Blackwells Capital Activist Presentation Deck

CANADIAN COMPETITOR OVERVIEW Competitors We have identified three publicly traded industrial REIT peers in Canada Name Granite Dream Industrial Summit Industrial WPT Industrial REIT Note: Market cap as of 12/31/2020. BW BLACKWELLS CAPITAL WPT Comparable Companies Market Capitalization Enterprise Value 4,873,984 2,790,280 2,704,996 3,569,378 1,786,822 1,653,111 1,258,570 Strictly Confidential & Trade Secret 2,377,080 Number of Properties 108 266 160 108 Total Square Feet 45,300,000 26,600,000 18,206,504 35,600,000 45

View entire presentation