Investor Presentaiton

Operating Environment in Germany and the Netherlands Key economic indicators and market overview Key Economic Indicators in Germany(1) Sequential GDP -1.8% for the Mar 21 quarter +0.5% for the preceding quarter Consumer Price Index 2.0% for the 12 months to Apr 21 From 1.7% in Mar 21 Unemployment Rate 4.6% for the month of Apr 21 Unchanged from 4.6% in Mar 21 Overview of the German Industrial Market(3) EURIBOR -0.543% 3-month EURIBOR Remained in the negative range(2) • Take-up in Germany increased 19% year-on-year in Q1 2021 as the market continues to recover from the effects of COVID-19. Demand is largely driven by the e-commerce market which saw several large transactions transacted. • Prime rents have remained high in major logistics hubs as a result of limited supply and transactions signed for speculative developments of logistics parks. • Investment volumes recorded €2 billion in Q1 2021 across the major logistics hubs, a decrease of 12% year-on-year. • Prime yields however have remained at a record low of 3.35% from the last quarter after falling from 3.50% in Q3 2020. Take-up and Prime Rents in Germany (for warehouses >5,000 sqm) Key Economic Indicators in the Netherlands(4) Sequential GDP -0.5% for the Mar 21 quarter From -0.1% in the preceding quarter Consumer Price Index 2.1% for the 12 months to May 21 From 1.9% for the 12 months to Apr 21 Overview of the Dutch Industrial Market(3) . FRASERS LOGISTICS & COMMERCIAL TRUST Unemployment Rate 3.4% for the month of Apr 21 From 3.5% in Mar 21 Take-up levels increased 8.7% year-on-year in Q1 2021. Activity was boosted by demand from retail and distribution sectors, which accounted for more than half of total take-up. • Prime rents have stabilized, but strong demand and low availability are continually putting an upward pressure on rents. Investment volumes have dropped in Q1 2021, partly reflecting changes in the tax regime (RETT increased from 6% to 8%). However, demand is still strong, reflecting a shift from other sectors to the logistics sector. • Prime yields have compressed throughout the market to 3.4% in Q1 and are further expected to decrease by the end of the year. Take-up and Prime Rents in the Netherlands (for warehouses >5,000 sqm) '000 sqm Q1 Q2-Q4 Prime Rents €/sqm/yr '000 sqm 4,000 Q1 Q2-Q4 Prime Rents €/sqm/yr 8,000 85.0 86.4 80 80 6,000 2,000 4,000 60 60 60 2,000 1,280 1,280 0 2016 2017 1,540 2018 1,200 2019 1,484 2020 1,765 0 330 40 2016 690 2017 550 2018 780 2019 690 2020 750 40 2021 2021 1. Source: Destatisches Bundesamt (Federal Statistics Office of Germany). 2. Source: https://www.euribor-rates.eu/en/current-euribor-rates/ (As at 9 June 2021). Applicable for both Germany and the Netherlands. 3. Source: BNP Paribas Real Estate Q1 2021. 4. Source: CBS (Statistics Netherlands). 22 22

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