This document was prepared based on statements made at the earnings announcement meeting held on January 17,
2013 and should not be construed as a solicitation for investment to the Investment Corporation.
Moreover, please understand that we shall not be held liable for omissions and errors of data and phrases used in thisdocument. Furthermore, opinions and forecasts indicated in this document are the Investment Corporation’s
judgments as of the time this document was prepared. No assurances or promises can be given regarding theaccuracy and certainty of this information, and it can be modified without prior notice.

Main Q&A in the 14th Fiscal Period Earnings Announcement
Date and Time: 17:00~17:50, January 17, 2013 (Thursday)
Presenter: Akira Yamanouchi / President and Representative Director
Daiwa Real Estate Asset Management Co. Ltd.
*Questions are presented in order of sequence.

Q1. It appears that the REIT market has started to turnaround. Do you think there will be
opportunities to dispose your properties?
(Answer)
We recognize that it is not a bad timing for disposal. However, we would like to carefully
examine and consider the matter. Since the properties’ book values are quite high, we wouldlike to make sure not to disappoint existing unitholders by the disposal. Upon disposal, wewould like to make no loss or extremely minimize the effect on the dividend. We believe thatthe disposal targets will mainly be the older properties. In addition, we are having dialogues
such as partnering up with a strategic entity, redevelop properties using partner’s balance
sheet temporarily and reacquire the properties afterwards. However, no information can bedisclosed at this point.

Q2. Are you considering early redemption for the subordinated investment corporationbond?
(Answer)
We would like to correspond to the subordinated investment corporation bond according to
the terms of redemption. Currently we can not execute early redemption but will be possible
after a certain period of time. We would like to consider early redemption at that point.

Q3. How do you forecast the medium-term level of the dividend per unit?
(Answer)
Addition to the current dividend per unit forecast for the 16th Fiscal Period, we believe that
there are several factors which may increase the dividend.
The possible increase amount and its factors are;a) Around 350 yen by the resolution of free rents and step-up rents.
b) Around 300 yen by raising the occupancy rate of “shinyon curumu building” as planned.
c) Around 600 yen by acquiring new properties of 18 billion yen in amount, a total of 350
billion yen in assets, at the same standards as in the past.
We would like to target 7,800 yen for the future dividend per unit.

Q4. How do you see the asking rent and its forecast for Shinjuku Maynds Tower and ESPACE TOWER?
(Answer)
We believe that the bottom of the asking rent for Shinjuku Maynds Tower was two years ago
when the large tenant had left. In particular, competitive properties around Shinjuku station
have greatly decreased their vacancy rates. For Shinjuku Maynds Tower, there are tenants
making rent contracts of 20% increase from the lowest asking rent two years ago. Such a
movement is seen within the last three months. Though Shinjuku has a wide variety ofcorporations, we are starting to receive consultations from reputable ones. Currently, there isa large scale corporation specifically reviewing at a certain level of rent.
Regarding E SPACE TOWER, substantial vacancy rates are low around Shibuya station anddemand is highly increasing for office buildings within 10 years of building age of a certain
size. This is causing the vacancy of E SPACE TOWER being absorbed by the existing
tenants’ space expansion at a rent close to 30 thousand yen per tsubo. We would like todetermine rents without straining good relationship with the existing tenants.

Q5. What do you think about share buybacks?
(Answer)
Our share price is still traded at discounts to NAV so we have not changed our stance ofinterest towards share buybacks. We would carefully examine the specific method andtechnical aspects of the share buybacks and consider on a basis of what is advantageous toour existing unitholders.

End