Investor Presentaiton

Fees 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

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