinci Jingumae

SHIBUYA EDGE

daVinci
Ginza Annex
daVinci Minami Aoyama
daVinci
Shimbashi
daVinci Kamiyacho
510

Shibuya Station

Shibuya SS Bldg.

daVinci Onarimon
daVinci A Hamamatsucho
Atlantic Bldg.
daVinci Mita

daVinci Kyobashi
daVinci Tsukiji 616
daVinci Ginza
Shuwa
Tsukishima
Bldg.

Target Area for Investment:
Tokyo Metropolitan Area
daVinci Higashi-Ikebukuro

daVinci
Shibadaimon
daVinci Kinshicho

Minato WarddaVinci Shibaura
Bennex S-3
Yamanote LineTokyo

Saikyo Line

Shinagawa Station
daVinci Shinagawa Ⅱ

Chuo Line
YokosukaLine/Sobu
Express Line

23

Believe Omori
daVinci Shin-Yokohama 214

Organization of the Asset Management Company
Board of Directors and Auditors■Organization Chart■Company Overview

Representative Director Takashi Abe

Shareholders’ Meeting
Auditors
Board of Directors
Compliance Committee

Director

Jinmoo Kim （Administrative Manager）

Director

Kazuhiro Tadano （Chief Financial Officer）

Director

Kotaro Matsuoka （Chief Investment Officer）

Outside Director

Masayoshi Ogawa （Tax Accountant）

Outside Director

Shigeru Takagi （Attorney of Law）

AuditorKoichi Yokoyama （CPA）

Investment Committee

Compliance Officer
Company Name: daVinci Select Kabushiki Gaisha

Representative Director
Internal Control Office

Address: 6-2-1 Ginza, Chuo-ku, Tokyo
Established: October 21, 2004

Investment Management
Department

General Administrative
Department

IR & Planning
Department

Finance Department

Research &Acquisitions Team

Personnel & General
Affairs TeamIR & Planning Team

Finance & Accounting
Team・Determining and revising
practical guidelines

・Administration of
Shareholders’ Meetings
and Board of Officer
meetings of theInvestment Corporation,
the General Meeting of
Shareholders, Board of
Directors meetings, andcommittee meetings・Matters related toacquisition and disposal of
assets・Surveys and analysis of realestate and commercial
industry trends

Asset Management
Team・Determining and revising
practical guidelines

・Disclosure-related matters

・Matters related to asset
procurement for theInvestment Corporation

・Investment Corporation IR
・Real estate market surveys
and analysis

・Determining and revisingguidelines

・Matters related to Investment
Corporation unitholders（excluding the Unitholders’Meeting）

・Matters related to theInvestment Corporation’s
performance forecasts,balance sheets, anddisclosure・Compliance Officer
support・Matters related topersonnel and generalaffairs

Capitalization: 200 million yen
Representative Director: Takashi Abe
Directors: 7 (4 executive, 2 non-executive, 1 auditor)
Employees: 20(Including 3 concurrent directors, as of January 23, 2008)
Registered Financial Instruments Firm No. 355 (Financial
Instruments), Director, Kanto Local Finance Bureau
Building Lots and Buildings Transaction Business License
No. (1)-83920, Governor of Tokyo
Discretionary Agent for Real Estate Transaction Approval
No. 34,
Minister of Land, Infrastructure and Transport
A member of the Investment Trusts Association of Japan・Determining and changing
annual and mid-term
management plans andrelated documents24