Investor Presentaiton

Appraisal Value Changes Comparison (3) O Daiwa House REIT Investment Corporation (mil yen) (%) Appraisal value (Note 1) Aug. 2018 Feb. 2019 Change Property number Acquisition Book value Unrealized Property name 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 RE-005 Castalia Hiroo RE-006 Castalia Nihonbashi 2,220 2,060 -130 1,880 1,930 50 4.0 4.1 4.2 3.9 4.0 4.1 -0.1 -0.1 -0.1 Tanizawa 1,200 1,052 137 1,170 1,190 20 4.2 4.3 4.4 4.2 4.2 4.4 0.0 -0.1 0.0 Tanizawa RE-007 Castalia Hacchobori 2,300 2,074 255 2,300 2,330 30 4.2 4.3 4.4 4.2 4.2 4.4 0.0 -0.1 0.0 Tanizawa RE-008 Castalia Azabujuban 2,910 2,760 -30 2,700 2,730 30 4.1 3.9 4.3 4.1 3.9 4.3 0.0 0.0 0.0 Chuo RE-009 Castalia Azabujuban II 2,690 2,528 31 2,510 2,560 50 4.0 3.8 4.2 4.0 3.8 4.2 0.0 0.0 0.0 Chuo RE-010 Castalia Shinjuku Natsumezaka 1,865 1,753 -123 1,620 1,630 10 4.2 4.0 4.4 4.2 4.0 4.4 0.0 0.0 0.0 Chuo RE-011 Castalia Ginza Il 1,800 1,656 103 1,740 1,760 20 4.1 4.2 4.3 4.1 4.1 4.3 0.0 -0.1 0.0 Tanizawa RE-012 Castalia Shibuya Sakuragaoka 1,400 1,327 -147 1,150 1,180 30 4.0 4.2 4.2 3.9 4.1 4.1. -0.1 -0.1 -0.1 Tanizawa RE-013 Castalia Nishi Azabu Kasumicho 2,143 2,331 148 2,380 2,480 100 4.1 4.2 4.3 4.0 4.1 4.2 -0.1 -0.1 -0.1 Tanizawa RE-014 Castalia Ochanomizu 1,770 1,689 560 2,190 2,250 60 4.2 4.0 4.4 4.1 3.9 4.3 -0.1 -0.1 -0.1 JREI RE-015 Castalia Sangubashi 1,393 1,479 50 1,480 1,530 50 4.2 4.4 4.4 4.1 4.3 4.3 -0.1 -0.1 -0.1 Tanizawa RE-016 Castalia Suitengu 1,279 1,217 322 1,480 1,540 60 4.3 4.3 4.5 4.2 4.2 4.4 -0.1 -0.1 -0.1 Tanizawa RE-017 Castalia Suitengu II 1,138 1,088 301 1,350 1,390 40 4.2 4.3 4.4 4.1 4.2 4.3 -0.1 -0.1 -0.1 Tanizawa RE-018 Castalia Shintomicho 932 901 218 1,090 1,120 30 4.3 4.3 4.5 4.2 4.2 4.4 -0.1 -0.1 -0.1 Tanizawa RE-019 Castalia Shintomicho II 825 807 180 963 988 25 4.3 4.3 4.5 4.2 4.2 4.4 -0.1 -0.1 -0.1 Tanizawa RE-020 Castalia Harajuku 887 854 115 945 970 25 4.0 3.8 4.2 3.9 3.7 4.1 -0.1 -0.1 -0.1 JREI RE-021 Castalia Yoyogi Uehara 608 653 86 720 740 20 4.1 3.9 4.3 4.0 3.8 4.2 -0.1 -0.1 -0.1 JREI RE-022 Castalia Sendagaya 555 553 100 636 654 18 4.1 3.9 4.3 4.0 3.8 4.2 -0.1 -0.1 -0.1 JREI RE-023 Castalia Shinjuku 7 chome 464 437 103 541 541 0 4.4 4.2 4.6 4.4 4.2 4.6 0.0 0.0 0.0 JREI RE-024 Castalia Ningyocho 947 885 404 1,230 1,290 60 4.2 4.0 4.4 4.1 3.9 4.3 -0.1 -0.1 -0.1 JREI RE-025 Castalia Ningyocho II 1,070 987 432 1,360 1,420 60 4.2 4.0 4.4 4.1 3.9 4.3 -0.1 -0.1 -0.1 JREI RE-026 Castalia Shin-Ochanomizu 914 848 241 1,090 1,090 0 4.1 3.9 4.3 4.1 3.9 4.3 0.0 0.0 0.0 JREI RE-027 Castalia Higashi Nihonbashi II 1,370 1,245 464 1,680 1,710 30 4.2 4.0 4.4 4.1 3.9 4.3 -0.1 -0.1 -0.1 JREI RE-028 Castalia Jinbocho 1,160 1,074 385 1,450 1,460 10 4.1 3.9 4.3 4.1 3.9 4.3 0.0 0.0 0.0 JREI RE-029 Castalia Shintomicho III 675 608 162 760 771 11 4.3 4.0 4.6 4.2 3.9 4.5 -0.1 -0.1 -0.1 JREI RE-030 Castalia Shinjuku Gyoen 2,720 2,590 729 3,240 3,320 80 4.2 4.4 4.4 4.1 4.3 4.3 -0.1 -0.1 -0.1 Tanizawa RE-031 Castalia Takanawadai 860 811 238 1,050 1,050 0 4.0 3.8 4.2 4.0 3.8 4.2 0.0 0.0 0.0 JREI RE-032 Castalia Higashi Nihonbashi III 666 603 226 810 830 20 4.2 4.0 4.4 4.1 3.9 4.3 -0.1 -0.1 -0.1 Daiwa RE-033 Castalia Shinjuku Gyoen II 486 469 80 537 550 13 4.2 4.4 4.4 4.1 4.3 4.3 -0.1 -0.1 -0.1 Tanizawa RE-034 Castalia Shintomicho IV 400 392 112 500 505 5 4.2 4.0 4.4 4.1 3.9 4.3 -0.1 -0.1 -0.1 Daiwa RE-035 Castalia Takanawadai II 1,190 1,147 232 1,370 1,380 10 4.0 3.8 4.2 4.0 3.8 4.2 0.0 0.0 0.0 JREI RE-036 Castalia Minami Azabu 642 605 104 697 710 13 4.1 3.9 4.3 4.0 3.8 4.2 -0.1 -0.1 -0.1 JREI 55

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