17 December 2025

abrdn European Logistics Income plc
LEI: 213800I9IYIKKNRT3G50

Response to DL Invest Group

The Board of abrdn European Logistics Income plc (the "Company" or "ASLI") notes the open letters published by DL Invest Group on 12 December 2025.

In July 2024, following extensive consultation, shareholders voted overwhelmingly in favour of adopting a managed wind-down process (the "Managed Wind-Down") and the Board remains committed to delivering this strategy on behalf of shareholders.

In recent days, the Board has received feedback from shareholders representing approximately 25% of the share register, all of whom have confirmed their continued support for the Managed Wind-Down. At this time, the Board is not aware of any shareholders who are supportive of halting the Managed Wind-Down, other than DL Invest Group, which became a shareholder in October 2025. 

With 20 of the original 27 portfolio assets having been sold, generating aggregate gross sales proceeds of €400 million before repayment of associated debt, the Managed Wind-Down is well progressed and nearing completion. Of the seven remaining assets, the Company has already exchanged contracts on three and of the remaining four, three are in exclusivity and at an advanced stage of due diligence. The Board expects all remaining disposals to be finalised during Q1 2026, with capital returned to shareholders shortly thereafter.

Convening a General Meeting to consider a change in the Company's investment policy, as proposed by DL Invest Group, would incur costs for all shareholders and divert management attention at a point when the Company is close to concluding the Managed Wind-Down. The Board firmly believes that completing the Managed Wind-Down is in the best interests of shareholders as a whole.