Investor Presentaiton

Appraisal Value Changes Comparison (1) O Daiwa House REIT Investment Corporation (mil yen) (%) Appraisal value (Note 1) Aug. 2018 Feb. 2019 Change Property number Property name Acquisition Book value Unrealized price Feb. 2019 gain (loss) Aug. 2018 Feb. 2019 Change Direct cap DCF Direct cap DCF Direct cap DCF Appraiser (Note 2) CR DR TCR CR DR TCR CR DR TCR LB-001 D Project Machida 9,200 9,251 588 9,630 9,840 210 4.4 4.3/4.4 4.6 4.3 4.2/4.3 4.5 -0.1 -0.1 -0.1 Tanizawa LB-002 D Project Hachioji 15,400 15,243 1,756 16,600 17,000 400 4.3 4.2/4.3 4.5 4.2 4.2 4.4 -0.1 -0.1 -0.1 Tanizawa LB-003 D Project Aikawa-Machi 3,390 3,790 619 4,410 4,410 0 4.6 4.6 4.8 4.6 4.6 4.8 0.0 0.0 0.0 Tanizawa LB-004 D Project Shin-Misato 5,710 5,605 144 5,830 5,750 -80 5.1 5.1 5.3 4.8 4.8/4.9 5.0 -0.3 -0.3 -0.3 Tanizawa LB-005 D Project Urayasu | 9,280 9,145 814 9,720 9,960 240 4.0 4.1 4.2 3.9 4.0 4.1 -0.1 -0.1 -0.1 Tanizawa LB-006 D Project Urayasu II 26,000 25,594 2,505 27,200 28,100 900 3.9 3.9/4.0 4.1 3.8 3.8/3.9 4.0 -0.1 -0.1 -0.1 Tanizawa LB-007 D Project Akanehama 2,950 2,888 181 3,010 3,070 60 4.5 4.6 4.7 4.4 4.5 4.6 -0.1 -0.1 -0.1 Tanizawa LB-008 D Project Noda LB-009 D Project Inuyama 6,210 6,074 475 6,560 6,550 -10 4.6 4.5/4.6 4.8 4.6 4.5/4.6 4.8 0.0 0.0 0.0 Tanizawa 10,790 10,521 1,258 11,450 11,780 330 4.8 4.7/4.8 5.0 4.7 4.6/4.7 4.9 -0.1 -0.1 -0.1 Tanizawa LB-010 D Project Gifu 1,100 1,075 94 1,150 1,170 20 5.4 5.3/5.4 5.6 5.3 5.2/5.3 5.5 -0.1 -0.1 -0.1 Tanizawa LB-011 D Project Neyagawa 5,980 5,858 461 6,320 6,320 0 4.5 4.5 4.7 4.5 4.5/4.6 4.7 0.0 0.0 0.0 Tanizawa LB-012 D Project Sapporo Minami 818 790 71 849 862 13 6.0 5.9 6.2 5.9 5.8 6.1 -0.1 -0.1 -0.1 Tanizawa LB-013 D Project Morioka 1,200 1,154 55 1,210 1,210 0 6.0 5.9 6.2 6.0 5.9 6.2 0.0 0.0 0.0 Tanizawa LB-014 LB-015 D Project Tsuchiura D Project Sendai Minami 1,530 1,525 54 1,550 1,580 30 5.3 5.1/5.2 5.5 5.2 5.0/5.1 5.4 -0.1 -0.1 -0.1 Tanizawa 3,390 3,266 273 3,490 3,540 50 5.2 5.1 5.4 5.1 5.0/5.1 5.3 -0.1 -0.1 -0.1 Tanizawa LB-016 D Project Gotenba 1,140 1,115 24 1,150 1,140 -10 5.4 5.3 5.6 5.4 5.3/5.4 5.6 0.0 0.0 0.0 Tanizawa LB-017 D Project Nishi-Hiroshima 1,210 1,180 29 1,220 1,210 -10 5.4 5.4/5.5 5.6 5.4 5.4/5.5 5.6 0.0 0.0 0.0 Tanizawa 4.7/4.8 4.6/4.7 LB-018 D Project Fukuoka Umi 4,240 4,128 381 4,430 4,510 80 5.0 5.2 4.9 5.1 -0.1 -0.1 -0.1 Tanizawa 14.9 /4.8 LB-019 D Project Tosu 5,740 5,512 637 6,030 6,150 120 5.0 5.0/5.1 5.2 4.9 4.9/5.0 5.1 -0.1 -0.1 -0.1 Tanizawa LB-020 D Project Kuki I 3,900 3,802 347 4,180 4,150 -30 4.7 4.7/4.8 4.9 4.7 4.7/4.8 4.9 0.0 0.0 0.0 Tanizawa LB-021 D Project Kuki II 8,120 7,838 811 8,680 8,650 -30 4.7 4.7/4.8 4.9 4.7 4.7/4.8 4.9 0.0 0.0 0.0 Tanizawa LB-022 D Project Kawagoe I 3,530 3,450 399 3,770 3,850 80 4.7 4.7/4.8 4.9 4.6 4.6/4.7 4.8 -0.1 -0.1 -0.1 Tanizawa LB-023 D Project Kawagoe II 4,850 4,758 631 5,250 5,390 140 4.7 4.7/4.8 4.9 4.6 4.6/4.7 4.8 -0.1 -0.1 -0.1 Tanizawa LB-024 DPL Inuyama 3,940 3,830 389 4,150 4,220 70 4.8 4.7/4.8 5.0 4.7 4.6/4.7 4.9 -0.1 -0.1 -0.1 Tanizawa LB-025 D Project Fukuoka Hakozaki 4,340 4,222 407 4,610 4,630 20 4.7 4.6 4.9 4.6 4.5 4.8 -0.1 -0.1 -0.1 Tanizawa LB-026 D Project Kuki III 7,630 7,405 844 8,250 8,250 0 4.7 4.7/4.8 4.9 4.7 4.7/4.8 4.9 0.0 0.0 0.0 Tanizawa LB-027 D Project Kuki IV 5,520 5,372 537 5,900 5,910 10 4.7 4.7/4.8 4.9 4.7 4.7/4.8 4.9 0.0 0.0 0.0 Tanizawa LB-028 D Project Kuki V 8,280 8,088 821 8,920 8,910 -10 4.7 4.7/4.8 4.9 4.7 4.7/4.8 4.9 0.0 0.0 0.0 Tanizawa LB-029 D Project Kuki VI 5,140 5,002 507 5,510 5,510 0 4.7 4.7/4.8 4.9 4.7 4.7/4.8 4.9 0.0 0.0 0.0 Tanizawa LB-030 D Project Yashio 6,400 6,258 531 6,640 6,790 150 4.6 4.1 4.9 4.5 4.0 4.8 -0.1 -0.1 -0.1 JREI LB-031 D Project Nishiyodogawa 10,300 9,996 903 10,600 10,900 300 4.8 4.5 5.0 4.7 4.4 4.9 -0.1 -0.1 -0.1 JREI LB-032 D Project Matsudo 7,370 7,217 542 7,600 7,760 160 4.6 4.3 4.7 4.5 4.2 4.6 -0.1 -0.1 -0.1 JREI LB-033 D Project Hibiki Nada 2,080 2,004 165 2,130 2,170 40 5.8 5.7/5.9 6.0 5.7 5.6/5.8 5.9 -0.1 -0.1 -0.1 Tanizawa 53

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