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Investor Presentaiton

Appraisal Value Changes Comparison (6) 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 Direct cap DCF Direct cap DCF Direct cap DCF Appraiser (Note 2) Change CR DR TCR CR DR TCR CR DR TCR RE-128 Castalia Omachi 656 625 113 726 739 13 5.5 5.5 5.7 5.4 5.4 5.6 -0.1 -0.1 -0.1 Daiwa RE-129 Castalia Uemachidai 2,190 2,000 629 2,590 2,630 40 4.9 4.7 5.1 4.8 4.6 5.0 -0.1 -0.1 -0.1 Daiwa RE-130 Castalia Tower Higobashi 2,670 2,443 1,086 3,490 3,530 40 4.9 4.7 5.1 4.8 4.6 5.0 -0.1 -0.1 -0.1 Chuo RE-131 Big Tower Minami Sanjo 1,740 1,410 1,159 2,490 2,570 80 5.4 5.2 5.6 5.3 5.1 5.5 -0.1 -0.1 -0.1 Daiwa RE-132 Castalia Fushimi 2,260 2,055 954 2,980 3,010 30 5.0 4.8 5.2 4.9 4.7 5.1 -0.1 -0.1 -0.1 JREI RE-133 Castalia Meieki Minami 720 684 212 897 897 0 4.7 4.5 4.9 4.7 4.5 4.9 0.0 0.0 0.0 Morii RE-134 Castalia Yakuin 930 910 209 1,110 1,120 10 4.8 4.6 5.0 4.8 4.6 5.0 0.0 0.0 0.0 Morii RE-135 Castalia Mibu 1,193 1,147 292 1,440 1,440 0 5.0 4.8 5.2 5.0 4.8 5.2 0.0 0.0 0.0 JREI RE-136 Castalia Tsutsujigaoka 1,208 1,187 472 1,690 1,660 -30 5.1 4.9 5.3 5.1 4.9 5.3 0.0 0.0 0.0 Morii RE-137 Castalia Ohori Bay Tower 2,910 2,756 993 3,750 3,750 0 5.3 5.1 5.5 5.3 5.1 5.5 0.0 0.0 0.0 Morii RE-138 Royal Parks Namba 2,830 2,667 262 3,080 2,930 -150 5.7 5.6/6.0 -- 5.6 5.5/5.9 - -0.1 -0.1 - Daiwa RE-139 Castalia Shigahondori 1,730 1,667 402 2,140 2,070 -70 5.2 5.0 5.4 5.1 4.9 5.3 -0.1 -0.1 -0.1 JREI RE-140 Castalia Kyoto Nishioji 973 1,037 2 1,030 1,040 10 4.9 4.7 5.1 4.8 4.6 5.0 -0.1 -0.1 -0.1 Morii RE-141 Castalia Ningyocho III 2,000 2,042 207 2,180 2,250 70 4.4 4.2 4.6 4.3 4.1 4.5 -0.1 -0.1 -0.1 JREI RE-142 Royal Parks Umejima 2,020 2,084 75 2,150 2,160 10 5.6 5.4/5.8 5.6 5.4/5.8 0.0 0.0 Morii Residential Properties Total 257,954 245,129 40,608 281,329 285,738 4,409 RM-001 ACROSSMALL Shinkamagaya 7,770 7,716 93 7,770 7,810 40 6.0 5.7 6.2 5.9 5.6 6.1 -0.1 -0.1 -0.1 JREI RM-002 FOLEO Hirakata 4,580 4,552 27 4,580 4,580 0 6.4 5.8 6.4 6.2 5.7 6.3 -0.2 -0.1 -0.1 JREI RM-003 QIZ GATE URAWA 4,270 4,300 -30 4,270 4,270 0 5.6 5.2 5.7 5.5 5.1 5.6 -0.1 -0.1 -0.1 JREI RM-004 UNICUS Takasaki 3,000 2,989 30 3,000 3,020 20 6.5 6.2 6.7 6.4 6.1 6.6 -0.1 -0.1 -0.1 JREI RM-005 ACROSSPLAZA Miyoshi (Land) 3,740 3,740 60 3,740 3,800 60 - 4.6 4.5 - -0.1 Tanizawa RM-006 DREAM TOWN ALI 8,100 8,061 38 8,100 8,100 0 6.0 5.8 6.3 RR-001 LIFE Sagamihara Wakamatsu 1,670 1,667 22 1,670 1,690 20 5.2 4.8 5.3 RR-002 FOLEO Sendai Miyanomori 6,960 6,938 101 6,960 7,040 80 6.0 5.7 6.2 555 5.9 5.7 6.2 -0.1 -0.1 -0.1 JREI 5.1 4.7 5.2 -0.1 -0.1 -0.1 JREI 5.9 5.6 6.1 -0.1 -0.1 -0.1 JREI RR-003 ACROSSPLAZA Inazawa (Land) Sports Depo and GOLF5 2,390 2,390 20 2,390 2,410 RR-004 2,230 2,231 68 2,280 2,300 Kokurahigashi IC Store RR-005 Hiratsuka Retail Property (Land) 5,620 5,857 772 6,630 6,630 220 5.5 - 5.4 - -0.1 JREI 6.4 6.4/6.5 6.6 6.3 6.3/6.4 6.5 -0.1 -0.1 -0.1 Tanizawa 4.0 4.0 0.0 - Tanizawa Retail Properties Total 50,330 50,445 1,204 51,390 51,650 260 OT-001 Urban Living Inage 930 897 382 1,260 1,280 20 5.4 5.2 5.6 5.3 5.1 5.5 -0.1 -0.1 -0.1 Daiwa OT-002 Aburatsubo Marina HILLS 1,100 1,106 153 1,250 1,260 10 6.2 6.0 6.4 6.1 5.9 6.3 -0.1 -0.1 -0.1 JREI Naha Shin-Toshin Center Building OT-003 7,600 7,586 123 7,630 7,710 80 5.8 5.6 6.0 5.7 5.5 5.9 -0.1 -0.1 -0.1 Daiwa (Daiwa Roynet Hotel Naha-Omoromachi) Other Assets Total 9,630 9,590 659 10,140 10,250 110 T 49
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