Blackwells Capital Activist Presentation Deck

INDUSTRIAL REAL ESTATE INDUSTRY FUNDAMENTALS CBRE 2020 Outlook (pre-COVID) Shift in Supply / Demand Fundamentals Considering there will be more renewal activity and fewer leases for new space, the consensus between CBRE Research and CBRE's I&L business is that supply will outpace demand by 20 million to 30 million sq. ft BW ● ● The first time there will be an overhang of space since the 2008 recession, albeit representing only 0.2% of total industrial inventory The vacancy rate may increase slightly, but should remain near historic lows in 2020 Source: CBRE 2020 Industrial Real Estate Outlook. BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 82

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