Investor Presentaiton

Period ended Feb. 2019 Period ending Aug. 2019 Result Forecast Period-on- period change Forecast Operating revenue 23,127 24,585 1,458 24,911 Operating expenses 13,166 14,147 980 Amortization of goodwill 1,982 1,982 Property taxes 1,432 1,784 352 Depreciation 4,454 4,767 312 Financial Forecasts for August 2019 & February 2020 Periods Daiwa House REIT Investment Corporation Aug. 2019 DPU Forecast 5,170 yen (incurrence of property taxes for acquisitions in 2018) Feb. 2020 DPU Forecast 5,370 yen due to contribution of new acquisitions I Major Variation Factors for Aug. 2019 Forecast vs Feb. 2019 Result [Contribution to income] 1,458 mil yen •Full period contribution of 4 properties acquired in Sep. and Dec. 2018 ⚫ Contribution of 13 properties acquired in Mar. and Apr. 2019 Increase in operating expenses • Property taxes for 20 properties acquired in 2018 -980 mil yen •Full period expenses for 4 properties acquired in Sep. and Dec. 2018 •Expenses for 13 properties acquired in Mar. and Apr. 2019 • Increase in repairs and maintenance expenses and restoration costs Decrease in non-operating income -10 mil yen (mil yen) Period ending Feb. 2020 Period-on- period change ■Increase in operating revenue 325 14,243 95 1,982 1,784 4,832 65 Operating income 9,960 10,438 478 10,668 229 ■ Absence of refunded consumption taxes Interest and borrowing 1,375 1,492 117 1,507 15 ■Increase in non-operating expenses -317 mil yen related expenses Investment unit issuance ⚫Recording of investment unit issuance expenses 200 200 -200 • Increase in interest and borrowing related expenses expenses Ordinary income 8,597 8,747 149 9,161 414 Major Variation Factors for Net income 8,597 8,747 149 9,161 414 Feb. 2020 Forecast vs Aug. 2019 Forecast Reversal of reserve for temporary 1,980 1,982 1 1,982 difference adjustments Increase in operating revenue [Contribution to income] 325 mil yen Accumulation of reserve for 120 -120 distribution Total distribution 10,457 10,729 271 11,143 414 < Per unit information > Net income 4,461 yen 4,215 yen -246 yen DPU 5,427 yen 5,170 yen -257 yen 4,414 yen 5,370 yen 199 yen 200 yen [Forecast as of Oct. 17, 2018] [5,300 yen] [5,100 yen] ⚫Full period contribution of 13 properties acquired in Mar. and Apr. 2019 Increase in operating expenses -95 mil yen •Full period expenses for 13 properties acquired in Mar. and Apr. 2019 • Increase in repairs and maintenance expenses and non tax-deductible consumption taxes Decrease in non-operating expenses • Absence of investment unit issuance expenses 184 mil yen 7

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