This document was prepared based on statements made at the earnings announcement meeting held on July 22, 2024(Monday), and should not be construed as a solicitation for investment in the Investment Corporation. Moreover, please
understand that we shall not be held liable for omissions and errors of data and phrases used in this document. Furthermore,opinions and forecasts indicated in this document are the Investment Corporation’s judgment as at the time this document
was prepared. No assurances or promises can be given regarding the accuracy and certainty of this information, and it canbe modified without prior notice.

Main Q&As at the Fiscal Period Ended May 2024 (37th Fiscal Period) Earnings
Announcement of Daiwa Office Investment Corporation (DOI)
Date and Time: 17:00-17:35, July 22, 2024 (Monday)
Presenter: Yoshiki Nishigaki, President and Representative Director
Jun Abe, Deputy General Manager of Acquisition and Asset Management Division
Daiwa Real Estate Asset Management Co. Ltd.
*Questions are presented in sequential order.
Q1. Please provide details on the background behind the sale of “Daiwa Tsukishima”, the leasing
situation, and sales activities.
(Answer)Regarding Daiwa Tsukishima building, the location had become more suitable for residential use thanfor offices, so we were having difficulty leasing it for use as an office. Therefore, we decided that it
would be better to sell the property and manifest unrealized profit, rather than reducing the rent slightly
and backfilling the vacant space, and so we conducted sales activities.
We made a proposal to the developer, anticipating that a condominium for sale would sell at the highest
price, but the price did not increase due to height restrictions which was not suitable to build a tower
condominium. We negotiated with various other vendors, and Daiwa Securities Realty was the onethat offered the highest price, so we decided to sell the property.
Q2. The occupancy rate for the entire portfolio, both actual and forecast, continues to be favorable,
but is it correct to understand that the sales activity is winding down?
(Answer)
As you are aware, we have been able to maintain high occupancy rates in our portfolio as a whole.
However, while good areas such as Shibuya are expanding, some areas are still lagging behind.
We will not completely stop our sales activity, but will always consider it as an option and explore thebest option for the Investment Corporation. At this point, there are no specific discussions in progress.

Q3. Regarding “Daiwa Akihabara” development described on page 10 of the financial results1presentation, please provide specific details regarding the change in the construction plan.
(Answer)
As we were involved in the “Daiwa Akihabara” from the development and design stages, we (1)increased the total rentable area, (2) upgraded the entrance and private areas, and (3) changed
specifications to reduce building maintenance costs, at some cost. As a result of these efforts, we wereable to achieve early closing at a high rental rate.
Q4.

Regarding the leasing of “Daiwa Akihabara”, please provide the factors that received highevaluations from the tenants and the attributes of the tenants.
(Answer)
Since there are many old and small buildings in the Akihabara-Kanda area, we succeeded in
attracting tenants who wanted to move to newer buildings or larger areas due to their strong
business performance, but did not want to move from the same area.
In terms of attributes of the area, there are many IT and game-related companies, which are uniqueto Akihabara.

Q5. Regarding the leasing of “Daiwa Sasazuka Tower”, please provide the reasons for the increasein the unit rent, tenant attributes, and area characteristics.
(Answer)
Since the previous tenant's unit rent was lower than the market rent by a certain degree, we were able
to conclude the contract at a high rent unit price comparable to the market.
As for the area, we were able to successfully bring in such tenants, as the area has a satellite demand
from Shinjuku and is preferred by many IT-related companies.
Q6. On page 6 of the presentation, the 40th and 41st fiscal periods are listed as the cruising period.
Also, considering the strength of internal growth going forward, is it correct to understand that"EPU of 6,850 yen" is more nuanced as a passing point than a goal?
(Answer)
We have been talking about returning EPU to 6,850 yen in the 41st fiscal period based on EPU alone,
but due to contributions from internal growth, we expect to be able to bring this forward somewhat
between the 40th and 41st fiscal periods.
Going forwrd, we intend to further strengthen internal growth towards EPU of 7,000 yen, andrecognize EPU of 6,850 yen as a milestone.

2Q7. What are your priorities and thoughts on the use of funds in the future, i.e., acquisition of own
investment units, repayment of borrowings, and acquisition of new properties?
(Answer)
We will continue to consider acquisition of our own investment units. As an investment managementcompany, we recognize that the current low unit price is very problematic, so we will first carefully
examine the results of this acquisition of our own investment units.
If we were to repurchase our own investment units again next time, we would need to consider
repaying the loan at the same time in light of the LTV level.
We believe that the three priorities will vary depending on the availability of properties that fit ouracquisition target, the yields of those properties, and the quality of the properties, and we will makeour decisions taking into account various factors.

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