Investor Presentaiton

Appraisal Value Changes Comparison (7) Daiwa House REIT Investment Corporation (million yen) (%) Appraisal value (Note 1) Aug. 2016 Feb. 2017 Change Property number Property name Acquisition Book value Unrealized price Feb. 2017 gain/loss Aug. 2016 Feb. 2017 Change Direct cap DCF Direct cap DCF Direct cap DCF Appraiser (Note 2) CR DR TCR CR DR TCR CR DR TCR Portfolio Total 513,772 500,196 47,179 538,767 547,376 8,609 I - - Acquisitions in April 2017 LB-035 D Project Kawagoe III 7,200 7,260 LB-036 D Project Kazo 3,300 - LB-037 D Project Urayasu III 8,500 I LB-038 D Project Tomisato 5,000 - LB-039 D Project Kyotanabe 3,520 3,350 8,880 5,030 3,550 | | | | | 4.8 4.8/4.9 5.0 5.0 5.0/5.1 5.2 4.2/4.3 - 4.3 4.5 /4.4 - ||| 5.0 5.0/5.1 5.2 5.7 5.3 6.0 LB-040 D Project Sendai Izumi 1,510 1,560 - 5.5 5.2 5.7 LB-041 D Project Oyama 2,000 - 2,010 - LB-042 D Project Sano 1,780 - 1,780 - LB-043 D Project Tatebayashi 3,100 - LB-044 D Project Kakegawa 6,000 3,120 6,070 LB-045 D Project Hiroshima Seifu 3,820 - 3,860 - - LB-046 D Project Tosu II 1,700 - 1,740 ― LM-001 DPL Misato 16,831 16,900 RE-143 Castalia Shinsakae II 1,800 1,850 OT-004 Sharp Hiroshima Building 1,850 1,890 Total of Acquisitions in April 2017 67,911 Portfolio Grand Total 581,683 I I - 68,850 - I | || | ||||||| 5.6 5.7 5.8 - 5.6 5.6 5.8 5.6 5.6 5.8 - 5.7 5.5 5.9 - 5.7 5.2 6.1 - 5.3 5.3/5.4 5.5 - 4.3 4.3/4.4 4.5 5.1 4.9 5.3 5.5 5.3 5.7 - - - - 616,226 1 I I | | | | I I I I | | | | 1 | | Tanizawa Tanizawa Tanizawa Tanizawa JREI JREI - Tanizawa - Tanizawa Tanizawa JREI ― JREI Tanizawa - Tanizawa Daiwa - JREI I (Note 1) For the properties acquired in the period ended February 2017 (LB-033, LB-034, RE-141, RE-142, RR-004, RR-005 and OT-003), "Appraisal value" as of the period ended Aug. 2016 is based on the appraisal value at the time of 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": Morii Appraisal & Investment Consulting Inc. 50

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