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Japan Logistics Fund, Inc.

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

Event Summary [Company Name] Japan Logistics Fund, Inc. [Company ID] 8967-QCODE [Event Language] JPN [Event Type] Earnings Announcement [Event Name] Financial Results Briefing for the Fiscal Period Ended January 2026 (41st

Fiscal Period)

[Date] March 18, 2026 [Time] 13:00 - 13:19

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

[Venue] Webcast [Number of Speakers] 5

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

[Analyst Names] Hiroshi Torii SMBC Nikko Securities

Yosuke Ohata Mizuho Securities

Presentation Moderator: We will now begin the online presentation of the financial results of Japan Logistics Fund, Inc. for the fiscal period ended January 31, 2026. Thank you for taking time out of your busy schedule to attend today's briefing.

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.

Suzuki: I am President Suzuki. Thank you for taking time out of your busy schedule to attend today's financial results briefing. We also thank you from the bottom of our hearts for your continued understanding and support of JLF's efforts.

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.

Question & Answer Moderator [M]: Okay, we will now go to the question-and-answer session.

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.

Torii [Q]: This is Torii, SMBC Nikko Securities. Thank you very much. I would like to ask you two questions.

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.

The second point is regarding the data on rent increase on page 12, but the data shows the rent increase rate only for the fixed-term lease portion. If we look at the portfolio as a whole, for example, what was the hit rate of rent increase, and were there any other special factors that caused a large movement? Can you accomplish this rate of rent increase and decrease on a cruising basis? I would appreciate it if you could speak in terms of percentage increase and decrease rather than re-leasing spread.

Thank you very much.

Suzuki [A]: Thank you for your question, Mr. Torii. I will be happy to answer your questions.

Regarding the first point of the occupancy rate, as you pointed out, the occupancy rate as of the end of January has declined. Our current policy is to prioritize catching up to market rents even if some tenant turnover occurs, and the frequency of tenant turnover is slightly higher than usual.

As for the current situation, we believe that we are in control in accordance with our strategy, as the overall effect of rent increase has been more significant, and FFO per unit growth on a same-store basis has been progressing above our target. We have also factored in a certain amount of downtime in our earnings forecast.

With regard to backfill, we currently have vacancies in two properties. Both properties are located in inland Kanagawa and inland Chiba, but they are competitive properties. We have received multiple inquiries for each, so we believe we can lease them up with a certain amount of downtime without selling at a discount.

We are assuming a cruising occupancy rate of approximately 98% or 99% for the current tactic. In that sense, we are currently slightly below the current level, but we are taking the opportunity of this tenant turnover to divide the Chiba property, renovate the lounge, and make allowances for value enhancement work as well.

As for the properties in Kanagawa, the occupancy rate at the end of the fiscal period was in the 60% range, but it has recovered to 87% at present.

In total, we hope to be able to show an increase in rent or improved profitability as a result of this initiative in the future.

As for demand, we are sensing a slight increase in demand. Specifically, our main customers for logistics facilities and leases are 3PLs, and many of them, especially the major 3PLs, have been improving their business performance and are forecasting not only an increase in revenue but also an increase in profit.

We, too, feel that the number of inquiries is increasing from a period of time.

The second point, you asked about the percentage of increase, and in the document, it is on page 12. As you mentioned, this tally is a weighted-average document of those that were re-signed in this period under fixed-term lease.

Regular leases are excluded, but regular leases account for about 15% of the total. For the standard lease, rent negotiations themselves are conducted regardless of the maturity of the contract, and we have adopted a method of aggregating rent increases only for the fixed-term lease.

This includes not only increases, but also flat, some of which do not increase rents, and if there is a reduction, it is also included in the weighted average.

We are now actively working to increase rents for the fiscal period ended July 2025 and beyond, and we are talking about tenant turnover, but we have been able to achieve rent increases in all cases of tenant turnover as well.

We exclude standard leases based on those criteria. Additionally, it should be noted that in our calculations, we use actual rent, which includes any rent-free periods, rather than the listed rent.

CFO will supplement the explanation.

Miyata [A]: I would like to explain a little more about the hit rate you asked about.

In the fiscal period ended January 31, 2026, about 80% of the contracts were renewed with rent increases, and the remaining 20% were renewed on a flat basis, resulting in a weighted average rate of rent change and increase of 5.3%.

On the other hand, for the fiscal period ending July 31, 2026, more than 50% of the total will be increased, and the remaining more than 40% will remain unchanged or flat. The average weighted average of the rent increases and the rent deferrals was a positive 7.4%, due in part to very strong rent increases.

That is all for the supplemental information.

Torii [M]: Thank you very much. Moderator [M]: Okay, I would like to move on to the next question. Now, Mr. Ohata of Mizuho Securities, please ask your question.

Ohata [Q]: My name is Ohata from Mizuho Securities. Now one point, please.

On page 7, regarding progress on initiatives for FFO per unit growth, at the bottom of additional growth opportunities, there is a disciplined PO, and it says that this is to be considered carefully. As are written here,

FFO per unit, then NAV per unit, or acquisition at or above implied cap rate. Are you saying that you are not yet in a situation where all three are met?

I would appreciate a more in-depth explanation of what you mean by "to be considered carefully." Thank you very much.

Suzuki [A]: Thank you for your question, Mr. Ohata. Your question is regarding a public offering.

First, the three criteria are listed on page 43 of the materials. Whether they can be met at the current investment unit price level, since we intend to pursue deals that will demonstrate solid growth, we believe that a higher share price level is necessary at this time. Therefore, we would like to focus on improving the unit price in the near term.

We would like to make sure that we meet these implementation standards and also take market sentiment into consideration in order to make a strong acquisitive deal.

Specifically, we have a pipeline of more than JPY100 billion in projects that offer attractive returns, and we would like to make deals that can be accessed by the capital market, not just once, but on a sustained basis if possible, while receiving a solid evaluation.

Our answer is above.

Ohata [M]: Thank you very much. Moderator [M]: Since there seem to be no other questions, we will conclude the question-and-answer session.

This concludes the online presentation of the financial results of Japan Logistics Fund, Inc. for the fiscal period ended January 31, 2026. Thank you for participating.

Suzuki [M]: Thank you very much. [END]

Document Notes

1. Speaker speech is classified based on whether it [Q] asks a question to the Company, [A] provides an answer from the Company, or [M] neither asks nor answers a question.