Blackwells Capital Activist Presentation Deck

BENEFICIARY OF LONG-TERM SECULAR SHIFT TO E-COMMERCE Pandemic Related Demand Increase for Industrial Space Through 2022 0.2 BW BLACKWELLS CAPITAL 0.18 0.16 0.14 0.12 0.1 0.08 0.06 0.04 0.02 0 2000 2001 Online Sales Metrics | % of Total Retail Sales & Food Services 2003 2002 1 2004 2005 2006 E-Commerce 2007 2008 2009 2010 Strictly Confidential & Trade Secret 2011 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. 2012 2013 2014 2015 2016 Nonstore Retailers 2017 2018 2020 2019 54

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