Japan Logistics Fund : Presentation Material for the Fiscal Period ended January 2023 (The 35th Period)

for the Fiscal Period ended January 2023

Presentation Material

Spring / Summer 2023

Mitsui & Co., Logistics Partners Ltd.

https://8967.jp/en/

Dear Our Investors Prologue

Dear Our Investors

For some time, JLF has been building a foundation to enable it to pursue an independent growth strategy and stable growth regardless of changes in the business environment. Meanwhile, in recent years, the environment surrounding REIT operations has changed substantially. It has become increasingly important to respond appropriately and effectively to a variety of changes, such as interest rate hikes, inflation, the shift to living with COVID, increased geopolitical risks and the like.

The prolonged period of low interest rates made low-cost funding possible, and priority was given to acquiring properties through follow-on offerings on a regular basis. External growth continues to be the primary growth driver, and the importance of expanding the property acquisition pipeline remains unchanged. However, the rapid change in the business environment has increased the complexity of REIT operations, driving a need for operational reforms that shift away from singular reliance on a property pipeline as a means of growth to more diverse measures and resilience against change.

At JLF, we have achieved favorable internal growth by maintaining high occupancy and continuing to raise rents. Our ESG initiatives led to our inclusion in the MSCI Japan ESG Select Leaders Index. Additionally, external growth, which we recognize as a challenge, we have made progress in accelerating property pipeline growth. Moreover, through strategic negotiations with tenants, we have advanced contracts that factor in inflation and review utilities costs. At the same time, on the finance front, we have diversified and lengthened debt maturities and strengthened our resilience against interest rate hikes by locking in rates. We have improved not just the size but the quality of the property pipeline, by increasing flexibility in acquisition timing, leveraging structures that enable JLF to time the acquisitions in a way that contributes to unitholder value.

Since I became President and CEO, I have advocated an Investors First spirit. By implementing a "Develop the Value"

strategy and solidly pursuing an independent growth strategy, we aim to continue to respond appropriately and effectively to changes in the business environment and achieve stable growth in DPU and NAVPU. I hope to enjoy your continued support.

	Naohiro Kameoka
	President and CEO
	Mitsui & Co., Logistics Partners
Dear Our Investors	3

Table of Cotents

Prologue

Dear Our Investors	P.3
Chapter 1
Develop the Value	P.5
Chapter 2
Investment strategy	P.8
Chapter 3
Portfolio strategy	P.13
Chapter 4
Financing strategies	P.18
Chapter 5
ESG strategy	P.22
Chapter 6
Earnings Overview and Forecasts	P.24
Chapter 7
Logistics Real Estate Market	P.28
Appendix	P.33

Chapter

Develop the Value 1