Blackwells Capital Activist Presentation Deck

INDUSTRIAL REAL ESTATE INDUSTRY FUNDAMENTALS Retail-to-Industrial Property Conversions since 2017 1 Project 2 Projects 3 Projects BW BLACKWELLS CAPITAL 4 Projects 5 projects Source: CBRE July 23, 2020. Link: https://www.cbre.us/research-and-reports/US-MarketFlash-Retail-to-Industrial-Property-Conversions-Accelerate. Strictly Confidential & Trade Secret Total U.S. Projects Total U.S. Retail SF Total U.S. Industrial SF 59 13,793,513 15,510,451 89

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