The real estate market is currently shaped by several key factors, including fluctuations in interest rates, economic slowdown, and evolving financing conditions. As a result, different sectors are experiencing distinct market dynamics. In response to these changes, IGIS' in-house research team has proactively analyzed the significant trends in Korea's commercial real estate market and developed tailored outlooks for each sector in 2025, ensuring our readiness for future market conditions. Sector forecasts INDUSTRIAL: South Korea’s logistics market showed high e-commerce penetration and size through 2023. In Q1 2024, e-commerce penetration rose slightly to 33%, driven by inflation rather than transaction growth. In H1 2024, small to medium properties saw slight price increases despite slower transaction volumes. The southeast experienced rapid price drops due to 2023’s massive supply increase. Vacancy rates reached 14% for dry and 41% for cold storage, with a notable supply-demand imbalance in the southeast. We expect a continued transaction slowdown as distressed assets enter the market, leading to auction-driven price corrections. While the new 2024 supply focuses on south/west regions, southeast vacancies should stabilize by 2025 due to strong demand and limited future supply. Cross-border e-commerce growth, both inbound and outbound, promises new demand. The west region, preferred by cross-border tenants for its global ports, is likely to absorb oversupply quickly. OFFICE: The South Korean office market has demonstrated relatively resilient performance compared to global markets, supported by supply constraints and a low adoption rate of remote work. During the first half of 2024, major completed deals were driven mainly by demand from global asset managers and corporate headquarters usage demand. Despite a modest increase in new supplies, most of the supply is focused on non-core business districts (i.e., Magok). As a result, leasing demand has continued to grow. Rents increased by 6-8% year-over-year, while vacancy rates remained low at 2.4%, well below the natural vacancy rate of 5%. However, a notable trend has emerged: the strong leasing momentum in the market began to slow, as evidenced by a decrease in rent growth and a slower increase in occupied space. We expect the office investment market to recover by late 2024, though price adjustments may extend cautious investor sentiment. Limited prime office supply will maintain demand over the next five years, but rapid price appreciation is unlikely. The trend toward prime/grade-A offices will continue, and distressed assets may increase as Korean savings banks realize losses from H2 2024. RESIDENTIAL: Korea’s rental housing market has traditionally been dominated by individual investors through direct ownership and the Jeonse system (unique lease arrangements with large refundable deposits), limiting institutional participation. However, recent market shifts – including slower housing price growth, reduced transactions, and Jeonse deposit risks – create new institutional opportunities. Three key factors support the sector’s potential: 1. Despite an aging population, household demand is projected to grow until 2040, with single and two-person households aged 40+ representing 70% of total households. 2. Declining housing development since 2020 has led to an aging inventory and limited high-quality options. 3. The current individual rental system’s inefficiencies and risks are becoming apparent. These factors and evolving tenant preferences make corporate rental housing increasingly attractive to institutional investors. RETAIL: The retail sector has seen a resurgence in commercial districts due to increased offline activities. However, it faces challenges from subdued consumer sentiment and a shift towards service-oriented spending. Transaction volumes remain below pre-pandemic levels, with limited diversity in transaction types. We propose a strategic change in the retail sector’s approach, focusing on traffic-generating attractions and value-added components. Enhancing overall appeal and viability could involve integrating retail spaces with other sectors, such as office, residential, or mixed-use developments. * Our investment strategies are implemented by experienced teams working in private and public markets. Our platform allows our investment professionals to gain local-level property and market insights from more than 450 in-house specialists across the nation and overseas offices and a top-down economic perspective from IGIS’ in-house research. We believe a commitment to research and its practical application to decision-making is critical to the success of every investment portfolio the firm manages. By Soyeong Park, Brand Communications Manager ──────────── -This content has been prepared for informational purposes only and is not intended to serve as a basis for investment decision-making by users. It is not created for the purpose of promoting, soliciting, or recommending financial investment products, providing investment advice, or making stock recommendations. The company makes no express or implied representations or warranties regarding the accuracy or completeness of any materials or information provided in this content. Furthermore, the company assumes no responsibility or liability for any damages or losses incurred because of investment decisions made based on this content. Potential investors shall not raise any objections in this regard. -The above information is based on data as of February 2025 and has been prepared in compliance with applicable laws and internal control standards. The materials and information in this content are subject to change due to changes in market conditions, the stock market, interest rates, inflation, tax policies, and other social, economic, or policy-related factors. Additional risks may arise from asset price fluctuations, exchange rate volatility, credit rating downgrades, declines in real estate prices, investment performance results, or unforeseen natural disasters such as fires, floods, or pandemics. Consequently, financial (investment) products may result in partial or total loss of the principal investment, with such losses being borne by the investor. These products are not protected by the Korea Deposit Insurance Corporation under the Depositor Protection Act. Past performance does not guarantee future returns, and the results may differ from the performance at the time of content creation or in the future. Additional transaction and other costs may also apply. -This content has not been legally submitted or registered, nor has it been approved under any applicable law. It may contain subjective opinions that do not necessarily represent the official views or statements of the company. This content is not intended to solicit, offer, or recommend the subscription, purchase, or sale of securities. Investors have the right to receive sufficient explanations from financial product sellers in accordance with applicable laws. All investment decisions should be made carefully and solely on the information provided in the securities registration statement, (preliminary) investment prospectus, and terms and conditions. Investors should make prudent decisions based on their own judgment. [IGIS Asset Management Co., Ltd. Compliance Officer Review No. 900-25-Ad-046 (March 6, 2025 – March 5, 2026)]

Data center development is a multifaceted project integrating traditional real estate development with IT infrastructure construction and operations. Given the rigorous requirements such as site selection, permitting processes, and securing power and telecommunications supply, delivering high-quality data center assets to the market promptly requires specialized expertise and a strategic approach. IGIS Asset Management has successfully overcome these barriers to entry and has taken a pioneering role in the domestic asset management industry by leading data center developments. In particular, the Hanam Data Center project represents IGIS Asset Management’s differentiated expertise in data center development. Hanam Data Center Project The Hanam Data Center Project is a landmark commercial data center development led by an asset management company. The project involved acquiring land, overseeing development, stabilizing operations, and successfully exiting through a structured sale. Additionally, it established Korea’s first dedicated data center investment discretionary trust fund, ensuring a stable investment structure. The project effectively minimized initial investment costs while maximizing business viability by directly selecting and acquiring an optimal development site. A key strategic decision was to purchase a site initially designated for a knowledge industry center within Hanam New Town at a competitive price. Before the final land acquisition, 40MW of power supply capacity was secured through early negotiations with the seller, further enhancing project feasibility. By leveraging these strategic advantages, the project successfully delivered a Tier-III1) specification data center, ensuring 24/7 uninterrupted service. The site’s proximity to Gangnam and Pangyo attracted significant cloud and IT enterprises while creating a synergy-enhancing cluster with neighboring data centers. 1) A Tier III data center is equipped with redundant power and cooling systems, ensuring continued operation even in the event of a single point of failure. This design follows the international TIER standard, which is used to assess the availability and reliability of data centers. Despite significant global challenges, including COVID-19, the Russia-Ukraine war, and domestic regulatory shifts such as implementing the Serious Accidents Punishment Act, the project adhered to its construction timeline through rigorous project management and close collaboration with key stakeholders. Notably, it became the first in the industry to secure pre-leasing agreements for 99% of the IT load before completion, ensuring stable rental income. Ensuring Stability Through Verified Partnerships Success in data center development hinges on selecting the right business partners and implementing robust operational strategies. Recognizing this, IGIS Asset Management engaged LG CNS as a strategic partner, overseeing everything from conceptual design and MEP (Mechanical, Electrical, Plumbing) implementation to post-completion operations. Gansam Architects, a firm renowned for its expertise in data center design, led the architectural planning, while Samsung C&T, with its extensive experience in data center construction, handled the execution. This collaboration mitigated risks from the early stages and ensured a seamless development process. Optimized Design for Future Technology Demand Data center development requires real-time adaptability to evolving technology environments. IGIS Asset Management continuously monitors market trends to incorporate flexible design changes and service transformations, maintaining its competitive edge. In response to the growing AI and cloud computing market, the project optimized power and cooling systems while integrating future-ready infrastructure design. This approach not only facilitated the construction of high-performance computing (HPC)-optimized data centers but also maximized energy efficiency, ensuring sustainable operations. “Data center development is a highly strategic investment that must anticipate market conditions four to five years ahead of delivery. Adapting to rapid technological and demand shifts requires flexible specification adjustments during development and meticulous coordination between investors, lenders, and operators to enhance competitiveness. Ultimately, the success of a data center lies in agile responsiveness and differentiated operational expertise.” By Hong Chang-ui, Head of DC Business Division, IGIS Asset Management Successful Exit Driven by Investor Confidence The sale of the Hanam Data Center has become a key transaction that has received high recognition in the global market. The project’s success was rooted in a comprehensive strategy spanning finance, development, and operations, delivering an investment-grade asset tailored to the needs of global investors. Beyond traditional data center development models, the project introduced an innovative investment structure that bridged capital markets with technology enterprises. This approach has alleviated financial burdens for conventional data center operators and telecom providers while integrating asset management expertise with technical proficiency, setting a new benchmark for the industry. Ansan Data Center Project The Ansan Data Center is a 40MW hyperscale facility currently under development. It will cover 11,795.6㎡ square feet across two basement levels and nine above-ground floors, with a gross floor area of 49,591㎡. The project is scheduled for completion in the second half of 2027. Notably, this marks Invesco’s first-ever investment in the Asian data center market, highlighting its strategic importance. Building on the success of the Hanam Data Center, IGIS Asset Management and Samsung C&T are strengthening their strategic partnership to ensure the seamless execution of this project. Prime Location with Robust Power & Network Infrastructure The Ansan Choji-dong site boasts exceptional power supply and network connectivity, essential for efficient data center operations. The site benefits from a stable power supply via the Nam-Ansan and Moknae substations. At the same time, three major Korean telecom providers have established infrastructure within the premises, facilitating diverse network connectivity options. Strategically positioned in the southwestern Seoul metropolitan area, the location ensures optimal accessibility to Seoul’s IT infrastructure while maintaining an appropriate distance for operational efficiency. This enhances its potential as a future digital infrastructure hub, reinforcing its long-term value. AI & Cloud-Optimized, Sustainable Design The Ansan Data Center incorporates cutting-edge AI and cloud computing considerations in its design, targeting Power Usage Effectiveness (PUE) below 1.4. The facility is engineered to minimize energy consumption and carbon emissions while delivering high-performance computing environments for the next generation of IT workloads. “With power supply constraints in the Seoul metropolitan area, data centers with ample power infrastructure and strong connectivity, like those in the Ansan National Industrial Complex, are becoming increasingly scarce and valuable. Leveraging our expertise from the Hanam and Ansan developments, IGIS Asset Management will continue expanding its digital infrastructure portfolio.” By Hyun Chul-ho, Head of DC Solutions Division, IGIS Asset Management Looking Ahead: Expanding Strategic Digital Infrastructure IGIS Asset Management remains committed to leveraging the rapid growth of the digital economy and technological advancements to expand its next-generation data center developments strategically. The company is proactively addressing the explosive demand for AI, cloud computing, and big data by constructing state-of-the-art data centers tailored to the needs of major IT enterprises and global tech firms. By combining advanced development strategies with strong operational expertise, IGIS aims to offer differentiated investment opportunities and maintain a competitive edge in the evolving digital infrastructure landscape. By Soyeong Park, Brand Communications Manager ──────────── -This content has been prepared for informational purposes only and is not intended to serve as a basis for investment decision-making by users. It is not created for the purpose of promoting, soliciting, or recommending financial investment products, providing investment advice, or making stock recommendations. The company makes no express or implied representations or warranties regarding the accuracy or completeness of any materials or information provided in this content. Furthermore, the company assumes no responsibility or liability for any damages or losses incurred because of investment decisions made based on this content. Potential investors shall not raise any objections in this regard. -The above information is based on data as of March 2025 and has been prepared in compliance with applicable laws and internal control standards. The materials and information in this content are subject to change due to changes in market conditions, the stock market, interest rates, inflation, tax policies, and other social, economic, or policy-related factors. Additional risks may arise from asset price fluctuations, exchange rate volatility, credit rating downgrades, declines in real estate prices, investment performance results, or unforeseen natural disasters such as fires, floods, or pandemics. Consequently, financial (investment) products may result in partial or total loss of the principal investment, with such losses being borne by the investor. These products are not protected by the Korea Deposit Insurance Corporation under the Depositor Protection Act. Past performance does not guarantee future returns, and the results may differ from the performance at the time of content creation or in the future. Additional transaction and other costs may also apply. -This content has not been legally submitted or registered, nor has it been approved under any applicable law. It may contain subjective opinions that do not necessarily represent the official views or statements of the company. This content is not intended to solicit, offer, or recommend the subscription, purchase, or sale of securities. Investors have the right to receive sufficient explanations from financial product sellers in accordance with applicable laws. All investment decisions should be made carefully and solely on the information provided in the securities registration statement, (preliminary) investment prospectus, and terms and conditions. Investors should make prudent decisions based on their own judgment. [IGIS Asset Management Co., Ltd. Compliance Officer Review No. 900-25-Ad-048 (March 24, 2025 – March 23, 2026)]