Investor Presentaiton

Financial Status (1) Control LTV within 40% to 50% range and maintain stable financial operation O Daiwa House REIT Investment Corporation DHR currently has 38 bn yen of debt capacity for acquisition of up to 50% of LTV (excluding goodwill) // Financial Status // Lender Formation As of Sep. 30, 2016 As of Apr. 14, 2017 Change Sumitomo Mitsui Trust Bank (mil yen) 49,139 Sumitomo Mitsui Banking 47,130 Corporation Interest-bearing debt 253,163 mil yen 282,568 mil yen +29,405 mil yen Mizuho Bank 42,630 266,568 mil yen Bank of Tokyo-Mitsubishi 42,537 UFJ Loans 242,163 mil yen 266,568 mil yen +24,405 mil yen Mitsubishi UFJ Trust and 15,927 Banking Corporation Bonds 11,000 mil yen 16,000 mil yen +5,000 mil yen Development Bank of 14,400 Japan Aozora Bank 12,561 LTV 41.8% 41.6 % -0.2 p.p. Norinchukin Bank 11,610 (including goodwill) Resona Bank 9,500 LTV 48.1% 46.9 % -1.2 p.p. Mizuho Trust & Banking 5,908 (excluding goodwill) Nippon Life Insurance 3,500 Long-term interest- Shinsei Bank 3,000 76.5% 89.9% +13.4 p.p. bearing debt ratio Shinkin Central Bank 2,500 Mitsui Sumitomo 2,000 Fixed interest ratio 87.1 % 93.8 % +6.7 p.p. Insurance Bank of Fukuoka 2,000 Chiba Bank 1,465 Average interest rate 0.77 % 0.76 % -0.01 p.p. Shizuoka Bank 760 Average remaining 4.3 years 5.6 years +1.3 years Credit Rating maturity JCR R&I Commitment line 20,000 mil yen 20,000 mil yen AA- (Positive) A+ (Stable) 21

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