Investor Presentaiton

Balance Sheets Daiwa House REIT Investment Corporation (thousand yen) Period ended Aug. 2016 Period ended Feb. 2017 Liabilities Period ended Aug. 2016 Period ended Feb. 2017 25,446,827 25,199,993 222,317 219,669 Machinery and equipment, net 384,354 389,326 Tools, furniture and fixtures, net 389,715 375,707 Land 22,453,490 22,453,490 Buildings in trust, net 103,228,969 214,004,771 Structures in trust, net 831,554 3,389,114 Machinery and equipment in trust, net 1,218,678 1,631,215 Tools, furniture and fixtures in trust, net Land in trust 340,288 369,510 85,002,219 226,663,386 Construction in progress in trust 380 239,518,795 5,022 494,701,208 77,306,836 5,279,705 5,500,051 1,740 3,092 5,284,538 1,448 2,825 82,811,162 Assets Current assets Cash and deposits Cash and deposits in trust Operating accounts receivable Prepaid expenses Consumption taxes receivable Other Current liabilities 4,960,930 4,427,398 110,856 11,110,819 Operating accounts payable 789,782 1,210,266 9,416,246 Short-term loans 10,000,000 6,000,000 169,018 Current portion of investment corporation bonds 3,000,000 3,000,000 255,842 447,439 Current portion of long-term loans 59,295,000 43,495,000 487,928 Accounts payable - other Allowance for doubtful accounts 3,034 (4,078) 4,946 Accrued expenses Total current assets 9,753,983 (5,521) 21,630,877 Non-current assets Property, plant and equipment Income taxes payable Consumption taxes payable Advances received Unearned revenue 99,151 638,221 605 75,311 1,089,119 605 22,971 901,603 1,935,780 221,735 Buildings, net Structures, net 334,234 356,801 43,852 Total current liabilities Non-current liabilities Long-term loans 75,081,569 57,428,471 6,000,000 16,000,000 63,368,000 184,668,000 1,262,357 277,602 288,912 Tenant leasehold and security deposits in trust 2,072,139 12,515,805 424,558 80,147 429,379 Total property, plant and equipment Intangible assets Goodwill Leasehold rights in trust Software Trademark rights Total intangible assets Investments and other assets 1,164,700 Total non-current liabilities Total liabilities 72,142,301 147,223,870 216,409,303 273,837,775 Deposits received Other Investment corporation bonds Long-term unearned revenue Tenant leasehold and security deposits Provision for loss in litigation Asset retirement obligations Derivatives liabilities Net assets Investment securities Long-term prepaid expenses Guarantee deposits 396,454 10,261 9,291 1,453,688 Unitholders' equity Unitholders' capital Surplus Capital surplus 61,703,224 61,703,224 28,241,587 247,667,563 Reserve for distribution 17,884,290 17,705,349 Lease and guarantee deposits in trust 3,250,134 10,261 3,414,720 Unappropriated retained earnings 3,213,554 4,393,259 Total surplus 49,339,433 269,766,172 Other Allowance for doubtful accounts 42,488 (24,058) 42,488 Total unitholders' equity 111,042,657 331,469,396 Total investments and other assets 3,675,279 (24,058) 4,906,390 Deferred gains or losses on hedges (1,164,700) Total net assets 111,042,657 330,304,696 Total non-current assets 248,478,614 582,418,762 Deferred assets Total liabilities and net assets 258,266,528 604,142,471 Investment corporation bond issuance costs Total deferred assets 33,930 33,930 Total assets 258,266,528 92,831 92,831 604,142,471 33

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