This document was prepared based on statements made at the earnings announcement meeting held on
July 20, 2020 (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 dataand phrases used in this document. Furthermore, opinions and forecasts indicated in this document is theInvestment 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 can be modified without priornotice.

Main Q&A at the 29th Fiscal Period Earnings Announcement
Date and Time: 15:30-16:30, July 20, 2020 (Monday)
Presenter: Toshio Fukushima/President and Representative Director
Daiwa Real Estate Asset Management Co. Ltd.
*Questions are presented in sequential order.
Q1. When comparing large-scale buildings and small- to medium-sized buildings, which will

be impacted more by the spread of remote work? Also, are there any areas that arebelieved to be significantly impacted in terms of location?
(Answer)

We believe remote work will have an impact on buildings occupied by relatively large companies
with an environment enabling telework. However, we believe the impact will appear a bit later aslarge companies have to undergo decision-making processes and are occupying buildings under
fixed-term lease agreements. In addition, with regard to the difference in change due to building
size, we believe change will be seen at small- to medium-sized buildings before large-scalebuildings. This is believed to be largely due to the business performance of individual tenants
rather than the impact of remote work. In terms of location, it is said that the rise in vacancy rates
in Shibuya is faster than the average in Tokyo, but we believe this is because various movements
are being made by IT companies in Shibuya. Even for the buildings we operate in Shibuya, there
is currently no significant impact. It will be necessary to pay close attention to such trend in thefuture, but it is still difficult to be of the determination that impacts are seen in specific areas.
Q2. Are there any inexpensive properties to be sold in the current transaction market?
(Answer)With regard to large office projects, at present, we have not heard any voices expressing thedesire to dispose of properties even at a slightly lowered price. Rather, there has been nosignificant decrease in buying demand from companies owning abundant funds including foreign1capital, and the transaction level has not changed much from before the outbreak of COVID-19.
Q3. Have you considered purchasing treasury investment units?
(Answer)

We did consider it internally. We decided against it this time based on the idea that it is importantto maintain a certain amount of cash on hand while the impact of COVID-19 is unforeseeable.
Q4. What is your forecast for office demand in the short term?
(Answer)

As for demand for relatively small floors of around 50-100 tsubos, many inquiries were made inJune, and it seems demand is emerging gradually. On the other hand, as for demand for spaces
with large floors, movements of both move-ins and move-outs are becoming sluggish.
Q5. What is your forecast for office demand in the long term? Also, what is your view on demandbased on shared offices and satellite offices?
(Answer)

We believe there will be no significant decrease in demand for office floors. Under the situation inwhich companies are forced to adopt remote work due to the impact of COVID-19, it seems thatcompanies are re-recognizing the fact that innovation is born from communication among
employees, while also understanding the merits of remote work. When we consider both thedecrease in office floor area due to the adoption of remote work and the increase in demand as anenvironment promoting innovation, we believe office demand will be positive as a result. In fact,even before the outbreak of COVID-19, we have been making various considerations on how
offices should be. We intend to continue exploring this while making attempts ourselves as an
asset management company handling offices.
In addition, there is certain demand for shared offices and satellite offices, but they are only usedas something extra, and we do not believe they are linked to the decline in demand for officebuildings.
Q6. What is the future forecast for property acquisitions and replacements?
(Answer)

Basically, we believe property acquisitions through replacement will be mainly conducted. For oldproperties, we intend to not simply sell them but also conduct transactions that contribute toqualitative improvement of the portfolio.
Q7.

We have heard refinancing remains favorable even amid the COVID-19 crisis, but has there
been any change in the lending attitude of financial institutions towards DOI?

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(Answer)

As of now, we have not felt any pressure from financial institutions. However, under the situationin which the impact of COVID-19 is unforeseeable, selection may be performed in real estateloans. We would like to continue to report and explain firmly the management status in order toremain selected.
Q8.

As for the appraisal value described on p.32-33 of the financial report, what are the reasonsfor the increase/decrease in capitalization rate? Also, what is your forecast for the next six
months?
(Answer)

Since the appraisal value is rising as a whole, we are not particularly concerned about theindividual increase/decrease. However, area and age seem to be the individual causes of the risein capitalization rate. For properties of which appraisal value has decreased, external factors
such as the increase in long-term repair expenses and fixed property tax are the cause.
In addition, in the forecast for the next six months, it is difficult to forecast the impact of COVID-19,
but we believe there will be no significant change if the current situation continues.
Q9.

As for the actual results for the fiscal period ended May 2020, we feel rent revision wasfavorable. Do you think you can maintain it? Also, how is the relationship, including sense ofsatisfaction, with tenants?
(Answer)

We believe negotiations up to the fiscal period ended May 2020 were accepted because they
were largely conducted before the outbreak of COVID-19. Going forward, we intend to act after
firmly checking the financial status, business environment, etc. of each tenant. In such a sense,
there is a possibility that bold movements like those in the previous fiscal period cannot bemade.
Q10. Is there a possibility of a change from the policy adopted until now of realizing growth ofunitholder value to a policy of avoiding damage and minimization of unitholder value? If so,where will risk emerge? Also, what will be the measures against such risk?
(Answer)

As of now, the sense of direction has not shifted toward defense, but we feel we need torespond in the future while also considering such possibility. With regard to the point that thepace of cancellation of lease contracts is becoming faster, we believe early refilling of vacancies
is the best defense. We will promptly implement that which we can presently handle andperform operation with the possession of surplus capacity to deal with unforeseen
circumstances in mind.

3Q11. You said that the pace of cancellation of lease contracts is becoming faster than before, butare there any points that have changed regarding inquiries for vacancies?
(Answer)

As for demand for relatively small office buildings, the situation is the same as before theoutbreak of COVID-19, but it seems that borrowers are coming out slightly ahead. Regarding
the difference from the situation before the outbreak, we feel demand for large-scale officebuildings has not returned to the level before the outbreak. We believe it is necessary toaccelerate movements such as careful leasing through the increase of personnel and efforts
made ahead of others by using the budget we have secured.
Q12. We understand a certain rent gap with the market is still secured, but what efforts will bemade toward negotiations for rent increase in the future?
(Answer)

Instead of commencing negotiations uniformly, we would like to consider the financial status,
business environment, etc. of each tenant individually and carefully proceed from there.

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