#1O Daiwa House Logistics Trust March 2024 Daiwa House Logistics Trust Investors Presentation Daiwa House#2Important Notice Daiwa HouseⓇ This announcement is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for units in Daiwa House Logistics Trust ("DHLT", and the units in DHLT, the "Units"). The past performance of DHLT is not necessarily indicative of the future performance of DHLT. The value of the Units and the income derived from them, if any, may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, Daiwa House Asset Management Asia Pte. Ltd., as manager of DHLT (the "Manager") or any of its affiliates. An investment in the 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 or purchase their Units for so long as the Units are listed on Singapore Exchange Securities Trading Limited ("SGX-ST"). It is intended that unitholders of DHLT may only deal in their Units through trading on the SGX-ST. The listing of the Units on the SGX-ST does not guarantee a liquid market for the Units. This announcement may contain forward-looking statements. 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 and the continued availability of financing in the amounts and the terms necessary to support future business. Investors are cautioned not to place undue reliance on these forward-looking statements, which are based on the Manager's current view of future events. Any discrepancies in the figures included in this announcement between the listed amounts and the totals thereof are due to rounding. Accordingly, figures shown as totals in this announcement may not be an arithmetic aggregation of the figures that precede them. 1#328 Overview of Daiwa House Logistics Trust E 防火水そう DPL Koriyama 29 29#4Asia-focused with strong sponsor support ASIA-FOCUSED LOGISTICS REIT WITH HIGH QUALITY MODERN PROPERTIES Daiwa House® STRONG AND COMMITTED DEVELOPER SPONSOR TO SUPPORT FUTURE GROWTH Daiwa House Logistics Trust (DHLT) is established with the investment strategy of principally investing, directly or indirectly, in a portfolio of income-producing logistics and industrial real estate assets located across Asia, in particular, within Japan as well as in the Southeast Asian region Portfolio 16 PROPERTIES Portfolio Valuation (2) JPY 89,108 MI (S$831.9 mil) Portfolio Occupancy (1) 100.0% Portfolio WALE by GRI(1,3) 6.2 YEARS HOKKAIDO & TOHOKU 1. DPL Sapporo Higashi Kariki 2. DPL Sendai Port 3. DPL Koriyama Total Net Lettable Area(1) 444,728 SQM Portfolio Age (1,4) 6.3 YEARS CHUGOKU / SHIKOKU / KYUSHU 12. DPL Okayama Hayashima 13. DPL Okayama Hayashima 2 14. DPL Iwakuni 1 & 2 15. D Project Matsuyama S 16. D Project Fukuoka Tobara S -Tokyo GREATER TOKYO 4. D Project Nagano Suzaka S 5. D Project Maebashi S 6. D Project Kuki S 7. D Project Misato S 8. D Project Iruma S 9. DPL Kawasaki Yako GREATER NAGOYA 10. DPL Shinfuji 11. D Project Kakegawa S (1) As at 31 December 2023. (2) Based on the independent valuation of the properties as at 31 December 2023. (3) Gross rental income ("GRI") based on the monthly rent as at December 2023. (4) Based on weighted average by net lettable area ("NLA"). 3#5Portfolio resilience underpinned by diversity Greater Nagoya 9.2% Chugoku/Shikoku / Kyushu 13.1% Breakdown by Region (1) Greater Tokyo 40.1% Hokkaido Tohoku > 40Y 34.4% Freehold 58.8% Built-to-suit 24.1% Daiwa HouseⓇ Breakdown by Land Tenor (1) Breakdown by Asset Type (1) < 20Y 1.3% Multi-tenanted 75.9% 37.6% Properties located in both metropolitan and regional areas and well diversified across Japan 20Y-40Y 5.4% >90% of the properties (by valuation) are freehold or have tenor of more than 40 years Income stability from built-to-suit properties while multi-tenanted assets provide opportunities for rent growth (1) Breakdown based on independent valuation as at 31 December 2023. 4#6High proportion of "green" buildings As at 31 December 2023 Solar Energy Capacity (MWp) Not Rated 5.3% Rated Green Rating Standard (1) 1. DPL Sapporo Higashi Kariki DBJ 2. DPL Sendai Port DBJ 2.6 3. DPL Koriyama DBJ 3.0 4. D Project Maebashi S DBJ 1.4 5. D Project Kuki S 6. D Project Misato S DBJ 7. D Project Iruma S DBJ 8. DPL Kawasaki Yako DBJ 1.2 9. D Project Nagano Suzaka S DBJ 0.9 10. DPL Shinfuji DBJ 1.2 11. D Project Kakegawa S DBJ 0.7 12. DPL Okayama Hayashima DBJ 1.4 13. DPL Okayama Hayashima 2 DBJ 0.7 14. DPL Iwakuni 1 & 2 BELS 1.8 15. D Project Matsuyama S 16. D Project Fukuoka Tobara S Total DBJ 0.5 15.4 No Solar Panels Installed 25.5% By Total NLA As at 31 December 2023 By Total NLA As at 31 December 2023 Daiwa HouseⓇ Rated Green 94.7% Solar Panels Installed 74.5% (1) "DBJ" refers to DBJ Green Building Certification Programme, where only top 20% of the assessed investment grade properties in Japan are certified green. "BELS" refers to Building Energy-efficiency Labelling System, which is a third-party certification system in Japan that assesses the energy conservation performance of buildings, in line with the guidelines set by the Ministry of Land, Infrastructure, Transport and Tourism of Japan. 5#7Strong and committed developer Sponsor Daiwa HouseⓇ Daiwa House Industry Co., Ltd., was founded in 1955 and is one of the largest construction and real estate development companies in Japan O Daiwa House Daiwa House Group Global Presence 26 COUNTRIES • It has strong track record in development of logistics facilities and offers comprehensive logistics solutions Logistics Facilities Developed Under Development(1) FLOOR AREA 384 FACILITIES 14.7 MILLION SOM Market Capitalisation (2) S$24.7 BILLION Listed on Tokyo Stock Exchange Credit Rating (3) AA Forbes The Global 2000 Ranking (2023) 460TH One of the highest amongst Japan real estate developers Fortune Global 500 Ranking (2023) 418TH 14 Consecutive Years Ranked (1) Accumulated as at 30 September 2023. Floor areas have been accumulated since FY2003 for built-to-suit type logistics, and since FY2013 for multi-tenant type logistics. (2) As at 29 December 2023. (3) Rated by the Japan Credit Rating Agency Ltd. CO 6#8Operational Performance DPL Kawasaki Yako#9Achieved 100.0% portfolio occupancy rate Daiwa HouseⓇ Portfolio Occupancy Rate 96.3% 96.3% 100.0% 98.6% At Listing (26 Nov 2021) As at 31 Dec 2021 As at 31 Dec 2022 As at 31 Dec 2023 Consistently high occupancy rate since listing reflect the quality of the portfolio 8#10Income stability from long WALE 3.7% Portfolio Lease Expiry (1) as at 31 December 2023 19.5% 23.3% 19.7% 11.1% 16.7% 1.4% 2.0% 2.6% 2024 2025 2026 2027 2028 2029 and beyond ■Multi-tenanted ■Built-to-Suit Daiwa HouseⓇ I Portfolio WALE(1) 6.2 YEARS Built-to-Suit WALE (1) 8.8 YEARS Multi-tenanted WALE (1) 5.3 YEARS Well staggered lease expiry profile with no more than 25% of leases (1) expiring in each of the next 5 years • Long WALE of the portfolio provides income stability to DHLT (1) By GRI which is based on the monthly rent as at December 2023. 9#11Achieved 100% lease renewal in FY2023 Leasing and lease renewal activities in FY2023 Daiwa HouseⓇ . • During FY2023, the remaining vacant space was leased while all 4 leases that expired were renewed 100% renewal rate ensured no disruption to income stream • Through the renewals, DHLT retained high quality tenants in 3PL sector • . • All lease agreements for leases renewed contained “green” clause as DHLT continue to improve its sustainability efforts Upcoming 1Q 2024 and BTS renewal In 1Q FY2024, there are 3 leases expiring, which takes up 32,900 sqm of space or 7.4% of the total portfolio NLA Space to be vacated in two multi-tenanted properties, DPL Kawasaki Yako (c. 2% of total portfolio NLA) and DPL Koriyama (c. 1% of total portfolio NLA) by end of March 2024, Property Manager are currently in discussion with prospective new tenants for these spaces Tenant for D Project Kuki S, a built-to-suit property ("BTS"), has indicated intention to renew the lease and discussion is in advanced stage As part of DHLT's sustainability efforts, LED lightings will be installed in D Project Kuki S and thereafter proceed to obtain "green" rating for the property 10 10#12Tenant base anchored by high-quality names Breakdown by Tenant Trade Sector E-Commerce 7.0%-- 3PL 76.3% By Gross Rental Income (1) Top 10 Tenants (2) Daiwa House® Retail 12.7% % of Tenant Sector NPI (2) Manufacturing 1 Mitsubishi Shokuhin 3PL 18.8 4.0% 2 Nippon Express 3PL 8.4 3 Suntory Logistics 3PL 7.7 4 Nitori Retail 5.6 Tenant A(3) 3PL 4.4 Create SD 3PL 4.2 7 Tenant B(3) 3PL 4.0 8 K.R.S Corporation 3PL 3.9 9 Tokyo Logistics Factory 3PL 3.9 3PL + E-commerce: 83.3% 10 CB Group Management 3PL 3.9 64.9 • Tenant base remained stable, anchored by high quality names which are leading Japanese and global blue-chip companies, improving the quality of income 76.3% of the tenants (by GRI(1)) involved in growing 3PL sector which is serving end customers from diverse sectors (1) Based on the monthly rent as at December 2023. (2) Based on net property income ("NPI") for FY2023 and % of NPI was calculated and adjusted based on the NPI of each property and allocated to the respective tenants by the proportion of NLA the tenants occupy in the property. (3) These tenants have not given consent to the disclosure of any terms of the tenancy agreement at all (including their names). 11#13Valuation remain stable in JPY term • Portfolio Valuation (JPY million) (1) 87,531 Daiwa HouseⓇ Portfolio Valuation (S$ million) ▼5.9% 831.9 ▲1.8% 89,108 884.0 31 December 2022 31 December 2023 31 December 2022 31 December 2023 S$1.00: JPY99.02 S$1.00:JPY107.11 The aggregate valuation of the 16 properties in the portfolio grew by 1.8% y-o-y in JPY terms However, portfolio valuation in S$ terms was lower as JPY depreciated by approximately 7.6% compared to a year ago (1) Based on the independent valuation of the properties as at 31 December 2023. 12 12#14Financial Performance Built by O Daiwa House DPL Iwakuni 1 & 2#152H FY2023 DPU remained stable y-o-y Daiwa HouseⓇ 1 July to 31 December (2H) 2H FY2022 2H FY2023 Variance Gross Revenue (S$ '000) 29,816 28,951 -2.9% Net Property Income (S$ '000) 22,950 22,192 -3.3% Distributable Income to 17,720 18,244 +3.0% Unitholders (S$ '000) Distribution per Unit (cents) 2.61 2.61 Contribution from properties acquired in December 2022 and income from the vacant space occupied in July 2023 was offset by the weaker JPY against S$, resulting in lower gross revenue and NPI y-o-y in S$ terms Despite lower NPI, distributable income increased by 3.0% y-o-y mainly due to realised gain from hedging 14#16Positive contribution from acquired properties Daiwa HouseⓇ 1 January to 31 December FY2022 (1) FY2023 Variance (1) Gross Revenue (S$ '000) 62,120 59,852 -3.7% Net Property Income (S$ '000) 47,724 45,324 -5.0% Distributable Income to 35,283 36,373 +3.1% Unitholders (S$ '000) Distribution per Unit (cents) 5.21 5.22 +0.2% Full year contribution from properties acquired in December 2022 was offset by the weaker JPY against S$, resulting in lower gross revenue and NPI y-o-y in S$ terms However, distributable income increased by 3.1% y-o-y mainly due to realised gain from hedging, resulting in improvement in DPU to 5.22 cents for FY2023 (1) The corresponding period for the financial results reported for FP2022 was for the period from the listing of DHLT (26 November 2021) to 31 December 2022. However, the financial results for FY2023 were compared against the financial results for the corresponding 12-month period in FP2022 (1 January 2022 to 31 December 2022) for a more meaningful comparison. The gross revenue, net property income, distributable income to Unitholders and DPU reported for FP2022 were S$68.7 million, S$53.0 million, S$38.6 million and 5.70 cents, respectively. 15#17NPI grow by 4.6% y-o-y in JPY terms Gross Rental Income (JPY million) (1) 5,234.4 ▲ 4.7% 5,482.9 FY2022 FY2023 Net Property Income (JPY million) (1) Daiwa HouseⓇ ▲ 4.6% 4,736.3 4,527.3 FY2022 FY2023 GRI and NPI in JPY term for FY2023 were higher y-o-y(1) mainly due to the full year contribution from properties that were acquired in December 2022 (1) In respect of FY2023 compared against the corresponding 12-month period in FY2022, i.e. 1 January 2022 to 31 December 2022. 16#18JPY/SGD (3) 110.0 DPU steady despite foreign exchange volatility(1) Daiwa HouseⓇ JPY depreciated c.15% against S$ from listing (November 2021) to December 2022, and further c.8% to December 2023, a total of c.22% since listing up to December 2023 Benchmark to 100 100.0 90.0 80.0 JPY/SGD DPU for respective period (cents) (2) 2.60 2.61 2.61 2.61 70.0 60.0 26 Nov 21 - 30 Jun 22 1 Jul 22 31 Dec 22 1 Jan 23 30 Jun 23 1 Jul 23-31 Dec 23 DPU for the period from listing (26 November 2021) to 31 December 2022 of 5.70 cents (2) was in line with the forecast (3) disclosed in the IPO Prospectus DPU for FY2023 improved by 0.2% y-o-y(5) to 5.22 cents (1) Please note that the past performance of DHLT is not necessarily indicative of the future performance of DHLT. (2) The actual DPU for the period from 26 November 2021 to 30 June 2022 was 3.09 cents, which included DPU of 0.49 cents in relation to the period from 26 November 2021 to 31 December 2021. (3) Pro-rated based on the forecast Consolidated Statements of Comprehensive Income for the period 1 October 2021 to 31 December 2021 as well as the forecast Consolidated Statements of Comprehensive Income for the financial year ended 31 December 2022 as disclosed in the IPO Prospectus dated 19 November 2021 ("IPO Prospectus"). (4) Source: Daily exchange rate obtained from the website of the Monetary Authority of Singapore. (5) In respect of FY2023 compared against the corresponding 12-month period in FY2022, i.e. 1 January 2022 to 31 December 2022. 17#19Maintaining healthy financial position Daiwa HouseⓇ As at 31 Dec 2022 As at 31 Dec 2023 Total Assets (S$ million) 1,177.0 1,101.7 Total Liabilities (S$ million) 588.0 548.3 Net Assets Attributable to Unitholders (S$ million) (1) 553.2 517.7 NAV per Unit attributable to Unitholders (S$)(1) 0.80 0.74 Aggregate Leverage (2) 35.9 35.2(4) JPY depreciated against S$ by approximately 7.6% compared to a year ago, and the decline in net asset value ("NAV") was mainly due to weaker JPY against S$ (1) Excluding perpetual securities. (2) Computed based on total borrowings (excluding lease liabilities arising from land rent) divided by total assets (excluding right of use assets, asset retirement obligation assets and the amount of restricted cash equivalent to security deposits payable by end-tenants). (3) The exchange rates as at 31 December 2022 and 31 December 2023 were S$1.00 = JPY99.02 and S$1.00 = JPY107.11, respectively. (4) Total debt (including perpetual securities) to net asset value ratio as at 31 December 2023 was 63.8%. 18#20Prudent capital management Debt Maturity Profile as at 31 December 2023 (S$ million) 93.4 93.4 112.0 Daiwa HouseⓇ As at 31 December 2023 Total borrowings Weighted average debt tenure Weighted average borrowing cost Proportion of debt with fixed cost • JPY34.0 billion (S$317.4 million) 2.1 years 0.99% (all-in rates and includes upfront fees) 100.0% 18.7 Interest coverage • 11.9 times 2024 2025 2026 2027 ratio (1) Borrowings are 100% denominated in JPY to provide natural hedge Loan amounting to JPY 10.0 billion (S$93.4 million) matures in end November 2024 (1) Based on FY2023. 19#21Driving Growth D Project Tan Duc 2#22Acquisitions to enhance portfolio quality 8 Daiwa HouseⓇ D Project Tan Duc 2 DPL Ibaraki Yuki Greater Tokyo, Japan • • Freehold property Built in January 2023 • 100% occupied • Expected to complete acquisition in 1Q 2024 Long An, Vietnam, near to Ho Chi Minh City Built-to-Suit Cold Storage Facility • • • Built in September 2023 100% occupied Expected to complete acquisition in 2Q 2024 WALE by GRI (Years) (3) Assuming the completion of the Vietnam Acquisition and Japan Acquisition (collectively (collectively "New Acquisitions") (1) on 31 December 2023, the aggregate leverage will be 39.1% as at 31 December 2023(2), on a pro forma basis Portfolio Age (Years) (3) Portfolio Valuation (S$ Mn) (3,4) 831.9 889.1 6.2 6.7 6.3 5.9 Existing Portfolio Existing Portfolio + New Acquisitions Existing Portfolio Existing Portfolio + New Acquisitions Existing Portfolio Existing Portfolio + New Acquisitions (1) Please refer to the announcements dated 29 December 2023 and 31 January 2024 for further information on the Vietnam Acquisition and Japan Acquisition, respectively. (2) The pro forma aggregate leverage is based on the assumptions that the transaction costs (save for the acquisition fees) for the New Acquisitions were fully financed by debt financing and converted to S$ based on the foreign exchange rates of S$1.00 S$1.00 JPY107.11 for the Vietnam Acquisition and Japan Acquisition, respectively. = (3) On pro forma basis as at 31 December 2023, assuming the New Acquisitions were completed on 31 December 2023. = VND18.412.82 and (4) Valuation of the target properties for each of the New Acquisitions is based on the respective average valuation as disclosed in the respective announcements and converted to S$ based on the foreign exchange rates of S$1.00 = VND18.412.82 and S$1.00 = JPY107.11 for the Vietnam Acquisition and Japan Acquisition, respectively. 21#23Examples of pipeline assets Daiwa HouseⓇ DPL Hiroshima Itsukaichi Port While there is no certainty DHLT will acquire all the properties listed, DHLT is also not restricted to acquire only the properties that are listed The properties listed are non-exhaustive and the lists may change from time to time Examples of pipeline assets in Japan # Name Region Land (2) Floor Area (sqm) Completion Year 1 DPL Hiroshima Itsukaichi Port Chugoku FH 49,911 2017 2 DPL Gunma Fujioka Greater Tokyo FH 23,755 2021 3 DPL Iwate Kitakami 3 Tohoku FH 10,803 2021 4569 D Project Sapporo Minami 2 Tohoku FH 20,864 2021 DPL Tomigusuku 2 Okinawa LH 79,916 2022 DPL Toyama Takaoka Greater Nagoya FH 16,765 2023 7 DPL Kakegawa Greater Nagoya FH 58,192 2023 8 DPL Nagano Chikuma Greater Tokyo FH 42,780 2023 • 9 DPL Okayama Airport South Chugoku FH 33,301 2023 10 DPL Koriyama 2 Tohoku FH 19,693 2023 11 DPL Tsukuba Ami 3 Greater Tokyo FH 76,750 2023 12 DPL Higashi Osaka Greater Osaka LH 23,636 2023 13 DPL Sendai Rifu 2 Tohoku FH 15,851 2024(1) 14 DPL Odawara Greater Tokyo LH 26,753 2024(1) 15 DPL Niigata South Greater Nagoya FH 21,768 2024(1) 16 DPL Kanegasaki 2 Tohoku FH 46,029 2025(1) Total 566,767 • Examples of pipeline assets in Southeast Asia # Name Country Land (2) Floor Area (sq m) Completion Year 1 DPL Loc An - Binh Son 1 Vietnam LH 36,860 2019 2 DPL Loc An - Binh Son 2 Vietnam LH 31,891 2021 3 D Project Tan Duc A Vietnam LH 40,452 2023 4 DHML 1 Malaysia LH 16,500 2020 5 DHML 2 Malaysia LH 20,000 2021 6 DHML 3 Malaysia FH 75,411 2025(1) 7 DMLP 1 Indonesia LH 59,040 2018 8 DMLP 2 Indonesia LH 46,493 2020 9 DMLP 3 Indonesia LH 102,907 N.A 10 DMLP 4 Indonesia LH Total 97,977 527,531 N.A. Note: Information as at 31 December 2023. (1) Estimated year of completion. (2) FH: Freehold, LH: Leasehold. DHML2 22 22#24DPL 仙台灣 Looking Ahead 0 Daiwa House Group DPL Sendai Port#25Demand to remain healthy Supply poses challenges • Daiwa HouseⓇ Large supply of logistics space in Japan over the past year moderated rental growth in for logistics space in general Older facilities and those with poor accessibility face challenges securing tenants New supply may reduce in future, in view of the rising land prices and increasing construction costs, which may tighten the demand-supply dynamics (1) Demand well supported ✓ Demand has remained healthy as third-party logistics (3PL) companies and e-commerce companies look to expand their businesses and establish new bases ✓ Restriction on overtime for truck drivers expected to create new demand for logistics facilities in the regional areas(2) ✓ Returning of overseas production processes back to Japan, particularly in the semiconductor and automotive industries, may also boost demand for logistics space in Japan (2) The Manager believes that the long-term fundamentals of logistics sector in Japan is expected to remain healthy and will continue to be vigilant to changes in market conditions (1) Source: Savills Research - Japan: Review and 2024 Prospects (December 2023). (2) Source: CBRE Research - Asia Pacific Real Estate Market Outlook 2024: Japan (December 2023). 24 24#26Targets for FY2023 achieved Target for FY2023 Proactive Asset Management Continue to build ties with tenants and target 100% lease renewal rate Target to achieve 100% portfolio Occupancy rate Seek opportunity to enhance overall sustainability Target for FY2023 Results . • Daiwa House. Successfully renewed all leases that expired in FY2023 Addressed the feedback arising from tenants' survey The vacant space in DPL Koriyama was occupied in July 2023 Progressively replaced a portion of lightings with LED lights in D Project Matsuyama All renewed/new leases contained "green" clause Driving growth Continue to focus on key market Japan and to diversify outside of Japan where opportunities arise • Results Announced acquisition of property in Vietnam and a property in Japan, with the acquisitions expected to complete in 2Q 2024 and 1Q 2024, respectively 25 25#270 Carina Hase Appendix D Project Nagano Suzuka S#28Current Structure of DHLT REIT Trustee HSBC Institutional Trust Services (Singapore) Limited Singapore Japan Unitholders (including Sponsor which holds c.12.83%) (1) Acts on behalf of the Unitholders O Daiwa House Logistics Trust Through the Singapore SPCS, DHLT holds the TBI interests of the properties through the tokutei mokuteki kaisha ("TMK") structure and the tokumei kumiai - godo kaisha ("TK- -GK") investment structure The TMK and TK-GK structures are two typical tax-efficient investment structures adopted by foreign investors for investing in Japanese properties Holds properties Singapore SPCS TMK/TK-GK Property Trustee in trust for TMK / TK-GK Sumitomo Mitsui Trust Bank, 16 Properties in Japan Limited (1) As at 29 November 2023, including Units held by the Manager. Daiwa HouseⓇ Provides REIT Management Services REIT Manager Daiwa House Asset Management Asia Pte. Ltd. Provides Asset Management Services Japan Asset Manager Daiwa House Real Estate Investment Management Co., Ltd. Provides Property Management Services Property Manager Daiwa House Property Management Co., Ltd. Sponsor-owned Entities 27 27#29Fees Structure Daiwa HouseⓇ REIT Manager Fee Fees Payable To Japan Asset Manager Base Fee: 10.0% per annum (or such lower percentage as may be determined by the Manager in its absolute discretion) of DHLT's Annual Distributable Income (calculated before accounting for the Base Fee and the Performance Fee but after accounting for the fees payable to the Japan Asset Manager) ■ Performance Fee: 25.0% per annum (or such lower percentage as may be determined by the Manager in its absolute discretion) of the difference in DPU in a financial year with the DPU in the preceding financial year (calculated before accounting for the Performance Fee but after accounting for the Base Fee in each financial year and the fees payable to the Japan Asset Manager) multiplied by the weighted average number of Units in issue for such financial year Acquisition Fee: 1.0% of the purchase consideration of the property (or such lower percentage as may be determined by the Manager in its absolute discretion) ■ Divestment Fee: 0.5% of the sale price of any real estate sold or divested (or such lower percentage as may be determined by the Manager in its absolute discretion) ◉ Acquisition Fee: 0.3% of the purchase consideration of properties to be acquired Divestment Fee: 0.3% of the purchase consideration of the properties to be disposed of ■ Asset Management Fees: Total of up to 0.15% per annum of the purchase price of the TBI ■ The Manager's fees shall be reduced by the amount of fees payable to the Japan Asset Manager such that there will be no double-counting of the fees paid to the Manager and the Japan Asset Manager Distribution- based Management Fees No counting of fees double 28 28#30Daiwa HouseⓇ Completion Year NLA (sq m) Land Tenure WALE Tenancy Type (By GRI)(1) Occupancy (2) Valuation (JPY million) (3) Summary of Portfolio Hokkaido Tohoku DPL Sapporo Higashi Kariki 2018 60,347 DPL Sendai Port 2017 63,119 Freehold Freehold Multi-tenanted Multi-tenanted 2.8 100.0% 12,800 1.4 100.0% 13,400 DPL Koriyama 2019 34,174 Freehold Multi-tenanted 0.4 100.0% 7,270 Greater Tokyo D Project Maebashi S 2018 14,736 Freehold Single-tenanted 9.8 100.0% 3,690 D Project Kuki S 2014 18,257 Expiring 2034 Single-tenanted 0.6 100.0% 1,200 D Project Misato S 2015 14,877 Expiring 2045 Single-tenanted 11.1 100.0% 2,300 D Project Iruma S 2017 14,582 Freehold(4) Single-tenanted 14.0 100.0% 4,870 DPL Kawasaki Yako 2017 93,159 Expiring 2067 Multi-tenanted 10.4 100.0% 21,000 D Project Nagano Suzaka S 2018 9,810 Freehold Single-tenanted 4.8 100.0% 2,710 Greater Nagoya DPL Shinfuji 2017 D Project Kakegawa S 2019 27,537 22,523 Expiring 2065 Multi-tenanted 7.0 100.0% 3,770 Freehold Single-tenanted 10.3 100.0% 4,440 Chugoku / Shikoku / Kyushu DPL Okayama Hayashima DPL Okayama Hayashima 2 2017/2018 2017 DPL Iwakuni 1 & 2 2016 / 2020 D Project Matsuyama S 1994 / 2017 D Project Fukuoka Tobara S 2019 23,541 16,750 15,461 5,347 10,508 Expiring 2067 Multi-tenanted 3.4 100.0% 4,540 Expiring 2051 Multi-tenanted 1.0 100.0% 2,530 Freehold Freehold Multi-tenanted 1.5 100.0% 2,280 Single-tenanted 5.6 100.0% 948 Expiring 2068 Single-tenanted 10.6 100.0% 1,360 Total Average / 444,728 6.2 100.0% Weighted Average 89,108 (1) Based on the monthly rent as at December 2023. (2) Based on NLA as at 31 December 2023. (3) Based on the independent valuation of the properties as at 31 December 2023. (4) DHLT, in substance, owns the full freehold property of D Project Iruma S after acquiring the underlying freehold land in December 2022. 29 29#31O Daiwa House Logistics Trust Thank you. www.daiwahouse-logisticstrust.com Daiwa House®