Blackwells Capital Activist Presentation Deck

INDUSTRIAL REAL ESTATE INDUSTRY FUNDAMENTALS CBRE 2020 Outlook (pre-COVID) Strong Rent Growth from Construction & Infill 15 BW BLACKWELLS CAPITAL 10 5 0 -5 -10 Historical Average Asking Rent Growth & Forecast yo Source: CBRE 2020 Industrial Real Estate Outlook. 1990 1991 1992 1993 1994 1995 1996 1997 - 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Average Asking Net Rent Growth Strictly Confidential & Trade Secret T 2014 2015 2016 2017 2018 2019 2020 Long Run Average 84

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