Blackwells Capital Activist Presentation Deck

INDUSTRY DEMAND DRIVERS Import volumes: Seaports Brick and mortar retail sales (ex. gas) E-commerce sales Inventories Global industrial production Intermodal rail volume Air cargo volume Export volume: Seaports Manufacturing (PMI) BW BLACKWELLS CAPITAL YoY trend - 2H 2020 ↑↑ Strictly Confidential & Trade Secret ↓↓ Historical correlation to demand 53

View entire presentation