Notice Concerning the Acquisition of Real estate trust beneficiary right and Disposition of Real Estate Asset

December 12, 2025

For Immediate Release

Japan Logistics Fund, Inc. (Security Code: 8967) Representative: Seiichi Suzuki, Executive Director

Mitsui & Co., Logistics Partners Ltd. Representative: Seiichi Suzuki, President & CEO Contact: Shintaro Miyata, Chief Financial Officer TEL +81-3-3238-7171

Notice Concerning the Acquisition of Real estate trust beneficiary right and Disposition of Real Estate Asset (Acquisition of Ishikari Logistics Center (45% quasi-co-

Mitsui & Co., Logistics Partners Ltd. (hereinafter referred to as "MLP"), the asset management company of Japan Logistics Fund, Inc. (hereinafter referred to as "JLF"), announces today that MLP has decided to acquire a new asset and dispose an existing asset (hereinafter referred to as "The Acquisition" and "The Disposition", respectively, and "The Transaction", collectively) as detailed below:

1. Outline of The Acquisition and The Disposition

   1. Asset acquired (hereinafter referred to as the "Asset Acquired")

      Property number	O-6
      Name of the property	Ishikari Logistics Center (45% quasi-co-ownership interest)
      Date of contract	December 12, 2025
      Planned date of delivery (Note 2)	December 17, 2025
      Planned acquisition price (Millions of yen) (Note 3)	1,042
      Appraisal value (Millions of yen)	1,070
      Discount to appraisal value (Note 4)	2.6%
      Appraisal NOI yield (based on planned acquisition price) (Note 5)	7.1%
      Seller	Fuyo General Lease Co., Ltd.
      Brokerage	Not applicable

      (Note 1) Amounts have been rounded down to the nearest million yen. The same applies hereafter for units of million yen.

      Percentages have been rounded off to the first decimal point place. The same applies to percentages hereafter.

      (Note 2) If JLF and the seller agree to a different date, that agreed-upon date shall apply. The same applies hereafter.

      (Note 3) The amount provided is the purchase amount stipulated under trust beneficiary right purchase agreement related to the asset acquisition (both excluding consumption tax and local consumption tax).

      (Note 4) Discount to appraisal value = (Appraisal value - planned acquisition price) ÷ Appraisal value X 100

      (Note 5) Appraisal NOI yield (based on planned acquisition price) = Appraisal NOI ÷ planned acquisition price X 100 Appraisal NOI is the amount of net operating income that serves as the basis for pricing using the direct capitalization approach as stated in the appraisal report.

      Property number	T-4
      Name of the property	Kadoma Logistics Center
      Date of contract	December 12, 2025
      Date of delivery	December 12, 2025
      Disposition price (Millions of yen) (Note 1)	2,730
      Book value (Millions of yen) (Note 2)	1,101
      Difference between the disposition price and book value (Millions of yen) (Note 3)	1,628
      Appraisal value (Millions of yen)	1,890
      Buyer	Taisei-Yuraku Real Estate Co., Ltd.
      Brokerage	Not applicable

   2. Asset disposed (Hereinafter referred to as the "Asset Disposed". "The Property" shall hereinafter refer to the Asset Acquired or Asset Disposed individually or collectively.)

      (Note 1) Excludes disposition expenses, settlement of property and city planning taxes, and consumption tax.

      (Note 2) The estimated values as of the disposition date.

      (Note 3) This does not represent capital gain or loss; rather, it is a reference value calculated as the difference between the disposition price and the book value.

   3. Funds for/from the acquisition and disposition

      1. The Acquisition (Ishikari Logistics Center (45% quasi-co-ownership interest))

         • Funds for the acquisition: Borrowings (Note) and funds on hand

         • Payment method: Lump-sum payment on the date of delivery

           (Note) For details of the borrowings, please refer to the "Notice Concerning Borrowing Capital" announced today.

      2. The Disposition (Kadoma Logistics Center)

         • Funds from the disposition: Funds on hand and amounts allocated to cash distributions

         • Payment method: Lump-sum payment on the date of delivery

2. Rationale for the Transaction

   We recognize the underperformance of JLF's unit price versus NAV per unit (Note 1) as a challenge. In response to this challenge, we strive to maintain a DPU above JPY 2,150 and target annual growth of 2.2% or more in FFO per unit (Note 2) to gain trust in the sustainability of DPU and growth in portfolio profits. To achieve these goals, we endeavor to raise portfolio profitability (rental growth) and transition into assets with greater value-add potential (capital recycling).

   As part of our capital recycling strategy, we approved The Transaction to transition into properties that would contribute to growth in FFO per unit.

   The asset to be acquired, the Ishikari Logistics Center located favorably as a logistics hub serving Sapporo and surrounding consumer markets, given its location within the Ishikari Bay New Port, a terminal for international trade and Sapporo's gateway to the sea. The Property carries a rent gap (Note 3), leaving expectations for future earnings growth. The acquisition has an appraisal NOI yield of 7.1%, which exceeds implied cap rate (Note 4). Further, the planned acquisition price represents a 2.6% discount to appraisal value. Therefore, this acquisition contributes to profitability growth and unitholder value gains. Moreover, JLF has owned and operated a 55% quasi-co-ownership interest in the Property since March 2024. The acquisition of the additional 45% quasi-co-ownership interest will bring Ishikari Logistics Center under JLF's sole ownership, making it possible to achieve greater efficiency, flexibility, and agility in operations of the Property.

   The asset to be disposed, the Kadoma Logistics Center is where asset value has been maximized since its acquisition in 2007. A recent lease agreement with an in-place tenant has been renewed at rent levels considered to fall within the high end of market rents. As such, the asset became slated for sale as asset value has been deemed maximized. The disposition price is 44.4% higher than appraisal value, which would deliver an IRR (Note 5) over the holding period of 9.1%. The effects of the Disposition have been reflected in operational guidance published in JLF's Financial Report released September 12, 2025. The capital gain, however, would exceed expectations. Therefore, the DPU forecast for the six-month fiscal period ending January 2026 has been revised. Specifically, the DPU for FP 2026/1 has been raised 7.0% to JPY 2,300 from the original forecast of JPY 2,150.

   Since March 2024, JLF has sold 4 properties deemed to have reached maximum value and acquired 5 properties with future earnings growth potential. The Transaction is an extension of these initiatives aimed at enhancing portfolio profitability through capital recycling. As far as the unitholder returns of capital gains is concerned, in the event a disposition is priced at a level that far exceeds appraisal value, that surplus is returned to unitholders while considering the FFO payout ratio.

   JLF believes The Transaction will improve capital cost and lead to increased unitholder returns and unitholder value through a higher DPU. Following The Transaction, JLF will continue to advance its Develop the Value 2.0 strategy with a careful eye on unit price, capital cost, and the like.

   (Note1) "NAV (Net Asset Value) per unit" represents net assets reflecting unrealized gain/loss (the difference between the book value and appraisal value of portfolio assets) divided by the number of investment units issued and outstanding.

   (Note2) "FFO (Funds from Operations)" is calculated using the following formula:

   FFO = Net income (for the period) + Depreciation & amortization costs (for the period) + Loss on disposal of fixed assets (for the period) + Capital losses on real estate sales - Capital gains on real estate sales etc.

   (Note3) "Rent gap" refers to the difference between market rent and the rent level stipulated in the lease agreement effective as of the date of this document for the relevant property. Market rent is nothing more than a value assumed by MLP based on examples from the neighboring area and the like.

   (Note4) "Implied cap rate" is the yield sought by real estate investors, calculated based on unit price, using the following formula: Sum of appraisal NOI as of the end of the previous fiscal period for JLF portfolio properties ÷ {Market capitalization of JLF unit prices as of each day + Total amount of interest-bearing debt as of the end of the previous fiscal period + Deposits and guarantees in trust as of the end of the previous fiscal period + Long-term deposits - (Cash and deposits as of the end of the previous fiscal period + Cash and deposits in trust as of the end of the previous fiscal period)}

   (Note5) IRR is calculated based on a holding period from June 27, 2007, through the disposition date. NCF over the holding period is calculated using actual NCF since June 27, 2007, and assumed NCF until the disposition date in the fiscal period ending July 2026.

   (Note6) See the press release dated today, "Notice Concerning Revision of Forecast for the Six-Month Period Ending January 31, 2026" for the operating forecasts and distribution forecasts for FP 2026/1.

3. Strengths of the Asset Acquired

   【O-6 Ishikari Logistics Center (45% quasi-co-ownership interest)】

   Highlights of The Acquisition

• Off-market transaction with another player leveraging MLP's own network.

• The property has a rent gap that leaves potential for future profitability growth.

• Located within a corporate complex in the area of the Ishikari Bay New Port, an international trading port that serves as Sapporo's gateway to the sea.

• The location also provides excellent access to New Chitose Airport, supporting a broad range of cargo, from ocean freight to air freight.

• Highly versatile specifications supporting efficient internal operations. Able to be divided into

partitions as small as 1,500 tsubo.