Financial Statements

Of

INDUSTRIAL & INFRASTRUCTURE FUND INVESTMENT CORPORATION

As of January 31, 2022

Industrial & Infrastructure Fund Investment Corporation (IIF) invests in social infrastructure as a source of power for the Japanese economy and supports Japan's industrial activities from the perspective of real estate.

Industrial & Infrastructure Fund Investment Corporation (IIF) was listed on the REIT securities market of the Tokyo Stock Exchange (securities code: 3249) in October 2007 as the only J-REIT specializing in industrial properties.

IIF aims to continuously expand unitholder value by securing a stable profit and achieving steady growth of the properties under management. It aims to achieve this by investing in logistics facilities, manufacturing and research and development (R&D) facilities, and infrastructure facilities which play a vital role in various industrial activities and are expected to be utilized stably in the medium and long term (hereinafter collectively referred to as "industrial properties").

Mitsubishi Corp. - UBS Realty Inc.

IIF has signed an asset management agreement with Mitsubishi Corp. - UBS Realty Inc. (hereinafter referred to as the "Asset Manager") and consigned the asset management business based on its articles of incorporation and investment policy.

The Asset Manager manages IIF's portfolio with the aim of securing a stable profit and achieving steady growth of the properties under management in the medium and long term.

Distribution Per Unit

Highlight of the 29th Period

* The figures include distribution in excess of profit.

Greetings

I would like to take this opportunity to express my sincere gratitude to all investors for your ongoing support. I also would like to express my deepest sympathy to those who have suffered from the novel coronavirus disease, as well as to their families and related persons.

This report provides an update on IIF's performance for the fiscal period ended January 31, 2022 (the 29th period). In the fiscal period, IIF acquired IIF Shonan Health Innovation Park (40% co-ownership interest), IIF Yokkaichi Logistics Center (Existing Building) and expansion portion of IIF Atsugi Manufacturing Center and disposed IIF Shinagawa IT Solution Center. As a result, the number of properties under management at the end of the fiscal period was 74, and the AUM was 372.3 billion yen (on an acquisition price basis).

With regards to IIF Yokkaichi Logistics Center (Existing Building), IIF will acquire a new building in September 2022 which is being constructed through development project in collaboration with KAJIMA Group. With regards to ESG, IIF has switched to electricity sourced from 100% renewable energy with Non-FIT & Non-Fossil certificate in IIF Shonan Health Innovation Park on August 1, 2021.

Moreover, IIF has implemented the first issuance of social bonds of total amount of 5 billion yen as part of initiatives to diversify method of financing and resolve social issues.

As a result of these activities, the distribution per unit (including distribution in excess of profit) for the period was 3,060 yen. Currently, the Japanese economy should be closely monitored due to the impact of novel coronavirus pandemic, 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.

Kumi Honda

Executive Director

Industrial & Infrastructure Fund Investment Corporation

IIF Focus

Continuous improvement of asset value through acquisition of highly profitable properties by CRE proposal and promotion of redevelopment projects

Topics

•  Redevelopment project in IIF Hamura Logistics Center ～Second redevelopment project on balance sheet of IIF followed by IIF Atsugi Logistics Center III～

•  Acquisition of a logistics facility (including development project) and lands for manufacturing plant with high continuity and versatility on good location

•  Initiatives to improve asset value of IIF Shonan Health Innovation Park

•  Initiatives to reduce CO2 emission toward carbon neutrality by 2050

Summary of the 29th Period (Fiscal Period Ended January 31, 2022)

In the period, due to the increase in rent revenues of IIF Shonan Health Innovation Park (40% co-ownership interest) and IIF Yokkaichi Logistics Center (Existing Building) which have been acquired in this fiscal period and the gain on sale from disposition of a property, operating revenue was 16,493 million yen (an increase of 1,143 million yen from the previous period), and net income was 5,786 million yen (a decrease of 876 million yen from the previous period).

As a result, the distribution per unit decreased by 206 yen from the previous period to 3,060 yen (including distribution in excess of profit of 264 yen per unit). Net asset value (NAV) per unit*1 increased by 5,361 yen from the previous fiscal period to 129,706 yen.

IIF's portfolio as of January 31, 2022 comprised 74 properties worth 372.3 billion yen (based on acquisition price) with a total leasable area of 2,478,027.03 m2 and an occupancy rate of 100.0%*2. The average remaining lease term is 10.8 years, and based on these long-term lease agreements, we have secured stable management.

Prospect for the 30th Period (Fiscal Period Ending July 31, 2022), the 31st Period (Fiscal Period Ending January 31, 2023) and Future Management Policies

We forecast an operating revenue of 16,292 million yen, net income of 5,608 million yen, a distribution per unit of 3,100 yen (including distribution in excess of profit of 584 yen) for the fiscal period ending July 31, 2022 (the 30th period) and an operating revenue of 16,443 million yen, net income of 5,779 million yen, a distribution per unit of 3,020 yen (including distribution in excess of profit of 332 yen) for the fiscal period ending January 31, 2023 (the 31st period)

As Japan's only REIT specializing in industrial properties*3, IIF has cultivated manufacturing and research facilities and infrastructure facilities in recent years based upon our unique Corporate Real Estate (CRE*4) proposals. As a result, we have acquired the properties with low competition and high growth potential.

With regard to IIF Yokkaichi Logistics Center (Existing Building) acquired in December 2021, a new logistics facility will be constructed on the premise and IIF will acquire the new building after

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