Blackwells Capital Activist Presentation Deck

BENEFICIARY OF LONG-TERM SECULAR SHIFT TO E-COMMERCE Pandemic Related Demand Increase for Industrial Space Through 2022 $9.00 BW BLACKWELLS CAPITAL $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 Industrial Rent Forecast ($ per sq ft.) Source: CBRE June 25, 2020. Link: https://www.cbre.us/research-and-reports/US-Market Flash-Annual-Industrial-Demand-to-Hit-333-Million-Sq-Ft-by-2022. Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 288000 Strictly Confidential & Trade Secret Q1 Q1 Q1 Q1 2022 2023 2024 2025 Current Forecast Q4 2019 Forecast 55

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