As of July 16, 2015

Daiwa Office Investment Corporation
Earnings Announcement for the 19th Fiscal Period(Fiscal Period ended May 2015)

Contents
Section 1
19th Fiscal Period Performance Highlights and Forecasts

External Growth

19th Fiscal Period Topics・・・・・・・・・・・・・・・・・・・・・・・・・ 4

Changes in Asset Size and Trading Performance・・・ 24

Highlights of the 19th Fiscal Period・・・・・・・・・・・・・・・・・ 5

Properties Acquired after Sponsor Change・・・・・・・・・ 25

Highlights of Forecasts for the 20th and 21st Fiscal Periods・・・

6

Properties Newly Acquired in the 20th FP・・・・・・・・・・ 27

Changes in Dividends・・・・・・・・・・・・・・・・・・・・・・・・・・・

7

Properties Newly Acquired in the 19th FP・・・・・・・・・・ 28

Section 4

19th FP: Portfolio Replacement・・・・・・・・・・・・・・・・・・・ 29

Section 2

Acquisition/Sale Policy and Status of Deliberation

Highlights of Public Offering in June 2015

for Property Acquisitions・・・・ ・・・・ ・・ ・・ ・・・・・・・・・・

Summary of Public Offering in June 2015・・・・・・・・・・・ 9Changes in Major Indices due to Public Offering・・・・・ 10

Section 3

30

Section 5
Financial Strategy
Status of Interest-bearing Liabilities・・・・・・・・・・・・・・・ 33

Internal Growth

Unitholders as of the End of the 19th Fiscal Period・・ 36

Leasing Market of Tokyo Office Buildings・ ・ ・ ・・・・・・ 12

Activities in the 20th Fiscal Period・・・・・・・・・・・・・・・・・ 37

Analyses of Leasing Income (1)～(3)・・・・・・・・・・・・・・ 13

Appendix

Portfolio Map: Increase and Decrease in Unit
Contract Rent Compared with Previous Fiscal Period 16
Analyses of Leasing Income(4) ・・・・・・・・・・・・・・・・・・ 17Internal Growth Strategies・・・・・・・・・・・・・・・・・・・・・・・ 18
Status of Properties Subject to Strategic Leasing
Improvement and Strategic Renewal・・・・・・・・・・・・・・ 19
Performance of Shinjuku Maynds Tower & E SPACE TOWER・・ 20
Measures to Increase Portfolio Value・ ・・・・・・・・・・・・・ 21
Environmental Efforts・・・・・・・・・・・・・・・・・・・・・・・・・

22

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

1This material is solely for the purpose of providing information and is not intended for the purpose ofoffering or soliciting investment, or as a recommendation to purchase or sell any specific product.
Please refer any inquiries on potential purchases of the investment units of Daiwa Office Investment
Corporation to a securities dealer.
This document is not intended to provide information to meet the requirements of Japan’s new
Financial Instruments and Exchange Act or Act on Investment Trusts and Investment Corporations, or
any associated cabinet orders, cabinet office ordinances, rules, or any rules governing companies
listed on the Tokyo Stock Exchange, or any other applicable rules, nor is it a disclosure document orstatement of financial performance prepared in accordance with the provisions of any of the foregoing.
This document contains forward-looking statements. However, these forward-looking statements are
based on certain assumptions and judgments made using currently available information, and there
are a number of known and unknown risks and uncertainties. These forward-looking statements are
not a guarantee of future performance or management results of Daiwa Office Investment Corporation,
and actual results may materially differ from any explicit or implicit forecasts contained herein.
Although the information contained in this document is the best available at the time of publication, no
assurances can be given regarding the accuracy and certainty of this information. The content of thisdocument may be modified or withdrawn without prior notice.
Reproduction or use of the contents included in this document without prior approval is prohibited.

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

2Section 1
19th Fiscal Period
Performance Highlights and Forecasts

19th Fiscal Period Topics█ Public Offering in June 2015
The Investment Corporation’s first global offering: Number of units offered: 43,000 units, issue price:
583,050 yen, paid-in price: 563,914 yen, total paid-in amount: 24.2 billion yenThree properties (River Gate, Glass City Shibuya, Meguro Place Tower) for a total of 49.6 billion yen

As a result of the public offering, 48 properties with total assets (total acquisition price) of 441.2 billion yen█ Favorable opportunity for expanding internal growth

Average Contract Rent at the end of May 2015 (Note 1): 18,674 yen (amount and % of change from the endof November 2014: +875 yen, +4.9%)<Average Contract Rent of the existing 41 properties (Note 1, 2) at the end of May 2015: 18,513 yenamount and % of change from the end of November 2014: +156 yen, +0.8%)>

Occupancy Rate at end of the 19th FP: 97.3% (19th FP Expected Occupancy Rate estimated in January
2015: 96.0%)(Occupancy Rate at the end of the 18th FP: 97.2%)█ Financial Situation
LTV (based on total assets): 44.3%, After the public offering (plan): 41.2% (end of 18th FP: 40.2 %)

Average remaining years at the end of the Fiscal Period: 4.7years (end of 18th FP: 4.4 years)

Ratio of fixed interest: 68.9%, After the public offering (plan): 71.0% (end of 18th FP: 85.8%)

Note 1: Average contract rent is, as a rule, calculated after excluding all non-office uses such as retail, residence and warehouse.
Note 2: Excluding properties acquired/sold in 19th FP

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

4

Highlights of the 19th Fiscal Period█ Results of the 19th Fiscal Period(Million Yen)

18th Fiscal Period(ended Nov 2014)

19th Fiscal Period(ended May 2015)

Operating Revenue

9,763

10,387623

Operating Expense

5,324

5,617

292

Operation Income

4,438

4,770

331

799

750

-49

Ordinary Income

3,642

4,032

390

Net Income

3,641

4,031

390

Dividend per Unit

8,256 yen

9,142 yen

886 yen

NAV per Unit*

478,051 yen

506,681 yen

28,630 yen

Occupancy Rate

97.2%

97.3%

0.1%

NOI Yield (annualized)**

3.7%

3.6%

-0.1%

Non-Operating expense

Difference* NAV per unit = (Unitholders’ equity + Total appraisal value at the end of fiscal period − Total property book value
at the end of fiscal period) / Number of investment units issued and outstanding** NOI Yield (annualized) calculated based on book value(Reference)
Comparison of forecastswith results of 19th Fiscal
Period(Million Yen)

19th Fiscal Period(announced Jan.
2015)

19th Fiscal Period

Operating Revenue

10,221

10,387

166

Operating Expense

5,540

5,617

76

Net Income

3,884

4,031

146

8,700 yen

9,142 yen

442 yen

96.0%

97.3%

1.3%

Dividend per Unit
Occupancy Rate

Difference

Increase factors:
Revenue (rents and common area fees) from 6 properties acquired during
the fiscal period(+522 million)***Revenue (rents and common area fees) from 39 existing properties(+215 million)
Gain on 5 properties sold during the fiscal period (net)(+240 million)
Full contribution of revenue (rents and common area fees) from 2 properties
acquired in the previous fiscal period(+176 million)
Decrease factors:
Revenue (rents and common area fees) from 5 properties sold during the
fiscal period(-374 million)
Utilities revenue(-127 million)
Other operating revenue(-36 million)
Increase factors:
Repair cost
Depreciation
Tax and public due
Asset management fee
Outsourcing expense
Decrease factors:
Utilities revenue
Decrease factors:
Investment unit issuance cost(+102 million)(+56 million)(+51 million)(+36 million)(+21 million)(-48 million)(-46 million)*** 39 existing properties are properties held (47 properties) as of the end of the 19th
Fiscal Period (ended May 2015) less the 2 properties acquired during the 18th
Fiscal Period (ended November 2014) and the 6 properties acquired during the 19th
Fiscal Period.

Increase factors:
Revenue (rents and common area fees) from 2 properties acquired during the
fiscal period (Glass City Shibuya and Meguro Place Tower) (+78 million)
Gain on property sold during the fiscal period(+39 million)****Revenue (rents and common area fees) from 45 existing properties(+39 million)
Increase factors:
Outsourcing expense(+35 million)
Advertising expense(+29 million)
Utilities revenue(+21 million)
Decrease factors:
Repair cost(-47 million)****45 existing properties are properties as of the end of the 19th Fiscal Period (ended

This document is not material disclosed in compliance with the Financial InstrumentsMay
and 2015)
ExchangeLawor any regulationof similar
nature,less theproperties
acquired during
the 19th
Fiscal Period (Glass Citynor is it intended for the purposes of solicitation. Daiwa Office Investment CorporationShibuya
advisesreaders
makeTower).
investment decisions at their own judgment.
andMegurotoPlace5

Highlights of Forecasts for the 20th and 21st Fiscal Periods█ The 20th Fiscal Period(Forecast)(Million Yen)

20th FP Ending Nov. Difference from 19th
2015 (Forecast)FP

Operating Revenue

11,755

1,368

Operating Expense

6,285

668

Operation Income

5,469

699

942

191

4,525

493

Dividend per Unit

9,350 yen

208 yenOccupancy Rate

96.7%

-0.6%

Expected NOI Yield (annualized)**

3.9%

0.3%

Non-Operating expense
Net Income█ The 21st Fiscal Period(Forecast)(Million Yen)

21st FP Ending May Difference from 20th
2016 (Forecast)FP

Operating Revenue

11,725-29

Operating Expense

6,220

-65

Operation Income

5,505

35

784

-158

4,719

193

Dividend per Unit

9,750 yen

400 yenOccupancy Rate

96.6%

-0.1%

Expected NOI Yield (annualized)**

3.9%

0.0%

Non-Operating expense
Net Income

Increase factors:
Revenue (rents and common area fees) from 1 property acquired during the fiscal
period(+790 million)
Full contribution of 6 properties acquired in the previous period (+492 million)
Revenue (rents and common area fees) from 41 existing properties(+259 million)
Utilities revenue(+256 million)
Decrease factors:
Gain on 5 properties sold in the previous period(-240 million)
Revenue (rents and common area fees) from 5 properties sold in the previous
period(-209 million)
Increase factors:
Utilities revenue
Depreciation
Asset management fees
Repair cost
Tax and public due
Decrease factors:
Advertising expense
Other operating revenue
Increase factors:
Interest expense
Investment unit issuance cost(+273 million)(+162 million)(+120 million)(+71 million)(+50 million)(-29 million)(-25 million)(+25 million)(+151 million)

Increase factors:
Revenue (rents and common area fees) from 46 existing properties(+132 million)
Decrease factors:
Utilities revenue(-151 million)
Full contribution of revenue (rents and common area fees) from 1 property acquiredin the previous fiscal period(-0 million)
Increase factors:
Repair cost
Outsourcing expense
Depreciation
Decrease factors:
Utilities revenue
Increase factors:
Interest expense
Decrease factors:
Investment unit issuance cost(+24 million)(+13 million)(+24 million)(-121 million)(+4 million)(-151 million)** Expected NOI Yield (annualized) is calculated based on the book value for
Thisfordocument
is not material
compliancewith
the19th Fiscal Period
existing properties,
and disclosed
based on in
acquisition
price
forthe Financial Instruments and Exchange Law or any regulation of similar nature,nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.
newly acquired properties

6

Changes in Dividends
Changes in Dividends per Unit(yen)

Forecastfrom a year earlier
1年前予想

10,000

半年前予想
Forecastfrom six months earlier

7,400
8,000

6,000

Actual dividends
分配金実績

6,009
6,847

5,500

4,850

4,154
3,903
5,246
2,843
3,176

4,000

3,180
3,280

3,600

4,850

4,100

5,107

5,350

6,250

5,500

6,542

6,550
7,200

7,300
7,540
7,621

7,570
7,820

9,000
8,328
9,350
8,700
9,142

9,750

8,256

7,478

5,986

4,464

3,671

3,240

2,000

0

8th FP 9th
FP 10th
FP 11th
FP 12th
FP 13th
FP 14th
FP 15thFP'09/11期'10/5期'10/11期'11/5期'11/11期'12/5期'12/11期'13/5期

16th
FP 17thFP'13/11期'14/5期

18th
FP 19thFP'14/11期'15/5期

20th
FP'15/11期

21stFP'16/5期*The forecast from six months earlier for the 20th FP and forecast from a year earlier for the 21st FP indicate dividends forecasts published on April 27, 2015.
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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

7Section 2
Highlights of Public Offeringin June 2015

Summary of Public Offering in June 2015
Summary of Public Offering

Issuance type

Public offering (Global offering)Issuance
resolution date

April 27, 2015

Price
determination date

May 20, 2015

Application period

May 21, 2015 – May 22, 2015

Payment datePrimary offering: June 1, 2015
Third-party allocation: June 24, 2015

Number of units issued
and outstanding before
public offering

441,000 units

Number of units
offeredTotal: 43,000 units, Primary offering: 41,045
units, Third-party allotment: 1,955 units

Domestic
Overseas
Number of units issued
and outstanding after
public offering

Issue price

Properties Acquired Upon Capital Increase through Public Offering<River Gate><Glass City Shibuya>

Acquisition price: 28,000 million yen(Acquisition date: June 2, 2015)<Meguro Place Tower>

Acquisition price: 16,000 million yen Acquisition price: 5,600 million yen(Acquisition date: May 1, 2015) (Acquisition date: May 1, 2015)

Changes in Investment Unit Price (daily)

Primary offering: 19,545 units, Third-party
allotment: 1,955 units
Overseas offering: 21,500 units (including
additional issuance of 1,024 units)
484,000 units

583,050 yen(Yen)
700,000

Issuance
resolution date

Price determination
date(units)
16,00014,000650,000

12,000600,000
550,000

10,000
Trading volume (right axis)
Investment unit price (left axis)
TSE REIT Index (left axis)

500,000

8,000
6,000
4,000

450,000

2,000

Paid-in price563,914 yen

Total paid-in
amount24,248 million yen (including third-party(*) TSE REIT Index is calculated using the index on April 20, 2015 as theallotment)This document is not material disclosed in compliance with the Financial Instruments
and ofExchange
Law or Corporation’s
any regulationinvestmentof similar nature,
closing pricethe Investment
unit price (657,000

400,000
4/20
4/22
4/24
4/28
5/1
5/8
5/12
5/14
5/18
5/20
5/22
5/26
5/28
6/1
6/3
6/5
6/9
6/11
6/15
6/17
6/19
6/23

0

nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation
advises readers to make investment decisions at their own judgment.
yen).

9

Changes in Major Indices due to Public Offering
Major IndicesEnd of the 18th FP(Ended November 2014)

End of March 2015

Properties Acquired Upon
Public Offering

After Public Offering

Number of Properties

46 properties

45 properties

3 properties

48 properties

Total Assets(Total of acquisition prices)387,557

391,659

49,600441,259

million yen

million yen

million yen

million yen

NOI Yield(Annualized)

3.65%

3.67%

4.61%

3.80%

NAV per Unit

478,051 yen

484,462 yen-

515,278 yen

Average building age

21.4 years

20.1 years

16.4 years

19.9 years

Average distance fromthe nearest station

3.8 min. on foot

3.6 min. on foot

4.5 min. on foot

3.7 min. on footNumber of tenants

479

427

113

537

Occupancy Rate

97.2%

98.2%

86.0%

95.7%

Loan-to-value ratio

40.2%

41.4%

41.2%

(Note 1) Figures for end of the 18th FP and end of March 2015 are figures at those points of time.
(Note 2) NOI yield for properties acquired upon public offering is obtained using expected NOI at the time of acquisition. Average building age is as of the end of May 2015. The
number of tenants and occupancy rate are calculated by using figures as of the end of May 2015 for Glass City Shibuya and Meguro Place Tower and figures as of June2, 2015 for River Gate.
(Note 3) Figures for after the public offering are calculated based on actual figures at the end of May 2015. Average building age is as of the end of June 2015.
(Note 4) LTV after the public offering=(Interest-bearing liabilities at the end of May 2015 -Short-term loans planned to be repaid with part of proceeds from the public offering (5.5billion yen)) / (Total assets as of the end of the 19th FP + Total paid-in capital for the public offering, etc. - Short-term loans planned to be repaid with part of proceedsfrom the public offering (5.5 billion yen)). LTV after the public offering remains unchanged thereafter.
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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

10Section 3
Internal Growth

Leasing Market of Tokyo Office Buildings
Trend of Office Rent and Vacancy
Rate of 5 Central Wards of Tokyo

Leasing Market of Tokyo Office Buildings(Yen / Tsubo)
24,00010.0%

22,000

8.0%

Rent(Yen / Tsubo)
27,000(Rent)

2008/9(Vacancy Rate)

20,0006.0%

25,000B
Class Bldg.
Ｂクラスビル

4.5%

18,00017,178 yen

16,0004.0%

2007/923,0002001/6A
Class Bldg.
Ａクラスビル2000/1

Rental Market Clockレンタル・マーケット・クロック(conceptual
chart)(イメージ図)2.0%
Existing Building Average Rent (left axis)
Existing Building Vacancy Rate (right axis)

14,000'16/01'15/01'14/01'13/01'12/01'11/01'10/01'09/01'08/01'07/01'06/01'05/01'04/01'03/01'02/01'01/010.0%

19,000(Data): Miki ShojiFrom

2013/6

2013/12

2014/6To

2013/12

2014/6

2014/122015/5

Change in rent area

77,129377,219

203,41334,569Change in percentage
増減率

1.7%

8.3%

4.1%

0.7%

増減面積(坪）(tsubo)(Tsubo)400,000.0

Predicted figures9.0%

17,0002008/96.0%

200,000.0
100,000.0

4.5%

0.0

3.0%
Floor area of new demands

'01
'02
'03
'04
'05
'06
'07
'08
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
'20

-200,000.0

Floor area of new supplies
Vacancy Rate

(Data): CBRE “Office market medium term forecast 2014-2020”

Office Buildings of 5 Central Wards of Tokyo

2011/12
2014/6
2014/122012/122013/1215,0002007/92000/1

2001/6

2003/10
2011/1213,0002015/6-100,000.0

2014/122012/7

2015/67.5%

300,000.0

2014/6
2014/12

11,000
0%

1%

2%

3%

4%

2012/7
2013/122013/121.5%
0.0%

2003/10Rent and vacancy rate of large scale buildings* of
5 Central Wards of Tokyo

21,000

5%

6%

7%

8%

9%

10%

(Data): Sanko Estate compiled by Daiwa Real Estate Asset Management Vacancy Rate
* Large scale buildings: A floor area of 200 tsubos (661.2m2) or more.

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

12Analyses of Leasing Income (1)- Status of Contract Rent Average Contract Rent and Market Rent
(Yen / Tsubo)(Breakdown: Changes is Contract Rents for 5 Central Wards of Tokyo)* The contract rent of the existing 41 properties in the
19th Fiscal Period was 18,513 yen (period-on-periodchange of 156 yen)

30,00027,00078.22

24,00078.06 78.52

100+2.18%

9080

21,00018,215 17,79918,674 70

18,00060
Average Contract Rent*

15,000

2.25%

1.75%

50
19th FP

18th FP

17th FP

16th FP

15th FP

14th FP

13th FP

12th FP

11th FP

10th FP

9th FP

8th FP

7th FP

6th FP

4th FP

12,000

5th FP

Unit rent index (period-on-period comparison, right axis)**40*Average contract rent is the average of monthly contract rent from tenants contracting at the end of each period.
**Unit rent index is the earning rates of unit rent of individual properties indexed with the figure at the end of the 7th
FP as 100.

Chiyoda Ward
Chiyoda-ku

1.25%

Shibuya Ward
Shibuya-ku+1.01%

Minato Ward
Minato-ku
Shinjuku
Ward
Shinjuku-ku

0.75%

Chuo Ward
Chuo-ku

Attribution Analysis / Monthly Contract Rent*(Million Yen)
+169

1,700

-94

1,650
1,600
1,550
1,500
1,450
1,400

1,500

+5

0

+35

-20

Decrease by
Property Sales

Decrease by
Decrease by
Tenants’ Cancellations
Increase by Rent Revisions
Increase byRent Revisions
Increase by
New Acquisition
New Leases+0.22%

0%+0.00%‐0.02%
19th
19thFPFP‐0.25%

1,350
1,300

0.25%
1,595

End of 18th FP
Monthly Contract Rent

End of 19th FP
Monthly Contract Rent

18th
18thFPFP

 Among 5 central wards of Tokyo, rent
increased in Chiyoda Ward, Shibuya Wardand Minato Ward.

* Monthly Contact Rent is a total of final rent from tenants contracting at the end of the Fiscal
Period. Monthly Contract Rent for Shinjuku Maynds Tower was adjusted on June 7.
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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

13

Analyses of Leasing Income (2)- Changes in Amounts of Rent Increase/Decrease of Contract Renewal Tenants █ Changes in rent increase/decrease rate of contract renewal tenants (sections)Contract Renewal Area
*The ratio of areas for which contract was renewed in
the 19th FP to the total rentable area (278,311.51m2)
at the end of November 2014. (Non-contract renewal
area includes properties scheduled to be sold in the
19th FP)█ The 19th Fiscal Period Contract Renewal tenants
Cancellation from Contract
Renewal Area 0.6%

Cancellation from NonContract Renewal Area
0.9%

Contract Renewal Area
(Excluding cancellation),
21.7%

0.0%
'15/5期
19th
FP

Non-Contract Renewal
Area (Excluding
cancellation), 76.9%

2.7%

70.8%

26.5%

'14/11期
18th FP 4.8% 8.6%

19.9%

66.7%
14.1%*

7.9%*'14/5期
17th
FP

8.5%

16th FP'13/11期

10.0% 4.6%

77.1%

8.2%

15th
FP
'13/5期

14.4%

70.3%

12.3%

67.3%

13.8%

14th FP'12/11期

18.9%

13th
FP
'12/5期

0.0%
40.6%

0%

12.1%

57.4%

4.0%

54.6%

0.8%

20%

40%

Decrease
減額

Increase
増額

60%

80%

Unchanged
維持█ Contract renewal periods (based on rentable area)
Expected renewals

30.0%
25.0%
20.0%
10.0%

21.7%

26.8%
13.7%

19.6%

9.8%
4.5%

2.5%

-5.2%

-6.5%

5.0%

1.0%

0.0%

-22.7%-22.7%
14th FP

-7.0%

4.3%

5.2%

5.2%

0.0%
-7.0%

-10.2%-4.9%
Increase rate
Decrease rate
Rent increase/decrease rate

15th FP

16th FP

17th FP

18th FP

19th FP* The above indicates rent increase/decrease rates against contract rents before renewals for lease
contracts whose contract renewal periods have arrived in the above periods and whose rent
renewals have been agreed. Rent increase/decrease rate is calculated by netting rent increase
and decrease.

█ Status of upward rent revisions(Ratio of monthly rent revision amounts in upward revisions in the 19th FP)

100%

Cancellation
解約* Of the increase in the 17th FP, 14.1% is due to some tenants switching fromsublease agreements to master lease agreements and 7.9% is due to negotiations
with tenants.

15.0%

15.0%
10.0%
5.0%
0.0%
-5.0%
-10.0%-15.0%-20.0%-25.0%

15% or more
6%
10% or more
but less than15%
19%

Properties with rent increase

Daiwa Ginza
Daiwa A Hamamatsucho
Increase rate
Daiwa Jinbocho 3-chomeof monthly 5% or more but Daiwa Jingumae
less than 10%
rent
Daiwa Nishi-Shimbashi
2%
Daiwa Shibuya Dogenzaka
5.2%
2% or more but
Daiwa Jimbocho
less than 5%
E SPACE TOWER
73%
Shinjuku Maynds Tower , etc.

17.7%

5.0%
*Percentage figures are based on total monthly rent.

0.0%
19th
FP
'15/5期

20th FP'15/11期

21st FP'16/5期

22nd FP'16/11期

23rd
FP'17/5期

document
is innoteachmaterial
disclosedin compliance with the Financial Instruments and Exchange Law or any regulation of similar nature,*The ratio of areas scheduled for This
contract
renewalperiodto the total
rentable area (28,1321.87m2) atnor
theisendof May 2015.
it intended
for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

14Analyses of Leasing Income (3)- Increase/decrease in rent due to new leases and cancellations █ Monthly rent increase/decrease due to new leases
and cancellations (compared to the previous period)
Breakdown (%) of increased portion of rent (35 million yen) due to new leases
Integral Tower：0.7%
Daiwa Minami-Senba：1.8%

100%

80%

60%

Daiwa Nihonbashi Horidomecho：3.8%
Daiwa Nishi-Shimbashi：4.6%
Daiwa Shinagawa North：5.0%
Daiwa Kudan：5.1%
Daiwa Kamiooka：5.2%
Daiwa Ginza：6.8%

Daiwa Shibaura：2.7%
Daiwa Azabudai：3.0%█ Monthly rent increase/decrease due to tenant replacement(compared to the previous tenant for the same section)
When rents for tenant sections which had newlease contracts in the 19th FP (25 sections) arecompared with rents for the same sections withprevious tenants, the total monthly rent has
increased by 3.5 million yen (with anincrease/decrease rate of 9.2%).

Daiwa Osaki 3-chome：10.6%

40%
Shinjuku Maynds Tower：50.3%

20%

0%Breakdown (%) of decreased portion of rent (20 million yen) due to cancellations
Daiwa Onarimon：0.6%

100%

80%

60%

Daiwa Meieki：2.6%
Daiwa Shibaura：2.7%

Daiwa Azabudai ：3.4%
Daiwa Kudan：7.3%
Daiwa Nishi-Shimbashi：10.6%
Daiwa Ginza：10.9%

Daiwa Tsukiji：2.8%

30% or more
2%
Less than
20% or more
0%but less than
29%
30%
Increase rate
22%

of monthly
rent
9.2% 10% or more

Unchanged
11%Over 0% but
less than
10%
7%

but less than20%
29%

Properties with rent
increase due totenant replacement
Daiwa Azabudai
Daiwa Ginza
Shinjuku Maynds Tower
Daiwa Nishi-Shimbashi
Daiwa Kudan
Daiwa Shibaura
Daiwa Minami-Senba
Daiwa Shinagawa North, etc.

Daiwa Osaki 3-chome：19.0%*Percentage figures are based on total monthly rent.

40%
E SPACE TOWER：19.1%

20%
Daiwa Shinagawa North：21.0%0%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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

15

Portfolio Map: Increase and Decrease in Unit Contract Rent
Compared with Previous Fiscal Period
Comparison with previous Fiscal Period
Increase and decrease of unit contract rent

5 Central Wards of Tokyo

Unit rent increase:

Greater Tokyo

13 buildings

indicates increase for the second consecutive period

2Unit rent decrease:indicates decrease for the second consecutive period

2Unit rent unchanged :Daiwa Higashi-Ikebukuro

3 buildings
Integral Tower

25 buildings
Daiwa Osaki 3-chome
Daiwa Shinagawa North

Shinjuku Ward
Shinjuku Maynds Tower

ShibuyaWard
ＳＨＩＢＵＹＡＥＤＧＥE SPACE TOWER 2
Daiwa Shibuya Dogenzaka 2

Daiwa Misakicho
Daiwa Sarugakucho
Daiwa Jimbocho
Daiwa Jinbocho 3-chome 2
Daiwa Kudan
shinyon curumu
Daiwa Kodenmacho
Daiwa Nihonbashi Hongokucho
Daiwa Nihonbashi Horidomecho
Daiwa Kojimachi 4-chome
Daiwa Jingumae

Daiwa Minami Aoyama

Chiyoda Ward

Daiwa Akasaka
Daiwa Ginza Annex
Daiwa Ginza 2

Daiwa Shibuya Miyamasuzaka
Daiwa Nishi-Shimbashi 2
Daiwa Onarimon
Daiwa Azabudai

Chuo
Ward

Daiwa Kamiooka

Daiwa Kayabacho Building
Daiwa Kyobashi

Daiwa Tsukijiekimae
Daiwa Tsukiji

Daiwa Tsukishima
Daiwa Shimbashi 510
Daiwa A Hamamatsucho
Daiwa Shibadaimon
Daiwa Shibaura

Azabu Green Terrace

Minato WardRegional Cities
Daiwa Meieki
Kitahama Grand Building

2

2

Daiwa Minami-Senba

As of May 31, 2015
(Note) Properties acquired in the 19th Fiscal Period and the 20th Fiscal Period are not included.
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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

16

Analyses of Leasing Income (4)- Diversification of Tenants and Transition of New Lease and Cancellations Transition of New Leases andCancellations and its Reasons**

Occupancy Rate
(Cases)Occupancy Rate (Actual)
Expected Occupancy Rate
Expected Occupancy Rate (as of disclosure in Jan. 2015)
97.2%
100%
97.3%
97.7%
96.6%
96.4%
96.7%
96.4%
95.9%
95.4%
94.3%
95%
96.3%
96.3%
92.8%
96.0%
95.0%

44
40

33

30

21st FP

20th FP

19th FP

18th FP

17th FP

16th FP

15th FP

14th FP

13th FP

12th FP

11th FP

9th FP

8th FP

7th FP

10th FP-20-14

Rate of New Leases and Cancellations*

6.1% 6.2%

-60

18
12

9

12

15
2

-12
-25

-13

-13

-15
-20

-24
-40

13

25

24

4

0

Expected Rate of New Leases
Rate of New Leases

18

18

-2

-20

20%

16

6

Expected Rate of Cancellations
Rate of Cancellations

43

31
17

85.7%
85%

42

38

20

92.4%

90%

60

-24

-26

-31

13.4%

-3.9%

-1.2%

New Leases

20th FP

19th FP

18th FP

17th FP

16th FP

15th FP

14th FP

13th FP

12th FP

Cancellations

19th FP

18th FP

17th FPNet New Leases

Previous numberof leases：11

19th Period

11th FP

10th FP

7th FP-20%

9th FP-12.0%-14.7%
8th FP

-10%

-2.8%
-2.4%
-3.4%
-5.7%
-3.9%
-6.1%
-5.3%
-6.3%
-5.9%
-7.3%

16th FP0%

15th FP

2.2%

14th FP

2.0%

13th FP

4.4%

12th FP

3.2% 3.3%-53
11th FP

3.9%

5.7%

10th FP

9.8% 8.2%

9th FP

7.2%

8th FP

10%

7.4%

Space
BetterCost
Space
Consolidation
Reduction Location
Reduction Expansion

Other

Total

New Leases

0

8

0

0

1

6

15

Cancellations

4

1

5

1

0

2

13

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

17*Transition of rate of new leases and cancellations areas to the total rentable area.

** Excluding residence and warehouse tenants.

Internal Growth Strategies
Continuous internal growth and maximization of asset
value through “Bonji-Tettei”

Accurate
grasp ofpresent
situations

Office Management Team
(9 members)• Accurate understanding of the leasing market• Catching real opinions of occupying tenants• Understanding features of portfolio properties• Thorough budget control• Proactive exchanges with brokers• Accompanying new tenant candidates to aviewing
Activities • Frequent visit to tenants
for internal• Conducting tenant satisfaction surveys
growth• Full examination of properties• In-depth numerical analysis• Prompt and accurate strategic lease-up• Realizing stable revenue over a long-term by
Realizationbuilding solid relationship with tenantsof internal• Reliable cost control based on rigorous repair
growthplans, etc.

Aim to maximize asset value

Keitaro Kumagai
Asset management
work history: 2 year 4monthsThis team aims to maximize asset value
with the specialists group by placing
personnel in charge of all properties in theinvestment corporation’s portfolio.

Teruaki Saito
Asset management
work history: 9 years
5 months

Takafumi Ushiku
Asset management
work history: 10
years 9 months

Hideki Kachi
Asset management
work history: 10
years 5 months

Tadashi Matsumoto
Asset management
work history: 4 years
7 months

Taku Narahara
Asset management
work history: 8 years
10 months

Chie Kamimura
Asset management
work history: 9 years
0 months

Yuuki Kobatake
Asset management
work history: 2 years
8 months

Takashi Aiso
Asset management
work
history: 8 months(Note) “Asset management work history” is the number of years engaged in the relevant work (as of end of June2015) and does not indicate the number of years employed at the asset management company.

Investment Planning
Team (2 members)

Middle office work: Budget and performance
management for the portfolios

Construction Management Engineering: Formulation and implementation ofTeam (2 members)
construction planning of the assets

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

18

Status of Properties Subject to Strategic Leasing Improvement and Strategic Renewal
Properties Subject to Strategic Leasing█ Daiwa Ebisu 4-chome (acquisition price: 4,135 million yen)

Strategic Renewal Works█ Daiwa Akasaka (acquisition price: 9,200 million yen)

Property Overview

Property Overview

 The property is near to railway stations

 The property is located a 2-minutebeing an approximately 4-minute walkfrom Ebisu Station on the JR Yamanote,
Saikyo and Shonan-Shinjuku Lines aswell as an approx. 6-minute walk from
Ebisu Station on the Tokyo Metro Hibiya
Line.

Daiwa Ebisu 4-chome

walk from Akasaka Station on
Tokyo Metro Chiyoda Line.
 The area has a number of leading

domestic companies, foreign capitalcompanies, etc. and is one of thelargest downtown in the Tokyo
metropolitan area. It is a populararea where commercial and servicerelated companies are densely
located.

 On the 1st floor is a freight handlingspace and on the 2nd floor is a multipurpose space that can be used as apress room, show room and studioamong other things.

Changes in Occupancy Rate
2-min.
walk Acquired the property which had been used by

the seller company for itself at the beginning ofDecember 2014. The seller concluded aperiodical leasing agreement even after thesale and occupied the property until the end of
March 2015. The occupancy rate became 0%
after their move-out.
 New tenant leasing the entire building isscheduled to move in in September 2015 andoccupancy rate is expected to be 100%.

Upon Acquisition(‘14/12)

Initiatives for Leasing
 By narrowing down a target to IT/apparel companies located in neighboring wards, explored demands forboth leasing of the entire building and floor-by-floor leasing at the same time. (Advertised that 800+
tsubos of empty floor space was very rare in Shibuya Ward where the vacancy rate was trending
downwards.)
 Since the building had been recognized by brokers as having specifications of a company-owned andoccupied building, held a property viewing for several brokers after renovating it into a building suitablesectional leasing. By correcting the image of the building and encouraging understanding of it, raised an
appeal to end tenants.
 As a result, received many responses for both leasing of the entire building and floor-by-floor leasing,leading to a conclusion with a quality tenant for leasing of the entire building.
 The initial expected NOI of 4.2% is expected to be NOI 5.3% on a normal basis*.

1-min.
walk(Note) This is a perspective drawing of an expected
image of a completed building and may differ
from the actual building.

Strategy to Enhance Property Value through Renewal Work
 By making an opening and installing a new entrance in addition to the former

one, distance from the station was further shortened to 1-minute walk. With thisimproved convenience, will seek to attract new tenants with favorable terms.
 The newly constructed entrance allows people to come and leave the building

without going through the bustling area and offers more quiet businessenvironment to those working in the building or to visitors. Due to such, will raisetenant satisfaction and stabilize occupancy rate of the property in order to*NOI on a normal basis is calculated based on costs at the time of acquisition (excluding new leasing fees).
This document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature,
improve profits through favorable rent revisions.
nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

19Performance of Shinjuku Maynds Tower & E SPACE TOWER█ Shinjuku Maynds Tower

Office Building Supply in the 23
Wards of Tokyo

Shinjuku Maynds Tower Occupancy Rate
99.9%

100%

99.9%

99.9%

99.1%

98.3%

99.9%

98.8%

95.7%

94.9%

80%

99.6%

2011-2014

94.7% 94.0% 96.5%

78.1%

60%

Others1230,000m2

40%
Shinjuku Maynds Tower Occupancy Rate

20%

Address2-chome, Yoyogi,
Shibuya-ku

Shinjuku Maynds Tower Expected Occupancy
Rate

0%

8th 9th 10th 11th 12th 13th 14th 15th 16th 17th 18th 19th 20th 21st
FP FP FP FP FP FP FP FP FP FP FP FP FP FP

Acquisition price 133,800 million yen█ E SPACE TOWER

80%

100%
100% 100% 100%100% 100%89.3%

100% 96.4%

Others550,000m2

89.1%

40%

E SPACE TOWER Occupancy Rate20%

E SPACE TOWER Expected Occupancy Rate

Shibuya Ward
250,000m2
Shinjuku Ward
240,000m2

0%
Upon 12th 13th 14th 15th 16th 17th 18th 19th 20th
AcquisitionFP
FP
FP
FP
FP
FP
FP
FP
FP
3 Maruyama-cho,Shibuya-ku* E SPACE TOWER was acquired in July 20112015-2018

100%

60%

Acquisition price 24,000 million yen

Shibuya Ward
210,000m2
Chuo Ward
Shinjuku Ward2
560,000m2
410,000m
Minato Ward
650,000m2

E SPACE TOWER Occupancy Rate
100%

Address

Chiyoda Ward
1,590,000m2

21st
FP

Minato Ward
960,000m2

Chiyoda Ward
1,440,000m2

Chuo Ward
590,000m2

Source : Mori Trust Large scale properties are offices with total floorarea of 10,000m2 or more.

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

20

Measures to Increase Portfolio Value█ Measures to Improve Customer Satisfaction■ Installation of digital signage at shinyon curumu
・1F windbreak room

・B2F Door to the passageway to subway stations█ Coexistence with Local Societies■ Cooperated in holding “Marché to Support Reconstruction of Tohoku”
organized by EMC Japan K.K. and “Parade Calling for Eradication of Drunk
Driving” organized by Harajuku Police Station at Shinjuku Maynds Tower【Date of the event】
July 1, 2015 (Wednesday)“Marché to Support
Reconstruction of Tohoku”

Displaying a floor map,
introducing tenants
and shops nearby, etc.
with digital signage“Parade Calling for
Eradication of Drunk Driving”■ Renewal of restrooms
Daiwa Azabudai

Daiwa Shinagawa North(Before)(Before)█ Strategic tenant attraction (Daiwa Ginza)■ Brought in tenants that give existing shop tenants the opportunity toincrease customers. As it faces busy Corridor Dori, awareness of the building
will grow as well with the increase of visitors.

(After)(After)<Mon Loire>
Premium chocolate brand which
is opening its shops mainly in
Hyogo (Kobe in particular) andOsaka

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

21

Environmental Efforts█

Concluded a green lease agreement with a tenant of Shinjuku Maynds Tower

The Investment Corporation concluded a green lease agreement with a tenant of Shinjuku Maynds Tower as part of environmental measuresand measures for enhancing tenant satisfaction, and installed LED lightings in the space occupied by the tenant. As a result, the tenant’s
electricity bill was reduced by more than a half compared to before the installment and the owner was able to reduce investment burden byreceiving a green lease fee.
Reduction of costs borne by the tenant
for exchanging(%) Cost light
bulbs
100.0
【Benefits for Tenants】
6.2
Reduced cost
< Shinjuku Maynds Tower >90.0
 Reducing utility bills and maintenance
21.8
costs

80.0
70.0

Green lease fee to be paid
to the Investment Corporation

60.0

36.4

50.0

Electricity bill

Allocated to

93.8

Cost forpurchasing/installing
LED lightings

 Improving working environment in offices
 Contributing to corporate social

responsibility (CSR)

 Enhancing the company’s image

Expected
repair cost

40.0
30.0

Electricity bill

20.0

41.8

【Benefits for the Investment Corporation】
 Reducing maintenance costs

10.0 Enhancing property value bymaking energy-saving investments

0.0
Costs
borne
従前の
by thetenant(before)テナント負担Costs 工事実施後のborne by the tenant(afterテナント負担
the installment)

Costs borneby the owner
工事実施後の(afterオーナー負担
the installment) Receiving green lease fees

*A green lease is a method to realize facility renewals of a section occupied by a tenant under a scheme which brings merits to both the tenant and the owner.

█

Acquired Glass City Shibuya which was awarded "A rank" in CASBEE for Market Promotion certification system
Glass City Shibuya was awarded "A rank" in CASBEE for Market Promotion (2012 edition)
certification system.

< Glass City Shibuya >Comprehensive Assessment System for Built Environment Efficiency (CASBEE) is a system establishedunder the leadership of Ministry of Land, Infrastructure, Transport and Tourism in 2001 with an aim tocomprehensively recognize and assess highly environmental and well-managed real estate properties
such as office buildings.
"CASBEE for Market Promotion" was developed for utilization of CASBEE' s building assessment results
when making appraisals, and evaluation standards are drawn up so that real estate developers and dealers
would be able to utilize CASBEE.
Evaluation items are comprised of five categories of "energy/greenhouse gases," "water," "utilization ofsources/safety," "biodiversity/land" and "indoor environment." These are similar to environmental
performance evaluation items in LEED, which is a global environmental assessment program.
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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

22Section 4External GrowthChanges in Asset Size and Trading Performance
Aim to achieve medium-term goal of asset size of 500 billion yen(Billion yen)
550

80%
Total Acquisition Price

500.0

LTV (Based on Total Asset)

500
441.2

70%

450
413.2

352.7
313.2

311.3
278.1
265.0

269.1

25.5%
[Acquisition Properties]
Daiwa Nishi-Shimbashi
Daiwa Kudan

0[Acquisition Property]
Daiwa Jimbocho

8th FP

9th FP

34.2%[Acquisition Property]
E SPACE TOWER[Acquisition Properties]
Daiwa Kayabacho Building
Daiwa Jinbocho 3-chome

10th FP[Acquisition Property]
Integral Tower[Acquisition Property]
Daiwa Osaki 3-chome[Acquisition Property]
Daiwa Nihonbashi
Hongokucho

11th FP

12th FP

13th FP

40%

34.4%

28.9%

100
50

41.2%

40.2%

37.5%

28.1%

150

44.3%

43.0%
40.6%

34.0%

25.3%

50%

314.9

287.3

250
200

364.0

332.0

350
300

60%

387.5

400

[Acquisition Properties]
Daiwa Shibuya Dogenzaka
Daiwa Akasaka
Daiwa Shibuya Miyamasuzaka[Acquisition Properties]
Azabu Green Terrace
Kitahama Grand
Building[Acquisition Properties]
shinyon curumu
Daiwa Meieki
Daiwa Kamiooka

14th FP

15th FP[Acquisition Properties]
Daiwa Ebisu 4-chome
LAQUAS Higashi Shinjuku
Concept Aoyama
Shinsen Place
Glass City Shibuya
Meguro Place Tower

16th FP

17th FP

18th FP

19th FP[Acquisition Property]
River Gate

After public Medium公募増資後
term
offering
Goal

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

30%

20%

10%

0%

24

Properties Acquired after Sponsor Change (1)Acquisition Period

Property Name

RegionAcquisition dateSeller (Note)

Acquisition Price

9th Fiscal Period

Daiwa Jimbocho

5 Central Wards of Tokyo

March 10, 2010

ORIX JREIT Inc.

4,150 million yen

10th Fiscal Period

Daiwa Nishi-Shimbashi

5 Central Wards of Tokyo

August 13, 2010

Japan Core Asset II Ltd.

5,000 million yen

10th Fiscal Period

Daiwa Kudan

5 Central Wards of Tokyo

September 2, 2010

Shining Nova the Fifth B TMK

4,000 million yen

11th Fiscal Period

Daiwa Kayabacho Building

5 Central Wards of Tokyo

March 25, 2011

Daiwa Property Co., Ltd.

5,600 million yen

11th Fiscal Period

Daiwa Jimbocho 3-chome

5 Central Wards of Tokyo

March 29, 2011

Tokyu Land Corporation

3,550 million yen

12th Fiscal Period

E SPACE TOWER

5 Central Wards of Tokyo

July 8, 2011

Endeavor Realty Fund Ltd.

24,000 million yen

13th Fiscal Period

Daiwa Nihonbashi Hongokucho

5 Central Wards of Tokyo

May 11, 2012

Tosei Corporation

1,721 million yen

14th Fiscal Period

Daiwa Osaki 3-chome

Greater Tokyo

September 18, 2012

MCR Six GK

1,650 million yen

15th Fiscal Period

Daiwa Meieki

Other Regions

February 1, 2013

Domestic Special purpose company

5,300 million yen

15th Fiscal Period

Daiwa Kamiooka

Greater Tokyo

March 1, 2013

Shimizu Corporation

2,000 million yen

15th Fiscal Period

shinyon curumu

5 Central Wards of Tokyo

December 3, 2012, April 12, 2013

Two Domestic Industrial Companies

9,650 million yen

16th Fiscal Period

Daiwa Shibuya Dogenzaka

5 Central Wards of Tokyo

July 3, 2013

Domestic Special purpose company

4,500 million yen

16th Fiscal Period

Daiwa Akasaka

5 Central Wards of Tokyo

August 9, 2013

Hakuba Capital 1 TMK

9,200 million yen

16th Fiscal Period

Daiwa Shibuya Miyamasuzaka

5 Central Wards of Tokyo

September 27, 2013

E Buildings Limited Liability Company

7,000 million yen

17th Fiscal Period

Integral Tower

Greater Tokyo

May 29, 2014

Ogikubo Building Y. K.

15,220 million yen

18th Fiscal Period

Azabu Green Terrace

5 Central Wards of Tokyo

July 4, 2014

Azabu Green Terrace GK

14,000 million yen

18th Fiscal Period

Kitahama Grand Building

Other Regions

August 1, 2014

GK North Beach

9,481 million yen

19th Fiscal Period

Daiwa Ebisu 4-chome

5 Central Wards of Tokyo

December 1, 2014

Domestic industrial company

4,135 million yen

19th Fiscal Period

LAQUAS Higashi Shinjuku

5 Central Wards of Tokyo

December 3, 2014

Higashi Shinjuku Building TMK

8,450 million yen

19th Fiscal Period

Concept Aoyama

5 Central Wards of Tokyo

March 2, 2015

Domestic Special purpose company

9,800 million yen

19th Fiscal Period

Shinsen Place

5 Central Wards of Tokyo

March 2, 2015

Domestic Special purpose company

4,800 million yen

19th Fiscal Period

Glass City Shibuya

5 Central Wards of Tokyo

May 1, 2015

Glass City TMK

16,000 million yen

19th Fiscal Period

Meguro Place Tower

Greater Tokyo

May 1, 2015

Meguro Place TMK

5,600 million yen

20th Fiscal Period

River Gate

5 Central Wards of Tokyo

June 2, 2015

Thames (TMK)

28,000 million yen

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

25

Properties Acquired after Sponsor Change (2)Acquisition Period

9th Fiscal Period

10th Fiscal Period

11th Fiscal Period

Daiwa Jimbocho

Daiwa
Nishi-Shimbashi

Minato-ku, Tokyo Chiyoda-ku, Tokyo

Daiwa Kudan

12th Fiscal Period

13th Fiscal Period

Daiwa Jimbocho
Daiwa Nihonbashi
Daiwa Kayabacho
E SPACE TOWER
Hongokucho
3-chome14th Fiscal Period

Daiwa Osaki
3-chome

Property Name

Shinagawa-ku, Tokyo

Address

Chiyoda-ku, Tokyo

Chiyoda-ku, Tokyo

Shibuya-ku, Tokyo

Chuo-ku, Tokyo

Acquisition Price

4,150 million yen 5,000 million yen 4,000 million yen 5,600 million yen 3,550 million yen

24,000 million yen

1,721 million yen 1,650 million yen

Seller

ORIX JREIT Inc.

Japan Core Asset Shining Nova the
II Ltd.
Fifth B TMK

Daiwa Property
Co.. Ltd.

Tokyu Land
Corporation

Endeavor Realty
Fund Ltd.

Tosei Corporation

MCR Six GK

Acquisition date

March 10, 2010

August 13, 2010

September 2, 2010

March 25, 2011

March 29, 2011

July 8, 2011

May 11, 2012

September 18, 2012

Daiwa Kamiooka

Daiwa Shibuya
Dogenzaka

Nagoya-shi, Aichi Yokohama-shi, Kanagawa

Shibuya-ku, Tokyo

Acquisition Period

Chuo-ku, Tokyo

15th Fiscal Period

shinyon curumu

Daiwa Meieki

17th Fiscal Period

16th Fiscal Period

18th Fiscal Period

Daiwa Akasaka

Daiwa Shibuya
Miyamasuzaka

Integral Tower

Minato-ku, Tokyo

Shibuya-ku, Tokyo

Suginami-ku, Tokyo Minato-ku, Tokyo Osaka-shi, Osaka

Azabu Green
Terrace

Kitahama Grand
Building

Property Name

Address

Shibuya-ku, Tokyo

Acquisition Price

9,650 million yen 5,300 million yen 2,000 million yen 4,500 million yen 9,200 million yen 7,000 million yen

SellerDomestic Special
Two Domestic
Industrial Companies purpose company

Shimizu
Corporation

Acquisition date

December 3, 2012
April 12, 2013

March 1, 2013

February 1, 2013

Acquisition Period

Liability Company

14,000 million yen
Azabu Green
Terrace GK

9,481 million yen

Ogikubo Building
Y. K.

August 9, 2013

September 27, 2013

May 29, 2014

July 4, 2014

August 1, 2014

Glass City
ShibuyaMeguro Place
Tower

Domestic Special Hakuba Capital 1
TMK
purpose company
July 3, 2013

E Buildings Limited

LAQUAS Higashi
Concept Aoyama
Shinjuku

Shinsen PlaceRiver Gate

Total

Property Name

Address

Shibuya-ku, Tokyo

Acquisition Price

4,135 million yen 8,450 million yen 9,800 million yen 4,800 million yen 16,000 million yen 5,600 million yen 28,000 million yen

SellerDomestic industrial
company

Acquisition date

GK North Beach

20th Fiscal Period

19th Fiscal Period

Daiwa Ebisu
4-chome15,220 million yen

Shinjuku-ku, Tokyo

Shibuya-ku, Tokyo

Shibuya-ku, Tokyo

Higashi Shinjuku Domestic Special Domestic Special
Building TMK
purpose company purpose company

December 1, 2014 December 3, 2014

March 2, 2015

March 2, 2015

Shibuya-ku, Tokyo

Meguro-ku, Tokyo

Chuo-ku, Tokyo－
202,807 million yen

Glass City TMK

Meguro Place
TMK

Thames TMK－

May 1, 2015

May 1, 2015

June 2, 2015－

(Note) The sum of ; i) the total acquisition price from the time of the above sponsor change up to June 2, 2015 and ii) prices for additional acquisition of existing
properties or of the site in existing properties during the same period, is 203,227 million yen. “Ltd.” and “TMK” (Tokutei Mokuteki Kaisha) in sellers’ names refer toThis document is not material disclosed in compliance with the Financial Instruments and Exchange Law or any regulation of similar nature,a limited liability company and special purpose company, respectively.
nor is it intended for the purposes of solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

26

Properties Acquired in the 20th FP█ River Gate
Acquisition Price: 28,000 million yen (Acquisition Date: June 2, 2015)【Medium-term asset management strategy】

Location
Site Area
Structure/Floor
Total Floor Area
Upon Acquisition(Note 4)
Appraisal

Nihonbashi Hakozakicho Chuo-ku, Tokyo

7,088.66㎡
S SRC RC B2/20F
53,790.26㎡
NOI Yield

4.5％
NOI Yield

5.0％

Assumed Occupancy
Rate

94.3％
Assumed Occupancy
Rate

95.0％



Early lease-up taking advantage of property features
Aim for early lease-up by showcasing multiple convenienttransportation means such as highly convenient subway lines
available at the nearest station, T-CAT enabling an easy
access to the airport, metropolitan expressway with its
interchange closely located as well as taking in the needs forconsolidation of district offices of companies which control
vast areas with the size of standard floor being as big as
approximately 600 tsubos.

Enhancement of relationship with occupying tenants
Aim for stable property occupancy by realizing longer term
occupancy through enhancing tenant services by grasping thetenant needs at an early stage and making timely responses
while keeping periodical contact with tenants.

Reduction of LCC with accurate construction works
Work to improve LCC by conducting maintenance works
appropriate for the building age

Appraisal Value 29,700 million yen (Note 1)
Construction Date February 1994
Occupancy Rate 80.8% (Note 2)
Number of Tenants 87 (Note 3)
Mid-term(Note 5)
Depreciation(Note 6)

NOI Yield

4.7％

Assumed Occupancy
Rate

94.3％

1.1％

(Note 1) As of April 1, 2015. (Note 2) As of June 2, 2015. (Note 3) As of June 2, 2015, including 71 rental units. (Note 4) Upon Acquisition indicates figures obtained by using
ex pected annual balance of pay ments under the assumed occupancy rate, calculated based on the lease agreement upon acquisition, etc. w hile taking into account theaccrual of tax , etc. (Note 5) Mid-term indicates estimated figures for normal operation period (w ith assumed occupancy rate) after acquisition, obtained by deducting rent
business-related ex penses from rent rev enue assumed under rents ov er a medium term, and do not represent forecast figures for the current period or the nex t period
onw ard. (Note 6) Depreciation indicates a figure obtained by div iding the total amount of depreciation (6-month equiv alent) ex pected to be posted upon property acquisitionand depreciation (for 6 months) ex pected to be posted in the follow ing fiscal period by the acquisition price.

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

27

Properties Acquired in the 19th FP█ Glass City Shibuya█ Meguro Place Tower

Acquisition Price: 16,000 million yen (Acquisition Date: May 1, 2015)

Acquisition Price: 5,600 million yen (Acquisition Date: May 1, 2015)

Location

Nanpeidaicho Shibuya-ku, Tokyo

Appraisal Value 17,000 million yen (Note 1)

Site Area

2,452.64㎡

Construction Date

Structure/Floor

S SRC B1/11F

Occupancy Rate 100.0% (Note 2)

Total Floor Area 10,639.97㎡
Upon Acquisition(Note 3)
Appraisal

NOI Yield

3.8％
4.1％

Number of Tenants
Assumed Occupancy
Mid-term
Rate

100.0％NOI Yield

February 2004

(Note 4)

Assumed Occupancy
Depreciation
Rate

96.1％

(Note 5)

4.3％

Meguro Meguro-ku, Tokyo

Appraisal Value 5,810 million yen (Note 1)

Site Area

899.99㎡

Construction Date July 2009

Structure/Floor

S SRC B2/14F

Occupancy Rate 100.0% (Note 2)

Total Floor Area 4,807.48㎡

11 (Note 2)
NOI Yield

Location

Assumed Occupancy
Rate

96.1％

0.4％

Upon Acquisition(Note 3)
Appraisal

NOI Yield

4.0％

Number of Tenants
Assumed Occupancy
Mid-term
Rate

100.0％NOI Yield

4.4％(Note 4)

Assumed Occupancy
Depreciation
Rate

96.9％

(Note 5)15 (Note 2)
NOI Yield

4.3％

Assumed Occupancy
Rate

96.3％

0.8％

(Note 1)As of April 1, 2015. (Note 2) As of May 31, 2015. (Note 3) Upon Acquisition indicates figures obtained by using expected annual balance of payments under the assumed(Note 1)As of April 1, 2015. (Note 2) As of May 31, 2015. (Note 3) Upon Acquisition indicates figures obtained by using expected annual balance of payments under the assumed

occupancy rate, calculated based on the lease agreement upon acquisition, etc. while taking into account the accrual of tax, etc. (Note 4) Mid-term indicates estimated figures for normal

occupancy rate, calculated based on the lease agreement upon acquisition, etc. while taking into account the accrual of tax, etc. (Note 4) Mid-term indicates estimated figures for normal
operation period (with assumed occupancy rate) after acquisition, obtained by deducting rent business-related expenses from rent revenue assumed under rents over a medium term, andoperation period (with assumed occupancy rate) after acquisition, obtained by deducting rent business-related expenses from rent revenue assumed under rents over a medium term, anddo not represent forecast figures for the current period or the next period onward. (Note 5) Depreciation indicates a figure obtained by dividing the total amount of depreciation (6-monthequivalent) expected to be posted upon property acquisition and depreciation (for 6 months) expected to be posted in the following fiscal period by the acquisition price.

【Medium-term asset management strategy】
 Conduct sales strategy reading the trend of the leasing market in Shibuya area
 Aim for improved profits through terms revisions in accordance with the market trend

by realizing enhanced relationship with existing tenants and stable occupancy over along-term.
 Aim for reduction of operational management costs by collaborating with nearbybuildings owned by the Investment Corporation

do not represent forecast figures for the current period or the next period onward. (Note 5) Depreciation indicates a figure obtained by dividing the total amount of depreciation (6-monthequivalent) expected to be posted upon property acquisition and depreciation (for 6 months) expected to be posted in the following fiscal period by the acquisition price.

【Medium-term asset management strategy】
 Conduct sales activities that take in various office needs by taking advantage ofproperty features

 By building functions as an office building with diversified tenants, accommodate

needs of each tenant to realize stable occupancy Aim for improved profits by realizing the needs of existing tenants and revising termsin accordance with the market

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

28

19th FP: Portfolio Replacement█ Improvement of the portfolio’s quality through asset replacements in the 19th FP (Ended May 2015)

Properties
acquired in
the 19th FP

Shibuya Ward

Shinjuku Ward

Shibuya Ward

Daiwa Ebisu 4-chome LAQUAS Higashi Shinjuku

Building age: 4.8 years
Building age: 17.5 years
4-minute walk from Ebisu Station 3-minute walk from Higashi
Shinjuku
Acquisition price: 4.13 billion yen
Acquisition price:
NOI yield: 4.5%
8.45 billion yen
NOI yield: 4.4%

Shibuya Ward

Shibuya Ward

Meguro Ward

Shinsen Place

Glass City Shibuya

Meguro Place Tower

Concept Aoyama
Building age: 13.5 years
4-minute walk from
Gaienmae Station
Acquisition price:
9.8 billion yen
NOI yield: 4.2%

Building age: 11.3 years
Building age: 5.9 years
Building age: 13.7 years
4-minute walk from Shinsen 9-minute walk from Sibuya 6-minute walk from Meguro
StationStationStationAcquisition price:
Acquisition price:
Acquisition price:
16 billion yen
5.6 billion yen
4.8 billion yen
NOI yield: 4.1%
NOI yield: 4.4%
NOI yield: 4.7%

Total
acquisition
price of the
6 properties:
48.78 billion
yen

Asset
replacement

Properties
sold in the
19th FP

Chuo Ward

Chuo Ward

Daiwa Nihonbashi
Motomachi

Daiwa Ginza 1-chome

Building age: 51.4 years
4-minute walk from
Mitsukoshimae Station

Building age: 53.4 years
2-minute walk from Ginza 1chome Station

Koto Ward

Chuo Ward

Yokohama City

Daiwa Kinshicho

Daiwa Tsukiji 616

Benex S-3

Building age: 23.4 years
9-minute walk from Kinshicho
Station

Building age: 21.1 years
8-minute walk from Tsukiji
Station

Building age: 21.3 years
4-minute walk from ShinYokohama Station

Total saleprice of the 5properties:
21.81 billion
yen*Building ages are as of May 31, 2015. Distance of 80m from the nearest station is regarded as one-minute walk. NOI yield indicates expected NOI yield.
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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

29

Acquisition/Sale Policy and Status of Deliberation for
Property Acquisitions█ Acquisition/Sale Policy Invest heavily in the five central wards of Tokyo and equivalentDistribution Chart of Portfolio Propertiesarea.
 Thoroughly select properties in view of actual demand toward

location (distance to station, station power, crowd attraction,
surrounding environment), building specs, etc.
 Target properties to improve growth potential and profitabilityof our existing portfolio.
 Invest in buildings less than 25 years of building age.
 Consider replacements when necessary in consideration ofproperties’ future competitiveness, profitability, etc.

█Sourcing Strategy Utilizing Status as Non-Real
Estate REIT
 Secure wide-ranging sourcing route using status as anindependent REIT to establish strong relations with businesscompanies, financial institutions, real estate brokers, etc.
 Target optimum expansion of portfolio based on in-depth data
analysis upon careful selection from among the wide-ranging
information on properties that comes from diverse sourcing.

Number of Properties Reviewed for Acquisition
500
335

427

416 356
268 300

300
221
200
100

264

296

30

26
25

28
17

55

Daiwa Ginza 1-chome
Daiwa Nihombashi Honcho

50
45
40
35
30
25

100

20

80

15

River Gate

23

15

0

40
20

Shinsen Place* Number of gross proposals.

Benex S-3
Daiwa Ebisu
4-chomeConcept Aoyama

10
5

Glass City Shibuya

LAQUAS
Higashi Shinjuku

0
11th 12th 13th 14th 15th 16th 17th 18th 19th
FP FP FP FP FP FP FP FP FP

Daiwa
Kinshicho
Daiwa Tsukiji 616

60

44
35

60

indicates property acquisition upon public offering. is for properties acquired in the 19th FP,
is for properties acquired after the sponsor change and is for properties sold in the 19th FP.
Distance to station is indicated by calculating 80m as one minute.

120

Number of properties reviewed*(left axis)
Number of properties reviewed in detail(right axis)

400

Building Age(Year)

Meguro Place Tower

0
0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Distance to station(minutes)

9.0 10.0 11.0

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

30

Memorandum

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

Section 5
Financial Strategy

Status of Interest-bearing Liabilities (1)█Status of Interest-bearing Liabilities

Loan to Value Trend(End of 19th Fiscal Period, after public offering)*“After public offering” indicates assumed figures as of July 31, 2015.

(Billion Yen)
280

70.0%

 Ratio of Fixed and Ratio of Long andFloating Borrowings

Interest-bearing liabilities (left axis)
LTV (based on Total Asset*) (right axis)
240

60.0%

After Public
Offering

Short-Term Borrowings
After Public
Offering

6.6%
9.3%

31.1%
29.0%
200

50.0%

Medium-to-long term, upper-limit
LTV target range
160

40.0%

120

19th FP

19th FP

68.9%

90.7%

71.0%

93.4%

Fixed interest

Long-term liabilities

Floating interest

Short-term Loans Payable

30.0%█ Status of Rating
80

20.0%

40

10.0%

Japan Credit Rating Agency, Ltd. (JCR)

19th Period

After
Public Offering

18th Period

17th Period

16th Period

15th Period

14th Period

13th Period

12th Period

11th Period

10th Period

9th Period

8th Period

7th Period

6th Period

5th Period

4th Period

3rd Period

2nd Period0

1st Period

Long-term issuer rating
Rating outlook: Stable*LTV (based on Total Asset) ＝Total interest-bearing liabilities / Total Asset“After public offering” indicates assumed figures as of July 31, 2015.

0.0%

Rating and Investment Information, Inc. (R&I)
Issuer rating
Rating outlook: Stable

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

33

Status of Interest-bearing Liabilities (2)Changes in Procured Years ofInterest-Bearing Liabilities

Repayment Schedule(Million Yen)
18,000(Years)(Years)Investment Corporation Bond

10.0

16,0004.7

End of period maturity(right axis)
Average PROC years(left axis)

9.0

4.4

5.0
4.5

14,000
4.0

8.0

7.1

12,000
7.0

6.4 3.5

6.0

3.0

5.0

2.5

4.0

2.0

4,000

3.0

1.5

2,000

2.0

1.0

1.0

0.5

0.0

0.0

10,00019th FP

18th FP

17th FP

16th FP

15th FP

14th FP

13th FP*Payment dates as of May 31, 2015.

12th FP

Nov. May Nov. May Nov. May Nov. May Nov. May Nov. May Nov. May Nov. May Nov. May Nov.
2015201620162017201720182018201920192020202020212021202220222023202320242024

11th FP

20th 21st 22nd 23rd 24th 25th 26th 27th 28th 29th 30th 31st 32nd 33rd 34th 35th 36th 37th 38th
FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP FP

10th FP0

9th FP

6,000

8th FP

8,000

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

34

Status of Interest-bearing Liabilities (3)As of the 19th Fiscal Period[Unit: Million Yen]
Comparison with Balance
ratio
previous period

Name of Financial Institutions

BalanceComparison withprevious period

Balance
ratio

Sumitomo Mitsui Banking Corporation.

41,90010,50022.5%

The Musashino Bank, Ltd.

2,000

0

1.1%

Sumitomo Mitsui Trust Bank, Limited

25,850

6,500

13.9%

The 77 Bank, Ltd.

2,000

1,000

1.1%

Development Bank of Japan Inc.

20,250

1,500

10.9%

The Higashi-Nippon Bank, Limited

1,500

0

0.8%

Mizuho Bank, Ltd.

17,400

3,500

9.3%

The Hiroshima Bank, Ltd.

1,000

0

0.5%

Shinsei Bank, Ltd

13,000

2,000

7.0%

The Kagawa Bank, Ltd.

1,000

0

0.5%

The Bank of Tokyo-Mitsubishi UFJ, Ltd.

12,500

1,000

6.7%

The Yamaguchi Bank, Ltd.

500

0

0.3%

Resona Bank, Limited

11,500

2,500

6.2%

Taiyo Life Insurance Company

300

0

0.2%

Mitsubishi UFJ Trust and Banking Corporation

6,000

1,000

3.2%

Nippon Life Insurance Company

300

0

0.2%

The Bank of Fukuoka, Ltd.

5,500

1,500

3.0%

Fukoku Mutual Life Insurance Company

200

0

0.1%

Kansai Urban Banking Corporation

5,000

0

2.7%

Total (25 banks)

186,200

30,500100.0%

Mizuho Trust and Banking Co., Ltd.

5,000

0

2.7%

Aozora Bank, Ltd.

4,500

0

2.4%

(Note) The total of Comparison with previous period includes repayment ofloans from The Bank of Yokohama, Ltd. in the amount of 500 million
yen, which reached maturity on May 29, 2015.

ORIX Bank Corporation

2,500

0

1.3%

The Gunma Bank, Ltd.

2,500

0

1.3%

The Shizuoka Bank, Ltd.

2,000

0

Tokio Marine & Nichido Fire Insurance Co., Ltd.

2,000

0

Name of Financial Institutions

Balance

BalanceComparison withprevious period

Balanceratio

No. 3 Unsecured Investment Corporation Bond

3,000

0

5 years

1.1%

No. 4 Unsecured Investment Corporation Bond

2,100

0

10 years

1.1%

Total Investment Corporation Bonds

5,100

0

-

Issuance

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

35

Unitholders as of the End of the 19th Fiscal Period█ Unitholders’ Share by Investor Type18th Fiscal
Period Numberof Unit19th Fiscal
Period Numberof UnitIndividuals

24,04623,982Financial Institutions

184,044

Name of Financial Institutions

Trust BankLife Insurance

19th Fiscal
Period Numberof Unit

Changeof UnitDaiwa Investment Management Inc.

128,905

128,905029.23%

2

Japan trustee Services Bank, Ltd.
(Trust Account)

81,28678,079-3,20717.70%

3

Daiwa Securities Group Inc.

59,321

59,321013.45%

4

The Master Trust Bank of Japan, Ltd.
(Investment Trust Account)

34,53444,3499,815

10.06%

5

Trust & Custody Services Bank, Ltd.
(Securities Investment Trust Account)

42,51844,2681,750

10.04%

6

The Nomura Trust and Banking
Co,.Ltd. (Investment Trust Account)

17,933

12,987-4,946

2.94%

7

Nomura Bank (Luxembourg) S.A.

3,136

3,715

579

0.84%

8

State Street Bank West Client-Treaty
505234

1,513

1,552

39

0.35%

9

BNY for GCM Client Accounts (E) ISG

568

1,424

856

0.32%

10

UBS AG London Asia Equities

4

1,351

1,347

0.31%

369,718

375,951

6,233

85.25%

-64

5.44%

1

187,7943,750

42.58%

0

0

0

0.00%

2,742

2,784

42

0.63%

177,160

180,818

3,658

41.00%

1,674
66
2,402

1,619
192
2,381

-55
126
-21

0.37%

Rate*

0.54%

191,577

191,65881

43.46%

Foreigner

39,51736,593-2,9248.30%

Securities

1,816

973

-843

0.22%

441,000

441,000(*) Rounded to the second decimal place.

Investor Name

0.04%

Other Domestic Corporation

Total

18th Fiscal
Period Numberof UnitNo.

Non-life Insurance
Other Financial Institutions

Changeof Unit

Rate*

Commercial Bank
Regional Bank

█ List of Top 10 Investors

0 100.00%

Total(*) Rounded to the second 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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

36

Activities in the 20th Fiscal Period█

Internal Growth → “Bonji-Tettei”
 Against the backdrop of improvement in the Tokyo office market
environment, achieve internal growth based on a portfolio centering on
properties in Tokyo by thoroughly implementing a hands-on approach.

█External Growth → Continuous property acquisitions
 Continue to selectively choose properties that contribute toenhancement of portfolio value and actively invest in competitive
properties.

█

Financial Strategy →Strengthen financial structure Work to further strengthen financial structure against the backdrop offavorable financial market.



Corporate Governances As a REIT in which strict governance is expected, further reinforce
readiness concerning internal control, legal compliance and risk
management in order to gain the trust of unitholders.
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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

37

Memorandum

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

Appendix

Change in Investment Unit Price and NAV per Unit
(円)
(Yen)

700,000
NAV per Unit
一口当たりNAV

Investment Unit Price (closing price)
投資口価格(終値)600,000

459,893500,000

449,764
400,000

506,681515,278
478,051445,466
428,435 422,993 419,285 417,390 416,844 421,941
467,984

300,000

200,000

100,000

8th FP平成22年4月
9th FP平成22年10月
10th FP平成23年4月
11th FP
12th FP平成24年4月
13th FP
14th FP平成25年4月
15th FP
16th FP平成26年4月
17th FP
18th FP平成27年4月
19th FP After
平成21年10月
平成23年10月
平成24年10月
平成25年10月
平成26年10月
publicoffering* NAV = (Total net assets [after distribution]) – (book value of real estate, etc.) + (market value of real estate, etc. [real estate 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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

40

Summary of Results for the 19th Fiscal Period (1) - Balance Sheet █ Comparison with Results of the 18th Fiscal Period

Current Assets

19th Fiscal Period

18th Fiscal Period

Million Yen

Million Yen

Million Yen

18,702(%)

4.7%

23,542(%)

Current Liabilities

5.4%

Cash and Deposits

12,984

16,703Operating Accounts Payables

Cash and Deposits in Trust

4,782

6,086

934

751

Tangible Fixed Assets

0.7%

2,718

2,713

2,713

4

4

Investments and Other Assets

1,322

Leasehold and Security
Deposits Paid in Trust

113

113

Long-term Prepaid Expenses

1,094

1,304

Other Investments and Other
Assets114

120

Total Assets

632

1,156

1,298

96

700

Advances Received

2,718

38

Investment Corporation Bond
Issuance Costs

336

93.6%

412

Deferred Assets

8,300

404,397

552

Other Intangible Fixed Assets

16,60094.3%

327,069

Leasehold Rights andLeasehold Rights in Trust

Current Portion of Long-term
Loans Payable

376,773

302,218

Intangible Fixed Assets

9,500

Accounts Payables-Other

Land and Others (including
Trust Property)
Other Tangible Fixed Assets

2,500

94.5%

76,915

0.3%

0.0%

38
399,555 100.0%

1,539

35

Other Current Liabilities
Fixed Liabilities
Investment Corporation Bonds

35
432,232 100.0%

187,955

136,600

168,400

9,451

8,960

3,874

5,152

Other Fixed Liabilities

304

343

Total Liabilities

176,961

Unitholders' equity

0.0%

38.9%

5,100

Tenant Leasehold and Security
Deposits
Tenant Leasehold and Security
Deposits in Trust

0.4%

155,330
5,100

Long-term Loans Payable

0.6%

21,321

Short-term Loans Payable

408,654

74,002

5.4%

Million Yen

889

95.3%

Building and Others (including
Trust Property)

21,631(%)

19th Fiscal Period

941

380,814

Liabilities

Fixed Assets

Net Assets

Other Current Assets

Assets18th Fiscal Period

44.3%

209,277

219,155

219,155

Unappropriated Retained Earnings

3,641

4,031

Valuation, Translation Adjustments
and Others

-203

-232

Total Net Assets

Total Liabilities and Net Assets

(%)

4.9%

43.5%

48.4%

222,59355.7%

222,95451.6%

399,555

100.0%

432,232

100.0%

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

41

Summary of Results for the 19th Fiscal Period (2) - Income Statement █ Comparison with Results of the 18th Fiscal Period█ Comparison with the 19th Fiscal Period Forecasts(Million Yen)

(Million Yen)

18th Fiscal Period 19th Fiscal Period
ChangeEffective Number of Days of Investment
Operating Revenues (A)183

Effective Number of Days of Investment

182

9,763

10,387

+ 623

-

240

+ 240

5,324

5,617

292

Expenses related to Rental Business(excluding depreciation)

2,827

2,932

+105

Depreciation

1,497

1,553

56

Gain and Loss from Rental Operations(excluding gain on sale)

5,439

5,660

+ 221

Operating Income (A-B)

4,438

4,770

Non-operating Expenses

799

Operating Revenues (A)19th Period
Forecast

19th Fiscal Period

182

182

Change10,221

10,387

+166

200

240

+ 39

5,540

5,617

+76

Expenses related to Rental Business(excluding depreciation)

2,915

2,932

+17

Depreciation

1,532

1,553

+21

Gain and Loss from Rental Operations(excluding gain on sale)

5,572

5,660

+87

+ 331

Operating Income (A-B)

4,680

4,770

+89

750

-49

Non-operating Expenses

769

750

-18

582

582

+0

Interest expense, etc.

584

582

-1

3,642

4,032

+390

3,911

4,032

+121

Extraordinary Income

-

-

-

Extraordinary Income

-

-

-

Extraordinary Expenses

-

-

-

Extraordinary Expenses

-

-

-

3,641

4,031

+390

3,884

4,031

+146

441,000

441,000-

441,000

441,000

-

8,256

9,142

+ 886

8,700

9,142

+ 442

Gain on Sale
Operating Expenses (B)Interest Expense (including cap amortization)
Ordinary Income

Net Income
Investment Units Issued and Outstanding
Dividend per Unit (Unit: Yen)

Gain on Sale
Operating Expenses (B)Ordinary Income

Net Income
Investment Units Issued and Outstanding
Dividend per Unit (Unit: Yen)

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

42Forecasts (20th and 21st Fiscal Periods)█ Forecasts for the 20th and 21st Fiscal Periods

Effective Number of Days of Investment
Operating Revenues (A)19th Fiscal Period(May 31, 2015)

20th Period
Forecast(Nov. 30, 2015)

21st Period
Forecast(May 31, 2016)

182

183

183

10,387

11,755

11,725

240

-

-

5,617

6,285

6,220

Expenses related to Rental Business(excluding depreciation)

2,932

3,387

3,297

Depreciation

1,553

1,716

1,740

Gain and Loss from Rental Operations(excluding gain on sale)

5,660

6,651

6,687

Operating Income (A-B)

4,770

5,469

5,505

Non-operating Expenses

750

942

784

582

608

613

4,032

4,527

4,721

Extraordinary Income

-

-

-

Extraordinary Expenses

-

-

-

4,031

4,525

4,719

441,000

484,000

484,000

9,142

9,350

9,750

Gain on Sale
Operating Expenses (B)Interest Expense (including cap amortization)
Ordinary Income

Net Income
Investment Units Issued and Outstanding
Dividend per Unit (Unit: Yen)

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

43

Major Financial Data

Item

Number of days of investment
Number of properties at end of period

Unit

15th Period

16th Period

17th Period

18th Period

19th Period

Day

182

183

182

183

182

Property

41

44

44

46

47

 NOI

Rent revenue + Other operating revenue –Expenses related to rent business +Depreciation
 FFO

%

Occupancy rate at end of period

Million Yen

Average acquisition price

95.0

96.3

96.4

97.2

97.3

325,751

344,016

352,993

381,872

397,194

NOI (after deduction of gain on sale)

Million Yen

5,395

5,890

6,008

6,936

7,213

Funds from operation (FFO)

Million Yen

3,869

4,288

4,368

5,138

5,344

Return on asset (ROA)

%

1.6

1.7

1.6

1.9

1.9

Return on equity (ROE)

%

2.6

3.0

3.0

3.4

3.6

Capital adequacy ratio at end of period

%

58.8

55.5

53.0

55.7

51.6

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

%

37.5

40.6

43.0

40.2

44.3

Net income + Depreciation – Gain on sale
 ROA

Annualized ordinary income / Total assets
 ROE

Annualized net income / Net assets
 Loan-to-Value (LTV) at end of fiscal period

Interest-bearing liabilities at end of fiscal
period / Total assets at end of fiscal 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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

44

Status of Interest-bearing Liabilities (As of May 31, 2015)
LenderLong term borrowings

Current maturities of long term
borrowings

Shinsei Bank, Ltd.(*)
The Shizuoka Bank, Ltd(*)
The Musashino Bank, Ltd.(*)
The 77 Bank, Ltd.(*)
Sumitomo Mitsui Banking Corporation.(*)
The Gunma Bank, Ltd.(*)
Taiy o Life Insurance Company
Nippon Life Inslance Company
Fukoku Mutual Life Insurance Company
Sumitomo Mitsui Banking Corporation.
Sumitomo Mitsui Trust Bank, Limited
Total current maturities of long term borrow ings
Dev elopment Bank of Japan Inc.
Dev elopment Bank of Japan Inc.
Sumitomo Mitsui Banking Corporation.(*)
Sumitomo Mitsui Trust Bank, Limited(*)
Mizuho Trust and Banking Co., Ltd.(*)
Dev elopment Bank of Japan Inc.
Sumitomo Mitsui Banking Corporation.(*)
Mizuho Bank, Ltd.(*)
The Hiroshima Bank, Ltd.(*)
Sumitomo Mitsui Trust Bank, Limited(*)
Sumitomo Mitsui Trust Bank, Limited(*)
Dev elopment Bank of Japan Inc.
Shinsei Bank, Ltd.(*)
ORIX Bank Corporation(*)
Tokio Marine & Nichido Fire Insurance Co., Ltd.
The Yamaguchi Bank, Ltd.
The Higashi-Nippon Bank, Limited(*)
Sumitomo Mitsui Banking Corporation.(*)
Sumitomo Mitsui Trust Bank, Limited(*)
Aozora Bank, Ltd.(*)
The Kagaw a Bank, Ltd.(*)
Aozora Bank, Ltd.(*)
Resona Bank, Limited(*)
The Gunma Bank, Ltd.(*)
The Musashino Bank, Ltd.(*)
Aozora Bank, Ltd.(*)
Sumitomo Mitsui Trust Bank, Limited(*)
Dev elopment Bank of Japan Inc.

Balance
Ty pe(million y en)
2,000 Fix ed
2,000 Fix ed
1,000 Fix ed
1,000 Fix ed
500 Fix ed
1,000 Fix ed
300 Fix ed
300 Fix ed
200 Fix ed
5,500 Floating
4,000 Floating
17,8001,700 Fix ed
6,500 Fix ed
4,000 Fix ed
3,000 Fix ed
1,500 Fix ed
2,550 Fix ed
1,500 Fix ed
1,000 Fix ed
1,000 Fix ed
3,400 Fix ed
1,950 Fix ed
2,000 Fix ed
2,000 Fix ed
1,000 Fix ed
1,000 Fix ed
500 Fix ed
500 Fix ed
2,000 Fix ed
1,500 Fix ed
1,500 Fix ed
1,000 Fix ed
2,000 Fix ed
2,000 Fix ed
500 Fix ed
500 Fix ed
1,000 Fix ed
1,500 Fix ed

Interest
Rate (%)
0.75%
0.52%
0.61%
0.61%
0.61%
0.57%
0.60%
0.60%
0.53%
T+0.25%
T+0.25%1,000

Fix edDate ofadv ance
12/5/21
12/8/31
12/9/18
12/9/18
12/9/18
12/11/30
12/11/30

16/5/31
15/8/31
15/8/31
15/8/31
15/8/31
15/11/30
15/11/30

12/11/30
13/3/29
15/5/1
15/5/1

15/11/30
16/5/31
15/7/31
15/7/31

12/5/11
12/5/21
12/5/21

17/5/10
17/5/22
17/5/31

0.85%
0.60%
0.68%
0.69%
0.69%
0.73%
0.90%
0.90%
0.52%
0.81%
0.90%
0.90%
0.72%
0.57%
0.88%
0.84%

12/5/21
12/5/21
12/9/18
12/9/18
12/9/18
12/9/18
12/9/18
12/11/30
12/12/3
12/12/3
13/1/10
13/2/1
13/2/1
13/2/1
13/2/1
13/2/1
13/2/28
13/2/28
13/2/28
13/3/1
13/4/12
13/4/12
13/4/12
13/4/12

17/5/31
17/5/31
17/8/31
17/8/31
17/8/31
17/8/31
18/2/28
18/2/28
17/11/30
17/11/30
18/2/28
17/11/30
17/11/30
18/2/28
20/2/28
20/2/28
16/8/31
19/2/28
20/2/28
20/2/28
18/5/31
18/5/31
19/5/31
19/11/29

0.96%

13/4/12

19/11/29

1.02%
1.02%
0.86%
0.85%
0.85%
0.96%
0.71%
0.71%
0.79%
0.69%
0.60%

Due date

Kansai Urban Banking Corporation

1,500

Fix ed0.89%

13/6/28

18/8/31

Kansai Urban Banking Corporation(*)

1,500

Fix ed0.67%

13/6/28

19/8/30

Kansai Urban Banking Corporation(*)

2,000

Fix ed0.78%

13/6/28

20/8/31

Dev elopment Bank of Japan Inc.

1,000

Fix ed0.83%

13/7/3

18/8/31

Sumitomo Mitsui Banking Corporation.(*)

1,600

Fix ed0.78%

13/7/3

20/8/31

Shinsei Bank, Ltd.(*)

1,000

Fix ed0.78%

13/7/3

20/11/30

The Higashi-Nippon Bank, Limited(*)

1,000

Fix ed0.81%

13/7/3

20/11/30

The Bank of Fukuoka, Ltd.(*)

1,000

Fix ed0.68%

13/7/818/8/31

Sumitomo Mitsui Trust Bank, Limited(*)

1,000

Fix ed0.82%

13/7/8

19/11/29

Sumitomo Mitsui Trust Bank, Limited(*)

4,000

Fix ed0.82%

13/7/8

20/5/29

Shinsei Bank, Ltd.(*)

1,000

Fix ed0.82%

13/7/31

21/5/31

Shinsei Bank, Ltd.(*)

1,000

Fix ed0.84%

13/7/31

21/8/31

Tokio Marine & Nichido Fire Insurance Co., Ltd.(*)

1,000

Fix ed0.53%

13/8/918/7/31

The Bank of Toky o-Mitsubishi UFJ, Ltd.(*)

2,000

Fix ed0.66%

13/8/918/8/31

The Bank of Fukuoka, Ltd.(*)

1,000

Fix ed0.68%

13/8/918/8/31

The Bank of Toky o-Mitsubishi UFJ, Ltd.(*)

3,000

Fix ed0.76%

13/8/920/8/31

Sumitomo Mitsui Trust Bank, Limited(*)

1,000

Fix ed0.65%

13/8/921/2/26

Sumitomo Mitsui Banking Corporation.

1,400 Floating

T+0.35%

13/8/921/5/31

Mitsubishi UFJ Trust and Banking Corporation(*)

2,000

Fix ed0.62%

13/9/27

18/11/30

Mizuho Bank, Ltd.(*)

4,000

Fix ed0.64%

13/9/27

21/3/31

Sumitomo Mitsui Banking Corporation.(*)
ORIX Bank Corporation

Balance(million y en)
2,000
1,000
2,000
2,000
1,000
1,000
3,000
1,000
1,000
3,900
2,000
500
2,000
500
1,000
1,000
1,500
1,000
3,000
1,000
2,000
3,000
2,000
3,500
4,000
1,000
2,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,500
1,500
1,000
1,500
2,500

Fix edFix edFix edFix edFix edFloating
Fix edFix edFix edFix edFix edFix edFix edFix edFix edFloating
Floating
Floating
Floating
Floating
Fix edFix edFix edFloating
Floating
Floating
Floating
Floating
Floating
Floating
Floating
Fix edFloating
Floating
Floating
Floating
Floating
Floating
Floating

Dev elopment Bank of Japan Inc.

2,000

Fix edShinsei Bank, Ltd.

1,500 Floating

The 77 Bank, Ltd.

1,000 Floating

T+0.20%15/5/1

21/5/31

Dev elopment Bank of Japan Inc.

1,500

0.63%

15/5/1

22/5/31

Term

Long term borrowings

Term

LenderThe Bank of Fukuoka, Ltd.(*)
Shinsei Bank, Ltd.(*)
Resona Bank, Limited(*)
Resona Bank, Limited(*)
Sumitomo Mitsui Banking Corporation.(*)
Sumitomo Mitsui Banking Corporation.
Mitsubishi UFJ Trust and Banking Corporation(*)
The Gunma Bank, Ltd.(*)
Mizuho Bank, Ltd.(*)
Mizuho Bank, Ltd.(*)
Sumitomo Mitsui Trust Bank, Limited
The Musashino Bank, Ltd.(*)
The Bank of Toky o-Mitsubishi UFJ, Ltd.(*)
Mizuho Trust and Banking Co., Ltd.(*)
Dev elopment Bank of Japan Inc.
The Bank of Toky o-Mitsubishi UFJ, Ltd.
Mizuho Bank, Ltd.
The Bank of Toky o-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Banking Corporation.
The Bank of Toky o-Mitsubishi UFJ, Ltd.
Sumitomo Mitsui Banking Corporation.(*)
Mizuho Trust and Banking Co., Ltd.(*)
Sumitomo Mitsui Banking Corporation.(*)
Sumitomo Mitsui Banking Corporation.
Sumitomo Mitsui Banking Corporation.
Shinsei Bank, Ltd.
Sumitomo Mitsui Banking Corporation.
The Bank of Toky o-Mitsubishi UFJ, Ltd.
Mizuho Bank, Ltd.
Sumitomo Mitsui Banking Corporation.
Shinsei Bank, Ltd.
Dev elopment Bank of Japan Inc.
Mitsubishi UFJ Trust and Banking Corporation
The Bank of Toky o-Mitsubishi UFJ, Ltd.
Mizuho Bank, Ltd.
Resona Bank, Limited
Sumitomo Mitsui Trust Bank, Limited
Sumitomo Mitsui Banking Corporation.
Resona Bank, Limited

Ty peInterest
Rate (%)
0.66%
0.73%
0.57%
0.61%
0.61%
T+0.35%
0.50%
0.50%
0.64%
0.61%
0.47%
0.43%
0.60%
0.60%
0.74%
T+0.30%T+0.33%
T+0.33%
T+0.35%
T+0.35%
0.41%
0.53%
0.53%
T+0.30%T+0.33%
L+0.33%
T+0.35%
T+0.30%T+0.33%
T+0.35%
L+0.35%0.69%
T+0.28%T+0.30%T+0.33%
T+0.33%
T+0.33%
T+0.35%
T+0.33%

Date ofadv ance
13/9/30
13/11/29
14/3/18
14/3/18
14/3/25
14/3/25
14/3/31
14/3/31
14/3/31
14/3/31
14/5/29
14/5/29
14/5/29
14/5/29
14/5/29
14/5/29
14/5/29
14/5/29
14/5/29
14/5/29
14/7/8
14/7/8
14/7/8
14/7/8
14/7/8
14/7/8
14/7/8
14/12/1
14/12/1
14/12/1
14/12/1
14/12/3
14/12/3
14/12/3
14/12/3
14/12/3
14/12/3
14/12/3
15/2/27

19/3/29
20/11/30
19/9/30
21/3/31
21/3/31
22/2/28
19/3/29
19/3/29
20/3/31
21/3/31
19/5/31
19/5/31
20/5/29
20/5/29
20/11/30
21/11/30
22/5/31
22/5/31
22/11/30
22/11/30
19/11/29
20/11/30
20/11/30
21/11/30
22/5/31
22/8/31
22/11/30
22/5/31
22/11/30
23/5/31
23/5/31
21/11/30
21/11/30
22/5/31
22/11/30
22/11/30
22/11/30
23/5/31
23/2/280.71%

15/3/31

22/3/31

L+0.33%

15/3/31

23/5/31

Fix edDue date

The Bank of Fukuoka, Ltd.

1,500 Floating

T+0.30%15/5/1

23/5/31

Sumitomo Mitsui Trust Bank, Limited

1,500 Floating

T+0.33%

15/5/1

23/11/30

Mizuho Bank, Ltd.

1,500 Floating

T+0.33%

15/5/1

23/11/30

Shinsei Bank, Ltd.

1,500 Floating

L+0.33%

15/5/1

23/11/30

Resona Bank, Limited

1,500 Floating

T+0.33%

15/5/1

23/11/30

Sumitomo Mitsui Banking Corporation.

3,000 Floating

T+0.35%15/5/1

24/5/31

Mizuho Bank, Ltd.

2,000 Floating

T+0.33%

15/5/29

23/11/30

500 Floating

T+0.33%

15/5/29

23/11/30

The Bank of Toky o-Mitsubishi UFJ, Ltd.
Total long-term borrow ings

168,400

Total borrow ings

186,200

Note: Fixed Interest Rate and Floating
Interest Rate are rounded to thesecond decimal place.
(*)
Interest rates that were changed
from a floating rate to a fixed rateby concluding the swap
agreement are described as fixedinterest rates.

█ Investment Corporation Bonds
Term
Long-term

Lender
No. 3 Unsecured Inv estment Corporation Bond

Balance(million y en)
3,000

Ty pe
Fix edInterest

Date ofRate (%)

adv ance

0.42%

14/9/12Due date
19/9/12

No. 4 Unsecured Inv estment Corporation Bond
2,100 Fix ed
1.00%
14/9/12
24/9/12
Fix ed
13/9/27 disclosed
21/3/31
This1,400
document
is0.64%
not material
in compliance withtheFinancial
Instruments and Exchange5,100
Law or any regulation of similar nature,
Total Inv
estment
corporate bonds
Fix ed0.69%
13/9/30
19/2/28
nor 1,500
is it intended
for the purposesof solicitation. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

(Note) Both are with pari passu clause among specified investment corporation bonds.

45

Analyses of Tenants(As of May 31, 2015)

Major Tenants Top 10 List
Tenant Name(*1)

Property% Share of Industries* of Top 100 Tenants**% of Total
Leased Space
Leased Space(㎡) (*2)(*3)

Not disclosed (*)

Daiwa Tsukishima

6,379.88

2.2%

Fields Corporation

E SPACE TOWER

6,372.30

2.2%

Insurance
3.1%

Trend Micro Incorporated

Shinjuku Maynds Tower

6,314.58

2.2%

Construction
3.5%

Tokio Marine & Nichido Anshin
Consulting Co., Ltd.

Integral Tower

6,058.41

2.1%

Banks
3.7%

Palsystem Consumers'
Co-operative UnionLAQUAS Higashi Shinjuku

5,985.08

2.1%

Schools
3.9%

Not disclosed (*)

Daiwa Kayabacho Build.

5,899.11

2.0%

EMC Japan

Shinjuku Maynds Tower

5,693.39

2.0%

Mitsubishi UFJ NICOS Co., Ltd.

Kitahama Grand Building

5,418.42

1.9%

Not disclosed (*)

Shinjuku Maynds Tower

5,337.60

1.8%

UCC Holdings Co.,Ltd.

Daiwa Onariomon

5,049.92

1.7%

Total

58,508.69

20.7%

Other
15.6%

Electric
Appliances
4.2%

Information &Communication
24.6%

Services
19.6%
Wholesale
5.9%
Retail Trade
6.5%

Real Estate
9.0%* The leased space of top 100 tenants covers 67.8% of total leased
space as of the end of the 19th Fiscal Period.
** Industries are categorized according to TSE’s 33 industry groups.

*1 Not disclosed due to tenant's request.
*2 Leased spaces of the tenants in Shinjuku Maynds Tower are described as the figure equivalent
to 6/7, ownership % of the Investment Corporation.
*3 Rounded down to 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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

46

Appraisal Value Compared to the Previous Fiscal Period (1)(Unit: Million Yen)
Compared to
End of 18th Period(*)

Appraisal Value
Property Name
End of 18th Period

End of 19th Period Difference

Acquisition
Price

ChangeCompared to
Acquisition Price
Difference

Cap Rate

Change 18th Period 19th Period

Daiwa Ginza

15,60015,500

-100

-0.6%

14,100+1,400

9.9%

4.1%

4.0%

Daiwa Ginza Annex

3,200

3,170

-30

-0.9%

3,050

+120

3.9%

4.0%

3.9%

Daiwa Shibaura

7,200

7,240

+40

0.6%

8,265

-1,025-12.4%

4.7%

4.5%

Daiwa Minami Aoyama

4,170

4,140

-30

-0.7%

4,550

-410

-9.0%

4.4%

4.3%

Daiwa Sarugakucho

3,220

3,270

+50

1.6%

3,190

+80

2.5%

4.9%

4.8%

Daiwa A Hamamatsucho

2,870

3,070

+200

7.0%

2,865

+205

7.2%

4.5%

4.3%

Daiwa Jingumae

2,140

2,180

+40

1.9%

2,800

-620

-22.1%

4.3%

4.2%

Daiwa Shibadaimon

2,690

2,700

+10

0.4%

2,578

+122

4.7%

4.3%

4.1%

Daiwa Misakicho

2,550

2,560

+10

0.4%

2,346

+214

9.1%

4.6%

4.4%

Daiwa Shimbashi 510

2,430

2,400

-30

-1.2%

2,080

+320

15.4%

4.6%

4.5%

Daiwa Tsukijiekimae

1,470

1,490

+20

1.4%

1,560

-70

-4.5%

4.8%

4.7%

Daiwa Tsukiji

1,390

1,330

-60

-4.3%

1,240

+90

7.3%

4.7%

4.6%

Daiwa Tsukishima

8,260

8,940

+680

8.2%

7,840

+1,100

14.0%

4.8%

4.6%

Daiwa Nihonbashi Horidomecho

2,540

2,410

-130

-5.1%

2,520

-110

-4.4%

4.6%

4.5%

Daiwa Azabudai

1,720

1,700

-20

-1.2%

1,600

+100

6.3%

4.5%

4.4%

Daiwa Kyobashi

3,060

3,120

+60

2.0%

3,460

-340

-9.8%

4.5%

4.4%

Daiwa Kojimachi 4-chome

2,760

2,600

-160

-5.8%

2,910

-310

-10.7%

4.2%

4.1%

Daiwa Onarimon

12,30012,600+300

2.4%

13,860-1,260

-9.1%

4.3%

4.2%

Shinjyuku Maynds Tower

113,000

113,000-

0.0%

133,800-20,800-15.5%

3.8%

3.7%

SHIBUYA EDGE

4,400

4,520

+120

2.7%

5,900

-1,380-23.4%

4.2%

4.1%

Daiwa Kodemmacho

2,030

2,020

-10

-0.5%

2,460

-440

-17.9%

4.8%

4.7%

Daiwa Jimbocho

3,010

3,110

+100

3.3%

4,150

-1,040-25.1%

4.6%

4.5%

Daiwa Nishi-Shinbashi

4,910

5,060

+150

3.1%

5,000

+60

1.2%

4.5%

4.3%

Daiwa Kudan

3,090

3,220

+130

4.2%

4,000

-780

-19.5%

4.4%

4.3%

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

47

Appraisal Value Compared to the Previous Fiscal Period (2)(Unit: Million Yen)
Compared to
End of 18th Period(*)

Appraisal Value
Property Name

Acquisition
Price

ChangeCompared to
Acquisition Price

End of 18th Period

End of 19th Period

Difference

Difference

Daiwa Kayabacho Building

6,730

7,080

+350

5.2%

5,600

+1,480Daiwa Jinbocho 3-chome

3,950

4,170

+220

5.6%

3,550

E SPACE TOWER

29,60031,000+1,400

4.7%

Daiwa Nihonbashi Hongokucho

1,920

2,000

+80

shinyon curumu

10,70011,400Daiwa Shibuya Dogenzaka

4,850

Daiwa Akasaka

Cap Rate

Change18th Period

19th Period

26.4%

4.1%

3.9%

+620

17.5%

4.1%

3.9%

24,000+7,000

29.2%

3.9%

3.8%

4.2%

1,721

+279

16.2%

4.7%

4.5%

+700

6.5%

9,650

+1,750

18.1%

4.0%

3.8%

5,790

+940

19.4%

4,500

+1,290

28.7%

4.2%

4.0%

10,800

11,200

+400

3.7%

9,200

+2,000

21.7%

4.0%

3.8%

Daiwa Shibuya Miyamasuzaka

7,630

7,840

+210

2.8%

7,000

+840

12.0%

4.1%

4.0%

Azabu Green Terrace

15,30015,600+300

2.0%

14,000+1,600

11.4%

4.2%

4.1%

Daiwa Ebisu 4-chome

-

4,720

-

-

4,135

+584

14.1%

-

4.2%

LAQUAS Higashi Shinjuku

-

9,400

-

-

8,450

+950

11.2%

-

3.8%

Concept Aoyama-

10,600

-

-

9,800

+800

8.2%

-

3.8%

Shinsen Place

-

5,720

-

-

4,800

+920

19.2%

-

3.9%

Glass City Shibuya-

17,000--16,000+1,000

6.3%

-

3.8%

Daiwa Higashi-Ikebukuro

3,330

3,340

+10

0.3%

2,958

+382

12.9%

4.9%

4.7%

Daiwa Shinagawa North

5,890

5,780

-110

-1.9%

7,710

-1,930-25.0%

4.8%

4.7%

Daiwa Osaki 3-chome

2,060

2,120

+60

2.9%

1,650

+470

28.5%

4.5%

4.3%

Daiwa Kamiooka

2,160

2,260

+100

4.6%

2,000

+260

13.0%

5.3%

5.1%

Integral Tower

16,00016,800+800

5.0%

15,220+1,580

10.4%

4.5%

4.3%

Meguro Place Tower

-

5,810

-

-

5,600

+210

3.8%

-

4.1%

Daiwa Minami-Senba

2,600

2,570

-30

-1.2%

4,810

-2,240-46.6%

5.3%

5.2%

Daiwa Meieki

6,560

6,840

+280

4.3%

5,300

+1,540

29.1%

4.9%

4.7%

Kitahama Grand Building

10,20010,600

+400

3.9%

9,481

+1,118

11.8%

4.5%

4.3%

Total(*)

350,290

410,990+7,4502.1%

413,259-2,269

-0.5%

-

-

*Difference and change in “Compared to End of the 18th Period” do not include the impact of the properties acquired/sold in the 19th 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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

48

Appraisal Value at End of Fiscal Period (1)(Unit: Million Yen)
Summary of Appraisal Report (End of 19th period)
Property Name

Appraisal Value at
End of 19th Period

Direct Capitalization Method
Value

Cap Rate

DCF Method
Discount
Rate

Value

Terminal
Cap Rate

Integrated
Value

Daiwa Ginza

15,50015,8004.0%

15,1003.8%

4.2%

12,400Daiwa Ginza Annex

3,170

3,220

3.9%

3,120

3.7%

4.1%

3,220

Daiwa Shibaura

7,240

7,350

4.5%

7,190

4.3%

4.7%

5,990

Daiwa Minami Aoyama

4,140

4,210

4.3%

4,070

4.1%

4.5%

3,530

Daiwa Sarugakucho

3,270

3,320

4.8%

3,220

4.6%

5.0%

1,540

Daiwa A Hamamatsucho

3,070

3,130

4.3%

3,050

4.1%

4.5%

1,990

Daiwa Jingumae

2,180

2,190

4.2%

2,160

4.0%

4.4%

2,230

Daiwa Shibadaimon

2,700

2,770

4.1%

2,670

3.9%

4.3%

1,940

Daiwa Misakicho

2,560

2,590

4.4%

2,550

4.2%

4.6%

1,540

Daiwa Shimbashi 510

2,400

2,430

4.5%

2,370

4.3%

4.7%

1,910

Daiwa Tsukijiekimae

1,490

1,500

4.7%

1,480

4.7%

4.9%

1,470

Daiwa Tsukiji

1,330

1,320

4.6%

1,340

4.6%

4.8%

1,310

Daiwa Tsukishima

8,940

9,020

4.6%

8,900

4.3%

4.8%

4,840

Daiwa Nihonbashi Horidomecho

2,410

2,450

4.5%

2,370

4.3%

4.7%

1,520

Daiwa Azabudai

1,700

1,720

4.4%

1,680

4.2%

4.6%

1,150

Daiwa Kyobashi

3,120

3,170

4.4%

3,060

4.2%

4.6%

1,890

Daiwa Kojimachi 4-chome

2,600

2,750

4.1%

2,540

3.9%

4.3%

3,780

Daiwa Onarimon

12,60012,9004.2%

12,3004.0%

4.4%

11,000Shinjyuku Maynds Tower

113,000

140,000

3.7%

129,000

3.5%

3.9%

102,000

SHIBUYA EDGE

4,520

4,620

4.1%

4,420

3.9%

4.3%

3,270

Daiwa Kodemmacho

2,020

2,040

4.7%

1,990

4.5%

4.9%

1,010

Daiwa Jimbocho

3,110

3,210

4.5%

3,070

4.5%

4.7%

3,050

Daiwa Nishishimbashi

5,060

5,200

4.3%

5,000

4.1%

4.5%

3,770

Daiwa Kudan

3,220

3,380

4.3%

3,170

4.3%

4.5%

3,200

*Discount rate for Daiwa Tsukijiekimaeis thatof material
after the 4th
fiscal year
(4.5% for thewith
first thefiscalFinancial
year andInstruments
4.6% for 2nd andand Exchange
3rd fiscal year).
This document
is notdisclosedin compliance
Law or any regulation of similar nature,
Appraisal value for Shinjuku
Towerforis indicatedas 6/7ofofsolicitation.
the total appraisal
forInvestment
the building.Corporation
The figure regarding
overview
of appraisal
reportdecisions
is indicatedatas
7/7 ownof thejudgment.
total.
nor Maynds
is it intended
the purposes
Daiwavalue
Officeadvises thereaders
to makeinvestment
their

49

Appraisal Value at End of Fiscal Period (2)(Unit: Million Yen)
Summary of Appraisal Report (End of 19th period)
Property Name

Appraisal Value at Direct Capitalization Method
End of 19th Period
Value
Cap Rate

DCF Method
Value

Discount
Rate

Integrated
Value

Terminal
Cap Rate

Daiwa Kayabacho Building

7,080

7,190

3.9%

7,030

3.7%

4.1%

5,630

Daiwa Jinbocho 3-chome

4,170

4,270

3.9%

4,120

3.7%

4.1%

3,740

E SPACE TOWER

31,00031,2003.8%

30,8003.5%

3.9%

28,500Daiwa Nihonbashi Hongokucho

2,000

2,050

4.5%

1,980

4.3%

4.7%

1,510

shinyon curumu

11,40011,5003.8%

11,3003.6%

4.0%

12,200Daiwa Shibuya Dogenzaka

5,790

6,040

4.0%

5,680

3.8%

4.2%

4,250

Daiwa Akasaka

11,20011,4003.8%

11,1003.6%

4.0%

12,200Daiwa Shibuya Miyamasuzaka

7,840

7,890

4.0%

7,790

3.7%

4.1%

8,600

Azabu Green Terrace

15,60015,900

4.1%

15,3003.9%

4.3%

14,800Daiwa Ebisu 4-chome

4,720

4,810

4.2%

4,680

4.0%

4.4%

3,480

LAQUAS Higashi Shinjuku

9,400

9,760

3.8%

9,240

3.6%

4.0%

10,500Concept Aoyama

10,60010,9003.8%

10,500

3.6%

4.0%

9,130

Shinsen Place

5,720

5,760

3.9%

5,700

3.8%

4.1%

3,600

Glass City Shibuya

17,00017,2003.8%

16,8003.5%

3.9%

16,100Daiwa Higashi-Ikebukuro

3,340

3,400

4.7%

3,320

4.5%

4.9%

2,140

Daiwa Shinagawa North

5,780

5,830

4.7%

5,730

4.5%

4.9%

4,100

Daiwa Osaki 3-chome

2,120

2,150

4.3%

2,110

4.1%

4.5%

1,460

Daiwa Kamiooka

2,260

2,250

5.1%

2,270

4.9%

5.3%

2,190

Integral Tower

16,80017,1004.3%

16,600

4.1%

4.5%

11,700Meguro Place Tower

5,810

6,030

4.1%

5,710

3.9%

4.3%

5,680

Daiwa Minami-Senba

2,570

2,630

5.2%

2,510

5.0%

5.4%

1,690

Daiwa Meieki

6,840

6,990

4.7%

6,780

4.7%

4.9%

8,060

Kitahama Grand Building

10,60010,9004.3%

10,500

4.1%

4.5%

11,700Total(*)

410,990

443,440-

423,370--

362,510

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

50

Portfolio Performance Summary (1)(18th-19th Fiscal Period Results by Property)
Property Name

Acquisition Price (million yen)Book Value (million yen)Appraisal Value (million yen)Occupancy Rate (% )PML (% ) (*1)
Property Management Company
Number of operating days
(1) Property-related Revenues (thousand yen)
Profits from property-related activities (*2)

Rent (incl. common service fees)
Other Revenues (*3)(2) Property-related Ex penses( thousand yen)
Administrative Ex penses
Utility Charges
Property Management Fee
Property-related Tax es
Non-life Insurance Costs
Repair Ex penses
Other Ex penses(3) NOI (=(1)-(2)) (*4) (thousand yen)
Annualized NOI (thousand yen)
NOI Yield (*5)
(Reference) Depreciation and amortization (thousand yen))Repair Work (thousand yen)
Proceeds from Amortization of Leasehold andSecurity (thousand yen)

Daiwa Ginza

Daiwa Ginza Annex

Daiwa Shibaura

Daiwa Minami Aoyama Daiwa Sarugakucho Daiwa A Hamamatsucho

Daiwa Jingumae

14,100
3,050
8,265
4,550
3,190
2,865
2,800
18th Period 19th Period 18th Period 19th Period 18th Period 19th Period 18th Period 19th Period 18th Period 19th Period 18th Period
19th Period
18th Period 19th Period
13,43013,372
2,855
2,845
8,064
8,040
4,450
4,467
3,234
3,220
2,822
2,821
2,704
2,698
15,60015,500
3,200
3,170
7,200
7,240
4,170
4,140
3,220
3,270
2,870
3,070
2,140
2,180
92.1
91.8
100.0
100.0
98.3
99.5
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
4.53
4.53
3.97
3.97
3.82
3.82
9.19
9.19
7.14
7.14
3.79
3.79
13.33
13.33
Best Property

Best Property

Best Property

Xy max Properties

Property Partners

Best Property

Best Property

183
340,463
332,158
8,305
95,03615,80032,514
5,098
27,552444
1,785
11,841
245,426
489,512
3.6%
70,4670

182
375,771367,353
8,417
110,712
16,46629,155
5,603
27,551433
19,65911,841
265,058
531,573
4.0%
70,6492,680

183
84,45684,456
0
24,782
5,775
7,850
1,269
9,083
104
699
0
59,673
119,0214.2%
17,5510

182
88,00188,0010
22,794
4,071
7,330
1,384
9,080
100
828
0
65,207130,772
4.6%
17,7230183200,358
197,836
2,521
67,067
15,93420,857
2,925
19,203412
7,734
0
133,290
265,852
3.3%
25,338504

182
219,019
216,998
2,020
63,515
12,76523,2003,319
19,203404
4,602
20
155,503311,862
3.9%
25,492573

183
124,804
124,804
0
27,7293,584
10,014
1,678
11,714149588
097,075
193,620
4.4%
11,904
0

182
124,553
124,553
030,727
3,554
7,947
1,953
11,715146
5,410
093,825
188,166
4.2%
12,0970183- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)
86,310172,148
5.3%- (*6)- (*6)

182- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)
85,510171,491
5.3%- (*6)- (*6)

183
127,580
127,580066,067
9,857
10,911
1,913
8,657
190
5,097
29,43861,513
122,690
4.3%
13,531
0

182
127,409
127,4090
59,775
8,267
10,513
1,925
8,657
183
827
29,40067,633
135,639
4.8%
13,8450183
72,52258,602
13,91919,532
5,172
5,862
1,362
6,304
83
739
7
52,989105,690
3.9%
7,360
0

182
54,10854,1080
18,630
3,148
5,613
1,200
6,305
81
2,274
7
35,47871,151
2.6%
7,372
0

0

0

0

0

0

0

0

0

- (*6)- (*6)

0000(*1) Sompo Japan Nipponkoa Risk Management Inc. has prepared the PML for the 19th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (June 2015).
(*2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(*3) Other Revenues includes Proceeds for Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits.
(*4) (3) NOI in this table is calculated by adjusting the Property-related Taxes for the “NOI (after deduction of gain on sale)”aforementioned in the Appendix “Major Financial Data” so the figures do not match.
(*5) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(*6) Not disclosed due to tenant's request.

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

51

Portfolio Performance Summary (2)(18th-19th Fiscal Period Results by Property)
Property Name

Acquisition Price (million yen)Book Value (million yen)Appraisal Value (million yen)Occupancy Rate (% )PML (% ) (*1)
Property Management Company
Number of operating days
(1) Property-related Revenues (thousand yen)
Profits from property-related activities (*2)

Rent (incl. common service fees)
Other Revenues (*3)(2) Property-related Ex penses( thousand yen)
Administrative Ex penses
Utility Charges
Property Management Fee
Property-related Tax es
Non-life Insurance Costs
Repair Ex penses
Other Ex penses(3) NOI (=(1)-(2)) (*4) (thousand yen)
Annualized NOI (thousand yen)
NOI Yield (*5)
(Reference) Depreciation and amortization (thousand yen))Repair Work (thousand yen)
Proceeds from Amortization of Leasehold andSecurity (thousand yen)

Daiwa Shibadaimon

Daiwa A Tsukiji 616（*6）

Daiwa Tsukishima Bldg.

2,578
2,346
2,080
1,560
1,240
18th Period 19th Period 18th Period 19th Period 18th Period 19th Period 18th Period 19th Period 18th Period 19th Period 18th Period 19th Period
2,408
2,405
2,216
2,205
2,120
2,138
1,379
1,367
1,184
1,177
2,247
2,690
2,700
2,550
2,560
2,430
2,400
1,470
1,490
1,390
1,330
2,430
100.0
100.0
100.0
100.0
99.6
99.6
100.0
100.0
100.0
89.2
100.0
3.72
3.72
4.24
4.24
5.51
5.51
4.23
4.23
4.98
4.98
4.50
-

7,840
18th Period
19th Period
7,022
7,060
8,260
8,940
100.0
100.0
4.87
4.87

Best Property

Daiwa Misakicho

Best Property

Daiwa Shimbashi 510 Daiwa Tsukijiekimae

Property Partners

Daiwa Tsukiji

MS Building Suppor

Xy max Properties

MS Building Suppor

Property Partners

183
80,63880,6380
24,899
6,632
8,729
1,212
6,242
115
1,967
0
55,738111,172
4.6%
9,692
0

182
82,61582,6150
20,992
5,571
7,146
1,256
6,240
112
665
0
61,623
123,584
5.1%
9,681
0

183
- (*7)- (*7)- (*7)- (*7)- (*7)- (*7)- (*7)- (*7)- (*7)- (*7)- (*7)
62,986125,629
5.7%- (*7)- (*7)

182- (*7)- (*7)- (*7)- (*7)- (*7)- (*7)- (*7)- (*7)- (*7)- (*7)- (*7)
62,974
126,294
5.7%- (*7)- (*7)

183
85,94785,947
0
20,093
3,829
8,108
1,289
5,555
113
1,195
0
65,854
131,348
6.2%
6,847
0

182
84,407
84,407
0
21,527
3,778
6,599
1,264
5,555
110
4,218
0
62,879126,105
5.9%
7,146
0

183
42,04342,0430
17,056
2,950
7,406
1,200
5,028
96
356
18
24,986
49,837
3.6%
13,4550

182
56,052
56,052
0
16,697
2,985
6,989
1,200
5,028
96
381
18
39,35478,925
5.8%
13,4700183
47,852
44,6373,215
12,840
3,876
3,589
1,243
3,823
57
250
0
35,012
69,834
5.9%
7,228
0

182
44,25344,2530
12,920
2,438
3,437
1,200
3,823
54
1,966
0
31,33362,839
5.3%
7,237
0

183
88,23884,0384,200
26,521
4,778
8,603
1,252
6,765
126
4,995
0
61,717123,097
5.5%
20,571
4,200

94
39,99739,9970
16,903
1,874
4,813
625
8,997
63
529
0
23,093111,037
5.0%
14,0510

183
287,424
287,424060,4408,151
32,376
4,312
13,191310
2,097
0226,983
452,726
6.4%
49,6350

182
281,035
281,035
078,602
8,116
26,6784,221
13,191
301
26,091
0
202,432
405,978
5.8%
52,38700

0- (*7)- (*7)

0

0

0

0

0

0

0

0

0

0

(*1) Sompo Japan Nipponkoa Risk Management Inc. has prepared the PML for the 19th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (June 2015).
(*2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(*3) Other Revenues includes Proceeds for Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits.
(*4) (3) NOI in this table is calculated by adjusting the Property-related Taxes for the “NOI (after deduction of gain on sale)”aforementioned in the Appendix “Major Financial Data” so the figures do not match.
(*5) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(*6) Annualized NOI for the 19th Period is calculated by adjusting the property-related taxes with the book value upon sale.
(*7) Not disclosed due to tenant's request.
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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

52

Portfolio Performance Summary (3)(18th-19th Fiscal Period Results by Property)
Property Name

Acquisition Price (million yen)Book Value (million yen)Appraisal Value (million yen)Occupancy Rate (% )PML (% ) (*1)
Property Management Company
Number of operating days
(1) Property-related Revenues (thousand yen)
Profits from property-related activities (*2)

Rent (incl. common service fees)
Other Revenues (*3)(2) Property-related Ex penses( thousand yen)
Administrative Ex penses
Utility Charges
Property Management Fee
Property-related Tax es
Non-life Insurance Costs
Repair Ex penses
Other Ex penses(3) NOI (=(1)-(2)) (*4) (thousand yen)
Annualized NOI (thousand yen)
NOI Yield (*5)
(Reference) Depreciation and amortization (thousand yen))Repair Work (thousand yen)
Proceeds from Amortization of Leasehold andSecurity (thousand yen)

Daiwa Azabudai

Daiwa Nihonbashi Horidomecho

Daiw a Shibuya SS (*6)

Daiwa Nihombashi Honcho（*7）

Daiwa Ginza 1-chome（*7）

Daiwa Kyobashi

Daiwa Kojimachi 4-chome

2,520
1,600
3,460
2,910
18th Period 19th Period 18th Period 19th Period 18th Period 19th Period 18th Period 19th Period 18th Period 19th Period 18th Period 19th Period 18th Period 19th Period
2,511
2,504
1,548
1,550
7,045
4,472
3,322
3,327
2,870
2,860
2,540
2,410
1,720
1,700
6,830
4,170
3,060
3,120
2,760
2,600
87.8
100.0
100.0
100.0
88.1
71.0
100.0
100.0
100.0
100.0
4.68
4.68
6.64
6.64
7.12
7.23
4.51
4.51
6.19
6.19
Best Property

Best Property-

Xy max Properties

Xy max Properties

Best Property

Best Property

183
78,10073,658
4,441
20,288
4,410
6,483
1,219
6,563
130
1,481
0
57,811
115,306
4.6%
12,6100

182
75,66075,660020,188
5,319
5,870
1,224
6,564
125
1,085
0
55,471
111,248
4.4%
13,9440183
52,26852,2680
13,587
2,543
4,345
1,200
4,808
83
606
0
38,681
77,150
5.0%
8,300
0

182
52,38850,730
1,658
16,983
3,524
3,800
1,200
4,809
81
3,567
0
35,40471,003
4.6%
8,420
1,658

0
576
569
6
1,927
0
1,927
0
0
0
0
0
-1,35100-183
177,113
177,113040,862
9,235
16,0572,649
11,813292
813
0136,251
271,758
3.9%
29,683063
60,52060,520031,113
8,486
7,265
630
13,82097813
029,406
226,751
3.2%
14,8980

183
123,508
123,508
0
25,965
6,549
8,841
1,725
7,791
143
913
0
97,543
194,553
4.3%
20,2580

63
19,701
19,7010
16,612
3,343
2,970
414
9,205
48
630
0
3,088
55,602
1.2%
10,0580

183
99,574
99,574025,498
4,736
10,640
1,494
7,027
136
1,463
0
74,076
147,747
4.4%
18,3540

182
96,28496,186
97
25,060
4,633
9,493
1,452
7,027
133
2,320
0
71,223
142,837
4.3%
19,0100183
88,85988,859037,464
4,961
9,659
1,348
14,702133
6,660
051,395102,509
3.6%
11,4800

182
91,276
91,276030,515
4,603
8,588
1,366
14,702130
1,125
060,760121,855
4.3%
11,440
0

0

0

0

0

0

-

0

0

0

0

0

0

0

0

(*1) Sompo Japan Nipponkoa Risk Management Inc. has prepared the PML for the 19th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (June 2015).
(*2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(*3) Other Revenues includes Proceeds for Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits.
(*4) (3) NOI in this table is calculated by adjusting the Property-related Taxes for the “NOI (after deduction of gain on sale)”aforementioned in the Appendix “Major Financial Data” so the figures do not match.
(*5) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(*6) Properties sold in the 17th fiscal period..
(*7) Annualized NOI for 19th FP is obtained by using the book value at the time of sale and reflecting adjustment of property-related taxes.
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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

53

Portfolio Performance Summary (4)(18th-19th Fiscal Period Results by Property)
Property Name

Acquisition Price (million yen)Book Value (million yen)Appraisal Value (million yen)Occupancy Rate (% )PML (% ) (*1)
Property Management Company
Number of operating days
(1) Property-related Revenues (thousand yen)
Profits from property-related activities (*2)

Rent (incl. common service fees)
Other Revenues (*3)(2) Property-related Ex penses( thousand yen)
Administrative Ex penses
Utility Charges
Property Management Fee
Property-related Tax es
Non-life Insurance Costs
Repair Ex penses
Other Ex penses(3) NOI (=(1)-(2)) (*4) (thousand yen)
Annualized NOI (thousand yen)
NOI Yield (*5)
(Reference) Depreciation and amortization (thousand yen))Repair Work (thousand yen)
Proceeds from Amortization of Leasehold andSecurity (thousand yen)

Shinjyuku Maynds Tower

Daiwa Onarimon

SHIBUYA EDGE

Daiwa Kodemmacho

Daiwa Jimbocho

Daiwa Kudan

Daiw a Nishishimbashi

13,860133,800
5,900
2,460
4,150
5,000
4,000
18th Period 19th Period 18th Period 19th Period 18th Period 19th Period 18th Period 19th Period 18th Period 19th Period 18th Period 19th Period 18th Period 19th Period
13,525
13,498130,234
130,254
5,746
5,738
2,411
2,417
4,074
4,120
4,931
4,908
3,873
3,848
12,30012,600113,000
113,000
4,400
4,520
2,030
2,020
3,010
3,110
4,910
5,060
3,090
3,220
100.0
100.0
94.0
98.8
100.0
100.0
100.0
100.0
100.0
100.0
100.0
96.3
100.0
100.0
3.89
3.89
2.03
2.03
1.56
1.56
4.19
4.19
5.05
5.05
3.76
3.76
5.51
5.51
Xy max Properties

Xy max Properties

Property Partners

183
322,259
322,259
0
97,94728,60929,6593,072
33,658423
2,523
0224,312447,398
3.3%
29,9380182
275,733
275,733
083,355
16,396
26,2002,790
33,647414
3,905
0
192,377
385,8122.9%
30,4070

Xy max Properties

183
2,402,373
2,397,916
4,457
767,684
141,524
311,740
16,767
246,824
3,729
39,537
7,560
1,634,689
3,260,445
2.5%
375,2804,457

182
2,446,339
2,446,339
0762,752
144,335
295,862
17,355
253,151
3,610
44,543
3,893
1,683,587
3,376,425
2.6%
386,0480

183
117,926
117,926
0
22,646
4,319
8,451
1,770
7,254
106
743
0
95,279190,039
3.3%
15,9940

182
118,063
118,063
023,365
4,176
8,103
1,770
7,254
107
1,953
0
94,697
189,916
3.3%
15,9950

183
59,20459,2040
14,947
3,000
5,337
1,200
3,618
83
885
822
44,25788,272
3.7%
8,756
0

182
62,50062,500014,275
2,908
5,275
1,200
3,609
81
377
822
48,22496,714
4.0%
8,921
0

Japan Property Solutions

183
98,614
98,614028,228
5,066
9,998
1,200
10,616143
1,162
40
70,386140,387
3.4%
18,7410

182
96,403
96,403032,421
5,991
9,301
1,200
10,609
139
4,918
261
63,982
128,316
3.1%
19,3770

Xy max Properties

183
132,573
132,573
047,772
15,046
12,892
1,824
15,610246
2,149
384,800169,138
3.4%
33,8600

182
138,606
138,606
046,33913,932
12,424
1,837
15,610237
2,295
392,267
185,041
3.8%
33,3870

Japan Property Solutions

183
88,38788,387
0
24,795
4,344
8,822
1,327
8,464
121
1,714
0
63,592
126,837
3.3%
24,3980

182
101,125
93,484
7,641
24,275
5,470
8,304
1,501
8,456
117
424
0
76,850154,123
4.0%
24,419
0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

(*1) Sompo Japan Nipponkoa Risk Management Inc. has prepared the PML for the 19th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (June 2015).
(*2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(*3) Other Revenues includes Proceeds for Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits.
(*4) (3) NOI in this table is calculated by adjusting the Property-related Taxes for the “NOI (after deduction of gain on sale)”aforementioned in the Appendix “Major Financial Data” so the figures do not match.
(*5) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book 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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

54

Portfolio Performance Summary (5)(18th-19th Fiscal Period Results by Property)
Property Name

Acquisition Price (million yen)Book Value (million yen)Appraisal Value (million yen)Occupancy Rate (% )PML (% ) (*1)
Property Management Company
Number of operating days
(1) Property-related Revenues (thousand yen)
Profits from property-related activities (*2)

Rent (incl. common service fees)
Other Revenues (*3)(2) Property-related Ex penses( thousand yen)
Administrative Ex penses
Utility Charges
Property Management Fee
Property-related Tax es
Non-life Insurance Costs
Repair Ex penses
Other Ex penses(3) NOI (=(1)-(2)) (*4) (thousand yen)
Annualized NOI (thousand yen)
NOI Yield (*5)
(Reference) Depreciation and amortization (thousand yen))Repair Work (thousand yen)
Proceeds from Amortization of Leasehold andSecurity (thousand yen)

Daiwa Kay abacho Building

Daiwa Jinbocho 3-chome

E SPACE TOWER

shinyon curumu

Daiwa Nihonbashi Hongokucho

Daiwa Akasaka

Daiwa Shibuy a Dogenzaka

5,600
3,550
24,000
1,721
9,650
4,500
9,200
18th Period 19th Period 18th Period 19th Period 18th Period 19th Period 18th Period 19th Period 18th Period 19th Period 18th Period 19th Period 18th Period 19th Period
5,451
5,423
3,508
3,488
23,80723,753
1,680
1,667
9,906
9,883
4,506
4,489
9,273
9,305
6,730
7,080
3,950
4,170
29,60031,0001,920
2,000
10,70011,4004,850
5,790
10,800
11,200
100.0
100.0
100.0
100.0
100.0
96.4
100.0
100.0
100.0
100.0
100.0
100.0
85.8
85.8
4.50
4.50
5.33
5.33
3.11
3.11
3.80
3.80
4.44
4.44
3.77
3.77
7.14
7.14
Property Partners

MS Building Suppor

MS Building Suppor183- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)
147,583
294,360
5.4%- (*6)- (*6)

182- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)
120,911242,487
4.5%- (*6)- (*6)

Japan Property Solutions

183
85,49085,490027,638
7,852
8,139
1,276
9,330
127
912
0
57,851
115,387
3.3%
19,7220

182
99,24899,248025,082
6,013
7,744
1,563
9,322
122
316
0
74,165
148,739
4.3%
19,7220

Xy max Properties

183
694,408
694,4080
171,621
43,20162,5996,940
56,335673
1,799
72
522,786
1,042,717
4.4%
64,0030

182
706,695
706,695
0173,715
50,35255,152
7,117
56,336
645
3,607
503
532,980
1,068,889
4.5%
64,1250183
59,62059,620012,804
2,899
3,907
1,200
4,418
78
300
0
46,816
93,377
5.6%
13,1600

182
59,671
59,6710
12,422
2,763
3,964
1,200
4,418
76
0
0
47,24894,7575.7%
13,1600183
254,882
254,882084,604
22,32025,8052,662
33,414316
83
0170,278
339,625
3.4%
35,2970

182
300,364
299,253
1,111
84,341
23,13924,3002,944
33,424326
205
0216,023
433,233
4.4%
35,4410Best Property

183
143,512
143,5120
43,674
10,99916,165
1,708
13,570215
1,014
099,837
199,129
4.4%
17,9180

182
143,967
143,967
045,994
12,95914,088
1,747
13,570209
3,418
097,973
196,484
4.4%
17,9660

Xy max Properties

183
343,136
319,556
23,580118,900
24,85651,8183,719
32,825431
5,248
0
224,236447,247
4.8%
22,5790

182
282,847
282,847
0
97,091
20,75938,3293,144
32,824425
1,608
0
185,755
372,532
4.0%
23,0970- (*6)- (*6)

0

0

0

0

0

0

0

0

0

0

2,600

0

(*1) Sompo Japan Nipponkoa Risk Management Inc. has prepared the PML for the 19th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (June 2015).
(*2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(*3) Other Revenues includes Proceeds for Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits.
(*4) (3) NOI in this table is calculated by adjusting the Property-related Taxes for the “NOI (after deduction of gain on sale)”aforementioned in the Appendix “Major Financial Data” so the figures do not match.
(*5) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(*6) Not disclosed due to tenant's request.

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

55

Portfolio Performance Summary (6)(18th-19th Fiscal Period Results by Property)
Property Name

Acquisition Price (million yen)Book Value (million yen)Appraisal Value (million yen)Occupancy Rate (% )PML (% ) (*1)
Property Management Company
Number of operating days
(1) Property-related Revenues (thousand yen)
Profits from property-related activities (*2)

Rent (incl. common service fees)
Other Revenues (*3)(2) Property-related Ex penses( thousand yen)
Administrative Ex penses
Utility Charges
Property Management Fee
Property-related Tax es
Non-life Insurance Costs
Repair Ex penses
Other Ex penses(3) NOI (=(1)-(2)) (*4) (thousand yen)
Annualized NOI (thousand yen)
NOI Yield (*5)
(Reference) Depreciation and amortization (thousand yen))Repair Work (thousand yen)
Proceeds from Amortization of Leasehold andSecurity (thousand yen)

Azabu Green Terrace Daiwa Ebisu 4-chome LAQUAS Higashi Shinjuku

Daiwa Shibuy a Miy amasuzaka

Concept Aoyama

Shinsen Place

Glass City Shibuya

7,000
14,000
4,135
8,450
9,800
4,800
16,00018th Period
19th Period 18th Period 19th Period 18th Period 19th Period 18th Period 19th Period 18th Period 19th Period 18th Period 19th Period 18th Period 19th Period
7,191
7,200
14,383
14,335
4,171
8,674
10,066
4,934
16,155
7,630
7,840
15,30015,6004,720
9,400
10,6005,720
17,000
100.0
100.0
100.0
100.0
0.0
100.0
85.9
100.0
100.0
5.64
5.64
2.67
2.67
2.44
4.46
4.42
6.21
1.61
Japan Property Solutions

MS Building Suppor

MS Building Suppor

Xy max Properties

183
232,583
232,583068,372
18,406
20,6002,791
20,307302
5,939
24
164,211
327,525
4.6%
20,3860

182
231,356
231,356
067,622
18,24019,2882,776
20,307296
6,668
45
163,734
328,367
4.6%
21,4530Best Property

150
368,139
368,139
072,64823,36145,206
3,224
8
513
314
19
295,490719,027
5.0%
41,7520

182
440,135
438,746
1,388
92,831
27,99852,617
3,955
186
610
7,461
0
347,304
696,516
4.9%
50,2130

MS Building Suppor-

182- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)
10,397
20,8520.5%- (*6)- (*6)

ITOCHU Urban Community-

180
219,543
219,543
025,8639,560
14,282
1,187
13
310
283
226
193,679
392,739
4.5%
32,2900-

91
106,858
106,858
0
8,749
4,996
2,177
1,279
2
78
155
60
98,108393,512
3.9%
8,523
0

-

91
- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)- (*6)
64,443
258,482
5.2%- (*6)- (*6)-

31
64,61164,611
0
3,416
2,048
0
1,257
10
61
38
0
61,194
720,520
4.5%
5,359
0

0

0

0

0

-

- (*6)

-

0

-

0

-

- (*6)-

0(*1) Sompo Japan Nipponkoa Risk Management Inc. has prepared the PML for the 19th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (June 2015).
(*2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(*3) Other Revenues includes Proceeds for Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits.
(*4) (3) NOI in this table is calculated by adjusting the Property-related Taxes for the “NOI (after deduction of gain on sale)”aforementioned in the Appendix “Major Financial Data” so the figures do not match.
(*5) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(*6) Not disclosed due to tenant's request.

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

56

Portfolio Performance Summary (7)(18th-19th Fiscal Period Results by Property)
Property Name

Acquisition Price (million yen)Book Value (million yen)Appraisal Value (million yen)Occupancy Rate (% )PML (% ) (*1)
Property Management Company
Number of operating days
(1) Property-related Revenues (thousand yen)
Profits from property-related activities (*2)

Rent (incl. common service fees)
Other Revenues (*3)(2) Property-related Ex penses( thousand yen)
Administrative Ex penses
Utility Charges
Property Management Fee
Property-related Tax es
Non-life Insurance Costs
Repair Ex penses
Other Ex penses(3) NOI (=(1)-(2)) (*4) (thousand yen)
Annualized NOI (thousand yen)
NOI Yield (*5)
(Reference) Depreciation and amortization (thousand yen))Repair Work (thousand yen)
Proceeds from Amortization of Leasehold andSecurity (thousand yen)

Daiw a Kinshicho（*6） Daiwa Higashi-Ikebukuro

Benex S-3 （*6 ）Daiwa Shinagawa North

Daiwa Osaki 3-chome

Daiwa Kamiooka

Integral Tower

2,958
7,710
1,650
2,000
15,22018th Period 19th Period 18th Period 19th Period 18th Period 19th Period 18th Period 19th Period 18th Period 19th Period 18th Period 19th Period 18th Period 19th Period
3,355
2,782
2,767
4,281
7,339
7,318
1,674
1,663
2,023
2,006
15,29015,218
3,620
3,330
3,340
3,260
5,890
5,780
2,060
2,120
2,160
2,260
16,00016,800
100.0
100.0
100.0
100.0
100.0
90.0
100.0
100.0
85.4
100.0
99.5
99.5
4.56
3.55
3.55
8.89
7.19
7.19
6.14
6.14
6.29
6.29
1.18
1.18
Best Property

Xy max Properties

Xy max Properties

Xy max Properties

183
142,125
142,125047,978
11,833
15,8292,057
12,088253
5,915
094,146
187,779
5.6%
29,870063
48,586
48,586
0
26,795
3,933
7,316
681
14,05484725
021,790183,428
5.5%
15,1690Best Property

183
88,313
83,4134,900
43,57812,897
14,389
1,300
8,812
242
5,936
0
44,73489,224
3.2%
22,9144,900

182
105,678
105,678
036,923
8,972
13,711
1,650
8,809
232
3,546
0
68,755
137,8885.0%
23,0890

Xy max Properties

183
163,389
163,389
058,67816,231
22,1802,442
15,269377
2,176
0104,711
208,850
4.9%
38,9150

94
84,591
84,591045,655
7,868
14,9301,037
20,542188
1,087
038,936200,335
4.7%
25,9610Best Property

183
192,905
192,375
530
56,488
12,83920,3972,879
18,531362
1,477
0136,417
272,088
3.7%
32,779530

182
188,738
176,838
11,90069,695
12,992
18,433
2,614
18,541352
16,7610
119,042
238,739
3.3%
33,236
11,900183
52,47652,476
0
13,561
3,430
4,231
1,200
3,939
71
689
0
38,914
77,617
4.6%
11,0250

182
42,09542,0950
14,840
6,206
3,237
1,200
3,939
68
187
0
27,25554,6603.3%
11,0480183
64,05664,056
0
20,539
6,017
5,398
1,200
6,443
122
1,358
0
43,517
86,797
4.3%
17,7240

182
73,87373,873
021,268
7,630
5,748
1,200
6,443
116
130
0
52,604105,497
5.3%
17,7300183
553,910553,410500
138,166
48,70580,679
6,093
43
905
1,615
122
415,744829,216
5.4%
90,9580182
550,204
550,204
0152,785
45,42792,364
6,036
236
885
7,655
180
397,418
797,020
5.2%
91,226
0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

(*1) Sompo Japan Nipponkoa Risk Management Inc. has prepared the PML for the 19th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (June 2015).
(*2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(*3) Other Revenues includes Proceeds for Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits.
(*4) (3) NOI in this table is calculated by adjusting the Property-related Taxes for the “NOI (after deduction of gain on sale)”aforementioned in the Appendix “Major Financial Data” so the figures do not match.
(*5) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value.
(*6) Annualized NOI for 19th FP is obtained by using the book value at the time of sale and reflecting adjustment of property-related taxes.

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

57

Portfolio Performance Summary (8)(18th-19th Fiscal Period Results by Property)
Property Name

Meguro Place Tower

Daiwa Minami-Senba

Daiwa Meieki

Kitahama Grand Building

Total (*6)

Acquisition Price (million yen)Book Value (million yen)Appraisal Value (million yen)Occupancy Rate (% )PML (% ) (*1)
Property Management Company
Number of operating days
(1) Property-related Revenues (thousand yen)
Profits from property-related activities (*2)

Rent (incl. common service fees)
Other Revenues (*3)(2) Property-related Ex penses( thousand yen)
Administrative Ex penses
Utility Charges
Property Management Fee
Property-related Tax es
Non-life Insurance Costs
Repair Ex penses
Other Ex penses(3) NOI (=(1)-(2)) (*4) (thousand yen)
Annualized NOI (thousand yen)
NOI Yield (*5)
(Reference) Depreciation and amortization (thousand yen))Repair Work (thousand yen)
Proceeds from Amortization of Leasehold andSecurity (thousand yen)

5,600
4,810
5,300
9,481
387,557
413,259
18th Period 19th Period 18th Period 19th Period 18th Period 19th Period 18th Period 19th Period 18th Period 19th Period
5,660
4,727
4,705
5,419
5,385
9,621
9,573
378,935
406,699
5,810
2,600
2,570
6,560
6,840
10,20010,600370,600
410,990
100.0
95.7
100.0
100.0
98.5
100.0
100.0
97.2
97.3
1.68
5.25
5.25
10.31
10.31
3.48
3.48
2.34
2.18
Xy max Properties

Japan Property Solutions

Xy max Properties

Japan Property Solutions-

31
23,991
23,991
0
2,591
1,850
0
695
15
29
0
0
21,400251,971
4.5%
3,753
0

183
95,907
95,907
046,39521,781
11,5891,452
10,592242
736
049,511
98,751
2.1%
31,9430

182
100,533
100,533
045,177
19,57011,502
1,465
10,567
232
1,650
188
55,356
111,016
2.4%
32,1920183
224,740
224,740
061,28918,60019,315
2,739
19,845392
397
0
163,450
326,007
6.0%
34,9520

182
244,181244,181060,54318,016
18,5702,951
19,844386773
0183,637
368,284
6.8%
34,9700122
216,162
216,162
037,826
13,606
20,235
3,373
11
400
135
64
178,335
533,545
5.5%
35,258
0

-

0

0

0

0

0

0

-

182
183
182
335,219 9,763,710 10,146,702
335,219 9,693,133 10,112,468
0
70,577
34,23464,669 2,823,850 2,916,779
19,805655,051
673,185
36,706 1,072,401 1,024,278
5,028
114,309
118,0880792,607
811,787589
14,425
14,3552,443
125,020
227,51996
50,03447,565
270,550 6,939,860 7,229,923
542,587 14,152,003 16,180,616
5.7%
3.7%
3.8%
52,931 1,497,217 1,553,853
0
14,591
16,81102,6000(*1) Sompo Japan Nipponkoa Risk Management Inc. has prepared the PML for the 19th fiscal period. The figures entered for PML are the figures in the Portfolio Earthquake PML Assessment Report (June 2015).
(*2) For profits from property-related activities, actual results are used and displayed by rounding down to the nearest thousand yen.
(*3) Other Revenues includes Proceeds for Restoration and Repair Work or Proceeds from Amortization of Leasehold and Security Deposits.
(*4) (3) NOI in this table is calculated by adjusting the Property-related Taxes for the “NOI (after deduction of gain on sale)”aforementioned in the Appendix “Major Financial Data” so the figures do not match.
(*5) NOI Yield is calculated by dividing annualized NOI in (3) on the table by the book value (including properties sold during the period).
(*6) Daiwa Shibuya SS is not included in the annualized NOI and NOI yield for the 18th Period. The portfolio total in (2) property-related expenses does not include costs related to the Investment Corporation.
Acquisition price is the total sum of those of portfolio properties at the end of each period. The book value for 19th FP does not include properties sold during the 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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

58

Overview of Asset Management Company (1)Directors

Company Overview(As of June 30, 2015)(As of June 30, 2015)

Company Name

Daiwa Real Estate Asset Management Co. Ltd.

Address

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

Established

October 21, 2004

Paid-in Capital

200 million yen

Representative Director

Akira Yamanouchi

Board of Directors

9
Executive directors: 4 / Executive auditors: 1
Non-executive directors: 2 / Non-executive
auditors: 2

President andRepresentative Director
Vice President andRepresentative Director
Vice President andRepresentative Director

Akira Yamanouchi
Yuji Shinotsuka
Yoshiki Nishigaki

Director

Naoyuki Owa

Director (non-executive)

Toshihiro Matsui

Director (non-executive)

Mikita Komatsu

AuditorTamaki Shibayama

No. of Employees

64 (excluding dispatched employees)

Auditor (non-executive)

Masaru Shirataki

Registered Financial
Instruments Firm

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

Auditor (non-executive)

Shinji Kiso

Building Lots andBuildings Transaction
Business License

License No. (3)-83920, Governor of Tokyo

REITs which entrust the asset management to the Asset Management Company

Discretionary Agent for
License No. 34, Minister of Land, Infrastructure,
Real Estate Transaction
Transport and Tourism
Approval
Member of The Investment Trusts Association,
Japan
Member of Japan Investment Advisers
Association Membership
Association
Member of Type II Financial Instruments Firms
Association(As of June 30, 2015)

Daiwa Office Investment
Corporation
Daiwa Residential Private
Investment Corporation

Nippon Healthcare
Investment Corporation

Listed REIT focusing on office buildings
Asset size: approximately 441.2 billion yen(48 properties)
Unlisted REIT focusing on residential
properties
Asset size: approximately 76.4 billion yen(45 properties)
Japan’s first listed REIT focusing on
healthcare facilities(started operation in March 2014)
Asset size: approximately 14.8 billion yen(16 properties)

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

59

Overview of Asset Management Company (2)Organization Chart
Shareholders’ Meeting
Corporate Auditors
Board of Directors
Compliance Committee
Investment Committee(*)*Set up separately for each
investment corporation

Compliance Officer
President andRepresentative Director
Internal Control OfficeAcquisition
Department

Origination
Department

Asset
Management
Department

Private FundManagement
Department

Customer
Relations
Department

Finance
Department

Administration
Department

Office Investment
Team

Office Management
Team

Advisory Team

Finance Team

Residential
Investment Team

Residential
Management Team

Operational
Team

Accounting Team

Healthcare
Investment Team

Healthcare
Management Team

Corporate
Planning
Department

Management
Team

Investment Planning
Team
Construction
Management Team
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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

60

Support System Backed by Daiwa Securities Group
Daiwa Securities Group’s Commitment to the asset management business

Daiwa Securities Group upholds “expansion of the real estate asset management business” in its medium-term management plan and aims to strategically reinforce the businessover the mid-to-long-term.
●Daiwa Securities Group’s Commitment in asset management business
Daiwa Securities Group Inc. upholds “expansion of the real estate asset management business” in Daiwa Securities Group’s medium-term management plan “Passion for the Best” 2017.
Stance Towards Investments for Growth

Action Plan for Asset Management Division for FY2015

Overview of the Daiwa Securities Group
Company Name

Daiwa Securities Group, Inc.

Market Capitalization

1. Strengthen the management structure and target performance.
(Securities code: 8601)

No. of Employees

13,446 (as of the end of March 2015, No. of
employees at the Group companies)

Commencementof Operations

April 26, 1999 (Note 1)

Assets under Custody

54.6 trillion yen (as of the end of March 2015)(Note 2)

Representative
Director

Takashi Hibino, President and CEO(Note 1)

2. Build and expand leading funds in both the securities and bank OTC channels.
3. Develop products suitable for expanding the investor base and long-term asset building.
4. Further strengthen system for timely information distribution and sales support.

Address

5. Further reinforce the real estate asset management business.

Approx. 1,654.9 billion yen (as of the end of March
2015) (Note 1)

GranTokyo North Tower 9-1, Marunouchi
1-chome, Chiyoda-ku, Tokyo (Note 1)

No. of Shops
No. of Cash Management
Service Accounts

140 (as of the end of March 2015) (Note 2)
3,719,000 accounts (as of the end of March 2015)(Note 2)

(Note 1) Daiwa Securities Group, Inc.
(Note 2) Daiwa Securities Co., Ltd.
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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

61

Competitive Edge
█ Establish highly-transparent business structure Strictly control conflicts of interest with sponsor
 Introduce financial institutions’ rigorous compliance framework
 Ensure high transparency and establish disciplined investment process█ Expand network of collaboration with the Daiwa Securities Group Reduce financing costs and remarkably expand financing capacity by capitalizing on the credit capability of the Daiwa

Securities Group Reinforce leasing activities by capitalizing on the network of the Daiwa Securities Group Improve sourcing capacity by capitalizing on the network of the Daiwa Securities Group█ Secure well-experienced, highly-professional human resources Develop team of outstanding professional staff by capitalizing on the human resources of the Daiwa Securities Group Employ excellent human resources from outside by drawing on the Daiwa Securities Group’s brand power Increase number of employees with a high level of motivation to challenge new business stages

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.

62

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. Daiwa Office Investment Corporation advises readers to make investment decisions at their own judgment.