#1O Daiwa House Logistics Trust Daiwa House Logistics Trust Acquisition of DPL Ibaraki Yuki in Japan - Maintaining Growth Momentum 31 January 2024 Daiwa House#2Important Notice Daiwa HouseⓇ This Presentation is for information purposes only and does not constitute or form part of an offer, solicitation or invitation of any offer, to buy or subscribe for any Units in Singapore or any other jurisdiction, nor should it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. The value of Units and the income derived from them may fall as well as rise. The Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors have no right to request the Manager to redeem their Units while the Units are listed on the SGX-ST. It is intended that Unitholders may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. This Presentation is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for Units. The past performance of DHLT is not necessarily indicative of the future performance of DHLT. This Presentation may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income, changes in operating expenses, property expenses and governmental and public policy changes. Predictions, projections or forecasts of the economy or economic trends of the markets are not necessarily indicative of the future or likely performance of DHLT. The forecast financial performance of Daiwa House Logistics Trust is not guaranteed. A potential investor is cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager's current view of future events. This Presentation is qualified in its entirety by, and should be read in conjunction with, the full text of DHLT's announcement dated 31 January 2024 on the acquisition of DPL Ibaraki Yuki (the "Announcement"), as well as the announcement dated 29 December 2023 on the acquisition of D Project Tan Duc 2 in Long An, Vietnam ("Vietnam Property" and the acquisition of the Vietnam Property by DHLT, "Vietnam Acquisition"). In the event of any inconsistency or conflict between, on the one hand, the Announcement and the information contained in this Presentation, the Announcement shall prevail. All capitalised terms not defined in this Presentation shall have the meaning ascribed to them in the Announcement. For illustrative purposes, unless otherwise indicated, in this Presentation, certain JPY amounts have been translated into Singapore dollars based on the exchange rate of S$1.00 = JPY109.63. Such translations should not be construed as representations that the JPY amounts referred to could have been, or could be, converted into Singapore dollars, as the case may be, at that or any other rate or at all and vice versa. 1#3Transaction Overview DPL Ibaraki Yuki Daiwa House Group#4Maintaining growth momentum Daiwa HouseⓇ . . DHLT entered into a conditional agreement with the Sponsor, Daiwa House Industry Co., Ltd., to acquire DPL Ibaraki Yuki ("Property”), a freehold logistics property located in Greater Tokyo, Japan ("Acquisition") The purchase consideration for the Property is JPY2,640.0 million (S$24.1 million) ("Purchase Consideration”), a discount of 18.1% to the average independent valuation of JPY3,225.0 million (S$29.4 million) 1 Independent Valuation") ("Average The Acquisition is expected to be funded by borrowings, and is expected to be completed in the first quarter of 2024 The would improve DPU for FP2022² Acquisition by 1.2%, on pro forma basis³ 10 DPL Dawa House Crop DPL Ibaraki Yuki Greater Tokyo, Japan Tokyo (1) Based on average of the two independent valuations conducted by JLL Morii Valuation & Advisory K.K. and Savills Japan Valuation G.K. which valued the Property at JPY3,320.0 million (approximately S$30.3 million) and JPY3,130.0 million (approximately S$28.6 million), respectively as at 31 August 2023. (2) The financial period from 26 November 2021 (being the date of listing of DHLT) to 31 December 2022. (3) Please refer to paragraph 4 of the Announcement for the pro forma financial effects of the Acquisition for FP2022. 3#5Year of Completion January 2023 Land Area 11,942SQM Land Tenure Freehold DPL 茨城結樾 Net Lettable Area 13,421 SQM DR Occupancy 100.0% As at 17 January 2024 Lease Term¹ 4.0YEARS From 1 February 2023 Daiwa House Group Greater Tokyo, Japan MULTI-TENANTED FREEHOLD DPL Ibaraki Yuki PROPERTY (1) Entire property leased to one tenant. IN- 8#6Growing the DHLT portfolio¹ Portfolio Valuation² (S$ million) ▲ 3.7% 827.8 Daiwa HouseⓇ Net Lettable Area³ (sqm) ▲ 3.0% 458,149 798.4 Pre Acquisition Post Acquisition WALE by GRI³,4 (Years) 6.3 444,728 Pre Acquisition Post Acquisition Portfolio Age 3,5 (Years) 0.1Y 6.2 Slight decline in WALE but remain relatively long at around 6 years 6.0 0.1Y 5.9 Pre Acquisition Post Acquisition Pre Acquisition Post Acquisition (1) Please refer to paragraph 4 of the Announcement for further details on the pro forma financial effects of the Acquisition, including the relevant assumptions. (2) Based on the valuation of the existing portfolio as at 31 December 2022 converted to S$ based on S$1.00 JPY 109.63, for Post Acquisition, including the valuation of the Property based on the Average Independent Valuation. (3) Based on information relating to the existing properties as at 30 September 2023. (4) Based on the monthly rent as at September 2023. (5) Weighted by net lettable area ("NLA"). 5#7消火栓 Rationale of Acquisition DPL Ibaraki Yuki#8Acquisition expected to be DPU-accretive 1,2 Daiwa House® ✓ On a pro forma basis, the Acquisition is expected to be DPU-accretive by 1.2% for FP2022 ✓ Aggregate leverage would increase from 36.2% as at 30 September 2023 to 38.2% (or 40.1%, including the Vietnam Acquisition³), on a pro forma basis but remains at a healthy level 5.70 DPU for FP2022 (Singapore cents) Aggregate Leverage as at 30 Sep 2023 1.2%2 5.77 36.2% 38.2% 40.1% including Vietnam Acquisition 2,3 Pre Acquisition Post Acquisition Pre Acquisition Post Acquisition (1) Please refer to paragraph 4 of the Announcement for the pro forma financial effects of the Acquisition. (2) On a pro forma basis. (3) Assuming the Vietnam Acquisition completes simultaneously with the Acquisition on 30 September 2023. 7#9Japan logistics sector fundamentals remain sound Daiwa HouseⓇ The fundamentals of the Japan logistics sector are expected to remain sound in the long term, with demand for logistics properties supported by e-commerce and third-party logistics ("3PL") sectors. E-commerce ✓ The e-commerce sector in Japan has recorded strong growth over the recent years However, business-to-consumers ("B-to- C") e-commerce penetration rate in Japan is still relatively low at 9.1%1 compared to more mature markets, indicating growth potential for this sector 3PL Japan B-to-C E-Commerce Market(1) 8.8% 9.1% 8.1% 6.8% 6.2% 12.2 13.3 14.0 9.3 10.1 2018 2019 2020 2021 2022 Market size for B-to-C E-Commerce - physical products (JPY trillion) E-commerce Penetration Rate (%) ✓ The 3PL sector is also expected to maintain its growth, given the continued trend of consignor firms outsourcing their logistics functions ✓ Additionally, the restrictions on truck driver overtime in Japan to be limited to 960 hours per annum starting from April 2024 may also potentially drive demand for logistics space (1) Source: Report by the Ministry of Economy, Trade and Industry on 2022 E-Commerce Market Survey (August 2023). 8#10New and modern freehold logistics property ✓ DPL Ibaraki Yuki is a freehold developed property that is built to modern specifications with a PML of only 2.6%1 ✓ On a pro forma basis and including the Vietnam Acquisition, the proportion of properties in DHLT's portfolio with freehold land tenure (by valuation) 2,3 will be 58.0% as at 30 September 2023 >90% of the portfolio has land tenure >40Y or freehold > 40 Years 32.7% 20-40 Years 8.0% < 20 Years 1.3% Breakdown of land tenure (based on valuation)2,3 Freehold 58.0% Daiwa HouseⓇ ✓ As it is recently completed, the capital expenditure for the maintenance of the Property in the near term will likely be minimal (1) PML refers to maximum probable loss in relation to a major earthquake and no earthquake insurance is acquired for the Property as the Manager will generally consider obtaining earthquake insurance for properties that covers the portion of the PML exceeding 15.0% (2) Based on the valuation of DHLT's existing portfolio as at 31 December 2022, and the Average Independent Valuation for the Property, and the average valuation of VND498.0 billion converted to S$ based on S$1.00 = VND18,261.50 for the Vietnam Property. (3) Assuming the Vietnam Acquisition completes simultaneously on 30 September 2023. 9#11Well positioned in strategic location Hokuriku Shinkansen Location connected a wide region covering the Tohoku and Tokyo areas Kan-etsu Expwy. Tohoku Expwy. Sano-Fujioka IC Easily accessible via Joshin-etsu Expwy. roads and highways Joetsu Shinkansen Located at a strategic location that is approximately 100 kilometres from central Tokyo 14km Chuo Expwy. A TOKYO Tohoku Shinkansen Daiwa HouseⓇ Utsumomiya-Kaminokawa IC Kita-Kanto Expwy. Sakuragawa-Chikusei IC 50 DPL Ibaraki Yuki Joban Expwy. Ken-O Expwy. Goka IC 10 10#12Green property occupied by blue-chip Tenant Blue-chip Tenant Daiwa HouseⓇ ✓ The entire property is leased to Mitsubishi Shokuhin Co., Ltd. ("Mitsubishi Shokuhin❞ or "Tenant"), an existing tenant in DHLT's portfolio ✓ On a pro forma basis and including the Vietnam Acquisition¹, the contribution from Mitsubishi Shokuhin to DHLT (by NPI)² would increase from 18.9% to 20.3% ☐ Tenant is listed on the Tokyo Stock Exchange Tenant is one of the largest food distributors in Japan. The properties in DHLT's portfolio rented by the Tenant are utilised to serve a diversified range of customers in the food and beverages, grocery supplies, medical goods and chemical products sectors 20 DPL O Green Building Mitigates concentration risk ✓ Property is green rated by the Building Energy-efficiency Labelling System with the highest rating of 5 stars Solar panels with a capacity of 0.8 MWp installed on the rooftop, bringing the total solar energy capacity of the DHLT's portfolio to 16.1 MWp, upon completion of the Acquisition (1) Assuming the Vietnam Acquisition completes simultaneously on 1 January 2023 and that the lease agreement with the tenant of the Vietnam Property was in place from 1 January 2023. (2) Based on NPI for the nine-month period ended 30 September 2023 ("9M2023") and the percentage of NPI was calculated and adjusted based on the NPI of each property in DHLT's portfolio and allocated to the respective tenants by the proportion of NLA the tenants occupy in the property. 11#13The Sponsor reinforces its support to grow DHLT ✓ The Sponsor continues to show commitments to support DHLT's growth ✓ Providing a high-quality property to enhance portfolio quality ✓ Offering the Property at an attractive discount to valuation Daiwa House® JPY3,225.0m Discount of 18.1% JPY2,640.0m 4.2%¹ NPI Yield 5.4%2 Average Independent Purchase Consideration Valuation Freehold properties in existing Portfolio The Property (1) Based on the annualised NPI for 9M2023 and the valuation of the freehold properties in the existing portfolio as at 31 December 2022. (2) Based on the Purchase Consideration and annualised NPI of the Property, assuming that the lease agreement was in place from 1 January 2023. 12#14HANA 1500010 DPL Ibaraki Yuki Summary#15Key takeaways DPL Ibaraki Yuki (1) On a pro forma basis DPU-accretive acquisition¹ Modern freehold property anchored by blue-chip tenant Daiwa HouseⓇ Strengthen foothold in Japan logistics market Sponsor continues to demonstrate strong support 14#16Appendix DPL Ibaraki Yuki#17Pro forma including Vietnam Acquisition¹ Portfolio Valuation2 (S$ million) Daiwa HouseⓇ Net Lettable Area³ (sqm) 7.1% 3.7% 827.8 855.1 3.0% 458,149 444,728 798.4 7.2% 476,614 Pre Acquisition Post Acquisition Post Acquisition + Vietnam Acquisition Pre Acquisition Post Acquisition Post Acquisition WALE by GRI³,4 (Years) 6.3 0.1Y 6.2 0.5Y 6.0 6.8 + Vietnam Acquisition Portfolio Age 3,5 (Years) 0.1Y 5.9 ▼ 0.4Y 5.6 Pre Acquisition Post Acquisition Post Acquisition + Vietnam Acquisition Pre Acquisition Post Acquisition Post Acquisition + Vietnam Acquisition (1) Please refer to paragraphs 3 and 4 of the Announcement for further details on the pro forma financial effects of the Acquisition, including the relevant assumptions (2) Based on the valuation of the existing portfolio as at 31 December 2022 converted to S$ based on S$1.00 JPY 109.63, for Post Acquisition, including the valuation of the Property based on the Average Independent Valuation, and for Vietnam Acquisition, based on the average valuation of VND498.0 billion converted to S$ based on S$1.00 = VND18,261.50. (3) Based on information relating to the existing properties as at 30 September 2023. (4) Based on the monthly rent as at September 2023. (5) Weighted by NLA. 16#18Strong and committed developer Sponsor Daiwa HouseⓇ Daiwa House Daiwa House Group . Daiwa House Industry Co., Ltd. was founded in 1955 and is one of the largest construction and real estate development companies in Japan Completed Residential Units (1) Completed Commercial Facilities (1) 1,959,000UNI Global Presence 26 COUNTRIES UNITS Market Capitalisation (2) 57,700 UNITS JPY 2,806.7 BILLION (S$26.1 billion) Listed on Tokyo Stock Exchange Forbes The Global 2000 Ranking (2023) 460TH One of the highest amongst Japan real estate developers Credit Rating (3) AA Fortune Global 500 Ranking (2023) 418TH 14 Consecutive Years Ranked (1) As at 31 March 2023. (2) As at 29 December 2023. (3) Rated by the Japan Credit Rating Agency Ltd. 17#19O Daiwa House Logistics Trust Thank you. www.daiwahouse-logisticstrust.com Daiwa House®