Investor Presentaiton

Track Record of DPU Growth O Daiwa House REIT Investment Corporation Achieved 12.1% growth of stabilized forecast DPU as a result of three equity offerings since the merger Aim for continuous growth of DPU DPU (yen) Initial Forecast Actual Current Forecast 5,500 Estimated impact from property taxes of the properties acquired in 2018 353 million yen per period approx. -170 yen per unit 5,427 5,000 5,194 5,250 5,170 5,050 5,046 5,100 4,964 4,900 4,800 4,500 4,650 4,700 5,370 0 Period ended Period ended Period ended Period ended Feb. 2017 Aug. 2017 Aug. 2018 Feb. 2018 Period ended Feb. 2019 Period ending Period ending Aug. 2019 Feb. 2020 Stabilized Forecast DPU (Forecast DPU Adjusted for Property Taxes) (yen) 5,500 5,000 4,700 +4.3% 4,500 0 Sep. 2016 Merger Estimated impact from property taxes of the properties acquired in 2019 206 million yen per period approx. -100 yen per unit 5,270 Stabilized Forecast DPU (adjusted for property taxes) 4,900 5,080 5,270 +3.7% +3.7% 12.1% growth in the period of 2.5 years since the merger Mar. 2017 1st offering since the merger Mar. 2018 2nd offering since the merger Feb. 2019 3rd offering since the merger 10

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