Investor Presentaiton

0% 10% HDN model portfolio Office Home Daily Needs REIT strategy Co. Model portfolio constructed to deliver enhanced securityholder returns All property Correlation benchmarking | (2007-2019) 1.00 0.73 DN REIT portfolio has low levels of correlation to other property sectors 0.67 0.64 Total returns and volatility by sector | (2013-2019) 12% 0.63 0.50 10% | HDN model portfolio | Strategy and portfolio construction informed by long term historical returns across sub-sectors and evolving trends. This has resulted in a model portfolio with superior risk adjusted returns Neighbourhoods Industrial HDN Model Portfolio Returns Versus Retail | (2007-2019) 20% Retail Total return (%) 6% 8% Regional 4% Retail Neighbourhoods Sub-regional 2% 2% 3% Demonstrated outperformance relative to the broader retail property sector 4% Volatility (standard deviation) 5% (10%) Dec-07 Dec-10 Dec-13 Dec-16 Dec-19 HDN Model Portfolio ⚫Sub-regional Retail Regional Neighbourhoods Source: RIA Notes: 1. Based on model portfolio representing 50% neighbourhood assets, 30% large format retail assets and 20% health & services assets. Property returns are calculated based on individual assets and property portfolios on an unlevered basis and reflect a combination of income return and capital return (movements in property valuation net of capex). 12

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