I would like to take this opportunity to express my sincere gratitude to all investors for your ongoing support.

This report provides an update on IIF’s performance for the fiscal period ended January 31, 2024 (the 33rd period). In the fiscal period, IIF acquired IIF Atsugi Logistics Center III (Redevelopment) upon its completion. In addition, IIF acquired three key business locations owned by Central Tank Terminal Co., Ltd. for 7.8 billion yen as a CRE carve-out project in collaboration with its sponsor KKR, and sold IIF Kobe Logistics Center (40% co-ownership interest). As a result, the number of properties under management at the end of the fiscal period was 81, and the AUM was 397.9 billion yen (on an acquisition price basis). With regards to ESG, IIF has joined and endorsed two new biodiversity initiatives to promote biodiversity preservation.

As a result of these activities, the distribution per unit (including distribution in excess of profit) for the period was 3,434 yen. Currently, the Japanese economy is also concerned about the macroeconomic impact of the Ukraine issue and the global election year in the U.S. and elsewhere. However, the Nikkei Stock Average surpassed 40,000 yen for the first time in March 2024, reaching an all-time high, and strong growth in domestic capital investment has led to heightened expectations for the Japanese economy's future. On the other hand, the Bank of Japan's monetary policy changes in the future will affect IIF's funding environment in the form of higher interest rates and higher funding costs, and we must continue to monitor these situations closely. However, IIF will continue to strive for stable management and work to maximize unitholder value through continuous external and internal growth. I would like to look forward to your continuous support.