Investor Presentaiton

Overview of Equity Offering O Daiwa House REIT Investment Corporation Raised 46.4 bn yen of equity from the first global equity offering after the merger Acquired 15 properties, 67.9 bn yen (5.1% appraisal NOI yield) through Daiwa House Group pipeline Overview of Equity Offering // Impact of Equity Offering DPU Offering structure Global offering (Regulation S +144 A) (yen) +1.7% vs Previous Forecast +5.2% vs Forecast for Aug. 2017 5,500 Launch date March 1, 2017 5,000 5,050 4,500 Pricing date March 13, 2017 4,700 4,800 4,720 4,800 4,000 Issue price 280,868 yen 3,500 3,000 Amount paid-in 271,983 yen Period ended Feb. 2017 Period ending Aug. 2017 Period ending Feb. 2018 Japanese tranche Previous Forecast (as of Oct. 2016) Actual Forecast 94,672 units Number of units newly issued Greenshoe option International tranche 14,000 units 62,048 units (Reference) Property taxes for the properties acquired in 2017 will be expensed starting from the period ending Aug. 2018. Total 170,720 units Net proceeds 46,432 million yen Same boat investment by Daiwa House 15,600 units Period ended Feb. 2017 Post offering NAV per unit 248,462 yen as of Apr. 14, 2017 251,394 yen Impact of offering, etc. +2,932 yen LTV (incl. goodwill) 41.9% -0.3 p.p. LTV (excl. goodwill) 48.1 % 46.9 % 41.6 % -1.2 p.p. 80

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