Daiwa Office Investment Corporation (Daiwa Office) conducts diversified investment by establishing three investment target areas on selecting investment assets: Five Central Wards of Tokyo (Note 1), Tokyo Metropolitan Area (Note 2) and Regional Major Cities (Note 3).

• Note 1. The Five Central Wards of Tokyo are Chiyoda, Chuo, Minato, Shinjuku and Shibuya Wards.
• Note 2. Tokyo Metropolitan Area is Tokyo, Kanagawa, Chiba and Saitama Prefectures (excluding the Five Central Wards of Tokyo).
• Note 3. Regional Major Cities are the Osaka metropolitan area (Osaka, Kyoto and Hyogo Prefectures), Nagoya metropolitan area (Aichi and Mie Prefectures), ordinance-designated cities (Sapporo, Sendai, Niigata, Shizuoka, Hamamatsu, Okayama, Hiroshima, Kitakyushu and Fukuoka), and the cities of Hakodate, Asahikawa, Aomori, Morioka, Koriyama, Iwaki, Utsunomiya, Maebashi, Toyama, Kanazawa, Nagano, Gifu, Otsu, Nara, Wakayama, Kurashiki, Fukuyama, Shimonoseki, Takamatsu, Matsuyama, Kochi, Kurume, Nagasaki, Kumamoto, Oita, Miyazaki and Kagoshima.

Daiwa Office, in principle, invests 60% or more of total asset in properties located in the Five Central Wards of Tokyo in order to achieve stable revenues. Additionally, in order to secure stable revenues and to further raise portfolio revenues, Daiwa Office invests 20% or less of total asset in properties located in Tokyo Metropolitan Area as the complementary investment.

In order to raise portfolio revenues and diversify the portfolio geographically, Daiwa Office also conducts investment of 20% or less of total asset in properties located in Regional Major Cities. However, to secure stable portfolio revenues Daiwa Office makes a careful decision to invest properties located in Regional Major Cities by judging comprehensibly from the occupancy of each property, past trends of the occupancy, number of tenants and market conditions of such area.

The investment ratio for each area is carefully decided in the light of each area's market conditions and other factors.

• Note 4. This ratio in calculated based on asset size. Furthermore, investments may temporarily deviate from the above ratios when acquiring investment assets that are considered to contribute to securing stable revenues and be necessary for the construction of the portfolio.