Investor Presentaiton

Financial Status (2) Further lengthening and diversifying debt maturities and fixing interest rates Issued 5-year and 10-year investment corporation bonds in Dec. 2016 //Debt Financing Period ended Feb. 2017 New Financing (as of financing) Repayment (as of repayment) Repayment amount Daiwa House REIT Investment Corporation Financing amount 10,000 mil yen 54,800 mil yen Refinancing Average interest rate 0.64 % Average interest rate Average maturity 9.1 years Average maturity 0.89 % 4.1 years Average interest rate Refinancing (as of financing) Financing amount 54,300 mil yen 0.51 % Average maturity 7.3 years Period ending Aug. 2017 (as of April 14, 2017) New Financing (as of financing) Repayment (as of repayment) Refinancing (as of financing) Financing amount 29,500 mil yen Repayment amount 24,095 mil yen Financing amount 24,000 mil yen Refinancing Average interest rate 0.73 % Average maturity 8.1 years Average interest rate Average maturity 0.82 % Average interest rate 0.65 % 4.0 years Average maturity 7.5 years // Diversified Maturity Ladder (million yen) 30,000 25,000 20,000 15,000 10,000 5,000 0 Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. 2017 2018 2019 2020 2021 2022 ■Long-term loans Bonds Feb. Aug. 2023 Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. 2024 2025 2026 2027 2028 22

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