As of July 29, 2009

Results Briefing Material for
the Seventh Fiscal Period(Fiscal Period Ended May 2009)

Contents
Executive Summary

3～4 External Growth Changes to the Investment Structure (1)1 Highlights of the Seventh Fiscal Period

 Changes to the Investment Structure (2)

23
24
25

 Highlights of the Seventh Fiscal Period6 Summary of Results for Seventh Fiscal Period (1)7 Summary of Results for Seventh Fiscal Period (2)8 Factor Analysis for Changes in Rent Income9 Results of Rent Revisions in the Seventh Fiscal Period 10
 Status of Rent
11
 Appraisal Value (1)12 Appraisal Value (2)13 Financial Highlights (1)14 Financial Highlights (2)15 Long-Term Debt and Fixed-Rate Borrowing Ratios
162

 Future Investment Strategies
 Financial Initiatives During the Current Fiscal Period
 Internal Growth (1) Internal Growth (2) Overview of Private Placement
 Summary of Structure Overview of the Sponsor Support Agreement
 Benefits of Alliance with the Daiwa Securities Group Major Financial Data
 List of Interest-Bearing Debt
 Major Investors in the Seventh Fiscal Period
 Eighth Fiscal Period EPS Interest Sensitivity
 Portfolio Performance Summary (1)Investment Strategies and Results Forecast
for the Current Fiscal Period

 Results Forecast (Eighth and Ninth Fiscal Periods)

3 Appendix

 Portfolio Performance Summary (2) Property Disposition Results

18
19
20
21
22

 Portfolio Property Photographs (1) Portfolio Property Photographs (2) Map of Portfolio
 Organization of the Asset Management Company

27
28
29
30
31
32
33
34
35
36
37
38
39
40
41

This
This presentation
presentation includes
includes forward-looking
forward-looking statements
statements about
about DADA Office
Office Investment
Investment Corporation,
Corporation,
daVincidaVinci Select,
Select, daVinci
daVinci Holdings
Holdings andand daVinci
daVinci Advisors
Advisors andand affiliatedaffiliated companies
companies (the(the Group).
Group). To
To thetheextentthatstatementsinthispresentation
donotrelatetohistoricalorcurrent
facts,
they
constituteextent that statements in this presentation do not relate to historical or current facts, they constituteforward-looking
forward-looking statements.
statements. These
These forward-looking
forward-looking statements
statements areare basedbased onon thethe current
current assumptions
assumptions
andand beliefs
beliefs ofof thethe GroupGroup inin light
light ofof current
current information
information andand involve
involve known
known andand unknown
unknown risks,
risks,
uncertainties
and
other
factors.
Suchrisks,
uncertainties
and
other
factorsmay
cause
actualuncertainties and other factors. Such risks, uncertainties and other factors may cause actual
performance
performance to
to bebe materiallymaterially different
different fromfrom any
any future
future results,
results, performance,
performance, achievements
achievements oror financial
financial
position
position expressed
expressed oror implied
implied byby these
these forward-looking
forward-looking statements.
statements.
This
This document
document is
is notnot intended
intended as
as anan inducement
inducement oror invitation
invitation toto purchasepurchase oror invest
invest inin thethe products
products ororinvestment
sharesoftheGroup.
Noristhedocument
intendedtoprovidecomprehensive
information
investment shares of the Group. Nor is the document intended to provide comprehensive information
about
about thethe businessbusiness performance
performance andand strategies
strategies ofof thethe Group.
Group. Each
Each investment
investment decision
decision requires
requires thethe
independent
independent exercise
exercise ofof judgment
judgment inin fully
fully reviewing
reviewing thethe merits
merits andand risks.
risks. Investment
Investment decisions
decisions should
shouldnot
relysolelyontheinformation
containedhereinandshouldconsidermultiplefactors
utilizing
not rely solely on the information contained herein and should consider multiple factors utilizing
variousvarious sources
sources ofof information.
information.
The
The GroupGroup undertakes
undertakes nono obligation
obligation toto publicly
publicly update
update any
any forward-looking
forward-looking statements
statements after
after thethe date
date ofof
this
this presentation.
presentation.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of a similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises readers to make investment decisions at their own judgment.

Executive Summary (1)Seventh Fiscal Period Highlights- Although gains on sales were not recorded in the seventh fiscal period, rent
income effectively increased from the sixth fiscal period.
- Despite deteriorated terms of borrowings, high occupancy rates weremaintained thanks to flexible rent setting.
- Efforts were made to look for a new sponsor to bolster the financial base.
- Conservative leverage control was maintained, and borrowings became
longer term.
- The reduction of financing costs is a task going forward.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of a similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises readers to make investment decisions at their own judgment.

3

Executive Summary (2)Initiatives withthe headquartersof the Daiwa
Securities GroupThe sponsor was changed and a private placement (¥10 billion) was conducted.
The direction was shifted towards a recovery of sponsor credit and a further
strengthening of the financial base.
A structure for reconstructing the bank formation was developed.
The rating was monitored in the direction of upgrading.
Changes to the structure, etc.
Renewal of members of the Board of Directors, Compliance Committee, and Investment Committee

Changes to policies, etc.
No major change to policies for portfolio construction and property acquisition

Financial policy/
conditions

Conservative leverage control is being maintained for now.
However, opportunities to acquire properties are being sought, depending on theterms of financing.
In the process of seriously reconstructing the bank formation

Leasing policy/
conditions

Inquiries about certain properties subject to large cancellations are active.
Rent setting for now give preference to maintaining occupancy rates.

Consideration ofpropertyacquisition

We are closely examining the pipeline from new sponsors and property
information from third parties.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of a similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises readers to make investment decisions at their own judgment.

4

1Highlights of theSeventh Fiscal Period(From December 1, 2008 to May 31, 2009)

Seventh Fiscal Period Highlights (From December 1, 2008 to May 31, 2009)
Results

Forecasts
Results (30 Properties)

Change from Previous Period

Eighth Period (30 properties)

Ninth Period (30 properties)(Disclosed as of June 17, 2009)(Disclosed as of July 28, 2009)

Operating Revenue¥ 8,177 M-¥ 7,215 M-46.9%¥7,722 M¥6,973 M

Operating Income¥ 4,278 M-¥ 6,762 M-61.2%¥3,640 M¥2,858 M

Net Income¥ 3,156 M-¥ 6,185 M-66.2%¥2,378 M¥1,644 M

Dividend per Unit

¥ 9,179-¥ 17,986-66.2%¥6,009¥4,154

Operational EPS (*)¥ 8,716+¥ 1,834+26.6%¥6,009¥4,154(*) Net income per investment unit excluding capital and extra-ordinary gain/loss

M = million

Forecasts foreighth and ninth fiscal periods

Review of the seventh fiscal period

Maintained a low leverage strategy

Expect that weak demand for offices will continueSucceeded in maintaining high occupancy rates thanks to flexible rent
settingExpected occupancy rate for the eighth fiscal period:
91.22%



Terms of borrowings deteriorated as a result of placing top priority on
the continuation of loans.

Expected occupancy rate for the ninth fiscal period:
90.95%



Set a non-cancelable clause, etc. to improve the tenant retention rate

Cancellation of main tenants in Shinjuku Maynds Tower
has already been factored in.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of a similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises readers to make investment decisions at their own judgment.

6

Summary of Results for Seventh Fiscal Period (1)Comparison with results of the previous (sixth) period
Unit : Million yen (excluding t he number of invest ment unit s and cash dividends)
Sixt h period(ended Nov. 30,
2008)

Seventh p eriod(ended may 31,
2009)

Number of propert ies (period-end)30

30

Effect ive number of days of invest ment

183

182

ChangeAssumptions for analysis
I. Comparison with the sixth period on the basis ofproperties owned (30 properties, excluding properties
sold during the sixth period)
II. Other factors

Operat ing Revenue (A)15,393

Gains on sales

6,975

Operat ing Revenue (B)

4,351

3,899

- 452

I. 126 [Increase in rent, etc. 7,130 (7th period) - 7,004 (6th period)]

Rent al business expenses (excluding depreciat ion)

2,044

1,843

- 201

-101 [The other major element is a decline in water and utility

Depreciat ion

1,225

1,182

- 43

revenues due to seasonal factors]

Income and loss from rent al operat ions(excluding gains on sales)

5,148

5,152

+4

Operat ing Income (A-B)

11,041

4,278- 6,762

Non-operat ing expenses

1,709

1,288

- 420

Int erest expense (including amort izat ion of caps)

650

576

- 73

Loan-relat ed expenses

990

712

- 277

Ordinary income

9,343

2,998

- 6,344Net Income

9,342

3,156

- 6,185

343,905

343,905¥27,165¥9,179Number of invest ment unit s outst anding
Di vi de n d pe r u n i t (u n i t: ye n )8,177- 7,215- 6,975¥-17,986

Operating Revenue

II. -265 [Rent, etc. from properties sold during the 6th period]

Rental business expenses
I. -94 [1,842 (7th period) - 1,936 (6th period)/ Of which, -67： repair
cost]

II. -108 [Rental business expenses, etc. for properties sold during the 6th
period]Interest expense
 -154 [Average principal: 80,496 (6th period) → 64,957 (7th period)] 84 [Average interest rate: 1.61% (6th period) →1.78% (7th period)]This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of a similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises readers to make investment decisions at their own judgment.

7

Summary of Results for Seventh Fiscal Period (2)Comparison with results forecast
Unit : Million yen (excluding t he number of invest ment unit s and cash dividends)

Rental Operations: Based on earnings from property

Seventh Period

rental operations excluding gains on sales
Forecast announced
on January 20, 2009

Operat ing Revenue (A)Result s

Change284 increase in income

8,130

8,177

+ 47

0

0

+0

4,175

3,899

- 276

Rent al business expenses (excluding depreciat ion)

2,040

1,843

- 197

Depreciat ion

Gains on sales
Operat ing Expenses (B)

114 [Other operating revenues: Cancellation penalty 71,
restoration to original state 37]

-147 [Repair costs]

Changes in results forecast

1,222

1,182

- 40

Income and loss from rent al operat ions(excluding gains on sales)

4,867

5,152

+ 284

Operat ing Income (A-B)

3,954

4,278

+ 323

Initial forecast(Million yen) (announced on

Non-operat ing expenses

1,252

1,288

+ 35

Int erest expense (including amort izat ion of caps)

609

576

- 33

Loan-relat ed expenses

640

712

+ 71

2,702

2,998

+ 296

164

159

-4

2,864

3,156

+ 292

343,905

343,905¥8,328¥9,179July 24)

Ordinary income
Ext raordinary income
Net Income
Number of invest ment unit s out st anding
Di vi de n d pe r u n i t (u n i t: ye n )¥851

Revised forecast(announced on

Result sJan. 20)

D ifference frominitial forecast

Op erating
revenues

8,602

8,130

8,177

-424

Ordinary
income

3,225

2,702

2,998

-226

Net income

3,223

2,864

3,156

-66

Dividendp er unit¥9,372¥8,328¥9,179-193

This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of a similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises readers to make investment decisions at their own judgment.

8

99.0%
98.2%

98.3%

97.5%

97.4%

97.6%

Analysis of profit in rental operations

97.7%

3 properties sold
Rent, etc. 270 mil.

Maintained highoccupancy rates

Achieved anincrease in profit

Other revenues
1.15 billion yen

Revenues

5.620
5.148

5.153

3.202

End offirst
period2.518

End ofsecond period

33 (properties)

37

Expenditure

Profit from rental
operations (*)
End ofthird
period34

End offourthperiod35

End offifth
period33

Increase

Repair cost
160 million yen

4.077

2.451
(billion yen)

Rent + common
service charge
7 billion yen

1.05 billion yen

Other expenses
2.97 billion yen

7.13 billion yen

90 million yen

Reduction

2.94 billion yen

Seventh period
Expenses
140 million yen
Sixth period

End of
End ofsixth period seventh period30

30

Number ofproperties owned* Profit from rental operations = Revenues from rental operations – expenses in rental operations

3 properties sold⇒ Comparison of 30 properties in 6th and 7th periods
 Rent and common service charge increased Repair costs decreased* The decline in other income is mainly attributable towater and utility income (due to seasonal factors).

This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of a similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises readers to make investment decisions at their own judgment.

9

Results of Rent Revisions in the Seventh Fiscal Period
Tenants not subject to rent revisions

Tenants subject torent revisions

66.8%

33.2%

159

79

Tenants accepting
Tenants continuing
rent increaseprevious contract terms

Tenants subject to rent falls

20.2%

34.2%

45.6%

16

27

36

Improved portfolio
stability

Other tenants Tenants for whom the clause of non-cancelable, etc. (*) has been set

13.9%

86.1%

5

31

(Note) This chart analyzes 238 tenants including offices and stores (on aontractual basis), of a total 295 tenants at the end of the 7th fiscal period.

“Non-cancelable, etc.” is a method to stabilize the occupancy rate by including in the lease agreement a clause providing that cancellation cannot not accepted within a certain period or thata penalty will be charged for cancellation after a short lease.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of a similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises readers to make investment decisions at their own judgment.

10Status of Rent
Area

P ropert y nameCurrent rent
(May 2009)Market rent
(Nov. 2008)

Market rent
(May 2009)Market rentchange (%)

Rent gap rat e(Nov. 2008)

Rent gap rat e(May 2009)

Area

P ropert y nameCurrent rent
(May 2009)Market rent
(Nov. 2008)

Market rent
(May 2009)Market rentchange (%)

Rent gap rat e(Nov. 2008)

Rent gap rat e(May 2009)

30,36635,00030,000-14.29%22.17%-1.21%

daVinci Nihonbashi
Honcho22,14926,00024,000-7.69%

18.29%

8.36%

daVinci Ginza Annex

25,31830,00027,000-10.00%24.98%

6.64%

daVinci Ginza 1-chome

25,77630,00025,000-16.67%9.73%-3.01%

daVinci Shibaura

19,20020,00018,000-10.00%

7.38%-6.25%

daVinci Kyobashi

19,43621,00020,000-4.76%

9.55%

2.90%

daVinci Minami Aoyama

26,77632,00027,000-15.63%

9.94%

0.84%

Sunline 7 Bldg.

22,86527,00023,000-14.81%18.78%

0.59%

daVinci Sarugakucho

18,15020,00019,000-5.00%

10.19%

4.68%

daVinci Onarimon

23,82028,00024,000-14.29%18.51%

0.76%

daVinci A
Hamamat sucho

20,59222,00021,000-4.55%

9.59%

1.98%

Shinjuku Maynds T ower

34,09242,00035,000-16.67%29.87%

2.66%

daVinci Jingumae

22,08222,00021,000-4.55%-0.37%-4.90%SHIBUYA EDGE

30,06331,00026,000-16.13%-1.00%-13.51%

daVinci Shibadaimon

20,66824,00022,000-8.33%

26.54%

6.44%

daVinci Kodemmacho

15,51317,00015,500-8.82%

10.25%-0.08%

daVinci Misakicho

20,111

20,00019,000-5.00%-0.55%-5.52%

Subt ot al

26,44030,73026,756-12.93%20.72%

1.20%

daVinci Shimbashi 510

17,95718,00018,000

0.00%

6.27%

0.24%

daVinci Kinshicho

12,124

15,50013,500-12.90%27.85%

11.35%

daVinci T sukiji

18,87518,00017,000-5.56%-0.46%-9.93%

daVinci HigashiIkebukuro

15,301

16,00016,0000.00%

11.63%

4.57%

BP S Square

12,62816,00014,500-9.38%

26.70%

14.82%

Bennex S-3

14,76914,00012,000-14.29%-5.22%-18.75%

daVinci T sukiji 616

16,96017,00016,000-5.88%

9.06%-5.66%

daVinci Shinagawa II

18,741

20,00018,000-10.00%5.78%-3.95%

Shuwa T sukishima Bldg.

16,246

16,50016,000-3.03%

2.77%-1.51%

daVinci Minami-Senba

13,17913,50012,000-11.11%

6.80%-8.95%

Nihonbashi MS Bldg.

17,22818,00016,000-11.11%12.02%-7.13%

Subt ot al

14,94015,67014,150-9.70%

4.11%-5.29%At lant ic Bldg.

18,43018,00018,000

0.00%

2.46%

-2.33%

24,42428,13524,547-12.75%31.83%

0.50%

Shibuya SS Bldg.

26,29728,00024,000-14.29%8.21%-8.73%

Five central wards of Tokyo
Tokyo metropolitan area andregional major cities

Five central wards of Tokyo

daVinci Ginza

T ot al (30 propert ies)

*1 Current rent is calculated based on the rent level on May 31, 2009 for offices above the second floor*2 Market rent is based on assessments prepared in market reports by Tokyu Livable, Inc., a leading Japanese leasing agency.
*3 Rent gap rate = (Market rent – Current rent) / Current rent
*4 Subtotal, total rent, rate of change in rent, and rent gap rate are weighted averages using floor areas*5 The market rent is an estimate assuming leasing of approximately 100 tsubo and may differ from actual leasing results.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of a similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises readers to make investment decisions at their own judgment.

11

Appraisal Value (1)Major causes for difference from the previous (sixth) fiscal period(1) Fall in market rent
(3) Current increase in advance notice of cancellations(2) Increase in taxes and public dues
(4) Increase in repair costs due to renewal of ER(Unit: Million yen)

Propaty name

Ap p raisal value atthe end of the 7th
p eriod

Ap p raisal value atthe end of the 6th
p eriod

End of May 2009 End of Nov. 2008

Comparison with acquis ition
price
Major factors Acquisit ion priceYoY comparison
Difference

Rate of change

Difference

Cap Rate

Rate of change

End of the 7th
p eriod

End of the 6th
p erioddaVinci Ginza

17,50018,600-1,100-5.91%

14,1003,400

24.11%

4.4%

4.3%

daVinci Ginza Annex

3,320

3,500

-180

-5.14%

3,050

270

8.85%

4.4%

4.3%

daVinci Shibaura

8,593

9,286

-693

-7.46%

8,265

328

3.97%

5.2%

5.1%

daVinci Minami Aoyama

4,810

5,500

-690

-12.55% (1), (2)

4,550

260

5.71%

4.7%

4.6%

daVinci Sarugakucho

3,420

3,580

-160

-4.47%

3,000

420

14.00%

5.5%

5.4%

daVinci A Hamamats ucho

3,119

3,249

-130

-4.00%

2,865

254

8.87%

5.1%

5.0%

daVinci Jingumae

2,880

2,980

-100

-3.36%

2,800

80

2.86%

4.6%

4.5%

daVinci Shibadaimon

2,885

2,956

-71

-2.40%

2,578

307

11.91%

5.1%

5.0%

daVinci Misakicho

2,399

2,476

-77

-3.11%

2,346

53

2.26%

5.3%

5.2%

daVinci Shimbashi 510

2,610

2,700

-90

-3.33%

2,080

530

25.48%

5.1%

5.0%

daVinci Tsukiji

1,510

1,630

-120

-7.36%

1,240

270

21.77%

5.2%

5.0%

BPS Square

1,630

1,720

-90

-5.23%

1,560

70

4.49%

5.3%

5.1%

daVinci Tsukiji 616

2,680

2,710

-30

-1.11%

2,440

240

9.84%

5.1%

4.9%

Shuwa Tsukishima Bldg.

7,800

8,130

-330

-4.06%

7,840-40-0.51%

5.3%

5.1%

Nihonbashi MS Bldg.

3,220

3,420

-200

-5.85%

2,520

700

27.78%

4.8%

4.7%

Atlantic Bldg.

1,910

2,040

-130

-6.37%

1,600

310

19.38%

4.9%

4.8%

Shibuya SS Bldg.

4,680

5,080

-400

-7.87%

3,930

750

19.08%

4.8%

4.7%

This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of a similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises readers to make investment decisions at their own judgment.

12

Appraisal Value (2)Major causes for difference from the previous (sixth) fiscal period(1) Fall in market rent
(3) Current increase in advance notice of cancellations(2) Increase in taxes and public dues
(4) Increase in repair costs due to renewal of ER(Unit: Million yen)

Propaty name

Ap p raisal value atthe end of the 7th
p eriod

Ap p raisal value atthe end of the 6th
p eriod

End of May 2009 End of Nov. 2008

Comparis on with acquisition
price
Major factors Acquisition priceYoY comparison
Difference

Rate of change

Difference

Cap Rate

Rate of change

End of the 7th
p eriod

End of the 6th
p erioddaVinci Nihonbashi Honcho

10,200

11,200-1,000-8.93%

7,420

2,780

37.47%

4.9%

4.8%

daVinci Ginza 1-chome

5,430

5,710

-280

-4.90%

4,620

810

17.53%

4.7%

4.6%

daVinci Kyobashi

3,770

3,910

-140

-3.58%

3,460

310

8.96%

4.9%

4.8%

Sunline 7 Bldg.

2,740

3,180

-440

-13.84% (1), (2), (3)

2,680

60

2.24%

4.8%

4.7%

daVinci Onarimon

16,30018,500-2,200-11.89% (1), (2), (3)13,8602,440

17.60%

4.8%

4.7%

Shinjuku Maynds Tower

124,000

138,000-14,000-10.14% (1), (2)133,800-9,800-7.32%

4.0%

3.9%

SHIBUYA EDGE

5,440

5,850

-410

-7.01%

5,900

-460

-7.80%

4.3%

4.2%

daVinci Kodemmacho

2,220

2,430

-210

-8.64%

2,460

-240

-9.76%

5.0%

4.9%

daVinci Kinshicho

3,767

3,886

-119

-3.06%

3,653

114

3.12%

5.6%

5.5%

daVinci Higashi-Ikebukuro

3,610

3,765

-155

-4.12%

2,958

652

22.04%

5.4%

5.3%

Bennex S-3

4,560

5,790

-1,230-21.24% (1), (2), (4)

4,950

-390

-7.88%

5.6%

5.4%

daVinci Shinagawa II

7,160

7,760

-600

-7.73%

7,710

-550

-7.13%

5.1%

5.0%

daVinci Minami-Senba

4,010

4,720

-710

-15.04% (1), (2), (3)

4,810

-800

-16.63%

5.3%

5.1%

Total of 30 properties

268,173294,258-26,085

265,045

3,128

1.18%

-8.86%

This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of a similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises readers to make investment decisions at their own judgment.

13

Financial Highlights (1)Changes in interest-bearing debt in the seventh fiscal period
LTV remained low as a result of conservative financial operation.

Changes
Changes in
in interestinterestbearing
bearing debt
debt

Borrowing
Borrowing ofof 7.1
7.1 billion
billionyen
yen fromfrom Shinsei
Shinsei BankBank
Borrowingof
2.2
billion
yen
from
NCI
(*1)
Borrowing of 2.2 billion yen from NCI (*1)
AppropriatedAppropriated forforthethe payment
payment ofofrefinanced
refinanced funds
funds
and
and cashcashdividends
dividends

Balance (Million yen)
160,000

Financed
Financed 10
10billion
billionyenyenthrough
privateplacement
through private placement
IfIf appropriatedappropriatedfor
for repayment
repaymentoror thethe purchasepurchaseofof properties,
properties,
LTV
LTV will
willfallfall further
further52%* 2 (%)
LTV

50
140,000
Borrowings
Borrowings ofof 19.6
19.6 billion
billionyen
yenfrom
fromAozora
Aozora Bank
Bank
Short-termborrowings
changedtoShort-term borrowings changed tolong-term
long-term borrowings
borrowings (3(3years)
years)

Commitment
Commitment line
line establishedestablished
by
NCI
(*1)
by NCI (*1)

120,000

40

100,000

80,000147,895

22.5%

22.5%

26%

22.5%

26%

26.4%

26.4%

60,00030

20

40,00059,77059,77069,022

59,722

69,02270,02270,02210

20,00010,000End ofFifth Period

End of Sixth
Period* 1 Nomura Capital Investment Co., Ltd.

0
January 21,
2009

January 27,
2009

February 20,
April 30,
May 21,
July 1,
2009
2009
2009
2009
* 2 LTV = Balance of interest-bearing debt ÷ Acquisition price of properties ×100

This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of a similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises readers to make investment decisions at their own judgment.

14

Financial Highlights (2)Distribution of payment dates
The distribution of payment dates as of the end of May 2009 is as follows:(Reference)(Reference) List
List ofof
lenderfinancial
institutions
lender financial institutions

Distribution
Distribution ofof
payment
payment dates
dates

Name

(Million yen)
Balance of borrowings from Aozora Bank
Balance of borrowings from Shinsei Bank
Balance of borrowings from other institutions

25,000Financial
Financial institutions
institutions
participating
participating inin syndicate
syndicate loans
loans
GE
GEJapanJapanCorporation
Corporation
UBS
UBSSecurities
SecuritiesJapan
JapanLtd.
Ltd.

5,937
5,937
2,850
2,850

Sompo
SompoJapan
JapanInsurance
InsuranceInc.
Inc.
MizuhoBank,
Mizuho Bank,Ltd.
Ltd.

2,470
2,470
1,425
1,425

Century
CenturyTokyo
TokyoLeasing
LeasingCorporation
Corporation
The
Iyo
Bank,
Ltd.
The Iyo Bank, Ltd.

20,000

570
570
570
570

19,600(Million yen)

15,0003,500
10,000

Balance(million yen)

Share (%)

Aozora Bank, Ltd.

25,10035.8

Shinsei Bank, Limited

12,10017.3

GE Japan Corporation
Kansai Urban Banking
Corporation
Resona Bank, Limited
American International
Group, Inc.
Mizuho Bank, Ltd.

5,937

8.5

5,500

7.9

5,000

7.1

5,000

7.1

4,925

7.0

UBS Securities Japan Ltd.

2,850

4.1

Sompo Japan Insurance Inc.

2,470

3.5

The Iyo Bank, Ltd.
Century Tokyo Leasing
Corporation
Total

570

0.8

570

0.8

3,000

13,82270,022(Million yen)

5,000

5,000

5,500

5,500

7,100
5,000

2,000
End ofSep. 2009

End ofOct. 2009

End ofNov. 2009

May 2010
Nov. 2010(Ninth period) (Tenth period)

May 2011(11th period)

Nov. 2011(12th period)

May 2012(13th period)

Nov. 2012(14th period)

May 2013(15th period)

Nov. 2013(16th period)

This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of a similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises readers to make investment decisions at their own judgment.

15

Long-Term Debt and Fixed-Rate Borrowing Ratios
Ratios of long-term and short-term borrowings

Ratios of floating-rate and fixed-rate borrowings

The ratio of long-term debt came to 100% due to new long-term borrowings, etc.

The ratio of fixed-rate borrowings fell from 33.4% to 22.1%.

RatiosRatios ofof long-termlong-term andand short-term
short-term borrowings
borrowings
As of Nov. 30, 2008 (end of sixth period)

Long-term debt due to be
repaid within one year
33,270 million yen
55.7%

RatiosRatios ofof floating-rate
floating-rate andand fixed-rate
fixed-rate borrowings
borrowings

Balance: 59,770 million yen

As of Nov. 30, 2008 (end of sixth period)

Long-term debt
24,500 million yen

Floating-rate
26,000 million yen
43.5%

41.0%

Short-termborrowings (*)
2,000 million yen
3.3%

Balance: 59,770 million yen

Fixed-rate
19,948 million yen
33.4%

Floating-rate (hedged with caps)
13,822 million yen 23.1%* Including investment corporation bonds.

As of May 31, 2009 (end of seventh period)

Balance: 70,022 million yen

As of May 31, 2009 (end of seventh period)

Short-term borrowings
None
Long-term debt due to be
repaid within one year
24,322 million yen
34.7%

Long-term debt
45,700 million yen

Floating-rate
33,600 million yen
48.0%

65.3%

Balance: 70,022 million yen
Fixed-rate
15,500 million yen
22.1%

Floating-rate (hedged with caps)
20,922 million yen 29.9%

This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of a similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises readers to make investment decisions at their own judgment.

16

2

Investment Strategies andResults Forecast for the Current Fiscal Period

Results Forecast (Eighth and Ninth Fiscal Periods)
Results forecast for
the eighth and ninth fiscal periods

Assumptions for Forecast

Unit: Million yen (excluding the number of investment units and cash dividends)
Seventh period(ended May 31,
2009)

Forecast for the Forecast for the
ninth period
eighth period(ending November (ending May 31,
2010)
30, 2009)

Average assets under management: 265,045 (7th period – 9th period)Occupancy rate at period end: 8th period 91.22%, 9th period 90.95%

Operating revenues
The occupancy rate is expected to fall in the 8th and 9th periods, from thelevel in the 7th period.

Number of p rop erties (p eriod-end)

30

30

30

Effective number of day s of investment

182

183

183

Op erating Revenue (A)The occupancy rate for the 9th period is calculated based on conservative
assumptions for items written in the Notice of Changes to Tenants as ofJuly 15, 2009.

8,177

7,722

6,973

0

0

0

3,899

4,082

4,115

1,873

2,017

2,090

1,182

1,186

1,211

Operating expenses

5,152

4,518

3,672

For the 8th and 9th periods, an increase in outsourcing expenses due toleasing is assumed.

Op erating Income (A-B)

4,278

3,640

2,858

Repair costs will be incurred as planned in the 8th and 9th periods, as
spending on repairs was reduced in the 7th period.

Non-op erating exp enses

1,288

1,259

1,212

Interest exp ense (including amortization of cap s)

576

782

762

Loan-related exp enses

712

445

448

Ordinary income

2,998

2,380

1,646

Net Income

3,156

2,378

1,644

Number of investment units outstanding

343,905

395,798

395,798

Dividend per unit (unit: yen)

¥9,179¥6,009¥4,154

Gains on sales
Op erating Exp enses (B)Rental business exp enses (excluding dep reciation)
Dep reciation
Income and loss from rental op erations(excluding gains on sales)(The occupancy rate may change, depending on market movements.)

Borrowing costComparison with the 7th period
 [Average principal: 64,957 (7th period) → 70,022 (8th period)→ 70,022 (9th period)]
 [Average interest rate: 1.78% (7th period) → 2.23% (8th period)→ 2.17% (9th period)]* Although rent is assumed to stay at the current level, actual rent may differ due to the state and changes in assets under management.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of a similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises readers to make investment decisions at their own judgment.

18

Future Investment Strategies
Investment
Investment strategies
strategies ofof DA
DA Office
OfficeInvestment
Investment Corporation
Corporation

Outlook
Outlook forfor thethe market
market environment
environment
Macro economy
 There is concern over negative real GDP growth.

Finance Underlying trends in consumer spending and capital Practice conservative leverage control.

investment are weak.

 Reduce future borrowing costs and establish stronger

Financial market

ties with financial institutions.

 Market capitalization of the J-REIT market will

decline, and the price of investment units will remain
weak.
 The bond market is far from recovering.

Internal growth Achieve profitability and stability.

Real estate trading Hold down operation and management costs.

 The number of transactions is now rising, seeking thebottom of the market.
 Although there are some players making newinvestments, this has yet to become a major trend.

External growth Focus on profitability.

Real estate leasing

 Improve portfolio quality.

 The vacancy rate of offices is rising nationwide.
 Rents will trend downward in Tokyo inner-city areas in

the near future.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of a similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises readers to make investment decisions at their own judgment.

19

Financial Initiatives During the Current Fiscal Period
Stabilizing
Stabilizing thethe financial
financial base
base
Leverage
Leverage control
control with
with thethe aimaim ofof keeping
keeping LTV
LTV(on(on anan acquisitionacquisition priceprice basis)
basis) at
at 30%
30% oror lesslessFinancing
Financing with
with borrowing
borrowing costs
costs thatthat reflectreflect thethe credibility
credibility ofof thethe sponsor
sponsorthth
th[Average[Average borrowing
borrowing cost
cost == {(financing{(financing fees
fees ++interest
interestexpenses)/
expenses)/ average
average principal
principal ofofborrowings}:
borrowings}: 55th period
period 3.01%,
3.01%, 66th period
period4.06%,
4.06%, 77th period
period3.98%,
3.98%,
thth period (E) 3.45%](E)
3.50%,
and9
88thth period
period (E) 3.50%, and 9 period (E) 3.45%]

Improve
Improve relations
relations with
with financial
financial institutions
institutions using
using thethe sponsor’s
sponsor’s network
network

Improving
Improving ourour credit
credit rating
ratingAim
Aim toto improve
improve thethe credit
credit rating
rating with
with aa more
more robust
robust financial
financial base
baseThis document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of a similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises readers to make investment decisions at their own judgment.

20Internal Growth (1)GeneralOperation
Operation

Leasing
Leasing Strengthening relations with tenantsAttracting tenants from outside

 Alliance with PM- Implementation of a preview promotion campaign- Information exchange and alliance with real estate
brokers

Construction/maintenanceConstruction/maintenance Establishing standard property specifications

Identifying internal needs

 Holding CAPEX TOUR

- Direct visit to tenants- Understanding of needs for building specifications

 Executing construction that will reduce running costs

over the medium and long terms

Achieving profitability and stability
Reducing operation and management costs
This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

21

Internal Growth (2)Shinjuku Maynds Tower
FutureFuture events
eventsPresent
Present situation
situation

40,000Occupancy rate (offices only)
96.5%
97.5%

¥33,473/tsubo

30,000(1) Cancellations by key tenants

100%(Based on area)

Percentage share of Maynds Tower

24.12%

Percentage share of the overall portfolio

6.38%¥34,092/tsubo

With a rapid contribution to
incomeAverage rent
¥29,111/tsubo

as the goal, commence pre-leasing for the earlyconclusion of contracts
Already received multiple inquiries

20,000(2) Increase in plans and constructions
due to aging and legal amendments

10,000

Seek stronger competitiveness of properties withadded values

0
Acquisition point(July 2007)

Sixth period(ended November 2008)

Seventh period(ended May 2009)- Further expansion of electric capacity- Facility replacement plan coupled with energy saving

This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

22External Growth
PolicyExternal growth to date and in the future

Bolster
Bolster thethe financial
financial base
base with
with thethechangechange ofof sponsor
sponsorResumption
Resumption ofof external
external growth
growthAccelerate concentration on
five inner-city wards

Focus on NOI Yield

Assume the long-term holding

Center on medium-sized offices

Currently,
Currently, some
some 10
10 properties
properties areare under
under considerationconsideration
using
10 billion
using thethe capital
capital increase
increase ofof ¥¥10billionStrengthen the acquisition system
Expand the pipeline(Using the real estate information of the Daiwa Securities Group)

Toward further growth!

Consider exchange transactions

Image of property acquisition
287.0 billion yen 278.7 billion yen
265.0 billion yen 265.0 billion yen
Total
acquisition price138.4 billion yen
130.4 billion yen

End ofsecond period

End ofthird period・・・・

End offourth period

End offifth period

End ofsixth period

End ofseventh period

End ofeighth period

This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

23

Changes to the Investment Structure (1)Newly appointed officers
New officers were appointed by the Daiwa Securities Group, the new sponsor group, as of July 1 as follows.
Full-time officers

Part-time officers

Title
Title

Name
Name

Representative Director &Vice President

Yuji Shinozuka

Director &Chief Administration
Director &Chief Financial Officer

Previous
Previous title
title

Title
Title

Name
Name

Incumbent
Incumbent title
title

General Manager, Corporate Planning
Department, Daiwa Securities Group Inc.

Director

Seiji Nakata

Director & Corporate Senior Executive
Officer, Daiwa Securities Group Inc.

Naoyuki Owa

General Manager, Corporate Planning
Department, Daiwa Securities Group Inc.

Director

Toshihiro
Matsui

Corporate Executive Officer, Daiwa
Securities Group Inc.

Yoji Ueta

General Manager, Structured Finance
Department, Daiwa Securities SMBC

Director

Mitsuru
Sakagami

General Manager of Finance Department,
Daiwa Securities Group Inc.

Auditor

Shigeharu
Tominaga

Full-time Corporate Auditor, Daiwa
Securities SMBC

Revision to the Rules Against Conflict of Interest
In light of the current real estate market conditions, DA Office Investment Corporation has reviewed its criteria for the acquisition pricewhen acquiring properties from interested parties that are prescribed in the Rules Against Conflict of Interest (Article 3 of the Rules
Against Conflict of Interest).

(Old) Acquire at 110% or less of the appraisal value⇒(New) Acquire at 100% or less of the appraisal value
This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

24

Changes to the Investment Structure (2)Changes to the members of each meeting body of the Company
We have welcomed new members from the Daiwa Securities Group and revised the Compliance Committee Regulations so that we will
be able to appoint outside experts as members of the Compliance Committee from a range of outside sources, without relying only on
officers within the Company as in the past.
Investment Committee

Board of Directors

Title
Title

Name
Name

Remarks
Remarks

Title
Title

Name
Name

Remarks
Remarks

Representative Director &President
Representative Director &Vice President
Director &Chief Investment Officer

Yoshiki Nishigaki

Chairman

Representative Director &President
Representative Director &Vice President
Director &Chief Investment Officer

Yoshiki Nishigaki

Chairman

Director & Chief Financial Officer

Yoji Ueta

Director & Chief Financial Officer

Yoji Ueta

Director &Chief Administration Officer

Naoyuki Owa

Director

Seiji Nakata

Part-time

Director

Toshihiro MatsuiPart-time

Director

Mitsuru Sakagami

Part-time

Auditor

Shigeharu Tominaga

Part-time

Yuji Shinozuka
Atsuko Takahashi

Compliance Committee
Title
Title

Name
Name

Remarks
Remarks

Compliance Officer

Takamasa Kato

Chairman

Director &Chief Administration Officer

Naoyuki Owa

Head of Internal Control Office

Jun Nakanishi

Certified tax accountant

Masayoshi Ogawa

Lawyer (new)Taisuke Yonemori

Brief history of
Taisuke Yonemori

OutsideexpertOutsideexpertYuji Shinozuka
Atsuko Takahashi

Attorney at Yanagida & Nomura
1973: Born in Aichi Prefecture
1996: Graduated from Keio University (LL.B)
1999: Registered in the Tokyo Bar Association
2006: Completed Master’s program at Harvard Law School (LL.M),
Lawyer admitted in New York State

This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

25

3 Appendix

Overview of Private Placement
Overview of private placement and the subscriber
Use
Use ofof proceeds
proceeds

Overview of private placement
Item
Item

Overview
Overview

The proceeds will be appropriated forNew
New investment
investment units
units issued
issued51,893 units(Number of investment units outstanding: 395,798 units)

Offer
Offer priceprice andand total
total amountamount¥192,705 per unit (total amount: ¥10,000,040,565)

Subscriber
Subscriber andand thethe number
numberofof units
units subscribedsubscribed

Daiwa Securities Group Inc.
(Number of units subscribed: 51,893 units)

Payment
Payment datedate

July 1, 2009

Capitalexpenditure

Acquisition ofproperties

MethodMethod ofof deciding
deciding thethe offeroffer priceprice The offer price is equivalent to the mean value

Overview of the subscriber
Item
Item

Repayment ofborrowingsof closing prices on the Tokyo Stock Exchange
for the most recent one month until June 15,
2009 (from May 18, 2009 to June 15, 2009).

Overview
Overview

Corporate
Corporate namename

Daiwa Securities Group Inc.

Business
Business

The financial instruments business as prescribed in the Financial
Instruments and Exchange Law, the banking business as prescribed in the
Banking Law, and other financial businesses

Title
Title andand namename ofofrepresentative
representative

Shigeharu Suzuki, President and CEO

Relationship
Relationship with
with this
thisinvestment
investment corporation
corporation and
and
the
asset
management
the asset managementcompany
company

Although the subscriber is not a related party, etc. as oftoday, it will become the wholly owning parent company
and sponsor of the asset management company and will
become a related party, etc. of the asset managementcompany as of July 1, 2009.

Other
Other
 Lock-up for six months (from July 1, 2009 to

December 31, 2009) Conclusion of an agreement between investors

This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

27

Summary of Structure
Acquisition of the asset management company

Old sponsor

K.K.
K.K. daVinci
daVinci Holdings
Holdings

100% ⇒ 0%0% ⇒ 100%

Daiwa
Daiwa Securities
Securities Group
Group Inc.
Inc.

Sponsor support
agreement

Daiwa
Daiwa Real
Real Estate
EstateAsset
Asset Management
Management Co.,
Co., Ltd.
Ltd.

100%

Agreement
between investors

Asset managementagreement

The
The Columbus
Columbus Co.,
Co., Ltd.
Ltd.
Subsidiary of
K.K. daVinci Holdings

Holding a 40.39% stake(before capital increase)(a 35.09% stake after the capital increase)

Assumption of investment units
through private placement(13.11% after the capital increase)DA
DA Office
Office Investment
Investment Corporation
Corporation

This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

28

Overview of the Sponsor Support Agreement
Provision
Provision ofof property
property information
information
Introduction
Introduction ofof properties
properties using
using thethe information
information network
network ofof thethe Daiwa
Daiwa Securities
Securities GroupGroup

Cooperation
Cooperation inin recruiting
recruiting human
human resources
resources
Cooperation
Cooperation inin supplying
supplying human
human resources
resources associatedassociated with
with thethe development
development ofof thetheinvestment
investment corporation
corporation andand thethe asset
asset management
management company
company* The sponsor support agreement with K.K. daVinci Advisors has already been cancelled through mutual agreement.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

29

Benefits of Alliance with the Daiwa Securities Group
Bolstering
Bolstering ofof thethe financial
financial base
base throughthrough thethe private
private placement
placement

Boost
Boost toto credibility
credibility by
by becoming
becoming aa member
member ofof thethe Daiwa
Daiwa Securities
Securities GroupGroup

Strengthening
Strengthening internalinternal control
control andand thethe operation
operation systems
systems

AccessAccess toto thethe network
network ofof thethe Daiwa
Daiwa Securities
Securities GroupGroup

Acquisition
Acquisition ofof accessaccess opportunities
opportunities totoinformationon
realestate,
etc.
held
by
the
Daiwa
information on real estate, etc. held by the Daiwa Securities
Securities GroupGroup

This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

30

Major Financial Data
Item
Number of days of investment

Unit 3rd period 4th period 5th period 6th period 7th period

FFO
FFO:

Day

182

183

183

183

182

P ropert y

34

35

33

30

30

%

99.0

98.2

98.3

97.6

97.7

Average acquisition priceMillionyen

138,883

199,274

286,162

272,452

265,045

NOI (after deduction of gain from sale)

Million
yen

3,920

5,062

6,827

6,304

6,220

Funds from operation (FFO)

Million
yen

2,638

3,492

3,674

3,592

4,338

NOI yield

%

5.7

5.1

4.8

4.6

4.7

ROE:
ROE
Annualized net income/Net assets

Return on asset (ROA)

%

2.1

1.9

1.3

3.3

2.2

LTV:
LTV

Return on equity (ROE)

%

5.6

4.7

3.0

5.6

3.2

Balance of interest-bearing debt at theperiod end/Total assets at the period end

Capital adequacy ratio at end of period

%

36.1

44.0

44.8

72.8

69.6

Loan-to-Value (LTV) at end of period

%

57.7

51.2

49.9

22.0

25.4

Number of properties at end of period
Occupancy rate at end of period

Net income + Depreciation – Gains on
sales
NOI
NOIYield:
Yield
Annualized rental NOI/Averageacquisition price during the period
ROA:
ROA
Annualized ordinary income/Total assets* Numbers in the table are rounded to
the first decimal place.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

31

List of Interest-Bearing Debt
List of interest-bearing debt (As of May 31, 2009)
Term

LenderBalance(million y en)

GE Jap an Corp oration

5,937

UBS Securities Jap an Limited

2,850

Somp o Jap an Insurance Inc.
Long-term debt M izuho Bank, Ltd.
due within
The Iy o Bank, Ltd.
one y earCentury Toky o Leasing Corp oration

2,470

Shinsei Bank, LimitedAozora Bank, Ltd.
Total long-term debt due within one y ear

Long term

Ty p e of interest
Interest rate (%)
rate

Date of advanceDue date

Float ing rat e

1.382%

Oct ober 23, 2006

Sept ember 18, 2009

5,000

Float ing rat e

1.082%

November 26, 2007

November 30, 2009

5,500

Float ing rat e

1.382%

August 29, 2008

February 26, 2010

1,425
570
570

24,322

American Life Insurance Comp any

5,000

Fixed rat e

2.290%

Sept ember 02, 2008

August 31, 2013

Aozora Bank, Ltd.

19,600Float ing rat e

2.820%

May 21, 2009

May 21, 2012

Resona Bank, Limited

2,000

Fixed rat e

1.591%March 21, 2008

March 21, 2011

Kansai Urban Banking Corp oration

5,500

Fixed rat e

2.000%

June 30, 2008

June 30, 2011

Resona Bank, Limited

3,000

Fixed rat e

1.903%

August 29, 2008

August 31, 2011

M izuho Bank, Ltd.

3,500

Float ing rat e

1.582%

Sept ember 30, 2008

Sept ember 30, 2011

Shinsei Bank, Limited

7100

Float ing rat e

2.320%

February 20, 2009

February 20, 2012

Total long-term debt
Total interest-bearing debt

45,70070,022This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

32

Major Investors in the Seventh Fiscal Period
NumberNumber ofof investment
investment units
units byby ownerowner
Securities firms
4% Individuals
Foreign bodies
15%
14%

Breakdown
Breakdown ofof financial
financial institutions
institutions
Nonlife insurancecomp anies
7%
Life insurancecomp anies
0%

Government andlocal governments
0%

Banks
5%

Other financial
institutions
4%

Financial
institutions
23%
Other domestic
corporations
44%

Trust banks
84%

List of top 10 investors at the end of the 7th period (May 31, 2009)
Name of investor
1 The Columbus Co., Ltd.
Trust and Banking Corporation (Investment Trust
2 NikkoCiti
Account)
Suisse Securities Europe Limited PB Sec Int Non-Treaty
3 Credit
Client4 Credit Suisse Securities (Japan) Limited
5 The Master Trust Bank of Japan, Ltd. (Trust Account)
6 Japan Trustee Services Bank, Ltd. (Trust Account)
Nomura Trust and Banking Co., Ltd. (Investment Trust
7 The
Account)
8 Goldman Sachs International
9 K. K. daVinci Holdings
10 The Fuji Fire and Marine Insurance Co., Ltd.

Number ofunits owned
138,905

After the private placement on July 1
Name of investor

Ratio
40.39%

28,4848.28%

15,903

4.62%

12,682
11,78910,759

3.68%
3.42%
3.12%

8,495

2.47%

7,539
6,950
5,599

2.19%
2.02%
1.62%

1 The Columbus Co., Ltd.
2 Daiwa Securities Group, Inc.
Trust and Banking Corporation (Investment Trust
3 NikkoCiti
Account)
Suisse Securities Europe Limited PB Sec Int Non-Treaty
4 Credit
Client5 Credit Suisse Securities (Japan) Limited
6 The Master Trust Bank of Japan, Ltd. (Trust Account)
7 Japan Trustee Services Bank, Ltd. (Trust Account)
Nomura Trust and Banking Co., Ltd. (Investment Trust
8 The
Account)
9 Goldman Sachs International
10 K. K. daVinci Holdings* Daiwa Securities Group Inc.
holds 51,893 units, or
13.11%, through the private
placement on July 1, 2009.

Number ofunits owned
138,905
51,893Ratio
35.09%
13.11%

28,4847.20%

15,903

4.02%

12,682
11,78910,759

3.20%
2.98%
2.72%

8,495

2.15%

7,539
6,950

1.90%
1.76%

The table above shows major investors when investment units are issued through private placement, assuming no change tothe content of the investors’ registry as of May 31, 2009, and may not necessarily be the same as the actual state of investors.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

33

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

Interes t rate s pread (annual rate)

Impact on dividend per unit
0.00%

Rate of rent
decline (s ixmonth period)

0.15%

0.30%

0.45%

0.60%

0.75%

0%

51

0

-51

-103

-154

-206

1%

-117

-169

-221

-272

-324

-376

2%

-287

-338

-390

-442

-493

-545

3%

-456

-508

-559

-611

-663

-714

4%

-625

-677

-729

-780

-832

-884

5%

-795

-846

-898

-950

-1,001-1,053

The above impact on dividend per unit
is factored in to recalculate the forecast
dividend based on the publicly
announced amount of ¥6,009
Interes t rate s pread (annual rate)
0.00%

Rate of rent
decline (s ixmonth period)

0.15%

0.30%

0.45%

0.60%

based on the current short-term variableinterest rate level.

 The repricing date during the eighth fiscal

period is scheduled to be at the end of August.
Therefore, interest rate costs on the list areconverted into those for three months.

 All dividends per unit on the list are converted(Unit: Yen)

Forecas t dividend per unit

 A 0.15% interest rate increase is factored inon the assumption that the number ofinvestment units is 395,798.

0.75%

0%

6,060

6,009

5,957

5,905

5,854

5,802

1%

5,891

5,839

5,788

5,736

5,684

5,633

2%

5,722

5,670

5,618

5,567

5,515

5,463

3%

5,552

5,500

5,449

5,397

5,346

5,294

4%

5,383

5,331

5,279

5,228

5,176

5,124

5%

5,213

5,162

5,110

5,058

5,007

4,955

(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.
This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

34

Portfolio Performance Summary (1) (Seventh Fiscal Period Results by Property)
daVinci Ginza

daVinci Ginza
Annex

Acquisition Price (millions of yen)

14,100

3,050

8,265

4,550

3,000

2,865

2,800

2,578

2,346

2,080

Book Price (millions of yen)

13,865

2,996

8,191

4,523

3,004

2,866

2,780

2,516

2,302

2,122

Appraisal Value (millions of yen)

17,500

3,320

8,593

4,810

3,420

3,119

2,880

2,885

2,399

Occupancy Rate (%)

94.9

96.6

90.3

81

100

100

100

100

PML

12.5

12.7

14.5

13.8

14.6

14.6

13.9

182

182

182

182

182

182

503,107

111,470

353,292

161,139

128,609503,107

111,470

331,945

150,4600021,347

10,67888,735

19,863

61,81025,525

Building

Operating Income from Property Leasing Activities (*1)

# days worked (for 7th FP)
1 Operating Revenues
Revenues from Property Leasing(Incl. Common on service fees)
Other Income (*2)
2 Total Property-Related Expenses

daVinci Minami
AoyamadaVinci
Sarugakucho

daVinci A
Hamamatsucho

daVinci
JingumaedaVinci
Shibadaimon

daVinci
Misakicho

daVinci
Shimbashi 510

Shuwa
Tsukishima
Bldg.

daVinci Tsukiji

daVinci Tsukiji
616

1,560

1,240

2,440

7,840

2,520

1,469

1,250

2,444

7,567

2,549

2,610

1,630

1,510

2,680

7,800

3,220

100

100.0

100

100

100.0

100

85.9

12.5

13.1

13.4

12.5

14.0

13.0

14.4

11.8

182

182

182

182

182

182

182

182

182

152,942

91,607105,132

84,48095,74954,90056,911

101,040

285,339

88,366

128,609

152,942

91,607105,132

84,48095,74954,90056,777101,040

285,339

88,366

0

0

0

0

0

0

0

133

0

0

0

27,046

59,79221,09920,477

15,721

16,461

6,086

11,862

22,31048,206

19,501
3,840

BPS Square

Nihonbashi MS
Bldg.

Property Management Fees

14,052

4,171

13,415

3,588

5,389

8,900

3,815

5,500

2,869

3,913

0

2,477

5,207

8,403

Utilities

29,513

6,516

23,402

8,295

8,610

10,136

9,562

7,685

6,052

5,047

0

3,716

7,663

22,3105,404

PM Fees

10,028

1,853

5,502

2,608

1,931

2,308

1,385

1,578

1,267

1,928

677

1,635

1,838

4,279

3,195

Property Related Taxes (*3)

22,318

7,167

18,902

10,814

3,109

8,777

5,964

5,546

5,398

5,347

5,259

3,943

7,411

12,773

6,866

638

155

587

218

200

269

114

167

133

163

149

89

189

439

194

12,183

0

0

0

7,805

29,400

258

0

0

60

0

0

0

0

0

3 NOI (= 1-2)

414,372

91,607

291,481

135,613

101,563

93,14970,50884,65468,75879,28848,81345,04878,730237,133

68,864

Annualized NOI

831,021

183,718584,565

271,971

203,684

186,810

141,404

169,773

137,895

159,011

97,89590,345

157,893475,569

138,106

5.9%

6.0%

7.1%

6.0%

6.8%

6.5%

5.1%

6.6%

5.9%

7.6%

6.3%

7.3%

6.5%

6.1%

5.5%

Repair expenses

5,861

522

17,633

5,069

476

6,876

1,766

797

50

215

229

17,225

690

2,494

1,086

Annualized repair expenses

11,754

1,047

35,364

10,165954

13,791

3,543

1,598

100

431

459

34,546

1,383

5,002

2,177

NOI yield to repair expenses

0.1%

0.0%

0.4%

0.2%

0.0%

0.5%

0.1%

0.1%

0.0%

0.0%

0.0%

2.8%

0.1%

0.1%

0.1%

819,266

182,671549,201

261,806

202,730

173,019

137,860

168,174

137,794

158,580

97,43655,799156,509

470,567

135,928

Insurance
Other

NOI Yield (*4)

(Reference)

NOI after relair expenses
NOI yield after repair expenses

5.8%

6.0%

6.6%

5.8%

6.8%

6.0%

4.9%

6.5%

5.9%

7.6%

6.2%

4.5%

6.4%

6.0%

5.4%

Depreciation and amortization

66,425

17,181

22,415

10,535

11,214

15,772

9,435

14,092

14,125

4,767

17,2697,482

25,83066,02917,042

Restoration and renovation work

2,580

0

15,931

4,650

0

3,680

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Deferred security deposits

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

daVinci
Shibaura

For operating income from property leasing activities, actual results (excluding certain other income and property-related taxes) for the seventh fiscal period are used and displayed by rounding off to the nearest thousand yen.
Other income does not include restoration and renovation work or deferred security deposits.
Property taxes, city planning taxes and depreciable asset taxes recorded in property-related taxes are calculated by converting the actual amount for fiscal 2008 to the number of operating days in the seventh fiscal period.
NOI Yield is calculated by dividing annualized NOI in 3 on the table by the acquisition price.
NOI in this list is calculated by making an adjustment for taxes and public dues and repair costs to "Rental NOI (after deducting gains from sale)" on page 29 and therefore does not conform to the value in "Rental NOI (after deductions from sale)."This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

35

Portfolio Performance Summary (2) (Seventh Fiscal Period Results by Property)
Building

daVinci
Nihonbashi
HonchoShibuya SS
Bldg.

Atlantic Bldg.

daVinci Ginza 1chomedaVinci
Kyobashi

Sunline 7 Bldg.

daVinci
OnarimonShinjuku
Maynds Tower

SHIBUYAEDGE

daVinci
Kodemmacho

daVinci
Kinshicho

daVinci HigashiIkebukuro

Bennex S-3

daVinci
Shinagawa II

daVinci MinamiSenba

Total of 30
properties

Operating Income from Property Leasing Activities (*1)

Acquisition Price (millions of yen)

1,600

3,930

7,420

4,620

3,460

2,680

13,860133,800

5,900

2,460

3,653

2,958

4,950

7,710

4,810

265,045

Book Price (millions of yen)

1,581

3,889

7,315

4,572

3,434

2,672

13,819133,106

5,917

2,454

3,603

2,963

4,673

7,701

4,979

263,138

Appraisal Value (millions of yen)

1,910

4,680

10,200

5,430

3,770

2,740

16,300124,000

5,440

2,220

3,767

3,610

4,560

7,160

4,010

268,173

Occupancy Rate (%)

97.2

93.0

100.0

90.7

100

97.2

97

99.9

100

100

100

100

100

91.8

100

97.7

PML

13.7

14.7

12.0

13.6

13.4

14.1

14.8

9.4

11.2

14.7

14.9

13.9

12.9

11.9

12.5

182

182

182

182

182

182

182

182

182

182

182

182

182

182

182

67,888

149,738

319,827

130,697

124,858

104,287

541,666

3,145,502

145,934

74,018

157,910

152,902228,924

248,236

173,392

8,139,876

67,888149,239

308,155

130,697

124,741

104,287

539,503

3,143,165

139,939

74,018

157,910

152,902228,924

226,742

173,392

8,063,436

0

499

11,671

0

117

0

2,163

2,337

5,994

0

0

0

0

21,494076,43911,702

29,23142,49428,316

21,43225,263

94,909738,516

24,824

14,59844,36240,232

56,66259,37340,474

1,736,897# days worked (for 7th FP)
1 Operating Revenues
Revenues from Property Leasing(Incl. Common on service fees)
Other Income (*2)
2 Total Property-Related Expenses

9.7-

Property Management Fees

2,360

4,293

5,846

10,299

4,879

4,187

23,379136,096

4,596

3,135

14,835

10,204

15,781

19,246

13,495358,182

Utilities

3,095

11,613

16,705

7,881

8,047

6,530

23,743309,798

7,360

5,292

13,72917,62020,48916,301

13,286

635,416

PM Fees

1,243

3,172

7,783

2,961

1,980

1,547

15,521

30,765

5,927

1,532

2,551

2,297

3,607

4,556

2,521

129,989

Property Related Taxes (*3)

4,881

9,941

11,724

6,786

6,323

12,801

31,607254,091

6,759

3,691

12,8909,749

16,234

18,713

10,814

546,613

121

210

433

214

201

195

657

5,366

179

124

356

359

551

545

356

13,583

0

0

0

173

0

0

0

2,397

0

822

0

0

0

9

0

53,112

3 NOI (= 1-2)

56,185120,507277,333

102,380

103,425

79,023446,756

2,406,986

121,11059,419113,547

112,670

172,261

188,862

132,918

6,402,979

Annualized NOI

112,680

241,677

556,191

205,322

207,420

158,481895,968

4,827,198

242,886

119,164

227,719

225,960

345,470

378,763266,566

12,841,139

Insurance
Other

NOI Yield (*4)

7.0%

6.1%

7.5%

4.4%

6.0%

5.9%

6.5%

3.6%

4.1%

4.8%

6.2%

7.6%

7.0%

4.9%

5.5%

4.8%

596

5,498

7,316

887

1,254

1,020

1,928

3,885

3,040

116

410

802

1,113

1,662

365

90,887

Annualized repair expenses

1,196

11,026

14,672

1,778

2,516

2,046

3,866

7,792

6,096

232

822

1,609

2,232

3,333

732

179,364

NOI yield to repair expenses

0.1%

0.3%

0.2%

0.0%

0.1%

0.1%

0.0%

0.0%

0.1%

0.0%

0.0%

0.1%

0.0%

0.0%

0.0%

0.1%

111,483

230,651

541,518

203,544

204,903

156,434

892,101

4,819,405

236,789

118,932

226,897

224,351

343,237

375,430

265,834

12,661,774

Repair expenses(Reference)

NOI after relair expenses
NOI yield after repair expenses

7.0%

5.9%

7.3%

4.4%

5.9%

5.8%

6.4%

3.6%

4.0%

4.8%

6.2%

7.6%

6.9%

4.9%

5.5%

4.8%

Depreciation and amortization

7,836

16,221

28,35324,524

16,55011,755

29,154

513,805

16,577

7,975

25,00429,40855,13650,11730,056

1,182,099

Restoration and renovation work

761

0

5,910

0

100

0

0

0

2,700

0

0

0

0

1,470

0

37,783

0

22

0

0

0

0

0

0

0

0

0

0

0

0

0

22

Deferred security deposits

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

For operating income from property leasing activities, actual results (excluding certain other income and property-related taxes) for the seventh fiscal period are used and displayed by rounding off to the nearest thousand yen.
Other income does not include restoration and renovation work or deferred security deposits.
Property taxes, city planning taxes and depreciable asset taxes recorded in property-related taxes are calculated by converting the actual amount for fiscal 2008 to the number of operating days in the seventh fiscal period.
NOI Yield is calculated by dividing annualized NOI in 3 on the table by the acquisition price.
NOI in this list is calculated by making an adjustment for taxes and public dues and repair costs to "Rental NOI (after deducting gains from sale)" on page 29 and therefore does not conform to the value in "Rental NOI (after deductions from sale)."This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

36

Property Disposition Results
DA
DA Office
Office REIT
REIT aims
aims toto raiseraise portfolio
portfolio quality
quality by
by selling
selling mainly
mainly its
its small-sized
small-sized office
office buildings
buildings ororofficeoffice buildings
buildings outside
outside ofof thethe five
five central
central wards
wards ofof TokyoTokyo toto bringbring about
about highhigh gains
gains onon sales.
sales.
(Unit: Million yen)

Period2

Property namedaVinci Gyoenmae

Acquisition priceAppraisal 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%

daVinci Mita

3,250

4,690

4,760

46.5%

daVinci Kamiyacho

12,00014,90017,000

41.7%

Total

35,65842,662

48,876

37.1%

3

4

5

6

* Capital gain: Gain on sale/acquisition priceThis document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

37

Portfolio Property Photographs (1)(As of July 29, 2009)

daVinci Nihonbashi Honcho

daVinci Kyobashi

daVinci Ginza 1-chome

Sunline 7 Bldg.

daVinci Ginza

daVinci Ginza Annex

daVinci Shibaura

daVinci Minami Aoyama

daVinci Sarugakucho

daVinci A Hamamatsucho

daVinci Jingumae

daVinci Shibadaimon

daVinci MisakichodaVinci Shimbashi 510

Shinjuku Maynds Tower

daVinci Onarimon

BPS Square

daVinci Tsukiji

daVinci Tsukiji 616

Shuwa Tsukishima Bldg.

Nihonbashi MS Bldg.

This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

Portfolio Property Photographs (2)Atlantic Bldg.

Shibuya SS Bldg.

Bennex S-3

daVinci Kodemmacho

daVinci KinshichodaVinci Higashi-Ikebukuro(As of July 29, 2009)

SHIBUYA EDGE

daVinci Shinagawa II

daVinci Minami-Senba

This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

Map of Portfolio(As of July 29, 2009)

Main
Main Target
Target Area
Area forfor Investment:
Investment: Five
Five Central
Central Wards
Wards ofof TokyoTokyo

Possible
Possible Areas
Areas forfor Investment:
Investment:
Major
Major Regional
Regional Cities
CitiesIkebukuro Station

Shinjuku WarddaVinci Sarugakucho
daVinci Misakicho

Shinjuku Station
Shinjuku 3-chome
Shinjuku
MayndsTower

Nihonbashi MS Bldg.

daVinci Nihonbashi Honcho

Chiyoda Ward

Sunline 7 Bldg.

daVinci Ginza 1-chome
BPS Square

Shibuya WarddaVinci Minami-Senba

daVinci Kodemmacho
Tokyo
StationTargetTarget Area
Area forfor Investment:
Investment:
Tokyo
Tokyo Metropolitan
Metropolitan Area
Area

Chuo WarddaVinci Tsukiji
daVinci Jingumae

SHIBUYA EDGE
Shibuya Station

daVinci
Ginza Annex
daVinci Minami Aoyama
daVinci
Shimbashi
510
daVinci Onarimon
daVinci A Hamamatsucho

Shibuya SS Bldg.

Atlantic Bldg.

daVinci Kyobashi
daVinci Tsukiji 616
daVinci Ginza
Shuwa
Tsukishima
Bldg.

daVinci Higashi-Ikebukuro

daVinci
Shibadaimon

Minato WarddaVinci KinshichodaVinci Shibaura

Bennex S-3
Yamanote LineTokyo

Saikyo Line

Shinagawa Station

Chuo Line
YokosukaLine/Sobu
Express LinedaVinci Shinagawa II

This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

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Organization of the Asset Management Company
Organization Chart

Company Overview

Shareholders’Shareholders’Meeting
Meeting

Board of Directors and Auditors

Auditors
Auditors
Board
Board ofof
Directors
Directors

Compliance
Compliance
Committee
Committee
Investment
Investment
Committee
Committee

Compliance
Compliance Officer
Officer
Representative
Representative
Director
Director

Investment
Investment Management
Management
Department
Department
ResearchResearch && Acquisitions
Acquisitions TeamTeam Matters relating to the acquisition anddisposal of assets
 Research and analysis of industry trends in thereal estate market and the retail industry
 Development and revision of the Investment
Guidelines

Asset
Asset Management
Management TeamTeam
 Development of asset management plans,

annual asset management
plans and medium-term asset management
plans and the development and revision of
medium-term asset management plans Development and revision of the Investment
Guidelines

President &Representative Director

Yoshiki Nishigaki

Representative Director &Vice President

Yuji Shinozuka(IR & Planning Officer)

Director

Atsuko Takahashi(Chief Investment Officer)

Director

Naoyuki Owa(Chief Administration Officer)

Director

Yoji Ueta (Chief Financial Officer)

Director (part-time)

Seiji Nakata

Director (part-time)

Toshihiro Matsui

Director (part-time)

Hikaru Sakagami

Auditor

Shigeharu Tominaga

Internal
Internal Control
Control
OfficeOfficeGeneralGeneral Administrative
Administrative
Department
Department
Personnel
Personnel && General
GeneralAffairs
Affairs TeamTeam Matters relating to theoperation of the general
meeting of investors and theboard of directors and mattersrelating to the operation of
the general meeting ofshareholders, the Board of
Directors and committees
 Compliance officer support,etc.
 Matters relating to humanresources and general affairsIRIR && Planning
Planning
Department
Department

FinanceFinance Department
Department

IRIR && Planning
Planning TeamTeam

FinanceFinance && Accounting
Accounting
Team
Team

 Matters relating to Matters relating to financing

disclosuresof the investment corporation

 Matters relating to IR of the Development and revision of

investment corporation
 Research and analysis of thereal estate investment trust
market Matters relating to the
response to investors of theinvestment corporation(excluding matters relating to
general meetings ofinvestors)

the Investment Guidelines
 Matters relating to thedevelopment of a budget,
settlement of accounts,
disclosure and accounting of
the investment corporation

CompanyName

Daiwa Real Estate Asset Management Co., Ltd.

Address

6-2-1 Ginza, Chuo-ku, Tokyo

Established

October 21, 2004

Capitalization

200 million yen

Representative
Director

Yoshiki Nishigaki

Directors

9 (5 executive, 3 non-executive, 1 auditor)

Employees

24 (Including 3 concurrent directors, as of July29, 2009)

Registered Financial
Instruments Firm

No. 355 (Financial Instruments), Director,
Kanto Local Finance Bureau

Building Lots andBuildings Transaction
Business License

No. (1)-83920, Governor of Tokyo

Discretionary Agent forReal Estate Transaction
Approval

No. 34, Minister of Land, Infrastructure andTransport
A member of the Investment Trusts
Association of Japan

This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature, nor is it intended for the purposes of solicitation. DA Office Investment Corporation advises reader to make investment decisions at their own judgment.

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