Blackwells Capital Activist Presentation Deck

BLACKWELLS OVERVIEW Blackwells is an Alternative Asset Manager Focused on Fundamental Investing Value Oriented and Focus on Downside Protection Blackwells invests in public companies and seeks opportunities to unlock the maximum value for all shareholders. Each investment has a disciplined focus on downside protection to protect our investors' capital A Im S BW Research Intensive Blackwells combines bottom-up, fundamental value-added research with the deep operational experience to identify opportunities where we can step-in to effect change and create shareholder value Extensive Network The Blackwells team has years of longstanding relationships, notably with C-Suite Executives and Board Members, that provide exceptional deal sourcing and analysis capabilities. Importantly, our network reflects our great reach for potential Board candidates as illustrated by the high-quality selections of our prior campaigns Highly Experienced Team The Blackwells team has significant experience and success in activism since inception, which includes particular expertise in industrial real estate notably the two largest announced transactions of last two years - Blackwells' $3.8 billion acquisition offer for Monmouth and $5.7 billion sale of Colony Industrial to Blackstone Owner-Operator Approach Blackwells takes major ownership stakes in companies and invests significant time and money to understand their challenges, identify paths to value creation, and guide management and Boards to optimally execute BLACKWELLS CAPITAL Strictly Confidential & Trade Secret 5

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