Yes your diagram is perfect.

Couple of things...

Make sure your exhaust fan has a very high static pressure level. An inline fan wont cut it! It needs to be hgih static pressue.

Also, make damn sure thats a vent pipe and not something the builders ran electrical conduit thru.

Water isnt an issue as most of those pipes are capped at the top. If not, if you have a strong fan, air out will cause the rain drops to bounce off the top of the opening.

Your fan MUST be strong enuff to push thru all this pipe....either a vortex or squirrel fan would work best.