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Daiwa House REIT Investment Corporation Financial Forecasts Aug. 2017 DPU Forecast 4,800 yen from earnings contribution of new acquisitions Feb. 2018 DPU Forecast 5,050 yen Periods ending Aug. 2017 and Feb. 2018 Forecasts Major Variation Factors for Period ended Feb. 2017 Result Forecast Period ending Period-on- Aug. 2017 period change Period ending Feb. 2018 Forecast (million yen) Period-on- period change Aug. 2017 Forecast vs Feb. 2017 Result Increase in operating revenue +1,809 mil yen Operating revenue 17,531 19,341 1,809 19,650 309 *Full period contribution of 7 properties acquired in Feb. 2017 period ■Contribution of 15 property acquired in Apr. 2017 ⚫Lease cancellation penalty from tenants Operating expenses 11,963 11,670 -293 11,773 103 Decrease in operating expenses +293 mil yen Amortization of goodwill 1,982 1,982 1,982 • Expenses for 7 properties acquired in Feb. 2017 period •Expenses for 15 property acquired in Apr. 2017 Property taxes 1,175 1,226 51 1,226 0 • Property taxes for the properties acquired in 2016 • Absence of merger fees Depreciation 3,361 3,713 352 3,788 74 Increase in non-operating expenses -403 mil yen Operating income 5,567 7,670 2,102 7,876 206 Interest and borrowing ⚫Investment unit issuance expenses • Increase in interest expenses related to new loans 1,123 1,272 148 1,309 37 related expenses Ordinary income 4,474 6,146 1,672 6,569 423 /Major Variation Factors for Extraordinary loss 80 15 -64 16 0 Feb. 2018 Forecast vs Aug. 2017 Forecast Net income 4,393 6,129 1,736 6,552 422 Reversal of retained earnings 2,899 1,982 -917 1,982 Increase in operating revenue +309 mil yen Total distribution 7,292 8,112 819 8,534 422 <Per unit information> *Full period contribution of 15 properties acquired in Apr. 2017 ⚫Absence of lease cancellation penalty from tenants Increase in operating expenses -103 mil yen Net income per unit Reversal of retained earnings per unit (A) 2,891 yen 3,627 yen 736 yen 3,877 yen 250 yen *Full period expenses for 15 properties acquired in Apr. 2017 (B) 1,908 yen 1,172 yen -736 yen 1,172 yen Decrease in non-operating expenses +216 mil yen DPU (A)+(B) 4,800 yen 4,800 yen 5,050 yen 250 yen ⚫Absence of investment unit issuance expenses incurred in the previous period • Increase in interest expenses [forecast as of Oct. 2016] [4,700 yen] [4,720 yen] 24

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