This document was prepared based on statements made at the earnings announcement meeting held on July 22, 2022(Friday), 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 is the Investment Corporation’s judgment as at the time this document wasprepared. No assurances or promises can be given regarding the accuracy and certainty of this information, and it can be
modified without prior notice.

Main Q&As at the 33rd Fiscal Period Earnings Announcement ofDaiwa Office Investment Corporation (DOI)

Date and Time: 15:30-16:10, July 22, 2022 (Friday)
Presenter: Yoshiki Nishigaki/President and Representative Director
Daiwa Real Estate Asset Management Co. Ltd.
*Questions are presented in sequential order.
Q1. With regard to the increase in electricity rates, explanation was toreview the billing methodand contract unit prices after gaining the understanding of tenants, and take steps to eliminate
the so-called reverse spread. Could you elaborate on the possible time frame for taking aspecific approach to addressing this issue?
(Answer)
Although we have finalized the details of our specific approach to addressing this issue, it will be difficult
to achieve a certain result during the fiscal period ending November 30, 2022, and we expect that theresults will become apparent only in May 2023 or later.
We intend to carefully respond to tenants so that they can understand the current situation of soaring
energy prices by adopting a two-pronged approach: (1) raising the billing unit price of electricity rates,and (2) asking tenants to bear a certain amount of the increased burden in proportion to the unit priceof electricity supplied by electric utility companies (the so-called pass-through method).
Q2. Regarding the trends in new leases/cancellations on page 12, the expected new leases ratio
for the fiscal period ending May 31, 2023 is "2.2%," which seems to be a conservative forecast.
Please walk us through your current responses to leasing in light of the current office market
conditions, in relation to the details on page 41, "Analysis of Leasing Business - Improvementin Basic Strength."(Answer)With regard to leasing, while leasing of large sections continues to be sluggish, leasing activity is brisk
and favorable for floors of around 100 tsubos, and we do not feel that fundamentals related to the officemarket have deteriorated significantly over the past six months. In fact, we even have a sense that1leasing is becoming more active in certain areas.
However, in terms of the office market as a whole, a certain number of vacancies are occurring in areasonable number of properties, and we do not believe that we are at a point where we can add
significant amount to unit rents. In terms of basic strengths, although it is expected that some time will
be required for the market to recover to a positive level, the office market is not in a phase where thesupply-demand balance will deteriorate significantly.
Q3. What is the background and tenant stickiness supporting the strong leasing of the Bakurocho
1-Chome Development Project, as provided on page 19, while other office buildings arestruggling with leasing?
(Answer)
The property is a development project that began with the purchase of land. In addition to the fact that
it is a newly constructed building, we believe the key to success was that the asset managementcompany itself was involved in the planning and design, utilizing its expertise to facilitate leasing. Thetenant, who had already signed a lease for seven floors, had been looking for a property in the vicinity
for a while and this property exactly matched its need in terms of area size and usability, leading to a
successful contract with a long-term tenant. In addition to the tenant in question, we feel that tenants inthe vicinity of the property tend to circulate in the surrounding area.
Q4. The explanation earlier was that you are considering the pass-through method as one of theoptions to be proposed to tenants in the future to cope with the increase in electricity rates. As
for the contract for electricity rates with the existing tenants, is the previous contract format
adopted by DOI the norm, or is the pass-through format the standard?
(Answer)
In general for office buildings, as with the current contract format adopted by DOI, electricity is charged
to tenants at a fixed price, and fluctuations in the electricity supply from electric utility companies areoften borne by the owner. Nowadays, however, we hear that an increasing number of owners are
adopting the pass-through method.
Q5. The projected occupancy rate as of the end of the fiscal period ending November 2022 was"97.1%" in the previous earnings announcement, which is the same as in the current earnings
announcement, while that rate excluding development projects was “98.1%” according to thenote. What is the expected occupancy rate excluding development projects as with theprevious period?
(Answer)
The number of cancellations increased compared to the previous forecast due to cancellations at Daiwa
Tsukishima Building and other large sections. When excluding development projects as with theprevious forecast, the expected occupancy rate would be “97.3%.”2

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Q6. The explanation was that you will consider various measures to increase the ongoing EPS overthe medium to long term. Do you plan to prioritize the acquisition of existing properties thatare already in operation over development projects?
(Answer)
We intend to pursue all possible measures to raise the ongoing EPS over the medium to long term,
despite the harsh office market environment. It would be best if we could acquire operating properties
with potential to provide good returns in the future at affordable prices. We are currently working on two
development projects, the Bakurocho 1-Chome Development Project and the Kandasudacho 2-Chome
Development Project. Our main focus moving forward will not be to start new development projects one
after another, but rather to acquire operating properties.
Q7. The electricity rates resulted in a reverse spread, but does this mean that DOI did not adopt ageneral form of contract with regard to supply contracts with electric utility companies?
(Answer)
In general, a contract is concluded with local electric utility companies in the area where the property is
located to receive electricity supply. However, as part of a management effort, DOI had been regularly
bidding for electric utility companies and receiving supply from the company with the best terms.
Currently, we conclude contracts for electricity supply with three electric utility companies, but one ofthem (a major regional electric utility company) has notified us in March 2022 that it will be difficult forthat company to supply electricity in the future due to the recent tight electric power supply and demandsituation. We have been making efforts to curb electricity costs by reviewing electric power supply
contracts on a case-by-case basis, based on proposals from multiple electric utility companies. However,
because of the unexpectedly tight electric power demand these days, we could not avoid the increasein electricity costs resulting from the switch to a contract format known as a last resort service agreement.
Q8. At the time of the previous earnings announcement six months ago, there was an explanationthat there was a rent gap of about 0-5%. Do you sense any changes in the current level?
(Answer)
Although there are some cases where contracts have been signed at rents above the market level,
overall, we recognize that the current rent gap is almost negligible.
Q9. In terms of distribution forecasts going forward, is the 13,600 yen level the lower limit of
distribution? Is there a possibility that you will further revise the distribution level downward
in the future, given the continuously severe office market environment?
(Answer)
Although the outlook for the office market environment remains severe, we have set 13,600 yen as thelower limit for distribution. We will continue to manage our properties with the recognition that this is atarget that must be achieved.

4Q10. It will be difficult to raise rents, assuming that the current rent gap is at a negligible level while
the office market continues to decline. In that case, how will the 13,600 yen level of distribution
be secured in the future?
(Answer)
We have mentioned that we will continue to focus on leasing with an emphasis on occupancy rates
amid the severe office market environment. However, we have set the distribution level at 13,600 yen
based on a conservative budget, assuming a fairly severe scenario in light of future property
replacements and contract renewals with tenants.

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