Document:

Registration Rights Agreement dated as of July 27, 2009

 Exhibit 4(b) 
 CELULOSA ARAUCO Y CONSTITUCIÓN S.A. 
 U.S.$500,000,000 
 7.25% Notes due 2019 
 REGISTRATION RIGHTS
AGREEMENT 
 New York, New York 
 July 27, 2009 
 J.P. Morgan Securities Inc. 
 As Representative of the Initial Purchasers 
 270 Park Avenue 
 New York, New York 10017 
 Dear Sirs: 
 Celulosa Arauco y Constitución S.A., an corporation (sociedad anónima) organized under the laws of the Republic of Chile (the “Company”), proposes to issue and sell to certain purchasers (collectively, the
“Initial Purchasers”), upon the terms set forth in a purchase agreement dated July 22, 2009 (the “Purchase Agreement”), its 7.25% Notes due 2019 (the “Securities”) relating to the initial placement of the
Securities (the “Initial Placement”). To induce the Initial Purchasers to enter into the Purchase Agreement and to satisfy a condition of your obligations thereunder, the Company agrees with you for your benefit and the benefit of the
holders from time to time of the Securities (including the Initial Purchasers) (each a “Holder” and, together, the “Holders”), as follows: 
 1. Definitions. Capitalized terms used herein without definition shall have the respective meanings set forth in the Purchase Agreement. As used in this Agreement, the following capitalized defined terms shall
have the following meanings: 
 “Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations of the
Commission promulgated thereunder. 
 “Affiliate” of any specified person shall mean any other person that, directly or indirectly,
is in control of, is controlled by, or is under common control with, such specified person. For purposes of this definition, control of a person shall mean the power, direct or indirect, to direct or cause the direction of the management and
policies of such person whether by contract or otherwise; and the terms “controlling” and “controlled” shall have meanings correlative to the foregoing. 
  

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 “Broker-Dealer” shall mean any broker or dealer registered as such under the Exchange Act.

 “Business Day” shall mean each day which is neither a Saturday, Sunday or other day on which banking institutions in The City of
New York are authorized or required by law or executive order to be closed. 
 “Commission” shall mean the Securities and Exchange
Commission. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the
Commission promulgated thereunder. 
 “Exchange Offer Prospectus” shall mean the prospectus included in the Exchange Offer
Registration Statement, as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the New Securities covered by such Exchange Offer Registration Statement, and all amendments and supplements
thereto and all material incorporated by reference therein. 
 “Exchange Offer Registration Period” shall mean the 180-day period
following the consummation of the Registered Exchange Offer, exclusive of any period during which any stop order shall be in effect suspending the effectiveness of the Exchange Offer Registration Statement. 
 “Exchange Offer Registration Statement” shall mean a registration statement of the Company on an appropriate form under the Securities Act with
respect to the Registered Exchange Offer, all amendments and supplements to such registration statement, including post-effective amendments thereto, in each case including the Exchange Offer Prospectus contained therein, all exhibits thereto and
all material incorporated by reference therein. 
 “Exchanging Dealer” shall mean any Holder (which may include any Initial
Purchaser) that is a Broker-Dealer and elects to exchange for New Securities any Securities that it acquired for its own account as a result of market-making activities or other trading activities (but not directly from the Company or any Affiliate
of the Company). 
 “Holder” shall have the meaning set forth in the preamble hereto. 
 “Indenture” shall mean the Indenture relating to the Securities, dated as of July 27, 2009, between the Company and The Bank of New
York Mellon, as trustee, as the same may be amended from time to time in accordance with the terms thereof. 
 “Initial Placement”
shall have the meaning set forth in the preamble hereto. 
 “Initial Purchaser” shall have the meaning set forth in the preamble
hereto. 
 “Losses” shall have the meaning set forth in Section 6(d) hereof. 
 “Majority Holders” shall mean the Holders of a majority of the aggregate principal amount of Securities registered under a Registration
Statement. 
  

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 “Managing Underwriters” shall mean the investment banker or investment bankers and manager or
managers that shall administer an underwritten offering. 
 “New Securities” shall mean debt securities of the Company identical in
all material respects to the Securities (except that the interest rate step-up provisions and the transfer restrictions shall be modified or eliminated, as appropriate) to be issued under the Indenture or the New Securities Indenture. 
 “New Securities Indenture” shall mean an indenture between the Company and the New Securities Trustee, identical in all material respects to
the Indenture (except that the interest rate step-up provisions will be modified or eliminated, as appropriate). 
 “New Securities
Trustee” shall mean a bank or trust company reasonably satisfactory to the Initial Purchasers, as trustee with respect to the New Securities under the New Securities Indenture. 
 “Prospectus” shall mean the prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of
the offering of any portion of the Securities or the New Securities covered by such Registration Statement, and all amendments and supplements thereto and all material incorporated by reference therein. 
 “Purchase Agreement” shall have the meaning set forth in the preamble hereto. 
 “Registered Exchange Offer” shall mean the proposed offer of the Company to issue and deliver to the Holders of the Securities that are not
prohibited by any law or policy of the Commission from participating in such offer, in exchange for the Securities, a like aggregate principal amount of the New Securities. 
 “Registration Statement” shall mean any Exchange Offer Registration Statement or Shelf Registration Statement that covers any of the Securities
or the New Securities pursuant to the provisions of this Agreement, any amendments and supplements to such registration statement, including post-effective amendments (in each case including the Prospectus contained therein), all exhibits thereto
and all material incorporated by reference therein. 
 “Securities” shall have the meaning set forth in the preamble hereto.

 “Shelf Registration” shall mean a registration effected pursuant to Section 3 hereof. 
 “Shelf Registration Period” has the meaning set forth in Section 3(b) hereof. 
 “Shelf Registration Statement” shall mean a “shelf” registration statement of the Company pursuant to the provisions of
Section 3 hereof which covers some or all of the Securities or New Securities, as applicable, on an appropriate form under Rule 415 under the Securities Act, or any similar rule that may be adopted by the Commission, amendments and 

  

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supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits
thereto and all material incorporated by reference therein. 
 “Trustee” shall mean the trustee with respect to the Securities
under the Indenture. 
 “underwriter” shall mean any underwriter of Securities in connection with an offering thereof under a Shelf
Registration Statement. 
 2. Registered Exchange Offer. (a) The Company shall prepare and, not later than 180 days
following the date of the original issuance of the Securities, shall file with the Commission the Exchange Offer Registration Statement with respect to the Registered Exchange Offer. The Company may, in lieu of such a filing and within the time
period provided for such a filing, confidentially submit the Exchange Offer Registration Statement to the Commission; provided that the Company shall promptly provide to the Trustee a copy of the cover letter accompanying such submission; and
provided, further, that a confidential submission to the Commission shall not satisfy the Company’s periodic reporting requirements as set forth under the Indenture. The Company shall use its reasonable best efforts to cause the Exchange Offer
Registration Statement to become effective under the Securities Act within 240 days of the date of the original issuance of the Securities. 
 (b) Upon the effectiveness of the Exchange Offer Registration Statement, the Company shall promptly commence the Registered Exchange Offer, it being the objective of such Registered Exchange Offer to enable each Holder electing to exchange
Securities for New Securities (assuming that such Holder is not an Affiliate of the Company, acquires the New Securities in the ordinary course of such Holder’s business, has no arrangements with any person to participate in the distribution of
the New Securities and is not prohibited by any law or policy of the Commission from participating in the Registered Exchange Offer) to trade such New Securities from and after their receipt without any limitations or restrictions under the
Securities Act and without material restrictions under the securities laws of a substantial proportion of the several states of the United States. 
 (c) In connection with the Registered Exchange Offer, the Company shall: 
 (i) mail to each
Holder a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 
 (ii) keep the Registered Exchange Offer open for not less than 20 Business Days and unless separately agreed in writing, not more than 30
Business Days after the date notice thereof is mailed to the Holders (or, in each case, longer if required by applicable law); 
 (iii) use its reasonable best efforts to keep the Exchange Offer Registration Statement continuously effective, supplemented and amended as required, under the Securities Act to ensure that it is available for sales of New Securities by
Exchanging Dealers during the Exchange Offer Registration Period; 
  

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 (iv) utilize the services of a depositary for the Registered Exchange Offer with an
address in the Borough of Manhattan in New York City, which may be the Trustee, the New Securities Trustee or an Affiliate of either of them; 
 (v) permit Holders to withdraw tendered Securities at any time prior to the close of business, New York time, on the last Business Day on which the Registered Exchange Offer is open; 
 (vi) prior to effectiveness of the Exchange Offer Registration Statement, if requested or required by the Commission, provide a
supplemental letter to the Commission (A) stating that the Company is conducting the Registered Exchange Offer in reliance on the position of the Commission in Exxon Capital Holdings Corporation (pub. avail. May 13, 1988) and
Morgan Stanley and Co., Inc. (pub. avail. June 5, 1991); and (B) including a representation that the Company has not entered into any arrangement or understanding with any person to distribute the New Securities to be received in
the Registered Exchange Offer and that, to the best of the Company’s information and belief, each Holder participating in the Registered Exchange Offer is acquiring the New Securities in the ordinary course of business and has no arrangement or
understanding with any person to participate in the distribution of the New Securities; and 
 (vii) comply in all
respects with all applicable laws. 
 (d) As soon as practicable after the close of the Registered Exchange Offer, the Company shall:

 (i) accept for exchange all Securities tendered and not validly withdrawn pursuant to the Registered Exchange Offer;

 (ii) deliver to the Trustee for cancelation in accordance with Section 4(s) all Securities so accepted for
exchange; and 
 (iii) cause the New Securities Trustee promptly to authenticate and deliver to each Holder of Securities
a principal amount of New Securities equal to the principal amount of the Securities of such Holder so accepted for exchange. 
 (e) Each
Holder hereby acknowledges and agrees that any such Holder using the Registered Exchange Offer to participate in a distribution of the New Securities (x) could not under Commission policy as in effect on the date of this Agreement rely on the
position of the Commission in Morgan Stanley and Co., Inc. (pub. avail. June 5, 1991) and Exxon Capital Holdings Corporation (pub. avail. May 13, 1988), as interpreted in the Commission’s letter to Shearman &
Sterling dated July 2, 1993 and similar no-action letters; and (y) must comply with the prospectus delivery requirement of the Securities Act in connection with any secondary resale transaction which must be covered by an effective
registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K under the Securities Act if the resales are of New Securities obtained by such Holder in exchange for
Securities acquired by such Holder directly from the Company or one of its Affiliates. Accordingly, each Holder participating in the Registered Exchange Offer shall be required to 

  

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represent to the Company that, at the time of the consummation of the Registered Exchange Offer: 
 (i) any New Securities received by such Holder will be acquired in the ordinary course of business; 
 (ii) such Holder will have no arrangement or understanding with any person to participate in the distribution of the Securities or the New
Securities within the meaning of the Securities Act; and 
 (iii) such Holder is not an Affiliate of the Company or if it is
an Affiliate, such Holder will comply with the registration and Prospectus delivery requirements of the Securities Act to the extent applicable. 
 (f) If, prior to the consummation of the Registered Exchange Offer, any Initial Purchaser determines that it is not eligible to participate in the Registered Exchange Offer with respect to the exchange of Securities constituting any portion
of an unsold allotment, at the request of such Initial Purchaser, the Company shall issue and deliver to such Initial Purchaser or the person purchasing New Securities registered under a Shelf Registration Statement as contemplated by Section 3
hereof from such Initial Purchaser, in exchange for such Securities, a like principal amount of New Securities. The Company shall use its reasonable best efforts to cause the CUSIP Service Bureau to issue the same CUSIP number for such New
Securities as for New Securities issued pursuant to the Registered Exchange Offer. 
 3. Shelf Registration. (a) If (i) due
to any change in law or applicable interpretations thereof by the Commission’s staff, the Company determines upon advice of its outside counsel that it is not permitted to effect the Registered Exchange Offer as contemplated by Section 2
hereof; (ii) for any other reason the Exchange Offer Registration Statement is not declared effective within 240 days of the date of original issuance of the Securities or the Registered Exchange Offer is not consummated within 270 days of
the date of original issuance of the Securities; (iii) any Initial Purchaser so requests with respect to Securities that are not eligible to be exchanged for New Securities in the Registered Exchange Offer and that are held by it following
consummation of the Registered Exchange Offer; (iv) any Holder (other than an Initial Purchaser) is not eligible to participate in the Registered Exchange Offer or does not receive freely tradeable New Securities in the Registered Exchange
Offer other than by reason of such Holder being an Affiliate of the Company; or (v) in the case of any Initial Purchaser that participates in the Registered Exchange Offer or acquires New Securities pursuant to Section 2(f) hereof, such
Initial Purchaser does not receive freely tradeable New Securities in exchange for Securities constituting any portion of an unsold allotment (it being understood that (x) the requirement that an Initial Purchaser deliver a Prospectus
containing the information required by Item 507 or 508 of Regulation S-K under the Securities Act in connection with sales of New Securities acquired in exchange for such Securities shall result in such New Securities being not
“freely tradeable”; and (y) the requirement that an Exchanging Dealer deliver an Exchange Offer Prospectus in connection with sales of New Securities acquired in the Registered Exchange Offer in exchange for Securities acquired as a
result of market-making activities or other trading activities shall not result in such New Securities being not “freely tradeable”), the Company shall effect a Shelf Registration Statement in accordance with subsection (b) below.

  

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 (b) (i) The Company shall as promptly as practicable (but in no event more than 45-days after so
required or requested pursuant to this Section 3), file with the Commission and thereafter shall use its reasonable best efforts to cause to be declared effective under the Securities Act a Shelf Registration Statement relating to the offer and
sale of the Securities or the New Securities, as applicable, by the Holders thereof from time to time in accordance with the methods of distribution elected by such Holders and set forth in such Shelf Registration Statement; provided,
however, that no Holder (other than an Initial Purchaser) shall be entitled to have the Securities held by it covered by such Shelf Registration Statement unless such Holder agrees in writing to be bound by all of the provisions of this
Agreement applicable to such Holder; and provided further, that with respect to New Securities received by an Initial Purchaser in exchange for Securities constituting any portion of an unsold allotment, the Company may, if permitted by
current interpretations by the Commission’s staff, file a post-effective amendment to the Exchange Offer Registration Statement containing the information required by Item 507 or 508 of Regulation S-K, as applicable, in satisfaction
of its obligations under this subsection with respect thereto, and any such Exchange Offer Registration Statement, as so amended, shall be referred to herein as, and governed by the provisions herein applicable to, a Shelf Registration Statement.

 (ii) The Company shall use its reasonable best efforts to keep the Shelf Registration Statement continuously effective, supplemented
and amended as required by the Securities Act, in order to permit the Prospectus forming part thereof to be usable by Holders for a period of one year from the date the Shelf Registration Statement is declared effective by the Commission or such
shorter period that will terminate when all the Securities or New Securities, as applicable, covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement (in any such case, such period being called the
“Shelf Registration Period”). The Company shall be deemed not to have used its reasonable best efforts to keep the Shelf Registration Statement effective during the requisite period if it voluntarily takes any action that would result in
Holders of Securities covered thereby not being able to offer and sell such Securities during that period, unless (A) such action is required by applicable law; or (B) such action is taken by the Company in good faith and for valid
business reasons (not including avoidance of the Company’s obligations hereunder), including the acquisition or divestiture of assets, so long as the Company promptly thereafter complies with the requirements of Section 4(k) hereof, if
applicable. 
 4. Additional Registration Procedures. In connection with any Shelf Registration Statement and, to the extent
applicable, any Exchange Offer Registration Statement, the following provisions shall apply. 
 (a) The Company shall:

 (i) furnish to you, not less than two Business Days prior to the filing thereof with the Commission, a copy of any
Exchange Offer Registration Statement and any Shelf Registration Statement, and each amendment thereof and each amendment or supplement, if any, to the Prospectus included therein (including all documents incorporated by reference therein after the
initial filing) and shall use its reasonable best efforts to reflect in each such document, when so filed with the Commission, such comments as you reasonably propose; 
  

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 (ii) include the information set forth in Annex A hereto on the facing page of the
Exchange Offer Registration Statement, in Annex B hereto in the forepart of the Exchange Offer Registration Statement in a section setting forth details of the Exchange Offer, in Annex C hereto in the underwriting or plan of distribution
section of the Prospectus contained in the Exchange Offer Registration Statement, and in Annex D hereto in the letter of transmittal delivered pursuant to the Registered Exchange Offer; 
 (iii) if requested by an Initial Purchaser, include the information required by Item 507 or 508 of Regulation S-K, as
applicable, in the Prospectus contained in the Exchange Offer Registration Statement; and 
 (iv) in the case of a Shelf
Registration Statement, include the names of the Holders that propose to sell Securities pursuant to the Shelf Registration Statement as selling security holders. 
 (b) The Company shall ensure that: 
 (i) any Registration Statement and any amendment
thereto and any Prospectus forming part thereof and any amendment or supplement thereto complies in all material respects with the Securities Act and the rules and regulations thereunder; 
 (ii) any Registration Statement and any amendment thereto does not, when it becomes effective, contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that the Company will not be liable for written information furnished to the
Company by or on behalf of any Holder or Initial Purchaser specifically for inclusion therein; and 
 (iii) any
Prospectus forming part of any Registration Statement, and any amendment or supplement to such Prospectus, does not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading; provided, however, that the Company will not be liable for written information furnished to the Company by or on behalf of any Holder or Initial Purchaser
specifically for inclusion therein. 
 (c) The Company shall advise you, the Holders of Securities covered by any Shelf Registration
Statement and any Exchanging Dealer under any Exchange Offer Registration Statement that has provided in writing to the Company a telephone or facsimile number and address for notices, and, if requested by you or any such Holder or Exchanging
Dealer, shall confirm such advice in writing (which notice pursuant to clauses (ii) through (v) hereof shall be accompanied by an instruction to suspend the use of the Prospectus until the Company shall have remedied the basis for such
suspension): 
 (i) when a Registration Statement and any amendment thereto has been filed with the Commission and when
the Registration Statement or any post-effective amendment thereto has become effective; 
  

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 (ii) of any request by the Commission for any amendment or supplement to the
Registration Statement or the Prospectus or for additional information; 
 (iii) of the issuance by the Commission of any
stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; 
 (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification of the securities included therein for sale in any jurisdiction or the initiation of any proceeding for such purpose; and

 (v) of the happening of any event that requires any change in the Registration Statement or the Prospectus so that, as
of such date, the statements therein are not misleading and do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, in the light of the circumstances under which
they were made) not misleading. 
 (d) The Company shall use its reasonable best efforts to obtain the withdrawal of any order
suspending the effectiveness of any Registration Statement or the qualification of the securities therein for sale in any jurisdiction at the earliest possible time. 
 (e) The Company shall furnish to each Holder of Securities covered by any Shelf Registration Statement, without charge, at least one copy of such Shelf Registration Statement and any post-effective amendment
thereto, including all material incorporated therein by reference, and, if the Holder so requests in writing, all exhibits thereto (including exhibits incorporated by reference therein). 
 (f) The Company shall, during the Shelf Registration Period, deliver to each Holder of Securities covered by any Shelf Registration Statement,
without charge, as many copies of the Prospectus (including each preliminary Prospectus) included in such Shelf Registration Statement and any amendment or supplement thereto as such Holder may reasonably request. The Company consents to the use of
the Prospectus or any amendment or supplement thereto by each of the selling Holders of Securities in connection with the offering and sale of the Securities covered by the Prospectus, or any amendment or supplement thereto, included in the Shelf
Registration Statement. 
 (g) The Company shall furnish to each Exchanging Dealer which so requests, without charge, at least one copy of
the Exchange Offer Registration Statement and any post-effective amendment thereto, including all material incorporated by reference therein, and, if the Exchanging Dealer so requests in writing, all exhibits thereto (including exhibits incorporated
by reference therein). 
 (h) The Company shall promptly deliver to each Initial Purchaser, each Exchanging Dealer and each other person
required to deliver a Prospectus during the Exchange Offer Registration Period, without charge, as many copies of the Prospectus included in such Exchange Offer Registration Statement and any amendment or supplement thereto as any such person may
reasonably request. The Company consents to the use of the Prospectus or any amendment or supplement thereto by any Initial Purchaser, any Exchanging Dealer and any such 

  

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other person that may be required to deliver a Prospectus following the Registered Exchange Offer in connection with the offering and sale of the New
Securities covered by the Prospectus, or any amendment or supplement thereto, included in the Exchange Offer Registration Statement. 
 (i) Prior to the Registered Exchange Offer or any other offering of Securities pursuant to any Registration Statement, the Company shall arrange, if necessary, for the qualification of the Securities or the New Securities for sale
under the laws of such jurisdictions as any Holder shall reasonably request provided, however, that in no event shall the Company be obligated (x) to qualify to do business in any jurisdiction where it is not then so qualified or
(y) to take any action that would subject it to service of process in suits or to taxation, other than those arising out of the Initial Placement, the Registered Exchange Offer or any offering pursuant to a Shelf Registration Statement, in any
such jurisdiction where it is not then so subject. 
 (j) The Company shall cooperate with the Holders of Securities to facilitate the
timely preparation and delivery of certificates representing New Securities or Securities to be issued or sold pursuant to any Registration Statement free of any restrictive legends and in such denominations and registered in such names as Holders
may request. 
 (k) Upon the occurrence of any event contemplated by subsections (c)(ii) through (v) above, the Company shall
promptly prepare a post-effective amendment to the applicable Registration Statement or an amendment or supplement to the related Prospectus or file any other required document so that, as thereafter delivered to Initial Purchasers of the securities
included therein, the Prospectus will not include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. In
such circumstances, if the Company notifies the Initial Purchasers, the Holders of the Securities and any known participating Broker-Dealer in accordance with paragraphs (c) (i) through (v) of Section (4) above to suspend the use
of the Prospectus until the requisite changes to the Prospectus have been made, then the Initial Purchasers, the Holders of the Securities and any such participating Broker-Dealers shall suspend use of such Prospectus and the period of effectiveness
of the Exchange Offer Registration Statement provided for in Section 2 and the Shelf Registration Statement provided for in Section 3(b) shall each be extended by the number of days from and including the date of the giving of a notice of
suspension pursuant to Section 4(c) to and including the date when the Initial Purchasers, the Holders of the Securities and any known Exchanging Dealer shall have received such amended or supplemented Prospectus pursuant to this Section.

 (l) Not later than the effective date of any Registration Statement, the Company shall provide a CUSIP number for the Securities or
the New Securities, as the case may be, registered under such Registration Statement and provide the Trustee with printed certificates for such Securities or New Securities, in a form eligible for deposit with The Depository Trust Company.

 (m) The Company shall comply with all applicable rules and regulations of the Commission and shall make generally available to its
security holders as soon as practicable after 

  

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the effective date of the applicable Registration Statement an earnings statement satisfying the provisions of Section 11(a) of the Securities Act.

 (n) The Company shall cause the Indenture or the New Securities Indenture, as the case may be, to be qualified under the Trust
Indenture Act in a timely manner. 
 (o) The Company may require each Holder of Securities to be sold pursuant to any Shelf Registration
Statement to furnish to the Company such information regarding the Holder and the distribution of such Securities as the Company may from time to time reasonably require for inclusion in such Registration Statement. The Company may exclude from such
Shelf Registration Statement the Securities of any Holder that unreasonably fails to furnish such information within a reasonable time after receiving such request. 
 (p) In the case of any Shelf Registration Statement, the Company shall use its reasonable best efforts to enter into such agreements (including if requested an underwriting agreement in customary form) and take all
other necessary actions in order to expedite or facilitate the registration or the disposition of the Securities, and in connection therewith, if an underwriting agreement is entered into, cause the same to contain indemnification provisions and
procedures no less favorable than those set forth in Section 6 (or such other provisions and procedures acceptable to the Majority Holders and the Managing Underwriters, if any) with respect to all parties to be indemnified pursuant to
Section 6. 
 (q) In the case of any Shelf Registration Statement, the Company shall: 
 (i) make reasonably available for inspection by the Holders of Securities to be registered thereunder, any underwriter participating
in any disposition pursuant to such Registration Statement, and any attorney, accountant or other agent retained by the Holders or any such underwriter all relevant financial and other records, pertinent corporate documents and properties of the
Company and its subsidiaries; provided, however, that any information that is designated in writing by the Company, in good faith, as confidential at the time of delivery of such information shall be kept confidential by the Holders or
any such underwriter, attorney, accountant or agent, unless such disclosure is made in connection with a court proceeding or required by law, or such information becomes available to the public generally or through a third party without an
accompanying obligation of confidentiality; 
 (ii) cause the Company’s officers, directors and employees to supply
all relevant information reasonably requested by the Holders or any such underwriter, attorney, accountant or agent in connection with any such Registration Statement as is customary for similar due diligence examinations; provided,
however, that any information that is designated in writing by the Company, in good faith, as confidential at the time of delivery of such information shall be kept confidential by the Holders or any such underwriter, attorney, accountant or
agent, unless such disclosure is made in connection with a court proceeding or required by law, or such information becomes available to the public generally or through a third party without an accompanying obligation of confidentiality; 

 

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 (iii) make such representations and warranties to the Holders of Securities
registered thereunder and the underwriters, if any, in form, substance and scope as are customarily made by issuers to underwriters in primary underwritten offerings and covering matters including, but not limited to, those set forth in the Purchase
Agreement; 
 (iv) obtain opinions of counsel to the Company and updates thereof (which counsel and opinions (in form,
scope and substance) shall be reasonably satisfactory to the Managing Underwriters, if any) addressed to each selling Holder and the underwriters, if any, covering such matters as are customarily covered in opinions requested in underwritten
offerings and such other matters as may be reasonably requested by such Holders and underwriters; 
 (v) obtain
“cold comfort” letters and updates thereof from the independent certified public accountants of the Company (and, if necessary, any other independent certified public accountants of any subsidiary of the Company or of any business acquired
by the Company for which financial statements and financial data are, or are required to be, included in the Registration Statement), addressed to each selling Holder of Securities registered thereunder and the underwriters, if any, in customary
form and covering matters of the type customarily covered in “cold comfort” letters in connection with primary underwritten offerings; and 
 (vi) deliver such documents and certificates as may be reasonably requested by the Majority Holders and the Managing Underwriters, if any, including those to evidence compliance with Section 4(k) and with
any customary conditions contained in the underwriting agreement or other agreement entered into by the Company. 
 The actions set forth in
clauses (iii), (iv), (v) and (vi) of this Section shall be performed at (a) the effectiveness of such Registration Statement and each post-effective amendment thereto; and (b) each closing under any underwriting or similar
agreement as and to the extent required thereunder. 
 (r) In the case of any Exchange Offer Registration Statement, the Company shall,
to the extent requested by the Initial Purchasers: 
 (i) make reasonably available for inspection by such Initial
Purchaser, and any attorney, accountant or other agent retained by such Initial Purchaser, all relevant financial and other records, pertinent corporate documents and properties of the Company and its subsidiaries; provided, however,
that any information that is designated in writing by the Company, in good faith, as confidential at the time of delivery of such information shall be kept confidential by the Holders or any such underwriter, attorney, accountant or agent, unless
such disclosure is made in connection with a court proceeding or required by law, or such information becomes available to the public generally or through a third party without an accompanying obligation of confidentiality; 
 (ii) cause the Company’s officers, directors and employees to supply all relevant information reasonably requested by such
Initial Purchaser or any such attorney, accountant or agent in connection with any such Registration Statement as is customary 

  

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for similar due diligence examinations; provided, however, that any information that is designated in writing by the Company, in good faith, as
confidential at the time of delivery of such information shall be kept confidential by such Initial Purchaser or any such attorney, accountant or agent, unless such disclosure is made in connection with a court proceeding or required by law, or such
information becomes available to the public generally or through a third party without an accompanying obligation of confidentiality; 
 (iii) make such representations and warranties to such Initial Purchaser, in form, substance and scope as are customarily made by issuers to underwriters in primary underwritten offerings and covering matters
including, but not limited to, those set forth in the Purchase Agreement; 
 (iv) obtain opinions of counsel to the
Company and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to such Initial Purchaser and its counsel, addressed to such Initial Purchaser, covering such matters as are customarily covered
in opinions requested in underwritten offerings and such other matters as may be reasonably requested by such Initial Purchaser or its counsel; 
 (v) obtain “cold comfort” letters and updates thereof from the independent certified public accountants of the Company (and, if necessary, any other independent certified public accountants of any
subsidiary of the Company or of any business acquired by the Company for which financial statements and financial data are, or are required to be, included in the Registration Statement), addressed to such Initial Purchaser, in customary form and
covering matters of the type customarily covered in “cold comfort” letters in connection with primary underwritten offerings, or if requested by such Initial Purchaser or its counsel in lieu of a “cold comfort” letter, an
agreed-upon procedures letter under Statement on Auditing Standards No. 35, covering matters requested by such Initial Purchaser or its counsel; and 
 (vi) deliver such documents and certificates as may be reasonably requested by such Initial Purchaser or its counsel, including those to evidence compliance with Section 4(k) and with conditions customarily
contained in underwriting agreements. 
 The foregoing actions set forth in clauses (iii), (iv), (v), and (vi) of this Section shall be performed
at the close of the Registered Exchange Offer and the effective date of any post-effective amendment to the Exchange Offer Registration Statement. 
 (s) If a Registered Exchange Offer is to be consummated, upon delivery of the Securities by Holders to the Company (or to such other person as directed by the Company) in exchange for the New Securities, the Company shall mark, or
cause to be marked, on the Securities so exchanged that such Securities are being canceled in exchange for the New Securities. In no event shall the Securities be marked as paid or otherwise satisfied. 
 (t) The Company will use its reasonable best efforts (i) if the Securities have been rated prior to the initial sale of such Securities, to
confirm such ratings will apply to the Securities or the New Securities, as the case may be, covered by a Registration Statement; or (ii)

  

 13 

 
if the Securities were not previously rated, to cause the Securities covered by a Registration Statement to be rated with at least one nationally recognized
statistical rating agency, if so requested by Majority Holders with respect to the related Registration Statement or by any Managing Underwriters. 
 (u) In the event that any Broker-Dealer shall underwrite any Securities or participate as a member of an underwriting syndicate or selling group or “assist in the distribution” (within the meaning of the Rules of Fair
Practice and the By-Laws of the Financial Industry Regulatory Authority, Inc.) thereof, whether as a Holder of such Securities or as an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or otherwise, the Company shall
assist such Broker-Dealer in complying with the requirements of such Rules and By-Laws, including, without limitation, by: 
 (i) if such Rules or By-Laws shall so require, engaging a “qualified independent underwriter” (as defined in such Rules) to participate in the preparation of the Registration Statement, to exercise usual standards of due
diligence with respect thereto and, if any portion of the offering contemplated by such Registration Statement is an underwritten offering or is made through a placement or sales agent, to recommend the yield of such Securities; 
 (ii) indemnifying any such qualified independent underwriter to the extent of the indemnification of underwriters provided in
Section 6 hereof; and 
 (iii) providing such information to such Broker-Dealer as may be required in order for such
Broker-Dealer to comply with the requirements of such Rules. 
 (v) The Company shall use its best efforts to take all other steps
necessary to effect the registration of the Securities or the New Securities, as the case may be, covered by a Registration Statement. 
 5. Registration Expenses. The Company shall bear all expenses (other than underwriting discounts and commissions) incurred in connection with the performance of its obligations under Sections 2, 3 and 4 hereof and, in the
event of any Shelf Registration Statement, will reimburse the Holders for the reasonable fees and disbursements of one firm or counsel designated by the Majority Holders to act as counsel for the Holders in connection therewith, and, in the case of
any Exchange Offer Registration Statement, will reimburse the Initial Purchasers for the reasonable fees and disbursements of counsel acting in connection therewith. 
 6. Indemnification and Contribution. (a) The Company agrees to indemnify and hold harmless each Holder of Securities or New Securities, as the case may be, covered by any Registration Statement
(including each Initial Purchaser and, with respect to any Prospectus delivery as contemplated in Section 4(h) hereof, each Exchanging Dealer), the directors, officers, employees and agents of each such Holder and each person who controls any
such Holder within the meaning of Section 15 of the Securities Act or Section 20 of Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the
Securities Act, the Exchange Act or other Federal or state statutory law 

  

 14 

 
or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based
upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement as originally filed or in any amendment thereof, or in any preliminary Prospectus or the Prospectus, any “issuer free writing
prospectus” within the meaning of the Act approved by the Company or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading and agrees to reimburse each such indemnified party, as incurred, for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such
loss, claim, damage, liability or action; provided, however, that the Company will not be liable in any case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or
alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Company by or on behalf of any such Holder or Initial Purchaser specifically for inclusion therein.
This indemnity agreement will be in addition to any liability which the Company may otherwise have. The foregoing indemnity with respect to any preliminary Prospectus shall not inure to the benefit of any Holder of Securities or New Securities (or
to the benefit of any person controlling such Holder) if (i) such untrue statement or alleged untrue statement or omission or alleged omission made in such preliminary Prospectus is eliminated or remedied in a final Prospectus (as amended or
supplemented if the Company shall have furnished any amendments or supplements thereto) and (ii) the Company shall have delivered to each such Holder in a timely manner as many copies of such final Prospectus as such Holder shall reasonably
request. 
 The Company also agrees to indemnify or contribute as provided in Section 6(d) to Losses of each underwriter of Securities
or New Securities, as the case may be, registered under a Shelf Registration Statement, their directors, officers, employees or agents and each person who controls such underwriter on substantially the same basis as that of the indemnification of
the Initial Purchasers and the selling Holders provided in this Section 6(a) and shall, if requested by any Holder, enter into an underwriting agreement reflecting such agreement, as provided in Section 4(p) hereof. 
 (b) Each Holder of securities covered by a Registration Statement (including each Initial Purchaser and, with respect to any Prospectus delivery as
contemplated in Section 4(h) hereof, each Exchanging Dealer) severally and not jointly agrees to indemnify and hold harmless the Company, each of its directors, each of its officers who signs such Registration Statement and each person who
controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, to the same extent as the foregoing indemnity from the Company to each such Holder, but only with reference to written
information relating to such Holder furnished to the Company by or on behalf of such Holder specifically for inclusion in the documents referred to in the foregoing indemnity. This indemnity agreement will be in addition to any liability which any
such Holder may otherwise have. 
 (c) Promptly after receipt by an indemnified party under this Section of notice of the commencement
of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section, notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the
indemnifying party (i) will 

  

 15 

 
not relieve it from liability under paragraph (a) or (b) above unless such failure results in the forfeiture by the indemnifying party of
substantial rights and defenses; and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraph (a) or (b) above. The
indemnifying party shall be entitled to appoint counsel of the indemnifying party’s choice at the indemnifying party’s expense to represent the indemnified party in any action for which indemnification is sought (in which case the
indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel retained by the indemnified party or parties except as set forth below); provided, however, that such counsel shall be reasonably
satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local
counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a
conflict of interest; (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal
defenses available to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party; (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to
represent the indemnified party within a reasonable time after notice of the institution of such action; or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party.
An indemnifying party will not, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of
which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent (x) includes an unconditional release
of each indemnified party from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any indemnified
party. 
 (d) In the event that the indemnity provided in paragraph (a) or (b) of this Section is unavailable to or
insufficient to hold harmless an indemnified party for any reason, then each applicable indemnifying party shall have a joint and several obligation to contribute to the aggregate losses, claims, damages and liabilities (including legal or other
expenses reasonably incurred in connection with investigating or defending same) (collectively “Losses”) to which such indemnified party may be subject in such proportion as is appropriate to reflect the relative benefits received by such
indemnifying party, on the one hand, and such indemnified party, on the other hand, from the Initial Placement and the Registration Statement which resulted in such Losses; provided, however, that in no case shall any Initial Purchaser
or any subsequent Holder of any Security or New Security be responsible, in the aggregate, for any amount in excess of the purchase discount or commission applicable to such Security, or in the case of a New Security, applicable to the Security that
was exchangeable into such New Security, nor shall any underwriter be responsible for any amount in excess of the underwriting discount or commission applicable to the securities purchased by such underwriter under the Registration Statement which
resulted in such Losses. If the allocation provided by the immediately preceding sentence is unavailable for any reason, the indemnifying party and the indemnified party shall contribute 

  

 16 

 
in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of such indemnifying party, on the one hand, and
such indemnified party, on the other hand, in connection with the statements or omissions which resulted in such Losses as well as any other relevant equitable considerations. Benefits received by the Company shall be deemed to be equal to the sum
of (x) the net proceeds set forth in the Final Memorandum under the caption “Use of Proceeds” and (y) the total amount of additional interest which the Company was not required to pay as a result of registering the securities
covered by the Registration Statement which resulted in such Losses. Benefits received by the Initial Purchasers shall be deemed to be equal to the difference between the issue price of the Securities as set forth on the cover of the Final
Memorandum and the amount paid for the Securities by the Initial Purchasers as set forth in the Purchase Agreement. Benefits received by any underwriter shall be deemed to be equal to the total underwriting discounts and commissions, as set forth on
the cover page of the Prospectus forming a part of the Registration Statement which resulted in such Losses. Relative fault shall be determined by reference to, among other things, whether any alleged untrue statement or omission relates to
information provided by the indemnifying party, on the one hand, or by the indemnified party, on the other hand, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue
statement or omission. The parties agree that it would not be just and equitable if contribution were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or any other method of allocation which does
not take account of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph (d), no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section, each person who controls a Holder within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act and each director, officer, employee and agent of such Holder shall have the same rights to contribution as such Holder, and each person who controls the Company within the meaning of either the Securities Act or the Exchange Act, each
officer of the Company who shall have signed the Registration Statement and each director of the Company shall have the same rights to contribution as the Company, subject in each case to the applicable terms and conditions of this
paragraph (d). 
 (e) The provisions of this Section will remain in full force and effect, regardless of any termination of this
Agreement or any investigation made by or on behalf of any Holder or the Company or any of the directors, officers, employees, agents or controlling persons referred to in this Section hereof, and will survive the sale by a Holder of Securities or
New Securities covered by a Registration Statement. 
 7. Underwritten Registrations. (a) If any of the Securities or New
Securities, as the case may be, covered by any Shelf Registration Statement are to be sold in an underwritten offering, the Managing Underwriters shall be selected by the Majority Holders. 
 (b) No person may participate in any underwritten offering pursuant to any Shelf Registration Statement, unless such person (i) agrees to sell such
person’s Securities or New Securities, as the case may be, on the basis reasonably provided in any underwriting arrangements approved by the persons entitled hereunder to approve such arrangements; and (ii) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting 

  

 17 

 
agreements and other documents reasonably required under the terms of such underwriting arrangements. 
 8. No Inconsistent Agreements. The Company has not, as of the date hereof, entered into, nor shall it, on or after the date hereof, enter into,
any agreement with respect to its securities that is inconsistent with the rights granted to the Holders herein or otherwise conflicts with the provisions hereof. 
 9. Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, qualified, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given, unless the Company has obtained the written consent of the Holders of at least a majority of the then outstanding aggregate principal amount of Securities (or, after the consummation of any Registered Exchange
Offer in accordance with Section 2 hereof, of New Securities); provided that, with respect to any matter that directly or indirectly affects the rights of any Initial Purchaser hereunder, the Company shall obtain the written consent of
each such Initial Purchaser against which such amendment, qualification, supplement, waiver or consent is to be effective. Notwithstanding the foregoing (except the foregoing proviso), (i) a waiver or consent to departure from the provisions
hereof with respect to a matter that relates exclusively to the rights of Holders whose Securities or New Securities, as the case may be, are being sold pursuant to a Registration Statement and that does not directly or indirectly affect the rights
of other Holders may be given by the Majority Holders, determined on the basis of Securities or New Securities, as the case may be, being sold rather than registered under such Registration Statement and (ii) this Agreement may be amended,
qualified, modified or supplemented to cure any ambiguity or defect, to correct or supplement any provision herein which may be inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions
arising under this Agreement or the Securities or make any other changes herein or therein in a manner which would not adversely affect the interests of the Holders of the Securities. 
 10. Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class
mail, telex, telecopier or air courier guaranteeing overnight delivery: 
 (a) if to a Holder, at the most current address given by such
Holder to the Company in accordance with the provisions of this Section, which address initially is, with respect to each Holder, the address of such Holder maintained by the Registrar under the Indenture, with a copy in like manner to J.P. Morgan
Securities Inc. 
 (b) if to you, initially at the respective address set forth in the Purchase Agreement; and 
 (c) if to the Company, initially at its address set forth in the Purchase Agreement. 
 All such notices and communications shall be deemed to have been duly given when received. 
 The Initial Purchasers or the Company by notice to the other parties may designate additional or different addresses for subsequent notices or
communications. 
  

 18 

 11. Successors. This Agreement shall inure to the benefit of and be binding upon the
successors and assigns of each of the parties, including, without the need for an express assignment or any consent by the Company thereto, Holders of Securities and the New Securities. The Company hereby agrees to extend the benefits of this
Agreement to any Holder of Securities and the New Securities, and any such Holder may specifically enforce the provisions of this Agreement as if an original party hereto, provided that such Holder shall be conclusively deemed to have agreed
to be bound by and to perform all of the terms and provisions of this Agreement. 
 12. Counterparts. This Agreement may be in
signed counterparts, each of which shall an original and all of which together shall constitute one and the same agreement. 
 13. Headings. The headings used herein are for convenience only and shall not affect the construction hereof. 
 14. Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed in the State of New York. 
 15. Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstances, is held
invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions hereof shall not be in any way impaired or affected thereby, it
being intended that all of the rights and privileges of the parties shall be enforceable to the fullest extent permitted by law. 
 16.
Securities Held by the Company and its Affiliates. Whenever the consent or approval of Holders of a specified percentage of principal amount of Securities or New Securities is required hereunder, Securities or New Securities, as applicable,
held by the Company or its Affiliates shall be disregarded and deemed not to be outstanding in determining whether such consent or approval was given by the Holders of such required percentage. 
 17. Agent for Service; Submission to Jurisdiction; Waiver of Immunities. By the execution and delivery of this Agreement, the Company
(i) acknowledges that it has, by separate written instrument, irrevocably designated and appointed CT Corporation (and any successor entity), as its authorized agent upon which process may be served in any suit or proceeding arising out of or
relating to this Agreement that may be instituted in any federal or state court in the State of New York or brought under federal or state securities laws, and acknowledges that CT Corporation has accepted such designation, (ii) submits to the
nonexclusive jurisdiction of any such court in any such suit or proceeding, and (iii) agrees that service of process upon CT Corporation and written notice of said service to the Company shall be deemed in every respect effective service of
process upon it in any such suit or proceeding. The Company further agrees to take any and all action, including the execution and filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment
of CT Corporation in full force and effect so long as any of the Securities shall be outstanding. To the extent that the Company may have or acquire any immunity from jurisdiction of any court or from any legal process (whether through service of
notice, attachment prior to judgment, 

  

 19 

 
attachment in aid of execution, execution or otherwise) with respect to itself or its property, it hereby irrevocably waives such immunity in respect of this
Agreement, to the fullest extent permitted by law. 
 [Signature page follows] 
  

 20 

 If the foregoing is in accordance with your understanding of our agreement, please sign and return to us
the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement among the Company and the several Initial Purchasers. 
  

			
	Very truly yours,
	
	CELULOSA ARAUCO Y CONSTITUCIÓN S.A.,
		
	by	 	/S/ MATÍAS DOMEYKO
		 	Name: Matías Domeyko
		 	Title: Chief Executive Officer

  

			
		
	by	 	/S/ GIANFRANCO TRUFFELLO
		 	Name: Gianfranco Truffello
		 	Title: Chief Financial Officer

 The foregoing Agreement is hereby confirmed and 
 accepted as of the date first above written. 
  

			
		
	By:	 	        J.P. MORGAN SECURITIES INC.
		 	        Acting on behalf of itself and the
		 	        several Initial Purchasers

  

			
		
	By:	 	/S/ CARLOS RUIZ DE GAMBOA
		 	Name: Carlos Ruiz de Gamboa
		 	Title: Managing Director

  

 21 

 Each Broker-Dealer that receives New Securities for its own account pursuant to the Exchange Offer must acknowledge that
it will deliver a prospectus in connection with any resale of such New Securities. The Letter of Transmittal states that by so acknowledging and by delivering a prospectus, a Broker-Dealer will not be deemed to admit that it is an
“underwriter” within the meaning of the Securities Act. This Prospectus, as it may be amended or supplemented from time to time, may be used by a Broker-Dealer in connection with resales of New Securities received in exchange for
Securities where such Securities were acquired by such Broker-Dealer as a result of market-making activities or other trading activities. The Company has agreed that, starting on the Expiration Date (as defined herein) and ending on the close of
business 180 days after the Expiration Date it will make this Prospectus available upon request to any Broker-Dealer for use in connection with any such resale. See “Plan of Distribution”. 
  

 22 

 ANNEX B 
 Each Broker-Dealer that receives New Securities for its own account in exchange for Securities, where such Securities were acquired by such Broker-Dealer as a result of market-making activities or other trading activities, must acknowledge
that it will deliver a prospectus in connection with any resale of such New Securities. See “Plan of Distribution.” 
  

 23 

 ANNEX C 
 PLAN OF DISTRIBUTION 
 Each Broker-Dealer that receives New Securities for its own account pursuant to the
Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale of such New Securities. This Prospectus, as it may be amended or supplemented from time to time, may be used by a Broker-Dealer in connection with
resales of New Securities received in exchange for Securities where such Securities were acquired as a result of market-making activities or other trading activities. The Company has agreed that, starting on the Expiration Date and ending on the
close of business one year after the Expiration Date, it will make this Prospectus, as amended or supplemented, available upon request to any Broker-Dealer for use in connection with any such resale. In addition, until
                    , 20         , [90 days after the effectiveness of the registration statement] all
dealers effecting transactions in the New Securities may be required to deliver a prospectus. 
 The Company will not receive any proceeds
from any sale of New Securities by brokers-dealers. New Securities received by Broker-Dealers for their own account pursuant to the Exchange Offer may be sold from time to time in one or more transactions in the over-the-counter market, in
negotiated transactions, through the writing of options on the New Securities or a combination of such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market prices or negotiated prices. Any
such resale may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such Broker-Dealer and/or the purchasers of any such New Securities. Any Broker-Dealer
that resells New Securities that were received by it for its own account pursuant to the Exchange Offer and any broker or dealer that participates in a distribution of such New Securities may be deemed to be an “underwriter” within the
meaning of the Securities Act and any profit resulting from any such resale of New Securities and any commissions or concessions received by any such persons may be deemed to be underwriting compensation under the Securities Act. The Letter of
Transmittal states that by acknowledging that it will deliver and by delivering a prospectus, a Broker-Dealer will not be deemed to admit that it is an “underwriter” within the meaning of the Securities Act. 
 For a period of 180 days after the Expiration Date, the Company will promptly send additional copies of this Prospectus and any amendment or supplement
to this Prospectus to any Broker-Dealer that requests such documents in the Letter of Transmittal. The Company has agreed to pay all expenses incident to the Exchange Offer (including the expenses of one counsel for the Holders of the Securities)
other than commissions or concessions of any brokers or dealers and will indemnify the holders of the Securities (including any Broker-Dealers) against certain liabilities, including liabilities under the Securities Act. 
 [If applicable, add information required by Regulation S-K Items 507 and/or 508. S-K 502(b) legend must appear on the back cover.]

  

 24 

 ANNEX D 
 Rider A 
  

	     /    / 
	CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 

 10 ADDITIONAL
COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY 
 AMENDMENTS OR SUPPLEMENTS THERETO. 
 Name:                                      
                                   
 Address:                                      
                               
 Rider B 
 If the undersigned is not a Broker-Dealer, the undersigned represents that it acquired the New Securities
in the ordinary course of its business, it is not engaged in, and does not intend to engage in, a distribution of New Securities and it has no arrangements or understandings with any person to participate in a distribution of the New Securities. If
the undersigned is a Broker-Dealer that will receive New Securities for its own account in exchange for Securities, it represents that the Securities to be exchanged for New Securities were acquired by it as a result of market-making activities or
other trading activities and acknowledges that it will deliver a prospectus in connection with any resale of such New Securities; however, by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that it is an
“underwriter” within the meaning of the Securities Act. 
  

 25Advisory Agreement

 Exhibit 10.1 
 ADVISORY AGREEMENT 
 between 
 RESOURCE REAL ESTATE OPPORTUNITY REIT, INC. 
 and 
 RESOURCE REAL ESTATE OPPORTUNITY ADVISOR, LLC 
 September 14, 2009 

 TABLE OF CONTENTS 
  

			
	 	  	Page
	 ARTICLE 1 - DEFINITIONS
	  	1
	 ARTICLE 2 - APPOINTMENT
	  	8
	 ARTICLE 3 - DUTIES OF THE ADVISOR
	  	8
	 3.01 Organizational and Offering Services
	  	8
	 3.02 Acquisition Services
	  	8
	 3.03 Asset Management Services
	  	9
	 3.04 Stockholder Services
	  	12
	 3.05 Other Services
	  	12
	 ARTICLE 4 - AUTHORITY OF ADVISOR
	  	12
	 4.01 General
	  	12
	 4.02 Powers of the Advisor
	  	12
	 4.03 Approval by the Board
	  	13
	 4.04 Modification or Revocation of Authority of Advisor
	  	13
	 ARTICLE 5 - BANK ACCOUNTS
	  	13
	 ARTICLE 6 - RECORDS AND FINANCIAL STATEMENTS
	  	13
	 ARTICLE 7 - LIMITATION ON ACTIVITIES
	  	14
	 ARTICLE 8 - FEES
	  	14
	 8.01 Acquisition Fees
	  	14
	 8.02 Asset Management Fees
	  	15
	 8.03 Disposition Fees
	  	15
	 8.04 Debt Financing Fees
	  	16
	 8.05 Changes to Fee Structure
	  	16
	 ARTICLE 9 - EXPENSES
	  	17
	 9.01 General
	  	17
	 9.02 Timing of and Limitations on Reimbursements
	  	19
	 ARTICLE 10 - VOTING AGREEMENT
	  	20
	 ARTICLE 11 - RELATIONSHIP OF ADVISOR AND COMPANY; OTHER ACTIVITIES OF THE ADVISOR
	  	20
	 11.01 Relationship
	  	20
	 11.02 Time Commitment
	  	21
	 11.03 Investment Opportunities and Allocation
	  	21
	 ARTICLE 12 - THE RESOURCE REAL ESTATE OPPORTUNITY NAME
	  	21
	 ARTICLE 13 - TERM AND TERMINATION OF THE AGREEMENT
	  	22
	 13.01 Term
	  	22
	 13.02 Termination by Either Party
	  	22
	 13.03 Payments on Termination
	  	22
	 13.04 Duties of Advisor Upon Termination
	  	22
	 ARTICLE 14 - ASSIGNMENT
	  	23
	 ARTICLE 15 - INDEMNIFICATION AND LIMITATION OF LIABILITY
	  	23
	 15.01 Indemnification
	  	23
	 15.02 Limitation on Indemnification
	  	23

  

 i 

			
	 15.03 Limitation on Payment of Expenses
	  	24
	 ARTICLE 16 - MISCELLANEOUS
	  	24
	 16.01 Notices
	  	24
	 16.02 Modification
	  	25
	 16.03 Severability
	  	25
	 16.04 Construction
	  	25
	 16.05 Entire Agreement
	  	25
	 16.06 Waiver
	  	25
	 16.07 Gender
	  	25
	 16.08 Titles Not to Affect Interpretation
	  	25
	 16.09 Counterparts
	  	25

  

 ii 

 ADVISORY AGREEMENT 
 This Advisory Agreement, dated as of September 14, 2009 (the “Agreement”), is between Resource Real Estate Opportunity REIT, Inc., a Maryland corporation (the “Company”), and Resource Real
Estate Opportunity Advisor, LLC, a Delaware limited liability company (the “Advisor”). 
 W I T N E S S E T H 
 WHEREAS, the Company desires to avail itself of the knowledge, experience, sources of information, advice, assistance and certain facilities available to
the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision of, the board of directors of the Company (the “Board”), all as provided herein; and

 WHEREAS, the Advisor is willing to undertake to render such services, subject to the supervision of the Board, on the terms and conditions
hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the
parties hereto agree as follows: 
 ARTICLE 1 
 DEFINITIONS 
 The following defined terms used in this Agreement shall have the meanings specified
below: 
 “Acquisition Expenses” means any and all expenses, excluding the fee payable to the Advisor pursuant to
Section 8.01, incurred by the Company, the Advisor or any Affiliate of either in connection with the selection, acquisition or development of any property, loan or other potential investment, whether or not acquired or originated, as
applicable, including, without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on properties or other investments not acquired, accounting fees and expenses, title insurance
premiums. 
 “Acquisition Fees” means the fee payable to the Advisor pursuant to Section 8.01 plus all other fees and
commissions, excluding Acquisition Expenses, paid by the Company or any of its Subsidiaries to any Person in connection with making or investing in any Property, Loan or other Permitted Investment or the purchase, development or construction of any
Property by the Company or any of its Subsidiaries. Included in the computation of such fees or commissions shall be any real estate commission, selection fee, Development Fee, Construction Fee, nonrecurring management fee, loan fees or points or
any fee of a similar nature, however designated. Excluded shall be 

  

 1 

 
Development Fees and Construction Fees paid to Persons not Affiliated with the Advisor in connection with the actual development and construction of a
Property. 
 “Advisor” means (i) Resource Real Estate Opportunity Advisor, LLC, a Delaware limited liability company, or
(ii) any successor advisor to the Company. 
 “Affiliate” or “Affiliated” means, with respect to any first Person,
any of the following: (i) any other Person directly or indirectly controlling, controlled by, or under common control with such first Person; (ii) any other Person directly or indirectly owning, controlling, or holding with the power to
vote 10% or more of the outstanding voting securities of such first Person; (iii) any legal entity for which such first Person acts as an executive officer, director, trustee, or general partner; (iv) any other Person 10% or more of whose
outstanding voting securities are directly or indirectly owned, controlled, or held, with power to vote, by such first Person; and (v) any executive officer, director, trustee, or general partner of such first Person. An entity shall not be
deemed to control or be under common control with an Advisor-sponsored program unless (i) the entity owns 10% or more of the voting equity interests of such program or (ii) a majority of the board of directors (or equivalent governing
body) of such program is composed of Affiliates of the entity. 
 “Appraised Value” means the value according to an appraisal made
by an Independent Appraiser. 
 “Asset Management Fee” shall have the meaning set forth in Section 8.02. 
 “Average Invested Assets” means, for a specified period, the average of the aggregate book value of the assets of the Company invested,
directly or indirectly, in Properties, Loans and other Permitted Investments secured by real estate before reserves for depreciation or bad debts or other similar non-cash reserves, computed by taking the average of such book values at the end of
each month during such period. 
 “Board” means the board of directors of the Company, as of any particular time. 
 “Bylaws” means the bylaws of the Company, as amended from time to time. 
 “Charter” means the articles of incorporation of the Company, as amended from time to time. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of
the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time. 
 “Company” means Resource Real Estate Opportunity REIT, Inc., a corporation organized under the laws of the State of Maryland. 
  

 2 

 “Competitive Brokerage Commission” means a real estate or brokerage commission for the purchase
or sale of a Property, Loan or Permitted Investment that is reasonable, customary, and competitive in light of the size, type, and location of the Property, Loan or Permitted Investment. 
 “Conflicts Committee” shall have the meaning set forth in the Company’s Charter. 
 “Construction Fee” means a fee or other remuneration for acting as general contractor and/or construction manager to construct improvements,
supervise and coordinate projects or to provide major repairs or rehabilitation on a Property. 
 “Contract Sales Price” means the
total consideration received by the Company or one of its Subsidiaries for the sale of a Property, Loan or other Permitted Investment. 
 “Cost of Investments” means the sum of (i) with respect to the acquisition or origination of a Property, Loan or other Permitted Investment to be owned by the Company or a Subsidiary, the amount actually paid or allocated to
fund the acquisition, origination, development, construction or improvement of the Property, Loan or other Permitted Investment, inclusive of expenses associated with the acquisition or origination of such Property, Loan or other Permitted
Investment and the amount of any debt associated with, or used to fund the investment in, such Property, Loan or other Permitted Investment and (ii) with respect to the acquisition or origination of a Property, Loan or other Permitted
Investment through any Joint Venture or any partnership in which the Company or the Partnership is, directly or indirectly, a partner and which is not deemed a Subsidiary, the portion that is attributable to the Company’s direct or indirect
investment in such Joint Venture or partnership of the amount actually paid or allocated to fund the acquisition, origination, development, construction or improvement of the Property, Loan or other Permitted Investment, inclusive of expenses
associated with the acquisition or origination of such Property, Loan or other Permitted Investment, plus the amount of any debt associated with, or used to fund the investment in, such Property, Loan or other Permitted Investment. 
 “Dealer Manager” means (i) Chadwick Securities, Inc., or (ii) any successor dealer manager to the Company. 
 “Debt Financing Fee” means the fee payable under Section 8.04. 
 “Development Fee” means a fee for the packaging of a Property, including negotiating and approving plans, and undertaking to assist in
obtaining zoning and necessary variances and necessary financing for the Property, either initially or at a later date. 
 “Director” means a member of the board of directors of the Company. 
 “Disposition Fee” shall have the meaning
set forth in Section 8.03. 
  

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 “Distributions” means any distributions of money or other property by the Company to owners of
Shares, including distributions that may constitute a return of capital for federal income tax purposes. 
 “GAAP” means accounting
principles generally accepted in the United States. 
 “Gross Proceeds” means the aggregate purchase price of all securities sold
for the account of the Company through an Offering, without deduction for Organization and Offering Expenses. 
 “Independent
Appraiser” means a person or entity with no material current or prior business or personal relationship with the Advisor or the Directors, who is engaged to a substantial extent in the business of rendering opinions regarding the value of
assets of the type held by the Company or its Subsidiaries, and who is a qualified appraiser of real estate as determined by the Board. Membership in a nationally recognized appraisal society such as the American Institute of Real Estate Appraisers
(M.A.I.) or the Society of Real Estate Appraisers (S.R.E.A.) shall be conclusive evidence of such qualification. 
 “Independently
Appraised Value of Investments” means the sum of (i) with respect to Properties, Loans or other Permitted Investments owned by the Company or a Subsidiary, the Appraised Value of each such Property, Loan or other Permitted Investment
without deduction for any debt encumbering such Property, Loan or other Permitted Investment and (ii) with respect to a Property, Loan or other Permitted Investment owned through any Joint Venture or any partnership in which the Company or the
Partnership is, directly or indirectly, a partner and which is not deemed a Subsidiary, the portion that is attributable to the Company’s direct or indirect investment in such Joint Venture or partnership of the Appraised Value of each such
Property, Loan or other Permitted Investment without deduction for any debt encumbering such Property, Loan or other Permitted Investment. 
 “Initial Public Offering” means the initial public offering of Shares registered on Registration Statement No. 333-160463 on Form S-11. 
 “Joint Venture” means any joint venture, limited liability company or other arrangement between the Company and a third party or an Affiliate of the Company that owns, in whole or in part, on behalf of the
Company any Properties, Loans or other Permitted Investments. 
 “Listed” or “Listing” shall have the meaning set forth
in the Company’s Charter. 
 “Loan Servicer” means an entity that has been retained to perform and carry out loan servicing
functions with respect to one or more Loans. 
 “Loans” means mortgage loans and other types of debt financing investments made by
the Company or the Partnership, either directly or indirectly, including through ownership interests in a Joint Venture or partnership, including, without limitation, mezzanine loans, B-notes, bridge loans, convertible mortgages, wraparound mortgage

  

 4 

 
loans, construction mortgage loans, loans on leasehold interests, and participations in such loans. 
 “NASAA Guidelines” means the NASAA Statement of Policy Regarding Real Estate Investment Trusts as in effect on the date hereof. 
 “Net Income” means, for any period, the total revenues applicable to such period, less the total expenses applicable to such period excluding
additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, Net Income for purposes of calculating total allowable Operating Expenses (as defined herein) shall exclude the gain included in the
Company’s consolidated accounts arising from the sale of assets. 
 “Offering” means any Public Offering or Private Placement.

 “Operating Expenses” means all costs and expenses incurred by the Company, as determined under GAAP, that in any way are related
to the operation of the Company or to Company business, including fees paid to the Advisor, but excluding (i) the expenses of raising capital such as Organization and Offering Expenses, legal, audit, accounting, underwriting, brokerage,
listing, registration, and other fees, printing and other such expenses and tax incurred in connection with the issuance, distribution, transfer, registration and Listing of the Shares, (ii) interest payments, (iii) taxes,
(iv) non-cash expenditures such as depreciation, amortization and bad loan reserves, (v) incentive fees paid in compliance with Section IV.F. of the NASAA Guidelines and (vi) Acquisition Fees, Acquisition Expenses, real estate
commissions on the resale of real property, and other expenses connected with the acquisition, disposition, and ownership of real estate interests, loans or other property (other than commissions on the sale of assets other than real property), such
as the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of property. 
 “Operating Revenue
Cash Flows” means the Company’s cash flow from ownership and/or operation of (i) Properties, (ii) Loans, (iii) Permitted Investments, (iv) short-term investments, and (v) interests in Properties, Loans and
Permitted Investments owned by any Joint Venture or any partnership in which the Company or the Partnership is, directly or indirectly, a partner. 
 “Organization and Offering Expenses” means all expenses incurred by or on behalf of the Company in connection with or preparing the Company for the offering and distributing of its Shares in a Public Offering or Private Placement,
whether incurred before or after the date of this Agreement, which may include but are not limited to, total underwriting and brokerage discounts and commissions (including fees of the underwriters’ attorneys); placement agent fees and
expenses; any expense allowance granted by the Company to the underwriter or placement agent or any reimbursement of expenses of the underwriter or placement agent by the Company; expenses for printing, engraving and mailing; compensation of
employees while engaged in sales activity; charges of transfer agents, registrars, trustees, escrow holders, depositaries and experts; 

  

 5 

 
and expenses of obtaining exemption or qualification of the sale of the securities under Federal and State laws, including taxes and fees, accountants’
and attorneys’ fees. 
 “Partnership” means Resource Real Estate Opportunity OP, LP, a Delaware limited partnership formed to
own and operate Properties, Loans and other Permitted Investments on behalf of the Company. 
 “Permitted Investments” means all
investments (other than Properties and Loans) in which the Company may acquire an interest, either directly or indirectly, including through ownership interests in a Joint Venture or partnership, pursuant to its Charter, Bylaws and the investment
objectives and policies adopted by the Board from time to time, other than short-term investments acquired for purposes of cash management. 
 “Person” means an individual, corporation, partnership, estate, trust (including a trust qualified under Section 401(a) or 501(c) (17) of the Code), a portion of a trust permanently set aside for or to be used
exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other entity, or any government or any agency or political
subdivision thereof, and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended. 
 “Private Placement” means any offering of the Company’s securities that is exempt from registration with the SEC under the Securities Act of 1933. 
 “Property” means any real property or properties transferred or conveyed to the Company or the Partnership, either directly or indirectly,
including through ownership interests in a Joint Venture or partnership. 
 “Property Manager” means an entity that has been
retained to perform and carry out at one or more of the Properties property-management services, excluding persons, entities or independent contractors retained or hired to perform facility management or other services or tasks at a particular
Property, the costs for which are passed through to and ultimately paid by the tenant at such Property. 
 “Public Offering” means
any offering of the Company’s securities that is registered with the SEC, excluding Shares offered under any employee benefit plan. 
 “Registration Statement” means the registration statement filed by the Company with the SEC on Form S-11 (Reg. No. 333-160463), as amended from time to time, in connection with the Initial Public Offering. 
 “REIT” means a “real estate investment trust” under Sections 856 through 860 of the Code. 
 “Sale” means (i) any transaction or series of transactions whereby: (A) the Company or the Partnership sells, grants, transfers,
conveys, or relinquishes its ownership of any Property, Loan or other Permitted Investment or portion thereof, including the transfer of any Property that is the subject of a ground lease, including any event with 

  

 6 

 
respect to any Property, Loan or other Permitted Investment that gives rise to a significant amount of insurance proceeds or condemnation awards, and
including the issuance by one of the Company’s subsidiaries of any asset-backed securities or collateralized debt obligations as part of a securitization transaction; (B) the Company or the Partnership sells, grants, transfers, conveys, or
relinquishes its ownership of all or substantially all of the interest of the Company or the Partnership in any Joint Venture or any partnership in which it is a partner; or (C) any Joint Venture or any partnership in which the Company or the
Partnership is a partner, sells, grants, transfers, conveys, or relinquishes its ownership of any Property, Loan or other Permitted Investment or portion thereof, including any event with respect to any Property, Loan or other Permitted Investment
that gives rise to insurance claims or condemnation awards, and including the issuance by such Joint Venture or any partnership or one of its subsidiaries of any asset-backed securities or collateralized debt obligations as part of a securitization
transaction, but (ii) not including any transaction or series of transactions specified in clause (i) (A), (i) (B), or (i) (C) above in which the proceeds of such transaction or series of transactions are reinvested in one
or more Properties, Loans or other Permitted Investments within 180 days thereafter. 
 “SEC” means the United States Securities
and Exchange Commission. 
 “Settlement” means (i) the prepayment, maturity, workout or other settlement of any Loan or other
Permitted Investment or portion thereof owned, directly or indirectly, by (A) the Company or the Partnership or (B) any Joint Venture or any partnership in which the Company or the Partnership is, directly or indirectly, a partner, but
(ii) not including any transaction or series of transactions specified in clause (i) (A) or (i) (B) above in which the proceeds of such prepayment, maturity, workout or other settlement are reinvested in one or more
Properties, Loans or other Permitted Investments within 180 days thereafter. 
 “Shares” means shares of common stock of the
Company, par value $.01 per share. 
 “Stockholders” means the registered holders of the Shares. 
 “Subsidiary” means, with respect to any Person (the “parent”), at any date, any corporation, limited liability company, partnership,
association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as
any other corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a
partnership or limited liability company, more than 50% of the general partnership interests or managing member interests are, as of such date, owned, controlled or held, directly or indirectly, by one or more of the parent and its Subsidiaries.

 “Termination Date” means the date of termination of the Agreement determined in accordance with Article 13 hereof. 

 

 7 

 “2%/25% Guidelines” means the requirement pursuant to the NASAA Guidelines that, in any period
of four consecutive fiscal quarters, total Operating Expenses not exceed the greater of 2% of the Company’s Average Invested Assets during such 12-month period or 25% of the Company’s Net Income over the same 12-month period. 

ARTICLE 2 
 APPOINTMENT

 The Company hereby appoints the Advisor to serve as its advisor and asset manager on the terms and conditions set forth in this
Agreement, and the Advisor hereby accepts such appointment. 
 ARTICLE 3 
 DUTIES OF THE ADVISOR 
 The Advisor is responsible for managing, operating,
directing and supervising the operations and administration of the Company and its assets. The Advisor undertakes to use its best efforts to present to the Company potential investment opportunities, to make investment decisions on behalf of the
Company subject to the limitations in the Company’s Charter, the direction and oversight of the Board and Section 4.03 hereof, and to provide the Company with a continuing and suitable investment program consistent with the investment
objectives and policies of the Company as determined and adopted from time to time by the Board. Subject to the limitations set forth in this Agreement, including Article 4 hereof, and the continuing and exclusive authority of the Board over the
management of the Company, the Advisor shall, either directly or by engaging an Affiliate or third party, perform the following duties: 
 3.01 Organizational and Offering Services. The Advisor shall perform all services related to the organization of the Company or any Offering of the Company’s securities, other than services that (i) are to be performed by the
Dealer Manager, (ii) the Company elects to perform directly or (iii) would require the Advisor to register as a broker-dealer with the SEC or any state. 
 3.02 Acquisition Services. 
 (i) Serve as the Company’s investment and financial advisor
and provide relevant market research and economic and statistical data in connection with the Company’s assets and investment objectives and policies; 
 (ii) Subject to Section 4 hereof and the investment objectives and policies of the Company: (a) locate, analyze and select potential investments; (b) structure and negotiate the terms and conditions of
transactions pursuant to which investments in Properties, Loans and other Permitted Investments will be made; (c) acquire, originate and dispose of Properties, Loans and other Permitted 

  

 8 

 
Investments on behalf of the Company and its Subsidiaries; (d) arrange for financing and refinancing and make other changes in the asset or capital
structure of investments in Properties, Loans and other Permitted Investments of the Company and its Subsidiaries; and (e) enter into leases, service contracts and other agreements for Properties, Loans and other Permitted Investments of the
Company and its Subsidiaries; 
 (iii) Perform due diligence on prospective investments and create due diligence reports
summarizing the results of such work; 
 (iv) With respect to prospective investments presented to the Board, prepare reports
regarding such prospective investments that include recommendations and supporting documentation necessary for the Directors to evaluate the proposed investments; 
 (v) Obtain reports (which may be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of contemplated
investments of the Company and its Subsidiaries; 
 (vi) Deliver to or maintain on behalf of the Company copies of all
appraisals obtained in connection with the Company’s and its Subsidiaries’ investments; and 
 (vii) Negotiate and
execute approved investments and other transactions, including prepayments, maturities, workouts and other settlements of Loans and other Permitted Investments of the Company and its Subsidiaries. 
 3.03 Asset Management Services. 
 (i) Real Estate and Related Services: 
 (a) Investigate, select and, on behalf of the Company, engage and conduct
business with (including enter contracts with) such Persons as the Advisor deems necessary to the proper performance of its obligations as set forth in this Agreement, including but not limited to consultants, accountants, lenders, technical
advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, developers, construction companies, Property Managers and any and all Persons acting in
any other capacity deemed by the Advisor necessary or desirable for the performance of any of the foregoing services; 
 (b)
Negotiate and service the Company’s and its Subsidiaries’ debt facilities and other financings; 
 (c) Monitor
applicable markets and obtain reports (which may be prepared by the Advisor or its Affiliates) where appropriate, concerning the value of investments of the Company and its Subsidiaries; 
  

 9 

 (d) Monitor and evaluate the performance of each asset of the Company and its
Subsidiaries and the Company’s and its Subsidiaries’ overall portfolio of assets, provide daily management services to the Company and perform and supervise the various management and operational functions related to the Company’s and
its Subsidiaries’ investments; 
 (e) Formulate and oversee the implementation of strategies for the administration,
promotion, management, operation, maintenance, improvement, financing and refinancing, marketing, leasing and disposition of Properties, Loans and other Permitted Investments on an overall portfolio basis; 
 (f) Consult with the Company’s officers and the Board and assist the Board in the formulation and implementation of the
Company’s financial policies, and, as necessary with respect to investment and borrowing opportunities presented to the Board, furnish the Board with advice and recommendations with respect to the making of investments consistent with the
investment objectives and policies of the Company and in connection with any borrowings proposed to be undertaken by the Company and its Subsidiaries; 
 (g) Oversee the performance by the (1) Property Managers of their duties, including collection and proper deposits of rental payments and payment of Property expenses and maintenance and (2) Loan Servicers
of their duties, including collection and application of payments, restructurings, workouts, foreclosures and accounting for Loans; 
 (h) Conduct periodic on-site property visits to some or all (as the Advisor deems reasonably necessary) of the Properties to inspect the physical condition of the Properties and to evaluate the performance of the Property Managers;

 (i) Review, analyze and comment upon the operating budgets, capital budgets and leasing plans prepared and submitted by
each Property Manager and aggregate these property budgets into the Company’s overall budget; 
 (j) Coordinate and
manage relationships between the Company and its Subsidiaries, on the one hand, and any Joint Venture partners on the other; and 
 (k) Consult with the Company’s officers and the Board and provide assistance with the evaluation and approval of potential asset disposition, sale and refinancing opportunities that are presented to the Board. 
 (ii) Accounting and Other Administrative Services: 
  

 10 

 (a) Provide the day-to-day management of the Company and perform and supervise the
various administrative functions reasonably necessary for the management of the Company and its Subsidiaries; 
 (b) From time
to time, or at any time reasonably requested by the Board, make reports to the Board on the Advisor’s performance of services to the Company and its Subsidiaries under this Agreement; 
 (c) Make reports to the Conflicts Committee each quarter of the investments that have been made by other programs sponsored by the Advisor
or any of its Affiliates, as well as any investments that have been made by the Advisor or any of its Affiliates directly; 
 (d) Provide or arrange for any administrative services and items, legal and other services, office space, office furnishings, personnel and other overhead items necessary and incidental to the Company’s and its Subsidiaries’
businesses and operations; 
 (e) Provide financial and operational planning services; 
 (f) Maintain accounting and other record-keeping functions at the Company and investment levels, including information concerning the
activities of the Company as shall be required to prepare and to file all periodic financial reports, tax returns and any other information required to be filed with the SEC, the Internal Revenue Service and any other regulatory agency; 

(g) Maintain and preserve all appropriate books and records of the Company and its Subsidiaries; 
 (h) Provide tax and compliance services and coordinate with appropriate third parties, including the Company’s independent auditors
and other consultants, on related tax matters; 
 (i) Provide the Company and its Subsidiaries with all necessary cash
management services; 
 (j) Manage and coordinate with the transfer agent the periodic dividend process and payments to
Stockholders; 
 (k) Consult with the Company’s officers and the Board and assist the Board in evaluating and obtaining
adequate insurance coverage based upon risk management determinations; 
 (l) Consult with the Company’s officers and the
Board relating to the corporate governance structure and appropriate policies and procedures related thereto; 
  

 11 

 (m) Perform all reporting, record keeping, internal controls and similar matters in a
manner to allow the Company and its Subsidiaries to comply with applicable law, including federal and state securities laws and the Sarbanes-Oxley Act of 2002, and provide the Company’s officers and the Board with timely updates regarding the
Company’s compliance with applicable law; 
 (n) Notify the Board of all proposed material transactions before they are
completed and get approval where necessary; and 
 (o) Do all things necessary to assure its ability to render the services
described in this Agreement. 
 3.04 Stockholder Services. 
 (i) Manage services for and communications with Stockholders, including answering phone calls, preparing and sending written and
electronic reports and other communications; 
 (ii) Oversee the performance of the transfer agent and registrar; 

(iii) Establish technology infrastructure to assist in providing Stockholder support and service; and 
 (iv) Consistent with Section 3.01, the Advisor shall perform the various subscription processing services reasonably necessary for
the admission of new Stockholders. 
 3.05 Other Services. Except as provided in Article 7, the Advisor shall perform any other services
reasonably requested by the Company (acting through the Conflicts Committee). 
 ARTICLE 4 
 AUTHORITY OF ADVISOR 
 4.01 General.
All rights and powers to manage and control the day-to-day business and affairs of the Company and its Subsidiaries shall be vested in the Advisor. The Advisor shall have the power to delegate all or any part of its rights and powers to manage and
control the business and affairs of the Company and its Subsidiaries to such officers, employees, Affiliates, agents and representatives of the Advisor or the Company as it may deem appropriate. Any authority delegated by the Advisor to any other
Person shall be subject to the limitations on the rights and powers of the Advisor specifically set forth in this Agreement or the Charter. 
 4.02 Powers of the Advisor. Subject to the express limitations set forth in this Agreement and the continuing and exclusive authority of the Board over the management 

  

 12 

 
of the Company, the power to direct the management, operation and policies of the Company, including making, financing and disposing of investments, shall be
vested in the Advisor, which shall have the power by itself and shall be authorized and empowered on behalf and in the name of the Company to carry out any and all of the objectives and purposes of the Company and to perform all acts and enter into
and perform all contracts and other undertakings that it may in its sole discretion deem necessary, advisable or incidental thereto to perform its obligations under this Agreement. 
 4.03 Approval by the Board. Notwithstanding the foregoing, the Advisor may not take any action on behalf of the Company (or its Subsidiaries) without the
prior approval of the Board or duly authorized committees thereof if the Charter or Maryland General Corporation Law require the prior approval of the Board (or if the governing documents or governing law applicable to any Subsidiary require the
prior approval of the governing body of such Subsidiary). If the Board or a committee of the Board must approve a proposed investment, financing or disposition or chooses to do so, the Advisor will deliver to the Board or committee, as applicable,
all documents required by it to evaluate such investment, financing or disposition. 
 4.04 Modification or Revocation of Authority of
Advisor. The Board may, at any time upon the giving of notice to the Advisor, modify or revoke the authority or approvals set forth in Article 3 and this Article 4 hereof; provided, however, that such modification or revocation shall be effective
upon receipt by the Advisor and shall not be applicable to investment transactions to which the Advisor has committed the Company or its Subsidiaries prior to the date of receipt by the Advisor of such notification. 
 ARTICLE 5 
 BANK ACCOUNTS

 The Advisor may establish and maintain one or more bank accounts in its own name for the account of the Company (and its Subsidiaries)
or in the name of the Company (and its Subsidiaries) and may collect and deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company and its Subsidiaries, under such terms and
conditions as the Board (or the governing body of such Subsidiary) may approve, provided that no funds shall be commingled with the funds of the Advisor. The Advisor shall from time to time render appropriate accountings of such collections and
payments to the Board and the independent auditors of the Company. 
 ARTICLE 6 
 RECORDS AND FINANCIAL STATEMENTS 
 The
Advisor, in the conduct of its responsibilities to the Company, shall maintain adequate and separate books and records for the Company’s and its Subsidiaries’ operations in accordance with GAAP, which shall be supported by sufficient

  

 13 

 
documentation to ascertain that such books and records are properly and accurately recorded. Such books and records shall be the property of the Company and
its Subsidiaries and shall be available for inspection by the Board and by counsel, auditors and other authorized agents of the Company, at any time or from time to time during normal business hours. Such books and records shall include all
information necessary to calculate and audit the fees or reimbursements paid under this Agreement. The Advisor shall utilize procedures to attempt to ensure such control over accounting and financial transactions as is reasonably required to protect
the Company’s and its Subsidiaries’ assets from theft, error or fraudulent activity. All financial statements that the Advisor delivers to the Company shall be prepared on an accrual basis in accordance with GAAP, except for special
financial reports that by their nature require a deviation from GAAP. The Advisor shall liaise with the Company’s officers and independent auditors and shall provide such officers and auditors with the reports and other information that the
Company so requests. 
 ARTICLE 7 
 LIMITATION ON ACTIVITIES 
 Notwithstanding any provision in this Agreement to the contrary, the Advisor shall not take any
action that, in its sole judgment made in good faith, would (i) adversely affect the ability of the Company to qualify or continue to qualify as a REIT under the Code, (ii) subject the Company to regulation under the Investment Company Act
of 1940, as amended, (iii) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Shares or its other securities, (iv) require the Advisor to register as a
broker-dealer with the SEC or any state, (v) violate the Charter or Bylaws, or (vi) violate the governing documents of any Subsidiary of the Company. In the event an action that would violate (i) through (vi) of the preceding
sentence but such action has been ordered by the Board, the Advisor shall notify the Board of the Advisor’s judgment of the potential impact of such action and shall refrain from taking such action until it receives further clarification or
instructions from the Board. In such event, the Advisor shall have no liability for acting in accordance with the specific instructions of the Board so given. 
 ARTICLE 8 
 FEES 
 8.01 Acquisition Fees. As compensation for the investigation, selection, sourcing and acquisition or origination (by purchase, investment or exchange) of Properties, Loans and other Permitted Investments, the Company
shall pay an Acquisition Fee to the Advisor for each such investment (whether an acquisition or origination). With respect to the acquisition or origination of a Property, Loan or other Permitted Investment to be owned by the Company or a
Subsidiary, the Acquisition Fee payable to the Advisor shall equal 2.0% of the sum of the amount actually paid or allocated to fund the acquisition, origination, development, construction or improvement of the Property, Loan or other 

  

 14 

 
Permitted Investment, inclusive of the Acquisition Expenses associated with such Property, Loan or other Permitted Investment and the amount of any debt
associated with, or used to fund the investment in, such Property, Loan or other Permitted Investment. Acquisition Fees will also include any amounts incurred or reserved for capital expenditures that will be used to provide funds for capital
improvements and repairs applied to any real property investment acquired where the Company plans to add value. With respect to the acquisition or origination of a Property, Loan or other Permitted Investment through any Joint Venture or any
partnership in which the Company or the Partnership is, directly or indirectly, a partner and which is not deemed a Subsidiary, the Acquisition Fee payable to the Advisor shall equal 2.0% of the portion that is attributable to the Company’s
direct or indirect investment in such Joint Venture or partnership of the amount actually paid or allocated to fund the acquisition, origination, development, construction or improvement of the Property, Loan or other Permitted Investment, inclusive
of the Acquisition Expenses associated with such Property, Loan or other Permitted Investment, plus the amount of any debt associated with, or used to fund the investment in, such Property, Loan or other Permitted Investment. Notwithstanding
anything herein to the contrary, the payment of Acquisition Fees by the Company shall be subject to the limitations on Acquisition Fees contained in (and defined in) the Company’s Charter. The Advisor shall submit an invoice to the Company
following the closing or closings of each acquisition or origination, accompanied by a computation of the Acquisition Fee. Generally, the Acquisition Fee payable to the Advisor shall be paid at the closing of the transaction upon receipt of the
invoice by the Company. However, the Acquisition Fee may or may not be taken, in whole or in part, as to any year in the sole discretion of the Advisor. All or any portion of the Acquisition Fees not taken as to any fiscal year shall be deferred
without interest and may be paid in such other fiscal year as the Advisor shall determine. 
 8.02 Asset Management Fees. The Company shall
pay the Advisor as compensation for the services described in Section 3.03 hereof a monthly fee (the “Asset Management Fee”) in an amount equal to one-twelfth of 1.0% of the higher of the Cost of Investments or the Independently
Appraised Value of Investments, as of the end of the preceding month. The Advisor shall submit a monthly invoice to the Company, accompanied by a computation of the Asset Management Fee for the applicable period. Generally, the Asset Management Fee
payable to the Advisor shall be paid on the last day of such month, or the first business day following the last day of such month. However, the Asset Management Fee may or may not be taken, in whole or in part, as to any year in the sole discretion
of the Advisor. All or any portion of the Asset Management Fees not taken as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine. 
 8.03 Disposition Fees. If the Advisor or any of its Affiliates provide a substantial amount of services (as determined by the Conflicts Committee) in
connection with a Sale, the Advisor or such Affiliate shall receive a fee at the closing (the “Disposition Fee”) equal to the lesser of (i) (A) one-half of the aggregate brokerage commission paid, including the brokerage
commission payable pursuant to this clause 8.03(i)(A) or (B) if none is paid, the Competitive Brokerage Commission or (ii) 2.75% of the Contract Sales Price; provided, however, that no Disposition Fee shall be payable to the Advisor for
any 

  

 15 

 
Sale if such Sale involves the Company selling all or substantially all of its assets in one or more transactions designed to effectuate a business
combination transaction (as opposed to a Company liquidation, in which case the Disposition Fee would be payable if the Advisor or an Affiliate provides a substantial amount of services as provided above). The Company will not pay a disposition fee
upon the maturity, prepayment or workout of a loan or other real estate related debt investment; however, if the Company takes ownership of a property as a result of a workout or foreclosure of a loan or the Company provides substantial assistance
during the course of a workout, the Company will pay a disposition fee upon the sale of such property or disposition of such loan or other real estate related debt investment. The payment of any Disposition Fees by the Company shall be subject to
the limitations contained in the Company’s Charter. Any Disposition Fee payable under this Section 8.03 may be paid in addition to commissions paid to non-Affiliates, provided that the total commissions (including such Disposition Fee)
paid to all Persons by the Company for each Sale shall not exceed an amount equal to the lesser of (i) 6% of the aggregate Contract Sales Price of each Property, Loan or other Permitted Investment or (ii) the Competitive Brokerage
Commission for each Property, Loan or other Permitted Investment. The Advisor shall submit an invoice to the Company following the closing or closings of each disposition, accompanied by a computation of the Disposition Fee. Generally, the
Disposition Fee payable to the Advisor shall be paid at the closing of the transaction upon receipt of the invoice by the Company. However, the Disposition Fee may or may not be taken, in whole or in part, as to any year in the sole discretion of
the Advisor. All or any portion of the Disposition Fees not taken as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine. 
 8.04 Debt Financing Fees. In the event of any debt financing obtained by or for the Company or its Subsidiaries (and any Joint Ventures that are not
Subsidiaries but for which the Advisor provides substantial services in connection with obtaining such debt financing), the Company will pay to the Advisor a debt financing fee equal to 0.5% of the amount available under the financing. The Debt
Financing Fee includes the reimbursement of the specified cost incurred by the Advisor of engaging third parties to source debt financing, and nothing herein shall prevent the Advisor from entering fee-splitting arrangements with third parties with
respect to the Debt Financing Fee. All or any portion of the Debt Financing Fees not taken as to any fiscal year shall be deferred without interest and may be paid in such other fiscal year as the Advisor shall determine. In no event will the Debt
Financing Fee be paid more than once in respect of the same debt. For example, upon refinancing, the Advisor would only receive 0.5% of the incremental amount of additional debt financing obtained in the refinancing. 
 8.05 Changes to Fee Structure. In the event of Listing, the Company and the Advisor shall negotiate in good faith to establish a fee structure
appropriate for a perpetual-life entity. 
  

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 ARTICLE 9 
 EXPENSES 
 9.01 General. In addition to the compensation paid to the Advisor pursuant to Article 8
hereof, the Company shall: 
 (i) pay the Advisor a non-accountable expense reimbursement in an amount equal to 2.5% of the
Gross Proceeds raised in any Private Placement occurring prior to the declaration of effectiveness of the Registration Statement, in compensation for the following: 
 (a) All Organization and Offering Expenses directly related to any such Private Placement; and 
 (b) All of the expenses paid or incurred by the Advisor or its Affiliates on behalf of the Company (other than Organization and Offering
Expenses) or in connection with the services provided to the Company pursuant to this Agreement prior to the effectiveness of the Registration Statement; and 
 (ii) after the declaration of effectiveness of the Registration Statement, pay directly or reimburse the Advisor for all of the expenses
paid or incurred by the Advisor or its Affiliates on behalf of the Company or in connection with the services provided to the Company pursuant to this Agreement other than those actually reimbursed pursuant to Section 9.01(i), including, but
not limited to: 
 (a) All Organization and Offering Expenses; provided, however, that: 
 (1) the Company shall not reimburse the Advisor to the extent such reimbursement would cause the total amount spent by the Company on
Organization and Offering Expenses (excluding underwriting and brokerage discounts and commissions) to exceed 2.5% of Gross Proceeds raised in a Public Offering, as of the date of the reimbursement; 
 (2) within 60 days after the end of the month in which a Public Offering terminates, the Advisor shall reimburse the Company to the
extent the Company incurred Organization and Offering Expenses (excluding underwriting and brokerage discounts and commissions) exceeding 2.5% of Gross Proceeds of raised in a Public Offering; and 
 (3) the Company shall not reimburse the Advisor for any Organization and Offering Expenses that the Conflicts Committee determines are
not fair and commercially reasonable to the Company. 
  

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 (b) Acquisition Fees and Acquisition Expenses incurred in connection with the selection
and acquisition of Properties, Loans and other Permitted Investments and Joint Venture opportunities, including such expenses incurred related to assets pursued or considered but not ultimately acquired by the Company or any of its Subsidiaries,
provided that, notwithstanding anything herein to the contrary, the payment of Acquisition Fees and Acquisition Expenses by the Company shall be subject to the limitations contained in the Company’s Charter; 
 (c) The actual out-of-pocket cost of goods and services used by the Company and its Subsidiaries and obtained from entities not Affiliated
with the Advisor; 
 (d) Interest and other costs for borrowed money, including discounts, points and other similar fees;

 (e) Taxes and assessments on income or Properties, taxes as an expense of doing business and any other taxes otherwise
imposed on the Company and its Subsidiaries and their business, assets or income; 
 (f) Out-of-pocket costs associated with
insurance required in connection with the business of the Company or by its officers and Directors or by its Subsidiaries; 
 (g) Expenses of managing, improving, developing, operating and selling Properties, Loans and other Permitted Investments owned, directly or indirectly, by the Company, as well as expenses of other transactions relating to such Properties,
Loans and other Permitted Investments, including but not limited to prepayments, maturities, workouts and other settlements of Loans and other Permitted Investments; 
 (h) All out-of-pocket expenses in connection with payments to the Board and meetings of the Board and Stockholders; 
 (i) Personnel and related employment costs incurred by the Advisor or its Affiliates in performing the services described in Article 3
hereof, including but not limited to reasonable salaries and wages, benefits and overhead of all employees directly involved in the performance of such services, provided that no reimbursement shall be made for costs of such employees of the Advisor
or its Affiliates to the extent that such employees perform services for which the Advisor receives Acquisition Fees, Disposition Fees or Debt Financing Fees; 
 (j) Out-of-pocket expenses of providing services for and maintaining communications with Stockholders, including the cost of preparation,
printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 
  

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 (k) Audit, accounting and legal fees, and other fees for professional services relating
to the operations of the Company and its Subsidiaries and all such fees incurred at the request, or on behalf of, the Board, the Conflicts Committee or any other committee of the Board; 
 (l) Out-of-pocket costs for the Company and its Subsidiaries to comply with all applicable laws, regulations and ordinances; 

(m) Expenses connected with payments of Distributions made or caused to be made by the Company to the Stockholders; 
 (n) Expenses of organizing, redomesticating, merging, liquidating or dissolving the Company or of amending the Charter or the Bylaws; and

 (o) All other out-of-pocket costs incurred by the Advisor in performing its duties hereunder. 
 9.02 Timing of and Additional Limitations on Reimbursements. 
 (i) Expenses incurred by the Advisor on behalf of the Company and reimbursable pursuant to this Article 9 shall be reimbursed no less than
monthly to the Advisor. The Advisor shall prepare a statement documenting the expenses of the Company during each quarter and shall deliver such statement to the Company within 45 days after the end of each quarter. 
 (ii) The Company shall not reimburse the Advisor to the extent such reimbursement would cause the total amount spent by the Company on
Organization and Offering Expenses to exceed 15% of the Gross Proceeds raised as of the date of the reimbursement and provided further that within 60 days after the end of the month in which an Offering terminates, the Advisor shall reimburse the
Company to the extent the Company incurred Organization and Offering Expenses exceeding 15% of the Gross Proceeds raised in the completed Offering; the Company shall not reimburse the Advisor for any Organization and Offering Expenses that the
Conflicts Committee determines are not fair and commercially reasonable to the Company. 
 (iii) Notwithstanding anything else
in this Article 9 to the contrary, the expenses enumerated in this Article 9 shall not become reimbursable to the Advisor unless and until (A) with respect to expenses incurred prior to the declaration of effectiveness of the Registration
Statement, the Company has raised $1 million in one or more Private Placements and (B) with respect to expenses subject to reimbursement under Section 9.01(ii), the Company has raised $2 million in the Initial Public Offering. 

(iv) Commencing four fiscal quarters after the Company’s making of its first real estate investment, the following limitation on
Operating Expenses shall apply: The Company shall not reimburse the Advisor at the end of any fiscal quarter for Operating Expenses that in the four consecutive fiscal quarters then 

  

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ended (the “Expense Year”) exceed (the “Excess Amount”) the greater of 2% of Average Invested Assets or 25% of Net Income (the
“2%/25% Guidelines”) for such year unless the Conflicts Committee determines that such excess was justified, based on unusual and nonrecurring factors that the Conflicts Committee deems sufficient. If the Conflicts Committee does not
approve such excess as being so justified, any Excess Amount paid to the Advisor during a fiscal quarter shall be repaid to the Company. If the Conflicts Committee determines such excess was justified, then, within 60 days after the end of any
fiscal quarter of the Company for which total reimbursed Operating Expenses for the Expense Year exceed the 2%/25% Guidelines, the Advisor, at the direction of the Conflicts Committee, shall cause such fact to be disclosed to the Stockholders in
writing (or the Company shall disclose such fact to the Stockholders in the next quarterly report of the Company or by filing a Current Report on Form 8-K with the SEC within 60 days of such quarter end), together with an explanation of the factors
the Conflicts Committee considered in determining that such excess expenses were justified. The Company will ensure that such determination will be reflected in the minutes of the meetings of the Board. All figures used in the foregoing computation
shall be determined in accordance with GAAP applied on a consistent basis. 
 ARTICLE 10 
 VOTING AGREEMENT 
 The Advisor agrees
that, with respect to any Shares now or hereinafter owned by it, the Advisor will not vote or consent on matters submitted to the stockholders of the Company regarding (i) the removal of the Advisor or any Affiliate of the Advisor or
(ii) any transaction between the Company or its Subsidiaries and the Advisor or any of its Affiliates. This voting restriction shall survive until such time that the Advisor is both no longer serving as such and is no longer an Affiliate of the
Company. 
 ARTICLE 11 
 RELATIONSHIP OF ADVISOR AND COMPANY; 
 OTHER ACTIVITIES OF THE ADVISOR 
 11.01 Relationship. The Company and the Advisor are not partners or joint venturers with each other, and nothing in this Agreement shall be construed to
make them such partners or joint venturers. Nothing herein contained shall prevent the Advisor from engaging in other activities, including, without limitation, the rendering of advice to other Persons (including other REITs) and the management of
other programs advised, sponsored or organized by the Advisor or its Affiliates. Nor shall this Agreement limit or restrict the right of any manager, director, officer, employee or equityholder of the Advisor or its Affiliates to engage in any other
business or to render services of any kind to any other Person. The Advisor may, with respect to any investment in which the Company is a participant, also render advice and service to each and every other 

  

 20 

 
participant therein. The Advisor shall promptly disclose to the Board the existence of any condition or circumstance, existing or anticipated, of which it
has knowledge, that creates or could create a conflict of interest between the Advisor’s obligations to the Company and its obligations to or its interest in any other Person. 
 11.02 Time Commitment. The Advisor shall, and shall cause its Affiliates and their respective employees, officers and agents to, devote to the Company
such time as shall be reasonably necessary to conduct the business and affairs of the Company in an appropriate manner consistent with the terms of this Agreement. The Company acknowledges that the Advisor and its Affiliates and their respective
employees, officers and agents may also engage in activities unrelated to the Company and may provide services to Persons other than the Company or any of its Affiliates. 
 11.03 Investment Opportunities and Allocation. The Advisor shall be required to use commercially reasonable efforts to present a continuing and suitable investment program to the Company that is consistent with the
investment policies and objectives of the Company, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any particular investment opportunity to the Company even if the opportunity is of character that, if
presented to the Company, could be taken by the Company. In the event an investment opportunity is located, the allocation procedure set forth under the captions “Conflicts of Interest – Certain Conflict Resolution Measures –
Resolution of Potential Conflicts of Interest in Allocation of Investment Opportunities” and “Conflicts of Interest – Certain Conflict Resolution Measures – Allocation of Investment Opportunities” in the Registration
Statement and private placement memorandum of the Company shall govern the allocation of the opportunity among the Company and Affiliates of the Advisor. 
 ARTICLE 12 
 THE RESOURCE REAL ESTATE OPPORTUNITY NAME 
 The Advisor and its Affiliates have a proprietary interest in the name “RESOURCE REAL ESTATE OPPORTUNITY.” The Advisor hereby grants to the
Company a non-transferable, non-assignable, non-exclusive royalty-free right and license to use the name “RESOURCE REAL ESTATE OPPORTUNITY” during the term of this Agreement. Accordingly, and in recognition of this right, if at any time
the Company ceases to retain the Advisor or one of its Affiliates to perform advisory services for the Company, the Company will, promptly after receipt of written request from the Advisor, cease to conduct business under or use the name
“RESOURCE REAL ESTATE OPPORTUNITY” or any derivative thereof and the Company shall change its name and the names of any of its subsidiaries to a name that does not contain the name “RESOURCE REAL ESTATE OPPORTUNITY” or any other
word or words that might, in the reasonable discretion of the Advisor, be susceptible of indication of some form of relationship between the Company and the Advisor or any its Affiliates. At such time, the Company will also make any changes to any
trademarks, servicemarks or other marks necessary to remove any references to the word “RESOURCE REAL ESTATE 

  

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OPPORTUNITY.” Consistent with the foregoing, it is specifically recognized that the Advisor or one or more of its Affiliates has in the past and may in
the future organize, sponsor or otherwise permit to exist other investment vehicles (including vehicles for investment in real estate) and financial and service organizations having “RESOURCE REAL ESTATE OPPORTUNITY” as a part of their
name, all without the need for any consent (and without the right to object thereto) by the Company. 
 ARTICLE 13 
 TERM AND TERMINATION OF THE AGREEMENT 
 13.01 Term. This Agreement shall have an initial term of one year from the date hereof and may be renewed for an unlimited number of successive one-year terms upon mutual consent of the parties. The Company (acting through the Conflicts
Committee) will evaluate the performance of the Advisor annually before renewing this Agreement, and each such renewal shall be for a term of no more than one year. Any such renewal must be approved by the Conflicts Committee. 
 13.02 Termination by Either Party. This Agreement may be terminated upon 60 days written notice without cause or penalty by either the Company (acting
through the Conflicts Committee) or the Advisor. The provisions of Articles 1, 10, 12, 13, 15 and 16 shall survive termination of this Agreement. 
 13.03 Payments on Termination. Payments to the Advisor pursuant to this Section 13.03 shall be subject to the 2%/25% Guidelines to the extent applicable. After the Termination Date, the Advisor shall not be entitled to compensation for
further services hereunder except it shall be entitled to receive from the Company within 30 days after the effective date of such termination all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to
termination of this Agreement. 
 13.04 Duties of Advisor Upon Termination. The Advisor shall promptly upon termination: 
 (i) pay over to the Company all money collected pursuant to this Agreement, if any, after deducting any accrued compensation and
reimbursement for its expenses to which it is then entitled; 
 (ii) deliver to the Board a full accounting, including a
statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board; 
 (iii) deliver to the Board all assets and documents of the Company then in the custody of the Advisor; and 
 (iv) cooperate with the Company to provide an orderly transition of advisory functions. 
  

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 ARTICLE 14 
 ASSIGNMENT 
 This Agreement may be assigned by the Advisor to an Affiliate with the consent of the
Conflicts Committee. The Advisor may assign any rights to receive fees or other payments under this Agreement without obtaining the approval of the Board. This Agreement shall not be assigned by the Company without the consent of the Advisor, except
in the case of an assignment by the Company to a corporation or other organization that is a successor to all of the assets, rights and obligations of the Company, in which case such successor organization shall be bound hereunder and by the terms
of said assignment in the same manner as the Company is bound by this Agreement. 
 ARTICLE 15 
 INDEMNIFICATION AND LIMITATION OF LIABILITY 
 15.01 Indemnification. Except as prohibited by the restrictions provided in this Section 15.01, Section 15.02 and Section 15.03, the Company shall indemnify, defend and hold harmless the Advisor and its Affiliates, including
their respective officers, directors, equity holders, partners and employees, from all liability, claims, damages or losses arising in the performance of their duties hereunder, and related expenses, including reasonable attorneys’ fees, to the
extent such liability, claims, damages or losses and related expenses are not fully reimbursed by insurance. Any indemnification of the Advisor may be made only out of the net assets of the Company and not from Stockholders. 
 Notwithstanding the foregoing, the Company shall not indemnify the Advisors or its Affiliates for any loss, liability or expense arising from or out of
an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged material securities law
violations as to the particular indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee; or (iii) a court of competent jurisdiction approves a
settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the
Securities and Exchange Commission and of the published position of any state securities regulatory authority in which securities of the Company were offered or sold as to indemnification for violations of securities laws. 
 15.02 Limitation on Indemnification. Notwithstanding the foregoing, the Company shall not provide for indemnification of the Advisor or its Affiliates
for any liability or loss suffered by any of them, nor shall any of them be held harmless for any loss or liability suffered by the Company, unless all of the following conditions are met: 
  

 23 

 (i) The Advisor or its Affiliates have determined, in good faith, that the course of
conduct that caused the loss or liability was in the best interests of the Company. 
 (ii) The Advisor or its Affiliates were
acting on behalf of or performing services for the Company. 
 (iii) Such liability or loss was not the result of negligence
or misconduct by the Advisor or its Affiliates. 
 15.03 Limitation on Payment of Expenses. The Company shall pay or reimburse reasonable
legal expenses and other costs incurred by the Advisors or its Affiliates in advance of the final disposition of a proceeding only if (in addition to the procedures required by the Maryland General Corporation Law, as amended from time to time) all
of the following are satisfied: (a) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company, (b) the legal proceeding was initiated by a third party who is not a
stockholder or, if by a stockholder acting in his or her capacity as such, a court of competent jurisdiction approves such advancement and (c) the Advisor or its Affiliates undertake to repay the amount paid or reimbursed by the Company,
together with the applicable legal rate of interest thereon, if it is ultimately determined that the particular indemnitee is not entitled to indemnification. 
 ARTICLE 16 
 MISCELLANEOUS 
 16.01 Notices. Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of
giving such notice, report or other communication is required by the Charter, the Bylaws or is accepted by the party to whom it is given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the
addresses set forth herein: 
 To the Company or the Board: 
 Resource Real Estate Opportunity REIT, Inc. 
 One Crescent Drive, Suite 203 
 Philadelphia, Pennsylvania 19112 
 Resource Real Estate Opportunity Advisor, LLC 
 One Crescent Drive, Suite 203 
 Philadelphia, Pennsylvania 19112 
 Either party may at any time give notice in writing to the other party of
a change in its address for the purposes of this Section 16.01. 
  

 24 

 16.02 Modification. This Agreement shall not be changed, modified, terminated or discharged, in whole or
in part, except by an instrument in writing signed by both parties hereto, or their respective successors or permitted assigns. 
 16.03
Severability. The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be
invalid or unenforceable in whole or in part. 
 16.04 Construction. The provisions of this Agreement shall be construed and interpreted in
accordance with the laws of the Commonwealth of Pennsylvania. 
 16.05 Entire Agreement. This Agreement contains the entire agreement and
understanding between the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever
with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an
agreement in writing. 
 16.06 Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or
privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege,
nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in
writing and is signed by the party asserted to have granted such waiver. 
 16.07 Gender. Words used herein regardless of the number and
gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
 16.08 Titles Not to Affect Interpretation. The titles of Articles and Sections contained in this Agreement are for convenience only, and they neither
form a part of this Agreement nor are they to be used in the construction or interpretation hereof. 
 16.09 Counterparts. This Agreement may
be executed in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become
binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 
 [The remainder of this page is intentionally left blank. 
 Signature page follows.] 

 

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above
written. 
  

									
		 		 		 	RESOURCE REAL ESTATE OPPORTUNITY REIT, INC.
					
		 		 		 	By: 	 	/s/ Alan F. Feldman
		 		 		 		 	Alan F. Feldman, Chief Executive Officer
				
		 		 		 	RESOURCE REAL ESTATE OPPORTUNITY ADVISOR, LLC
					
		 		 		 	By: 	 	/s/ Kevin M. Finkel
		 		 		 		 	Kevin M. Finkel, President

 [Signature Page to Advisory Agreement between Resource Real Estate Opportunity 

REIT, Inc. and Resource Real Estate Opportunity Advisor, LLC]

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