This document was prepared based on statements made at the earnings announcement meeting held on January 16, 2012and should not be construed as a solicitation for investment to the Investment Corporation.
Moreover, please understand that we shall not be held liable for omissions and errors of data and phrases used in thisdocument. Furthermore, opinions and forecasts indicated in this document are the Investment Corporation’s judgments asof the time this document was prepared. No assurances or promises can be given regarding the accuracy and certainty ofthis information, and it can be modified without prior notice.

Main Q&A in the 12th Fiscal Period Earnings Announcement
Date and Time: 15:30~16:30, January 16, 2012 (Monday)
Presenter: Akira Yamanouchi / President and Representative Director
Daiwa Real Estate Asset Management Co. Ltd.
*Questions are presented in order of sequence.

Q1. In your view, how far will the constant dividend per unit recover as a result of termination offree rent periods and reduction of interest rate costs, if the business environment remains
unchanged?
We should be able to anticipate dividend per unit to increase by slightly less than 1,000 yen due tothe termination of free rent periods, on the premise there is no rent reduction or move-out and theoccupancy rate stands at 90%. Moreover, a further increase of 500 to 800 yen in dividend per unit
could be expected, if free rent periods granted are shortened and the occupancy rate rises to 95%.
A negative contributing factor is the rent gap that still remains. However, we consider the tenants forwhom rents were reduced as rather few, accounting for only around 4% of the total leased spaceand the reduction rate is small.

Q2. Half of the portfolio of Daiwa Office Investment Corporation (hereafter, “DOI”) is comprisedof properties with a building age of 20 years or more. Against this background, can you keepsuch properties attractive?
As for medium-sized office buildings, we don’t believe building age makes any difference after 20years. The competitiveness of properties with a building age of 20 years or more stems frombuilding specifications, such as air-conditioning systems, washrooms and entrances, which can be
maintained by making certain investment for renovation work. Even buildings such as Daiwa Ginza
that were built more than 40 years ago should be able to retain a high level of competitiveness, if
they have solid building frameworks and are kept invested to a certain degree.

Q3. As you implement leasing with an aim to achieve occupancy rate of 95%, and as a REIT
without sponsorship of any real estate company, how are you going to reinforce yourleasing activities in collaboration with your sponsor?
Daiwa Real Estate Asset Management has established the Marketing Department in order tostrengthen collaboration with the sponsor, and Department members coming from Daiwa Securities

visit the branches of Daiwa Securities in order to enhance the recognition of our portfolio. A leasehas already been arranged as a result of collaboration with the sponsor, and several other inquiries
have been received. Going forward, we want to proactively work with the sponsor, as the Daiwa
Securities Group companies and Daiwa Securities have interface with newer companies with which
our property management companies do not have contact. In this endeavor, we hope to achieveleasing results through these efforts within six months to a year.
Besides, the fact that DOI is a REIT not related to any real estate company allows us to exchange
information with leasing brokers in an open and candid manner. As such, it looks advantageous forus that the sponsor does not invoke any sense of resistance.

Q4. Will it be possible for you to reduce the expected debt cost rate for the 14th fiscal period toaround 1.5% on average?
Detailed negotiations are currently under way with many financial institutions concerning therefinancing of borrowings totaling 19.6 billion yen. We will announce the results as soon as thediscussions reach a conclusion.

Q5. Shinjuku Maynds Tower’s NOI yield stands at 2.6%, but its appraisal value has not beenchanged. Do you foresee an asset impairment risk with the property?
We have provided the appraisal companies with every piece of information about properties, andwe believe that all conceivable risks have been factored into the appraisal values. As for Shinjuku
Maynds Tower, we consider the rent for spaces leased after the move-out of a large tenant in the9th fiscal period as representing the bottom. There is also strong demand from existing tenants for
expanded floor areas within the property. As such, advertised rents for new tenants, etc. will
increase from now onward. We don’t believe the property will show any further drop from thecurrent level in terms of NOI, and we do not take into account any asset impairment risk at present.

Q8. The number of tenant cancellations reached 20 in the 12th fiscal period, increasing from theprevious period. What caused the increase, and what prospects do you have on this issue
for the future?
The number of cancellations in the 12th fiscal period was quite a few at 20, and the cancelled
spaces were large. However, the cancellations were not made because of the impact of theearthquake or because of buildings being aged, but rather for space consolidation, etc. in order toreorganize corporate groups or enhance operational efficiency of the tenants. We anticipate thenumber of cancellations in the 13th fiscal period will be equal to or fewer than the 12th fiscal period
results. As for the 14th fiscal period, the number of tenant cancellations is expected to decrease
based on current conditions.

Q9.

You said you will make investments in areas where rents are expected to increase over amedium term. Which areas do you have in mind specifically?
To acquire properties, the Acquisition Team in the Investment Management Department of Daiwa
Real Estate Asset Management conducts detailed investigations in collaboration with the AssetManagement Team. We will narrow down areas to research properties for acquisition, rather thanlook at large areas such as Shinjuku and Shibuya. As to specific areas, we would like to refrain fromanswering here, as this is an occasion to inform of our earnings results.

End