Investor Presentaiton

Appraisal Value Changes Comparison (5) 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 RE-070 Castalia Kita Ueno 2,641 2,379 500 2,820 2,880 60 4.4 4.5 4.6 4.3 4.4 4.5 -0.1 -0.1 -0.1 Tanizawa RE-071 Castalia Morishita II 686 611 221 816 833 17 4.4 4.5 4.6 4.3 4.4 4.5 -0.1 -0.1 -0.1 Tanizawa RE-072 Castalia Minowa 1,430 1,288 291 1,560 1,580 20 4.4 4.5 4.6 4.3 4.4 4.5 -0.1 -0.1 -0.1 Tanizawa RE-073 Castalia Oyamadai 533 515 97 599 613 14 4.3 4.4 4.5 4.2 4.3 4.4 -0.1 -0.1 -0.1 Tanizawa RE-074 Castalia Nakano 1,060 965 314 1,250 1,280 30 4.2 4.0 4.4 4.1 3.9 4.3 -0.1 -0.1 -0.1 JREI RE-075 Castalia Yoga 923 864 305 1,140 1,170 30 4.2 4.4 4.4 4.1 4.3 4.3 -0.1 -0.1 -0.1 Tanizawa RE-076 Castalia Sumiyoshi 948 840 219 1,030 1,060 30 4.4 4.5 4.6 4.3 4.4 4.5 -0.1 -0.1 -0.1 Tanizawa RE-077 Castalia Monzennakacho II 2,160 1,974 785 2,700 2,760 60 4.2 4.0 4.4 4.1 3.9 4.3 -0.1 -0.1 -0.1 JREI RE-078 Castalia Oshiage 1,100 977 172 1,150 1,150 0 4.5 4.8/4.6 4.7 4.4 4.7/4.5 4.6 -0.1 -0.1 -0.1 Tanizawa RE-079 Castalia Kuramae 1,260 1,131 368 1,500 1,500 0 4.4 4.6/4.5 4.6 4.3 4.5/4.4 4.5 -0.1 -0.1 -0.1 Tanizawa RE-080 Castalia Nakanobu 1,790 1,640 949 2,580 2,590 10 4.2 4.0 4.4 4.2 4.0 4.4 0.0 0.0 0.0 Chuo RE-081 Royal Parks Toyosu 7,360 6,143 3,806 9,870 9,950 80 4.6 4.3 4.9 4.6 4.3 4.9 0.0 0.0 0.0 Chuo RE-082 Castalia Togoshi 1,770 1,580 939 2,510 2,520 10 4.3 4.1 4.5 4.3 4.1 4.5 0.0 0.0 0.0 Chuo RE-083 Castalia Ooimachi 1,181 1,147 392 1,510 1,540 30 3.9 3.7 4.1 3.8 3.6 4.0 -0.1 -0.1 -0.1 Morii RE-084 Castalia Omori RE-085 Castalia Mishuku 1,500 1,412 397 1,800 1,810 10 4.3 4.1 4.5 4.3 4.1 4.5 0.0 0.0 0.0 Chuo 1,900 1,830 489 2,300 2,320 20 4.3 4.1 4.5 4.3 4.1 4.5 0.0 0.0 0.0 Chuo RE-086 Castalia Arakawa 1,660 1,583 606 2,190 2,190 0 4.5 4.3 4.7 4.5 4.3 4.7 0.0 0.0 0.0 Chuo RE-087 Castalia Omori II 2,370 2,257 752 2,920 3,010 90 4.0 3.8 4.2 3.9 3.7 4.1 -0.1 -0.1 -0.1 Morii RE-088 Castalia Nakameguro 3,800 3,778 751 4,410 4,530 120 3.9 3.7 4.1 3.8 3.6 4.0 -0.1 -0.1 -0.1 Morii RE-089 Castalia Meguro Chojyamaru 2,030 1,996 403 2,340 2,400 60 3.9 3.7 4.1 3.8 3.6 4.0 -0.1 -0.1 -0.1 Morii RE-090 Castalia Meguro Takaban 1,750 1,744 155 1,850 1,900 50 4.1 3.9 4.3 4.0 3.8 4.2 -0.1 -0.1 -0.1 Morii RE-091 Castalia Omori III 1,520 1,469 270 1,710 1,740 30 4.1 3.9 4.3 4.0 3.8 4.2 -0.1 -0.1 -0.1 Morii RE-093 Castalia Meguro Tairamachi 1,165 1,201 118 1,280 1,320 40 3.8 3.6 4.0 3.7 3.5 3.9 -0.1 -0.1 -0.1 Morii RE-094 Royal Parks SEASIR 4,350 4,085 894 4,960 4,980 20 5.3 5.1/5.5 - 5.2 5.0/5.4 -0.1 -0.1 - Morii RE-095 Castalia Honkomagome 1,520 1,515 314 1,780 1,830 50 4.2 4.0 4.4 4.1 3.9 4.3 -0.1 -0.1 -0.1 Morii RE-096 Cosmo Heim Musashikosugi 1,674 1,654 365 1,990 2,020 30 4.8 4.6 5.0 4.8 4.6 5.0 0.0 0.0 0.0 Chuo RE-097 Castalia Tsurumi 666 586 167 742 754 12 5.1 4.9 5.3 5.1 4.9 5.3 0.0 0.0 0.0 Chuo RE-098 Castalia Funabashi 704 694 99 794 794 0 4.9 4.9/4.7 5.1 4.9 4.9/4.7 5.1 0.0 0.0 0.0 Tanizawa RE-099 Castalia Nishi Funabashi 783 741 212 936 954 18 5.2 5.0 5.4 5.1 4.9 5.3 -0.1 -0.1 -0.1 JREI RE-105 Castalia Nogeyama 325 296 31 328 328 0 5.1 4.9 5.3 5.0 4.8 5.2 -0.1 -0.1 -0.1 JREI RE-106 Castalia Ichikawa 461 404 144 538 549 11 5.0 4.9 5.3 4.9 4.8 5.2 -0.1 -0.1 -0.1 JREI RE-107 Royal Parks Hanakoganei 5,300 4,791 1,488 6,160 6,280 120 5.1 4.9/5.3 5.0 4.8/5.2 -0.1 -0.1 - Daiwa RE-108 Castalia Musashikosugi 1,680 1,641 248 1,850 1,890 40 4.4 4.2 4.6 4.3 4.1 4.5 -0.1 -0.1 -0.1 Morii 57

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