Daiwa Office Investment Corporation
Presentation Meeting to Explain the Fiscal Period Ended May 2024 (Presentation)
July 22, 2024

Presentation
Abe: I am Abe from Daiwa Real Estate Asset Management. Thank you for taking the time to view this video
presentation of Daiwa Office Investment Corporation's financial results. We would also like to thank you foryour continued understanding and support of the management of the Investment Corporation.
I will now speak about the financial results for the 37th fiscal period ended May 31, 2024, the recent situation,and future initiatives. Thank you very much for your time.

Please see page two. I will explain three major items as an executive summary; the performance results of thefiscal period ended May 31, 2024, the initiatives for challenging properties, and external growth.
The first item is the performance results. The actual occupancy rate as of the end of May 2024 was 97%, up
0.4% from the initial forecast. The rate of change in rent at the time of renewal was plus 2.5%, and the rateof change in rent at the time of replacement was 4.2%, showing an increase from the end of the previous
fiscal period. Please see page 13 and beyond for details.
The second item is our initiatives for properties that have been a challenge, which were highlighted in theprevious fiscal period as properties to be promoted for more leasing. As for Daiwa Sasazuka Tower, a major
tenant moved out in phases, leaving a total of eight floors vacant, but seven of these floors were quickly leased,and eventually, the occupancy rate became 100% as of the end of May 2024. In addition, we were able toincrease the unit rent for the vacated space by 10% to 25%.
As for Shinjuku Maynds Tower, three out of four floors vacated were leased to a major tenant, and theoccupancy rate as of the end of May 2024 was 95.4%. Unit rents for the vacated space were increased by anaverage of more than 10%.
As for Daiwa Harumi Building, the leasing strategy targeting commercial tenants where people visit ascustomers was successful, bringing in three new tenants. The occupancy rate as of the end of May 2024 was94.3%.
Please refer to page 16 for other properties promoted for more leasing in the fiscal period ended May 31,2024.

As per the third item, I would like to explain our efforts to improve the quality of our portfolio. First, withregard to S-GATE FIT Nihonbashi Bakurocho, which was acquired in March of this year, we focused on leasingprior to the acquisition and achieved full occupancy in the following month of April.
Next, I would like to talk about the Daiwa Akihabara Building, which was completed in construction anddelivered in June of this year. By the end of August this year, 11 out of the 12 floors will be under contract,bringing the occupancy rate to 91.9%. The NOI yield will also increase from the initial estimate of 4% to 4.5%,
up by 50 basis points. This will be explained in more detail afterward.
Finally, as we announced at the same time as the financial results for the fiscal period ended May 31, 2024,
we have decided to transfer the Daiwa Tsukishima Building, which we had challenges on leasing, over the next
three fiscal periods. The use of funds from the transfer proceeds will be explained later.
The LTV at the fiscal period ended May 31, 2024, was 43.9%, and the distribution per unit was JPY13,700, thesame amount as the previous period.

Please see page three. I will explain the factors that contribute to the increase/decrease in distributions perunit.
First, a comparison of results of the fiscal period ended May 31, 2024, and the previous period. Rental income
increased by JPY219 YoY due to the start of contribution to income from S-GATE FIT Nihonbashi Bakurocho
and positive contribution to income from existing properties. The decrease in repair and maintenanceexpenses from the previous period makes a positive contribution of JPY342.
In addition, advertising expenses related to properties increased due to the focus on leasing, and depreciation
expenses for new properties were recorded, resulting in a decrease of JPY345 per unit in other items
compared to the previous period, but as a result, net income per unit increased from the previous period toJPY12,993 per unit.
The actual distribution was JPY13,700, as initially forecasted, including a JPY707 reversal of retained earnings.
Compared to the forecast made six months before the fiscal period ended May 31, 2024, net income per unit
was plus JPY93, mainly due to an upswing in rental income, which reduced the amount of reversal of retained
earnings by the same amount.

Please see page four. This section explains the forecasts for the fiscal period ending November 30, 2024, andthe fiscal period ending May 31, 2025.
On June 1, 2024, the Investment Corporation executed a one-for-two unit split. Therefore, I will explain thedistribution amount after the split from this page.
First, here is a comparison of the November 2024 forecast with the previous period. Rental income will
increase by JPY112 due to the contribution from the elimination of free rent at existing properties and thefull-period contribution from S-GATE FIT Nihonbashi Bakurocho. On the other hand, as explained in theprevious earnings announcement, the Daiwa Akihabara Building will contribute negatively because
depreciation expenses and interest expenses will be incurred on the property prior to producing income.
Interest expense is expected to be JPY142 more than the previous period, resulting in net income per unit ofJPY6,261, a decrease of JPY236 from the previous period. However, a portion of the gain on the sale of Daiwa
Tsukishima Building will be immediately returned to investors, and the distribution amount will be JPY6,850,
the same level as the previous period.
Next, I would like to speak about the forecast for the fiscal period ending May 31, 2025. Despite the impactof the transfer of Daiwa Tsukishima Building, rental income increased by JPY90 due to the contribution fromthe improvement of occupancy at existing properties and the elimination of free rent at large properties.
Repair expenses will be minus JPY172 from the previous period due to the use of a portion of the gain on sale.

On the other hand, Daiwa Akihabara Building will start to contribute to earnings as free rent will be released
in stages, contributing JPY228 to the total. For the fiscal period ending May 31, 2025, a portion of the gain on
the sale of the property will also be returned, and the distribution is forecasted to be JPY6,850.
For the fiscal period ending November 30, 2024, and the fiscal period ending May 31, 2025, which we have
explained so far, we plan to add the effect of the acquisition and retirement of our own investment units,
which we announced on July 19, 2024, from the distribution of JPY6,850 each.
Towards the cruising period, we expect that Daiwa Akihabara Building and Daiwa Sasazuka Tower willcontribute to revenues through cruising operations, and we will manage the existing properties to reach
JPY6,850 in EPU alone as soon as possible by increasing the rent of the existing properties as well.

Please see page five. As part of our future initiatives, I will first explain how the proceeds from the sale of theproperty will be used.
As mentioned earlier, Daiwa Tsukishima Building, which we had challenges on leasing, will be transferred overthe next three periods. A portion of the proceeds from the sale will be returned to unitholders immediately,
and the rest will be used for internal reserves to prepare for rising interest rates and inflation, and for internal
growth measures.
In addition, considering the current unit price level, the Investment Corporation plans to purchase its own
investment units for the fifth time. Depending on the future unit price, the EPU improvement effect isexpected to be around JPY65, assuming the maximum total acquisition amount of investment units is JPY3billion.
With these measures, we intend to further increase unitholder value.

Please see page six. Next, I will explain the shift in leasing strategy, which will be the driver of internal growth.
We had previously explained that the overall portfolio rent gap was zero, but due in part to the recovery of
the office leasing market, we now recognize a positive rent gap of 3% for the entire portfolio. In line with thischange, the Company will shift its leasing strategy from one that prioritizes occupancy rate to one that focuseson achieving rent increases while maintaining an occupancy rate of approximately 97%.
Particularly during the period when gains from the sale are generated, we will take measures to increasetenant satisfaction, achieve rent increases, and for tenants with high contracted rent prices, maintainoccupancy.

Please see page seven. Property sales and purchases from the fiscal period ended May 31, 2018, through thefiscal period ending November 30, 2025, are listed along with corporate actions.
Over the course of approximately seven years, the company acquired 14 properties for approximately
JPY115.2 billion and executed the sale of 11 properties for JPY123.2 billion. The Company has purchased its
own investment units four times in the past.
The effects of these replacements are described at the bottom of the page. If the portfolio as of the end ofNovember 2017 was managed until the end of November 2025 without any replacement, the average age ofthe portfolio as of the same date would be 30 years, whereas the average age of the portfolio after theseinitiatives is 26.1 years, a 3.9-year rejuvenation. We believe that these efforts contributed to the improvementof the quality of the portfolio.
We will continue to replace properties as appropriate while monitoring the situation, aiming to maintain andimprove the quality of the portfolio and generate stable cash flow over the medium to long-term.

Please see page eight. I will explain about the Daiwa Akihabara Building, which was completed in construction
and acquired in June of this year.
This is the second development project for the Investment Corporation, and in an effort to maintain andimprove profitability, the leasable area was increased, and additional work was done to change specifications
to increase the unit price of contracted rent. As a result, the NOI yield at the time of acquisition, which wasannounced as 4% based on the assumed acquisition price in the initial plan, improved to 4.5% mainly due tothe fact that the contract was concluded at a rent unit price that exceeded the initial assumption.
In addition, although we previously announced the occupancy rate forecast as of the end of November 2024
would be 70%, as a result of our efforts to gather information on expansion and relocation needs prior to thecompletion of construction, we have achieved an early closing of contracts, and the occupancy rate isexpected to reach 91.9% as of the end of August 2024. We have already received applications for theremaining one floor, and expect to achieve 100% occupancy as soon as possible.
I will now show you a video introducing the Akihabara Building property.

Some of the materials used in the financial results presentation video have been changed from this time. The
same data as before are available in the financial results presentation materials posted on our website, soplease refer to those materials for details.
Compared to six months ago, when we last announced our financial results, we feel that the office leasing
market is steadily improving. In various survey reports, both new rents and occupancy rates in the five majorwards of Tokyo continue to increase.
For the Investment Corporation, leasing of the large vacant spaces, which had been a concern, was almost
completed with increased unit rent, and as for the newly acquired Akihabara Building, we received aggressive
inquiries and were able to lease them with higher-than-expected rent. The portfolio as a whole has also
experienced a positive rent gap, and we intend to realize this gap in the future while achieving strong internalgrowth.
With regard to medium-scale office buildings, the situation will certainly be favorable for the Investment
Corporation whose main asset is existing medium-scale office buildings, since new supply is expected todecrease in the future due to soaring construction costs or only supply based on setting high rents will bepossible.
Although there are many matters that require continued attention, such as the increase in operating costs
due to inflation and interest rate trends, we will appropriately respond to various changes as an asset
management company and continue to work to enhance the value of the Investment Corporation, as we havedone this time with the sale of properties and acquisition of our own investment units.
To our investors and financial institutions that have supported us, we would like to take this opportunity toonce again express our gratitude and ask for your continued support.
This concludes the presentation. Thank you for watching.
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