Presentation Scripts and Q&A Session of Presentation on Financial Results Briefing for the Fiscal Period Ended January 2026(41st Fiscal Period)

Financial Results Briefing for the Fiscal Period Ended January 2026 (41st Fiscal Period) March 18, 2026

Fiscal Period)

(Total: 19 minutes, Presentation: 6 minutes, Q&A: 13 minutes)

Seiichi Suzuki President and CEO

Ryota Sekiguchi Chief Administration Officer

Satoshi Kikkawa Chief Investment Officer

Kazuaki Kanno Management Director of Asset Management Department

Shintaro Miyata Chief Financial Officer

Yosuke Ohata Mizuho Securities

Today, Seiichi Suzuki, President and CEO of Mitsui & Co., Logistics Partners Ltd., will provide a brief overview of Japan Logistics Fund, Inc.'s financial results for the fiscal period ended January 31, 2026, followed by a Q&A session. The briefing is scheduled to end at approximately 1:30 PM.

The presentation materials will be shared on the Zoom screen and will be posted on the Japan Logistics Fund's website, so please refer to it as appropriate. Please also see the video for a detailed presentation, which is available separately on our website.

A recording of today's briefing will now be made in order to post the minutes on the website at a later date. Only the presenter's voice will be recorded, so no participant's face or voice will be recorded.

We will now begin our explanation.

Prior to the Q&A session, I would like to take three minutes of your time to explain the highlights of the financial results. Please refer to page 3 of the financial results presentation.

The distribution per unit for the period ended January 31, 2026 was JPY2,300, an increase of 7% from the previous period. DPU increased by JPY150, and we achieved a high level of profit distribution by realizing the sale of a property at a price significantly higher than its appraisal value.

For the fiscal period ending January 31, 2027, we are projecting an annual growth rate of 2.8% FFO growth per unit, which is well above our target. In addition, the target for FFO per unit for the period ending January 31, 2028 was set at JPY2,500.

In terms of portfolio management, we maintain solid growth momentum with an expected re-leasing spread of plus 7.4% for the fiscal period ending July 31, 2026. The rent renewal rate also increased to 18.4%, resulting in a positive 1.2% growth in rental income on a same-store basis and a positive 1.9% contribution to FFO per unit for the period ending January 31, 2027.

In addition to this, among contracts concluded in the last three and a half years, CPI reference clauses have been successfully introduced in more than 60% of contracts with terms exceeding five years, indicating that the contract terms are becoming more inflation-compatible. In addition, we expect to generate a high return

on investment as our track record of value creation through "CAPEX plus" initiatives continues to build.

With regard to capital recycling, investment efficiency has improved and is expected to contribute a positive 1.9% in terms of FFO per unit through the period ending January 31, 2027. In addition to the already determined projects, we will continue to recycle 1% to 2% of annual AUM to improve profitability and expand future growth potential.

With regard to investment unit buybacks, since no buybacks were made during the period under review against the backdrop of a recovery in unit prices, we decided to allocate the funds to the acquisition of pipeline properties with higher investment efficiency and profitability potential, and we will acquire two properties on March 23, 2026.

As an additional growth opportunity, we are considering the use of LTV capacity in a phased manner. As for equity financing, we would like to consider deals that will contribute to the growth of FFO per unit, NAV per unit, and expansion of growth opportunities when the unit price recovers further.

Finally, in the rental market, vacancy rates began to decline in the Tokyo metropolitan area, the largest market, from H2 of last year. Additionally, new supply is expected to decrease significantly in the coming year. Currently, the closer to the city center, the more favorable the supply-demand environment is, and we believe that JLF's portfolio, which is mainly located in the suburbs of the Tokyo metropolitan area, will be further advantageous amid the expected decrease in supply.

These are the financial highlights. JLF will continue to steadily promote each tactic and flexibly respond to changes in the market environment to achieve higher growth. We are committed to enhancing sustainable unitholder value by improving our portfolio's cash-generating capacity .

Thank you very much for your cooperation.

Please note that each person is limited to three questions at a time. In this session, only the voices of those who asked questions will be recorded, and their faces will not be shown at all.

In addition to Seiichi Suzuki, President and CEO, Ryota Sekiguchi, Chief Administration Officer; Satoshi Kikkawa, Chief Investment Officer, Kazuaki Kanno, Management Director of Asset Management Department; and Shintaro Miyata, Chief Financial Officer will answer questions.

We will now begin our question-and-answer session. SMBC Nikko Securities, Mr. Torii, please ask your question.

Since the beginning of 2026, as of the end of January, the occupancy rate has declined, so what is the backfill situation here, and also, what is the demand situation like? Is it vigorous, or is it not so vigorous but seems to be able to manage with its own leasing power? The first point I would like to ask is about the decline in the occupancy rate here and the future backfilling.