Contract analysis

1. Purpose and Introduction We write to provide Fairwater Real Estate Investment Trust ("Fairwater" or the "Trust," EIN 52-4718263) with a comprehensive status update on the private letter ruling request that Calderwood & Harkness LLP ("Calderwood & Harkness" or the "Firm") has submitted to the Internal Revenue Service ("IRS") National Office on behalf of the Trust. As of the date of this letter, October 1, 2025, the

2. Summary of Submission We are pleased to confirm that the private letter ruling request was finalized and submitted to the IRS National Office, Associate Chief Counsel (Income Tax & Accounting), at 1111 Constitution Avenue NW, Washington, DC 20224, on September 22, 2025. The submission package was shipped via Severin Partners LLC overnight delivery service under Severin Partners LLC tracking number 7749-2281-3364.

1. Signed Private Letter Ruling Request. The signed ruling request letter, which incorporated the required penalties-of-perjury declaration as mandated by Revenue Procedure 2025-1. The ruling request set forth in detail the relevant facts, proposed transactions, applicable legal authorities, and the specific rulings sought by Fairwater.

2. IRS Form 2848 — Power of Attorney and Declaration of Representative. A properly executed IRS Form 2848 was included, signed by Jonathan M. Hirota, Vice President, Tax, on behalf of Fairwater, designating the following individuals as Fairwater's authorized representatives before the IRS in connection with this ruling request: • Sylvia Hartwell, Partner, Calderwood & Harkness LLP (PTIN: P01882447) • Garrett Simmons,

3. IRS User Fee Payment. The applicable IRS user fee of $38,000 — corresponding to Category 2 (Specific Issues) under Revenue Procedure 2025-1, Appendix A — was submitted with the ruling request. Payment was made by check drawn on Ridgeline National Bank, N.A., check number 00471826, payable to "United States Treasury."

4. Supporting Exhibits. The submission package included a number of supporting exhibits intended to facilitate the IRS's review of the ruling request, specifically: • An organizational chart depicting Fairwater's current corporate structure and the anticipated post-Acquisition structure, including the position of Fairwater Southgate TRS, Inc. within the overall organizational hierarchy; • A copy of Fairwater's Articl

3. Recap of Rulings Requested For ease of reference, we briefly recapitulate below the three principal rulings sought in the private letter ruling request. These rulings address the core REIT qualification issues raised by the Acquisition and the formation of the TRS: Ruling 1 — Rents from Real Property. The ruling request asks the IRS to confirm that rents received by Fairwater from Fairwater Southgate TRS, Inc. und

4. Anticipated Next Steps and IRS Processing Timeline We set forth below our current expectations regarding the IRS's processing of the ruling request and the principal milestones that we anticipate over the coming months. 4.1 IRS Acknowledgment Letter The IRS National Office is expected to issue a formal acknowledgment letter within approximately 30 to 45 days of receipt of the submission. Based on the believed Sept

5. Engagement Economics and Fee Status We provide below a summary of the engagement economics and fee status through September 30, 2025, for your records and internal tracking purposes. Professional Fees Incurred Through September 30, 2025: The total incurred professional fees for this engagement through September 30, 2025, are $412,600.00. We note that this amount reflects a courtesy write-down of $112.50 from the c

6. Key Contacts and Communication Protocol The primary contacts at Calderwood & Harkness for this matter are as follows: Sylvia Hartwell, Partner, Tax Practice Group — Responsible Partner Telephone: (202) 554-8142 Email: shartwell@calderwoodharkness.com Garrett Simmons, Associate, Tax Practice Group — Lead Associate Telephone: (202) 554-8267 Email: gsimmons@calderwoodharkness.com We request that any correspondence re

7. Confidentiality Note We take this opportunity to remind Fairwater that a private letter ruling, if issued by the IRS, may only be relied upon by the taxpayer to whom it is addressed — in this case, Fairwater Real Estate Investment Trust. A private letter ruling cannot be cited or relied upon as precedent by any other taxpayer. See Section 6110(k)(3) of the Code. Additionally, please be aware that the IRS is requir

8. Closing We appreciate the opportunity to represent Fairwater Real Estate Investment Trust on this important matter. The Acquisition of the Southgate Portfolio represents a significant strategic transaction for the Trust, and we understand the critical importance of obtaining a favorable private letter ruling to provide certainty regarding Fairwater's continued REIT qualification. We are committed to achieving the