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Investor Presentaiton

Appraisal Value Changes Comparison (3) Daiwa House REIT Investment Corporation (million yen) (%) Appraisal value (Note 1) Aug. 2016 Feb. 2017 Change Property number Property name Acquisition Book value Unrealized price Feb. 2017 gain/loss Aug. 2016 Feb. 2017 Direct cap DCF Direct cap DCF Direct cap DCF Appraiser (Note 2) Change CR DR TCR CR DR TCR CR DR TCR RE-031 Castalia Takanawadai 860 819 190 985 1,010 25 4.3 4.1 4.5 4.2 4.0 4.4 -0.1 -0.1 -0.1 JREI RE-032 Castalia Higashi Nihonbashi III RE-033 Castalia Shinjuku Gyoen II 666 616 174 765 791 26 4.4 4.2 4.6 4.3 4.1 4.5 -0.1 -0.1 -0.1 Daiwa 486 478 20 487 499 12 4.5 4.7 4.7 4.4 4.6 4.6 -0.1 -0.1 -0.1 Tanizawa RE-034 Castalia Shintomicho IV 400 378 80 444 459 15 4.4 4.2 4.6 4.3 4.1 4.5 -0.1 -0.1 -0.1 Daiwa RE-035 Castalia Takanawadai II RE-036 Castalia Minami Azabu 1,190 1,166 153 1,300 1,320 20 4.3 4.1 4.5 4.2 4.0 4.4 -0.1 -0.1 -0.1 JREI 642 614 65 671 680 9 4.3 4.1 4.5 4.2 4.0 4.4 -0.1 -0.1 -0.1 JREI RE-037 Castalia Ginza III 2,880 2,746 153 2,840 2,900 60 4.4 4.5 4.6 4.3 4.4 4.5 -0.1 -0.1 -0.1 Tanizawa RE-038 Castalia Kayabacho 2,707 2,534 495 2,960 3,030 70 4.6 4.6 4.8 4.5 4.5 4.7 -0.1 -0.1 -0.1 Tanizawa RE-039 Castalia Takanawa 7,430 7,166 443 7,520 7,610 90 4.5 4.8 4.7 4.4 4.7 4.6 -0.1 -0.1 -0.1 Tanizawa RE-040 Castalia Higashi Nihonbashi 3,520 3,286 713 3,960 4,000 40 4.6 4.4 4.8 4.5 4.3 4.7 -0.1 -0.1 -0.1 Chuo RE-041 Castalia Shinjuku 2,950 2,858 511 3,280 3,370 90 4.4 4.6 4.6 4.3 4.5 4.5 -0.1 -0.1 -0.1 Tanizawa RE-042 Castalia Ichigaya 940 886 443 1,330 1,330 0 4.4 4.2 4.6 4.4 4.2 4.6 0.0 0.0 0.0 Chuo RE-043 Shibaura Island Bloom Tower 7,580 6,999 1,760 8,540 8,760 220 4.1 6.2 4.0 6.1 -0.1 -0.1 JREI RE-044 Castalia Hatsudai 2,030 1,999 300 2,240 2,300 60 4.4 4.2 4.6 4.3 4.1 4.5 -0.1 -0.1 -0.1 Daiwa RE-045 Castalia Hatsudai II 1,900 1,892 177 2,070 2,070 0 4.2 4.0 4.4 4.2 4.0 4.4 0.0 0.0 0.0 Morii RE-046 Castalia Ebisu 1,420 1,424 175 1,600 1,600 0 4.1 3.9 4.3 4.1 3.9 4.3 0.0 0.0 0.0 Morii RE-047 Castalia Meguro Kamurozaka 4,500 4,086 143 4,140 4,230 90 4.3 4.1 4.5 4.2 4.0 4.4 -0.1 -0.1 -0.1 Daiwa RE-048 Castalia Toritsudaigaku 648 601 -43 555 558 3 5.2 5.0 5.5 5.1 4.9 5.4 -0.1 -0.1 -0.1 Chuo RE-049 Castalia Yukigaya 1,110 1,013 76 1,070 1,090 20 4.6 4.7 4.8 4.5 4.6 4.7 -0.1 -0.1 -0.1 Tanizawa RE-050 Castalia Yutenji RE-051 Castalia Otsuka RE-052 Castalia Kikukawa 1,450 1,341 -81 1,240 1,260 20 4.3 4.1 4.5 4.2 4.0 4.4 -0.1 -0.1 -0.1 Chuo 1,480 1,344 275 1,590 1,620 30 4.4 4.2 4.6 4.3 4.1 4.5 -0.1 -0.1 -0.1 Chuo 817 738 16 737 755 18 4.7 4.8 4.9 4.6 4.7 4.8 -0.1 -0.1 -0.1 Tanizawa RE-053 Castalia Meguro 844 850 121 932 972 40 4.6 4.3 4.8 4.5 4.2 4.7 -0.1 -0.1 -0.1 JREI RE-054 Castalia Otsuka II 1,040 997 232 1,200 1,230 30 4.5 4.3 4.7 4.4 4.2 4.6 -0.1 -0.1 -0.1 JREI RE-055 Castalia Jiyugaoka 1,200 1,171 198 1,340 1,370 30 4.3 4.1 4.5 4.2 4.0 4.4 -0.1 -0.1 -0.1 JREI RE-056 Castalia Mejiro 988 936 133 1,050 1,070 20 4.7 4.5 4.9 4.6 4.4 4.8 -0.1 -0.1 -0.1 Chuo RE-057 Castalia Ikebukuro 2,570 2,473 276 2,690 2,750 60 4.4 4.2 4.6 4.3 4.1 4.5 -0.1 -0.1 -0.1 Daiwa RE-058 Castalia Kaname-cho 1,140 1,071 148 1,200 1,220 20 4.6 4.8 4.8 4.5 4.7 4.7 -0.1 -0.1 -0.1 Tanizawa RE-059 Castalia Tower Shinagawa Seaside 7,380 6,876 1,663 8,370 8,540 170 4.6 4.6 4.8 4.5 4.5 4.7 -0.1 -0.1 -0.1 Tanizawa RE-060 Castalia Yakumo 857 835 -74 744 761 17 4.5 4.7 4.7 4.4 4.6 4.6 -0.1 -0.1 -0.1 Tanizawa RE-061 Castalia Togoshiekimae 1,560 1,478 411 1,890 1,890 0 4.5 4.3 4.7 4.5 4.3 4.7 0.0 0.0 0.0 JREI RE-062 Castalia Honjo Azumabashi 996 987 102 1,060 1,090 30 4.8 4.9 5.0 4.7 4.8 4.9 -0.1 -0.1 -0.1 Tanizawa 46
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