Investor Presentaiton

Daiwa House REIT Investment Corporation Market Environment for Retail and Hotel Properties Retail Sales (YoY Change) Number of Overseas Visitors to Japan 15% 10% 5% 0% -5% -10% -15% 14/7 14/10 15/1 15/4 15/7 15/10 16/1 16/4 Retail sales 16/7 16/10 17/1 Supermarket sales -Shopping center sales (same-store basis) Note: Retail sales exclude sales of cars and fuel. Source: "Monthly Report on the Current Survey of Commerce", Ministry of Economy, Trade and Industry, or METI, "Report on the Monthly Sales Statistical Survey of Shopping Centers", The Japan Council of Shopping Centers Basic Expenditure and Selective Expenditure (YoY Change) 10% (thousand visitors) 30,000 24,039 25,000 19,737 20,000 15,000 13,413 10,364 8,611 10,000 8,358 6,790 6,219 5,000 2009 2010 2011 2012 2013 2014 2015 ■ Asia ■North America Europe ■ Other 2016 Source: Japan National Tourism Organization (JNTO) Overseas Visitors in 2016 by Country and Region 5% 0% -5% -10% -15% 14/7 14/10 15/1 15/4 15/7 15/10 16/1 16/4 16/7 16/10 17/1 Basic expenditure Selective expenditure Source: "Family Income and Expenditure Survey", Ministry of Internal Affairs and Communications 0 China 26.5% Korea 21.2% Taiwan 17.3% Hong Kong 7.7% Thailand 3.7% Other Asia Outside Asia 8.6% 15.0% Source: Japan National Tourism Organization (JNTO) 37

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