The term “logistics” originates from military supply chains—operations that, while not visible on the front lines, ultimately determined the outcome of wars through speed and precision of support. Modern logistics centers play a similar role in today’s economy. Operating behind the scenes, they are critical infrastructure that consolidates the entire process of delivering goods to end consumers. As such, they have evolved into essential hardware that directly impacts corporate efficiency and service competitiveness. Unlike other commercial real estate sectors that are highly sensitive to short-term trends, logistics assets have established themselves as a distinct asset class characterized by stability and long-term fundamentals. As the strategic importance of logistics centers continues to rise, structural changes in the logistics real estate market are also accelerating. The transition in supply-demand cycles, intensifying competition within the logistics ecosystem, and the resulting shift in investment paradigms all signal that the market is entering a new phase. Market Reawakening: Logistics Real Estate Regains Momentum According to IGIS Asset Management’s Strategy & Research Division, Korea’s logistics center transaction volume peaked at approximately KRW 6.5 trillion in 2022 before declining, but rebounded to around KRW 5.2 trillion in 2025 (YoY +92.9%), indicating a partial recovery. Following rapid expansion driven by the surge in online shopping during COVID-19 and subsequent contraction due to rising interest rates in 2022, the market in 2025 has begun to stabilize. Logistics assets secured by high-credit tenants and mid- to long-term lease agreements have successfully renewed contracts, reducing uncertainty. In particular, prime logistics assets in strategic locations continue to attract foreign capital, supporting a gradual recovery in investor sentiment. Fundamentals of domestic logistics demand remain robust. Korea’s online penetration rate has increased from below 30% pre-pandemic to approximately 34% as of Q3 2025—one of the highest levels among major economies (IGIS Strategy & Research). Total online retail transactions reached KRW 272.0 trillion in 2025, marking a 4.9% year-over-year increase and a record high (Ministry of Data and Statistics, December 2025). This significantly outpaces the national GDP growth rate of 1.0%, reinforcing the view that logistics infrastructure demand continues to expand structurally alongside digital consumption. Supply Cliff Creates Opportunity: The Beginning of Rebalancing On the supply side, the logistics market is undergoing a clear cyclical shift. In 2023, new supply reached approximately 6.2 million ㎡ (up ~71% YoY), marking the highest level on record and triggering a shift in market dynamics (IGIS Strategy & Research). However, following the Russia–Ukraine war, rising raw material costs and global monetary tightening have significantly curtailed new development projects. According to CBRE’s “2026 Korea Commercial Real Estate Market Outlook,” new logistics supply is projected to decline to approximately 860,000 square meters in 2026—the lowest level in the past decade. This figure is estimated to be less than half of the net absorption recorded in 2025. Under such constrained supply conditions, vacancy risks are expected to gradually ease, suggesting a more favorable supply-demand balance ahead. A New Frontline in the Logistics Infrastructure Race Competition in the logistics sector has evolved beyond delivery speed into a full-scale race for infrastructure dominance. Major e-commerce and logistics players are strengthening long-term competitive advantages through nationwide logistics networks, automation, and data-driven operations. Coupang: Infrastructure Leadership Since launching its Rocket Delivery service in 2014, Coupang has built a nationwide logistics network through continuous investment. Its membership growth and valuation—once exceeding KRW 100 trillion at IPO—highlight logistics assets as a core driver of corporate value. More recently, the company has enhanced automation capabilities while pursuing asset securitization through REITs, creating a reinvestment cycle that further strengthens its infrastructure edge. Platform Alliances and the Rise of C-Commerce Naver is reinforcing its commerce ecosystem through initiatives such as Naver Plus Store and partnerships with Kurly, while also expanding logistics capabilities to support marketplace sellers. At the same time, Chinese e-commerce platforms such as Temu and JD.com have accelerated their entry into Korea since 2024, intensifying competition for domestic logistics hubs and last-mile networks. Advancement of 3PL Players CJ Logistics has introduced seven-day delivery services, such as “Everyday Delivery,” while advancing smart logistics through automation and data-driven systems. Lotte Global Logistics is partnering with Ocado—an AI-based logistics platform adopted by Lotte Shopping—to enhance demand forecasting, inventory management, and delivery efficiency. A New Investment Paradigm in Logistics As competition intensifies among e-commerce platforms and third-party logistics providers, the investment approach to logistics real estate is undergoing a fundamental shift. Logistics investment is no longer confined to traditional real estate metrics; it is increasingly viewed as strategic capital deployment to secure infrastructure and network dominance. While past investment decisions focused primarily on the yield of individual assets, future strategies must take a portfolio and network-oriented perspective. Key considerations now include the role of each asset within the broader logistics network, its locational significance, and its contribution to last-mile efficiency. Ultimately, the value of logistics investment lies not only in the performance of individual assets, but in the strategic role those assets play within the logistics ecosystem. IGIS Asset Management continues to redefine logistics investment standards through a dual focus on portfolio allocation and network efficiency. Written by Seunghoon Lee, Head of Part 4, Business Group Structured & Edited 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 April 2026 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. 900-26-AD-083 (April 14, 2026 – April 13, 2027)]

The competitiveness of logistics centers can no longer be explained by specifications alone. Even assets with similar locations and scale often demonstrate meaningful differences in tenant demand, rental levels, and operational efficiency. As market conditions evolve, the importance of evaluating these differences continues to grow. A high-quality logistics asset is one where hardware and software elements are seamlessly integrated to align with tenants’ operating models—ultimately maximizing business performance. From this perspective, the following criteria are essential in identifying superior logistics assets: 1. Location Competitive logistics centers in the Greater Seoul area are typically located near key ring roads, including the Seoul Ring Expressway and the Second Ring Expressway. Assets with strong accessibility to major expressways such as the Gyeongbu and Jungbu corridors, as well as national routes (No. 3, 17, and 45), consistently attract strong tenant demand. Logistics centers with such locational advantages maintain stable occupancy even during periods of increased supply, supporting long-term asset value resilience. 2. Scale Global logistics operators are increasingly adopting advanced hub-and-spoke models, exemplified by Amazon’s Fulfillment by Amazon (FBA) system. This structure centralizes inventory in key hubs and distributes regionally, optimizing overall logistics efficiency. Such operating models require large-scale facilities capable of handling significant inventory volumes. As a result, both hub centers and fulfillment centers are trending toward larger formats. As this structure becomes more prevalent, demand for large-scale logistics assets is expected to grow. At the same time, regulatory constraints and permitting challenges are limiting new large-scale developments in the Seoul metropolitan area, further reinforcing the scarcity premium of such assets. 3. Layout Facility layout is a critical determinant of operational efficiency. Factors such as truck turning radius, dock configuration, spacing between loading bays, ramp gradients, and circulation flow directly impact operational performance. Even minor design differences can significantly affect throughput and cost efficiency. As such, well-engineered layouts form a fundamental pillar of logistics asset competitiveness. 4. Power Infrastructure The operating environment of logistics centers is rapidly evolving alongside the expansion of automation. Increased demand for climate control, along with the adoption of electric vehicles and electric forklifts, is structurally driving higher power consumption. Adequate power infrastructure is therefore a key factor in ensuring both the sustainability and long-term competitiveness of logistics assets. In response, IGIS Asset Management has proactively acquired and developed assets with high power capacity, while continuing to enhance asset value through post-completion upgrades, including power expansion and the integration of renewable energy solutions. 5. ESG The value of logistics assets is increasingly differentiated by ESG performance. Assets equipped with solar generation, certified under LEED or GRESB, and integrated with smart logistics technologies command strong investor and tenant preference, often benefiting from a “green premium.” Accordingly, IGIS evaluates ESG standards prior to acquisition and actively enhances ESG performance post-acquisition through targeted capital expenditure, including securing green certifications. Going forward, IGIS will continue to align with evolving ESG standards, strengthening asset value while meeting investor expectations. Delivering Sustainable Logistics Investment As the competitiveness of logistics assets becomes increasingly driven by a combination of operations, technology, and ESG, asset managers are required to develop increasingly advanced and specialized capabilities. IGIS Asset Management has established a dedicated organizational structure spanning the full lifecycle of logistics centers—from development through to operations. This platform is underpinned by rigorous analysis of asset fundamentals and proactive engagement with tenant operational needs, enabling sustainable value creation. At its core, logistics investment is about identifying assets that can sustain structural competitive advantages even as market conditions evolve, while delivering both long-term income stability and value growth. Maintaining this balance between stability and growth lies at the heart of IGIS Asset Management’s logistics investment approach. Written by Seunghoon Lee, Head of Part 4, Business Group Structured & Edited 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 April 2026 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. 900-26-AD-083 (April 14, 2026 – April 13, 2027)]