Investor Presentaiton

Future Growth Strategy Daiwa House REIT Investment Corporation Accelerate growth by leveraging Daiwa House Group's comprehensive and integrated capabilities Acquire properties developed by Daiwa House Group based on the Group's pipeline support Value Chain of Daiwa House Group Comprehensive and integrated capabilities from acquisition of land, design and construction, to management and operation 5th Medium-Term Management Plan of Daiwa House Group Daiwa House Group intends to invest 700 bn yen in aggregate in the property development business according to its 5th Medium-Term Plan covering the fiscal year ending March 2017 through the fiscal year ending March 2019. Disposition Acquisition Redevelop properties disposed by the REIT Daiwa House REIT Investment Corporation Synergy-effect strategy Real estate development Construction contract Selection/ acquisition of land Proposal to land owners regarding idle land Management / operation of the properties Feedback Real Estate Development Investment plan 700 Logistics, Business and Corporate Facilities 360 100 140 Rental Commercial Overseas Housing Facilities Business 100 Capex 150 M&A 50 Selling Acquisition Utilize the fund for investment in new development / acquisition Daiwa House Group Planning/ design Capital plan Acquisition of developed properties to enhance unitholder value Disposition Tenant-leasing Construction Operating C/F 460 Total 900 billion yen Real Estate Sales 300 Interest- bearing Debt 140 0 100 200 300 400 500 600 700 800 900 (billion yen) (Source) Daiwa House Industry Co., Ltd. Same Boat Investment by Daiwa House In order to align interests between our unitholders and Daiwa House, Daiwa House intends to continue holding our units Daiwa House's investment in Daiwa House REIT (% of ownership) As of April 14, 2017 185,200 units (11.0%) Real Estates Available for Sale of Daiwa House Group (billion yen) December 31, 2016 Being rented Not being rented Total Logistics, business & 109.5 230.4 340.0 corporate facilities Rental housing 4.3 13.1 17.4 Commercial facilities 52.8 30.5 83.4 (Source) Daiwa House Industry Co., Ltd. 15 5

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