Investor Presentaiton

Appraisal Value Changes Comparison (8) O Daiwa House REIT Investment Corporation (mil yen) (%) Appraisal value (Note 1) Aug. 2018 Property number Property name Acquisition Book value Unrealized price Feb. 2019 gain (loss) Aug. 2018 Feb. 2019 Change Direct cap DCF CR DR Feb. 2019 Change Direct cap DCF Direct cap DCF TCR CR DR TCR CR DR TCR Appraiser (Note 2) Acquisitions in March and April 2019 LB-057 D Project Kitahachioji | 4,300 LB-058 D Project Kitahachioji II 5,700 LB-059 D Project Kitahachioji III 7,300 LB-060 D Project Itabashi Shingashi 12,300 LB-061 D Project Sagamihara 3,900 LB-062 D Project Kuki VIII 6,100 LB-063 D Project Yokkaichi 1,490 4,360 5,760 7,450 12,400 3,940 6,110 1,500 LB-064 D Project Ibaraki Ishioka 4,050 - RM-012 iias Tsukuba 10,320 RR-007 Aoyama Tailor Bunkyo Sengoku Ekimae Store 750 I I 4,090 10,320 762 - RR-008 FOLEO Shobu 5,000 Daiwa Roynet Hotel Nagoya HO-003 4,500 I Shinkansenguchi OT-005 1,380 I I I I 5,050 4,540 1,380 67,090 I I Total 750,533 I Nursery Room Berry Bear Omori Nishi Welcia Ota Omori Nishi Store Acquisitions in March and April 2019 Portfolio Grand Total 67,662 821,383 I | I I I I | (Note 1) "Appraisal value" of the period ended Aug. 2018 for the properties acquired in the period ended Feb. 2019 and "Appraisal value" of the period ended Feb. 2019 for the properties acquired in March and April 2019 are based on the appraisal value at the time of the acquisition. (Note 2) "Tanizawa": The Tanizawa Sogo Appraisal Co., Ltd., "Chuo": Chuo Real Estate Appraisal Co., Ltd., "JREI": Japan Real Estate Institute, "Daiwa": Daiwa Real Estate Appraisal Co., Ltd., "Morii": JLL Morii Valuation & Advisory K.K. I || 1 I T I | I 4.6 4.2 4.8 JREI 4.6 4.3 4.8 JREI 4.6 4.2 4.8 JREI 4.2 4.2 4.4 Tanizawa 4.3 4.3 4.5 Tanizawa 4.7 4.6 4.9 Tanizawa 5.4 5.3/5.4 5.6 Tanizawa 5.1 5.1 5.3 Tanizawa 5.1 4.9 5.4 JREI 4.4 4.0 4.5 JREI 5.2 4.9 5.4 JREI 4.0 3.8 4.2 4.3 4.1 4.5 I I Daiwa - Daiwa I I I I I 60

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