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Investor Presentaiton

Unit Price Performance // Unit Price and Trading Volume (yen) 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 Daiwa House REIT Investment Corporation 06/3 06/9 07/3 07/9 08/3 08/9 09/3 09/9 10/3 10/9 11/3 11/9 12/3 12/9 13/3 13/9 14/3 14/9 15/3 15/9 16/3 16/9 17/3 Trading volume (RHS) ―Investment unit (closing) price (LHS) (Note) Adjusted to take into account two-for-one unit splits effective as of March 1, 2013 and March 1, 2015. // Relative Unit Price Performance Since Announcement of the Merger on April 15, 2016 140 130 120 110 100 90 80 16/4/15 16/5/15 16/6/14 16/7/14 16/8/13 16/9/12 16/10/12 16/11/11 16/12/11 17/1/10 17/2/9 17/3/11 17/4/10 Daiwa House REIT TSE REIT Index (Note) Indexed with the April 15, 2016 (announcement date of the merger) closing prices of DHR's unit and TSE REIT Index. (units) 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 51
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