Investor Presentaiton

Acquisitions in April 2017 (1) LM-001 DPL Misato OPL Daiwa House REIT Investment Corporation Logistics (Multi-tenant-type) LB-035 D Project Kawagoe III Location Kawagoe City, Saitama Construction date Jul. 1, 2014 Logistics (BTS-type) Acquisition price Appraisal value Appraisal NOI yield 7,200 mil yen 7,260 mil yen 5.0% Lease term Remaining lease 10.0 years 7.2 years term 39,572.32 m² Kosuge JCT Located approx. 30 km from central Tokyo, excellent accessibility to National Route 16, Kawagoe IC of Kanetsu Expressway and Kawajima IC of Ken-O Expressway ■GFA of approx. 12,010 tsubo, 4-story property (3- story for the warehouse), solar panels on the roof Kawaguchi JCT Misato JCTA Bijogi JCT Dizumi JCT Ichikane Takaido IC Tukya Sta. Urayasu IC Tokyo IC Tatsum JCT Kasai IC LB-036 D Project Kazo Logistics (BTS-type) Adjacent to Misato JCT, an intersection of Metropolitan Expressway, Joban Expressway and Tokyo Gaikan Expressway, a strategic location for logistics in terms of access within inland greater Tokyo area Location Construction date Acquisition price Appraisal value Misato City, Saitama Jul. 8, 2013 16,831 mil yen 16,900 mil yen Location in industrial area allows 24-hour operation. Appraisal NOI yield 4.5% Nearby population provides advantages for employee hiring GFA of approx. 14,955 tsubo, 5-story multi-tenant type facility. Solar panels on the roof Two-sided car berths on 1st floor, 2-way ramp way allows trucks direct access to each floor for efficient delivery ■Ceiling height 5.5m (1st to 4th floor) and 5.75m (5th floor), floor weight capacity 1.5t/sqm, pillar interval spacing of 11.5m x 11.5m Average lease term 8.7 years Average remaining lease term 6.3 years Total leasable area 55,864.93 m² Tenants Kokubu Group, ARATA, Kato Sangyo, Nitori, etc. Located 50 km from central Tokyo, access to central Saitama and central Tokyo using National Route 4 or 122, and Tohoku area and surrounding areas by using Kazo IC of Tohoku Expressway ■GFA of approx. 5,537 tsubo, 4-story property Total leasable area Tenant Hitachi Transport System Kanto kehna Kish saks Ukogowakitometo 10 Kewajima 10 Tchru Lxpressway Tsur castima L Elna Exp No 10 miya Sra kbar ta Kiwighei Location Construction date Acquisition price Appraisal value Appraisal NOI yield Lease term Remaining lease term Total leasable area Tenant Kazo City, Saitama Jul. 14, 2014 3,300 mil yen 3,350 mil yen 5.1% 10.6 years 7.9 years 18,371.10 m² Itochu Logistics Tohoku ExorcsGWAY Kaza IC gast mar Neww.item Inte: Sky Bony Ken Co Ksh roka JCT Drawa IC Kawaguchi JCT 27

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