Blackwells Capital Activist Presentation Deck

BOARD OVERVIEW Scott T. Frederiksen Milo D. Arkema Sarah B. Kavanagh CHIEF EXECUTIVE OFFICER AND TRUSTEE INDEPENDENT TRUSTEE INDEPENDENT TRUSTEE WPT's Board Member Biographies Mr. Frederiksen is the Chief Executive Officer of the REIT and a member of the board of managers of Welsh and the Chief Executive Officer and a member of the board of managers of WPT Capital. Mr. Frederiksen has served in many distinguished roles during his 30- year tenure with the Welsh organization. Starting as an industrial broker in 1987, he was named Senior Vice President in 1996 and became a Principal of Welsh Companies, LLC in 2006. Mr. Frederiksen also served as President of WelshInvest, LLC from January 2008 until his appointment as Chief Executive Officer of Welsh in 2010. In his current role as Chief Executive Officer of the REIT, Mr. Frederiksen is responsible for strategic oversight of the asset-based growth of the company, leading a team of dedicated professionals in the areas of financial analysis, acquisitions, due diligence, legal, investor relations, financing, asset management and dispositions. He serves as a frequent speaker and panelist for regional and national industry organizations in the U.S. and Canada. Mr. Frederiksen holds a Bachelor of Science degree from St. Cloud State University, where he graduated summa cum laude. He is a Certified Commercial Investment Member, a member of the National Association of Real Estate Investment Trusts and the Society of Industrial and Office Realtors, and holds a Real Estate Broker's License in the State of Minnesota. Mr. Frederiksen also holds his Series 24, 7 and 63 securities licenses. BW BLACKWELLS CAPITAL Mr. Arkema is an independent consultant with Chima Consulting, LLC. Prior to joining Chima Consulting, LLC in 2013, Mr. Arkema was a director and employee of Baker Tilly Virchow Krause, LLP, an accounting and advisory firm, from 2007 to 2012. Prior to 2007, Mr. Arkema was a partner at Baker Tilly Virchow Krause LLP, and served as a member of its executive committee for five years. Mr. Arkema's principal focus has been advising and consulting with entrepreneurs, shareholders, family businesses, and boards regarding strategy, capital formation, management issues, executive compensation and general business issues. Currently, he also leads and manages financial due diligence engagements for private equity firms and strategic buyers. Mr. Arkema is a member of the board of Data Sciences International Inc., and is the former Chairman of the board of directors of CaringBridge, a non-profit organization that provides free websites to connect family and friends during serious health events. Mr. Arkema also previously served as an independent member of the investment committee of two investment funds that hold minority equity interests in Welsh. He is a member of the American Institute of Certified Public Accountants and the Minnesota Society of Certified Public Accountants. Mr. Arkema holds a Bachelor of Arts in Accounting from Dordt College. Ms. Kavanagh is a corporate director. She is currently a Director, Chair of the Audit Committee and member of the Nominating and Governance Committee of Hudbay Minerals Inc. (TSX: HBM; NYSE: HBM) and a Director and member of the Audit and Risk Committee and Nominating and Corporate Governance Committee of Valeant Pharmaceuticals International, Inc. (TSX: VRX; NYSE: VRX). In addition to her public company directorships, she is a Director and Chair of the Audit Committee at the American Stock Transfer & Trust Company LLC and the Canadian Stock Transfer Company and a Director and Chair of the Audit and Investment Committee of Sustainable Development Technology Canada. From June 2011 through May 2016, she served as a Commissioner, and as Chair of the Audit Committee, at the Ontario Securities Commission. Between 1999 and 2010, Ms. Kavanagh served in various senior investment banking roles at Scotia Capital Inc., including Vice-Chair and Co-Head of Diversified Industries Group, Head of Equity Capital Markets and Head of Investment Banking. Prior to Scotia Capital, she held several senior financial positions with operating companies in Canada. She started her career as an investment banker with a bulge bracket firm in NY. Ms. Kavanagh graduated from Harvard Business School with a Masters of Business Administration and received a Bachelor of Arts degree in Economics from Williams College. She completed the Directors Education Program at the Institute of Corporate Directors in May 2011. Source: WPT Industrial Company Filings, Company Reports, FactSet. Strictly Confidential & Trade Secret 69

View entire presentation