Blackwells Capital Activist Presentation Deck

BENEFICIARY OF LONG-TERM SECULAR SHIFT TO E-COMMERCE Inventories-to-Sales Supply chains need to be more resilient in a post-pandemic world Inventory levels are projected to increase substantially This will drive greater industrial space demand 1.80 BW BLACKWELLS CAPITAL 1.75 1.70 1.65 1.60 1.55 1.50 1.45 1.40 1.35 1.30 Inventory to Sales чт mund 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Source: Monmouth Real Estate Investment Corp. October 2020 Investor Presentation. www и Strictly Confidential & Trade Secret 56

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