Investor Presentaiton

Appraisal Value Changes Comparison (5) 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 Change Direct cap DCF Direct cap DCF Direct cap DCF Appraiser (Note 2) CR DR TCR CR DR TCR CR DR TCR RE-095 Castalia Honkomagome 1,520 1,549 120 1,670 1,670 0 4.5 4.3 4.7 4.5 4.3 4.7 0.0 0.0 0.0 Morii RE-096 Cosmo Heim Musashikosugi 1,674 1,609 360 1,940 1,970 30 5.0 4.8 5.2 4.9 4.7 5.1 -0.1 -0.1 -0.1 Chuo RE-097 Castalia Tsurumi 666 605 124 720 730 10 5.3 5.1 5.5 5.2 5.0 5.4 -0.1 -0.1 -0.1 Chuo RE-098 Castalia Funabashi 704 689 85 770 775 5 5.2 5.2/5.0 5.4 5.1 5.1/4.9 5.3 -0.1 -0.1 -0.1 Tanizawa RE-099 Castalia Nishi Funabashi 783 758 129 887 888 1 5.4 5.2 5.6 5.4 5.2 5.6 0.0 0.0 0.0 JREI RE-100 Castalia Maihama 670 617 27 635 645 10 RE-101 Castalia Ichikawamyoden 671 628 86 703 715 12 12 5.4 5.4 5.6 5.3 5.3 5.5 -0.1 -0.1 -0.1 Tanizawa 5.3 5.5 5.6 5.2 5.4 5.5 -0.1 -0.1 -0.1 Tanizawa RE-102 Castalia Urayasu 592 574 48 614 623 9 5.3 5.3 5.6 5.2 5.2 5.5 -0.1 -0.1 -0.1 Tanizawa RE-103 Castalia Minamigyotoku 543 509 -6 493 503 10 5.2 5.2 5.4 5.1 5.1 5.3 -0.1 -0.1 -0.1 Tanizawa RE-105 Castalia Nogeyama 325 302 15 317 318 1 5.4 5.2 5.6 5.3 5.1 5.5 -0.1 -0.1 -0.1 JREI RE-106 Castalia Ichikawa 461 415 105 513 521 8 5.4 5.2 5.6 5.3 5.1 5.5 -0.1 -0.1 -0.1 JREI RE-107 Royal Parks Hanakoganei RE-108 Castalia Musashikosugi 5,300 4,971 1,098 5,900 6,070 170 5.3 5.1/5.5 5.2 5.0/5.4 - -0.1 -0.1 Daiwa 1,680 1,673 226 1,900 1,900 0 4.6 4.4 4.8 4.6 4.4 4.8 0.0 0.0 0.0 Morii RE-109 Royal Parks Wakabadai 4,360 4,185 724 4,750 4,910 160 5.4 5.2/5.6 5.3 5.1/5.5 -0.1 -0.1 Daiwa RE-110 Pacific Royal Court Minatomirai Urban Tower 9,100 9,145 1,554 10,600 10,700 100 5.1 4.9/5.3 - 5.1 4.9/5.3 0.0 0.0 Morii RE-111 L-Place Shinkoyasu 1,720 1,770 199 1,940 1,970 30 5.2 5.0 5.4 5.1 4.9 5.3 -0.1 -0.1 -0.1 JREI RE-112 Royal Parks Musashikosugi 1,060 1,064 205 1,270 1,270 0 5.1 4.9/5.3 5.1 4.9/5.3 0.0 0.0 - Morii RE-113 Castalia Shinsakae 1,920 1,683 -103 1,580 1,580 0 5.1 4.9 5.3 5.0 4.8 5.2 -0.1 -0.1 -0.1 Chuo RE-114 Aprile Tarumi 1,340 1,209 360 1,550 1,570 20 5.7 5.5 5.9 5.6 5.4 5.8 -0.1 -0.1 -0.1 JREI RE-115 Crest Kusatsu 3,004 2,922 -962 1,940 1,960 20 7.1 7.2 7.3 7.0 7.1 7.2 -0.1 -0.1 -0.1 Tanizawa RE-116 Castalia Sakaisuji Honmachi 1,490 1,350 319 1,600 1,670 70 5.1 5.2 5.3 4.9 5.0 5.1 -0.2 -0.2 -0.2 Tanizawa RE-117 Castalia Shin-Umeda 1,376 1,236 253 1,420 1,490 70 5.2 5.3 5.4 5.0 5.1 5.2 -0.2 -0.2 -0.2 Tanizawa RE-118 Castalia Abeno 4,368 4,085 724 4,620 4,810 190 5.1 5.2 5.3 4.9 5.0 5.1 -0.2 -0.2 -0.2 Tanizawa RE-119 Castalia Sakae 1,010 931 278 1,190 1,210 20 5.0 4.8 5.2 4.9 4.7 5.1 -0.1 -0.1 -0.1 Chuo RE-120 Castalia Nipponbashi Kouzu 3,570 3,180 709 3,740 3,890 150 5.2 5.3 5.4 5.0 5.1 5.2 -0.2 -0.2 -0.2 Tanizawa RE-121 Castalia Maruyama Urasando 411 372 126 494 499 5 5.3 5.3 5.5 5.2 5.2 5.4 -0.1 -0.1 -0.1 Tanizawa RE-122 Castalia Maruyama Omotesando 1,740 1,583 436 1,940 2,020 80 5.3 5.3 5.5 5.1 5.1 5.3 -0.2 -0.2 -0.2 Tanizawa RE-123 Castalia Higashi Hie 960 865 134 985 1,000 15 5.2 5.4 5.4 5.1 5.3 5.3 -0.1 -0.1 -0.1 Tanizawa RE-124 Castalia Tower Nagahoribashi 3,400 3,041 1,408 4,370 4,450 80 4.9 4.7 5.1 4.8 4.6 5.0 -0.1 -0.1 -0.1 Chuo RE-125 Castalia Sannomiya 1,230 1,102 387 1,470 1,490 20 5.2 5.0 5.4 5.1 4.9 5.3 -0.1 -0.1 -0.1 Daiwa RE-126 Castalia Kotodaikoen 481 428 117 536 546 10 5.5 5.5 5.7 5.4 5.4 5.6 -0.1 -0.1 -0.1 Daiwa RE-127 Castalia Ichibancho 783 711 220 915 932 17 5.5 5.5 5.7 5.4 5.4 5.6 -0.1 -0.1 -0.1 Daiwa 48

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