Tritax Big Box REIT : 2020 Half Year Results Presentation

H1 2020 results

August 2020

1

Agenda

Highlights	Colin Godfrey
Financial Results	Frankie Whitehead
Strategic Update	Colin Godfrey
Q&A

2

Delivering resilient income and growth

• Supportive market fundamentals strengthened further by accelerating on-line adoption
• High-qualityportfolio delivering strong rent performance during Covid-19 pandemic
• • Portfolio value increased by 6.1% during period
• Stable adjusted earnings, expect full year earnings growth from stronger second half
• • Development activity driving H2 earnings
  • Offset in part by expected asset disposals
• Declared Q2 interim dividend of 1.5625p
• • H1 2020 dividend per share 3.125p
  • 96% pay-out ratio
• Active asset management recycling capital into attractive development pipeline
• • Selected disposals expected in H2 2020
• Significant development progress
• • Littlebrook, Dartford pre-let - largest in Europe
  • Two lettings on Symmetry portfolio, a further two imminent and one in advanced discussions

3

Financial

Whitehead

Director

4

Resilient H1 financial performance

£ million	H1 2020	H1 2019	Variance
Net rental income	78.8	69.2	+13.9%
Operating profit before fair value changes	70.6	56.61	+24.7%
Operating profit	124.0	88.1	+40.7%
Profit before taxation	103.2	67.8	+52.2%
Adjusted earnings per share (pence)	3.26	3.41	-4.4%
Average share count ('000s)	1,707	1,656	+3.1%
Dividend per share (pence)	3.125	3.425	-8.8%
Dividend pay-out ratio	96%	100%
	30 June 2020	31 December 2019
Total carrying value of portfolio	3,955.1	3,811.2	+3.8%
IFRS Net assets	2,608.5	2,561.2	+1.8%
EPRA net asset value per share - diluted3 (pence)	154.85	151.79	+2.0%

£178.9m

Contracted annual rent

roll

(December 2019: £166.6m)

14.1%

EPRA cost ratio

(H1 2019: 15.3%)

4.2%

Total accounting return

(H1 2019: 0.4%)

£4.18bn2

Total portfolio value

(December 2019: £3.94bn)

1 Including a deduction for one-off corporate acquisition costs of DB Symmetry of £4.1m. Excluding these costs the variance in operating profit before fair value changes is 16.3%.

1. Total portfolio value includes the investment and development portfolio, plus forward funded commitments.
2. Based on EPRA Net Tangible Assets (NTA).

5

High-quality portfolio delivering strong rent collection

•	Q2	2020 rent: 97% collected
	- Remaining 3% expected over H2 2020 / H1 2021
•	Q3	2020 rent, 90% collected to date and expect 99% by end

Strong rent collection performance

Collected		Expected within quarter		Expected during 2020/21

97% of Q2 rent

of the quarter

- Remaining 1% expected over H2 2020 / H1 2021

100%

collected

99% of Q3

• No rent-free periods / rent reductions agreed
•	Supporting some tenants cashflows with short-term move to
	monthly in advance payments (from quarterly)
•	Overall expectation is for 100% of all rent to be paid

80%

60%

40%

20%

0%

Q1 2020

Q2 2020

Q3 2020

rent

expected to be collected by end of quarter

6

Stable H1 earnings with H2 expected to be stronger

Adjusted earnings £m

H2 activity

70
65
	9.6		(7.7)	1.0	(0.7)
60	56.4
						55.6
									(0.2)
55								(2.8)

50

45

40

35

30

• Adjusted earnings stable during H1 with higher net rent offset by lower licence fee income
• Adjusted EPS decline by 4.4% reflecting higher average share count
• Expect overall FY20 earnings growth driven by:
• • £12.3m / annum licence fee Amazon Littlebrook (from mid June)
  • Expected lettings on Symmetry assets (£2.5m / annum)
  • Offset in part by expected disposals over H2 (£5-8m / annum)
• Expect incremental earnings from development activity to offset EPS dilution associated with the Feb 19 equity raise for Tritax Symmetry acquisition by end of FY20

7

Strategy continuing to deliver value growth

Movement in EPRA Net Asset Value per share for the period from 1 January to 30 June 2020

pence	+2%

165.0

160.0

	(0.17)
3.11	(3.27)

155.0

3.39

150.0

154.85

151.79

145.0

140.0

Opening NAV at 1 Jan	Operating profit and	Property revaluation	Share based pmt and	Dividends paid	Closing NAV at 30 June
2020	licence fees	surplus	amortisation charges		2020

Note: Following the October 2019 update to EPRA's Best Practice Recommendations Guidelines, the Group has adopted EPRA net tangible assets (NTA) as its primary measure of net asset value and restates its December 2019 position in line with this change.

8

Strong balance sheet

Diversified, long-term debt maturity profile at 30 June 2020

Committed amount £m

500

400

300				10.0
200
				300.0	190.0	250.0		250.0			250.0
100
									150.0
			50.0		50.9		90.0		72.0
0
2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031
Unsecured RCF	Unsecured RCF (with		Helaba	Unsecured Loan	PGIM		US Private	Canada
option to extend to 2026)	Notes			Placement	Life
										Extended during the period

Supportive mix of Bank and Institutional Lenders

1 Based on full debt commitment

£371m

Undrawn, committed debt available

7.1 years

Weighted average term to maturity1

(2019: 7.5 years)

2.68%

Capped cost of debt1 (2019: 2.68%)

31.8% LTV

(2019: 30.4%)

64%

Fixed rate debt

9

Capital allocation and guidance

Current development pipeline

	Remaining
As at 30 June 2020	costs to	Rent p.a.	Lease length
	complete
Amazon, Littlebrook	£152.1m	£12.3m	20 years
Amazon, Durham	£20.4m	£7.6m	20 years
Co-Op Biggleswade	£38.1m	£4.7m	20 years
Howdens III, Raunds	£11.4m	£1.7m	30 years

Disposal pipeline

	Proceeds	Rent p.a.	Lease length
FY 2020	£125-175m	£5-8m	~8 years

Dividend

• Continues to remain under review with potential to increase on a progressive basis
• Ensuring appropriate, sustainable pay-out ratio providing flexibility

Leverage

• Long-termrange 30-35%
• Will use debt as bridge to disposals resulting in temporary periods towards higher end of range

Earnings

• Stable earnings in H1
• Stronger H2 expected
• Increased income from successful development activity in part offset by expected disposals

10

Strategic update

Colin Godfrey

CEO

11

Accelerating growth in logistics demand

Short-term:COVID-19 has accelerated the growth in online sales

Monthly YoY retail sales trends(1)

80%	Online sales
	Total sales
60%	Non-online sales
40%
20%
0%
-20%
-40%
Jan 2020	Feb 2020	Mar 2020	Apr 2020	May 2020	Jun 2020

June online retail sales trends

73% 67% 32%

YoY growth

YTD growth

Online sales as % of total

Long-term: Increasing online spending could result in substantial

new demand

Online retail spend1

x

Online sales as % of total retail sales

£300bn	50% e-commerce penetration
	40% e-commerce penetration
£250bn	30% e-commerce penetration	50%
			40%
£200bn
£150bn			30%
£100bn
	19.2%
£50bn
2019	Online driven	2030
		Overall
		demand for new
		demand(2)
		buildings(2)
	50%	155m sq ft	360m sq ft
	40%	110m sq ft	315m sq ft
	30%	65m sq ft	270m sq ft

1 Office of National Statistics (ONS); 2 Tritax estimates

12

Favourable market dynamics & fundamentals for Big Boxes

Growing demand for large-scale big boxes1

Only nine speculative large-scale big boxes built since 20161

Millions	40				100%
35				90%
30				80%
			70%
	25				60%
	20				50%
	15				40%
	10				30%
				20%
	5				10%
	0				0%
	2016	2017	2018	2019	H1 2020

Under offer (100k sq ft +)

500k sq ft +

250-500k sq ft

100-250k sq ft

500k sq ft + - % of take- up inc u/o (rhs)

Under Construction	Completed & let
2.2m sq ft
1.3m sq ft	4 buildings
2 buildings

Completed & available	Complete & under offer
1.1m sq ft	0.5m sq ft
2 buildings	1 building

Implied yield based on the 20-year average shows potential for further yield compression1, 2

9%
8%								Prime distribution
7%
6%								10-year Gov bond yield
5%
4%
3%
2%								c.440 bp spread
1%
0%
1999	2001	2004	2006	2009	2011	2014	2016	2019
1 CBRE; 2 Bank of England

13

Strategy focused on high-quality UK logistics real estate

Our vision is to become the leading integrated REIT focused on high-quality UK logistics real estate assets

delivering sustainable, long-term income and value growth for shareholders

High-quality assets attracting world leading customers

Delivering high quality, resilient and growing income

• High-qualitylogistics assets attracting world-leading customers
• Weighting towards defensive and high-growth sectors

• Resilient portfolio delivering secure, long term and growing income

		Direct and active management
Capital
	Protecting, adding and realising value
allocation
•	Direct and active management of existing assets for physical and financial
and
	improvement (income resilience / value growth)
sustainability
•	Acquiring assets with opportunities to add further value

• Selling assets to crystallise value and recycle capital into higher returning opportunities

Insight driven development and innovation

Creating value

• Using insights from customers to identify long-term opportunities
• Capital efficient development creating high-quality and environmentally friendly buildings
• Significant majority pre-let opportunities to de-risk development

14

High-quality portfolio reflective of strategy

	Investment Portfolio (91% of GAV)	Development Portfolio (9% of GAV) - Target Y-o-C of 6-8%
Foundation Assets (73%)					Tritax Symmetry (7%)
▪	Core, low risk income					▪ Potential to deliver c.39 million sq ft of logistics assets1
▪	Modern buildings in prime logistics locations					▪	One of the UK's largest strategic land portfolios for the
▪ Long-term leases to institutional grade customers						development of Big Boxes
Value Add (13%)		73%				Littlebrook, Dartford (2%)
▪	Strong tenant covenants	£4.18bn	7%	9%		▪	Original underwrite of c.1.7 million sq ft of logistics
	91%	Portfolio(2)	2%				assets
▪ Capital and rental growth potential through active asset
	management		5%			▪ The largest logistics development site within the M25
▪	Lease re-gears and property improvements	13%				▪	Big Box logistics facilities in a core last mile location on
							the edge of London

Growth Covenants (5%)

• Undervalued, well-located,fully-let assets
• Improvement in tenant credit quality to drive asset value

Long-term, stable and growing income…		…complemented by significant growth potential

1 Including owned assets, development management agreements and continued economic interests; (2) See page 31 for reconciliation with Statement of Financial Position

15

Quality customers, resilient sectors, critical assets

40 customers across 61 investment assets

Online Retail

26.1%

Food Retail

16.3%

Homewares & DIY Retail 9.1%

Other Retail

7.5%

3PL / Distribution

6.9%

Fashion Retail

6.8%

Other Manufacturing

6.3%

Wholesale

4.9%

Electricals Manufacturing 4.0%

Consumer Goods Manufacturing	Automotive Manufacturing	Post and Parcels	2.7%
	4.0%	3.3%
Food Production	2.1%

Exposure as a % of annual rent

1 based on contracted rents

4.4%

Stable investment portfolio valuation yield

(31 December 2019: 4.4%)

c. 70%

of tenants are publicly listed with a market cap >£2bn1

Top 5 Customers

By portfolio income

19.2%

6.4%

4.9%

4.5%

3.8%

16

Embedded income growth with further upside potential

88% of portfolio subject to rent review by December 2022…

…leading to material embedded rental growth (£m)

50%

40%

30%

20%

10%

0%

Portfolio rent review analysis

OMR

Hybrid

CPI/RPI

Fixed

37%

34%

17%

2020

2021

2022

191	Potential growth in annual rental income
						£190m
189	Potential rental uplift1
Minimum contracted uplift 2
187
185						£185m
183
181
179
177
Jul-20	Jan-21	Jul-21	Jan-22	Jul-22	Jan-23	Jul-23

1. Fixed uplifts, RPI/CPI and hybrid estimated at 2% growth p.a.; OMR grown at 2% p.a. from today's ERV. All subject to caps and collars
2. Fixed uplifts and collars applicable to both RPI/CPI and Hybrid

17

Asset management driving rental growth

Growing income through H1 asset management activity…

Asset	Outcome
Morrisons, Sittingbourne	1.1% uplift from RPI derived
rent review
	10% increase from April 2020
Amazon, Peterborough	formed of 2% per annum
	increase over five years
Morrisons, Birch Coppice	1.7% uplift from CPI derived
rent review
Argos, Burton	Fixed 3% per annum increase
	Extended lease to May 2026
Marks & Spencer, Stoke	Increased rent by 5% with
	effect from May 2021

… with further pipeline of H2 activity

Growing income

• One open market rent review negotiated and in documentation
• Three open market rent reviews under negotiation, with one potentially resulting in a lease extension
• Two index linked rent reviews
• Three fixed uplift reviews
• One hybrid rent review

Increasing visibility

• Five active lease extension negotiations underway

Ensuring ongoing rental growth

18

Proactive and ongoing evaluation of our portfolio

1. Constant evaluation of portfolio

• Regularly evaluate the full extent of our portfolio
• Ensure all value creation opportunities realised in shareholders' interests
• Patient sellers of assets

2. Asset specific criteria considered

We assess individual assets on range of criteria such as:

Future return	Capital requirements	Market conditions
profile
Lease length	Tenant quality	Tenant sector
Size	Location	Power / connectivity

3. Broader portfolio considerations

We evaluate the impact of an asset disposal on the overall composition of our portfolio including:

Earnings	Dividend	Portfolio composition
Risk profile	Clear value accretive opportunities to redeploy
		proceeds

H1 2020 progress update

• Development portfolio progress beginning to accelerate providing attractive opportunity to redeploy disposal proceeds into higher returning assets
• Some short-term delays to sale processes due to Covid-19
• A number of attractive disposals at advanced stages
• Looking to complete a number of disposals over the remainder of H2 2020 making progress towards our stated medium-term target

Medium-term target

• Progressing towards a run rate of disposals of £125-175 million per annum
• Taking advantage of strong investment and occupational market

19

Insight driven development growing returns and limiting risk

• Land bank gives opportunity to take advantage of tight investment market, recycling mature assets in our portfolio into higher returning ones in our development pipeline
• De-riskingthe development process by:
• • Deep understanding of customers' future long-term requirements
  • Capital efficient, low risk holding of land-bank primarily through long-dated options
  • Committing significant capital to construction only when lease agreed (pre-let) giving line of sight on risk / return profile
  • Limited speculative exposure to smaller units to unlock greater value
• Potential for enhanced returns with no incremental capital from 3rd party Development Management Agreements

Current development pipeline	Near-term development pipeline	Future development pipeline
Reach practical completion in 12-	Received planning, or planning	Long-term pipeline, predominately
submitted - commence	held under option with average
18 month
development in 1 - 3 years	maturity length of 9 years
5.3m sq ft	9.2m sq ft	30.2m sq ft
8.4% of current portfolio value	4.0% of current portfolio value	4.8% of current portfolio value

*sq ft figures are subject to change depending upon customer design requirements

91%

9%

Development

Investment Portfolio

1.0%

of GAV in speculative

development

(5% maximum limit)

6-8%

Target yield on cost across development portfolio

20

Extensive development progress during the period

Letting speculative stock			Pre-lets			Planning consents achieved
SP1 Symmetry Park Doncaster	152,000		Littlebrook Phase 2	2,300,000		Littlebrook Phase 2	2,300,000
Imminent lettings			Bicester Phase 2	59,000		Wigan1	1,400,000
Unit 3 Aston Clinton	112,000					Darlington Phase 2	577,000
Unit 2 Aston Clinton	56,000					Middlewich2	156,000
						Bicester Phase 2	59,000

Total sq ft let	320,000		Total sq ft of pre-lets	2,359,000		Total sq ft of planning consents	4,492,000
Expected rent contribution	£2.5m		Contracted rent	£13.0m

1 Committee resolution to grant consent but subsequently called in by Secretary of State for the Department of the Environment 2 Subject to Section 106

21

Littlebrook - approach to development in action

• Identified Littlebrook as optimal site for large scale logistics
• Acquired in 2017 for £65m
• Worked closely with Amazon to respond to their evolving and growing requirements
• Secured 20 year lease on 2.3m sq ft
• Valuation uplifts at key milestones, most notably achievement of significant pre-let in June
• Delivering our original profit expectations for the site with further potential upside from Phase 1 and remainder of 3

Littlebrook valuation progression

Net of future costs
	200				Cost		Profit
million£	150
100
	50
	0
	Dec-17	Dec-18		Dec-19	Jun-20

Amazon

Phase 1		Phase 2		Originally part of phase 3,
		but now part of phase 2
Phase 3		Phase 4			Ecology areas

22

D

12%

Our ongoing commitment to sustainability

Our vision for sustainability is to demonstrate leadership in sustainable logistics, working in collaboration with our

stakeholders, to create a positive change and value in the long term

Sustainability strategy encompasses four focus areas with detailed objectives and targets for each…

		Healthy and sustainable			Net zero carbon	Biodiversity and		Social Value
		buildings			wellbeing
1	2		3		4
		To ensure and demonstrate			To become net carbon zero			To enhance wellbeing and		To create and demonstrate the
		sustainability credentials of our					nature on our land and for our
				across all direct assets				social value of our investments
		assets					stakeholder

…building on our modern and efficient portfolio's strong environmental credentials

All our forward funded developments since IPO are rated

BREEAM Excellent or Very Good…

Excellent

46%

Very Good

54%

…with 87% of overall portfolio (by sq ft) achieving EPC

ratings of A-CE

1%

A

38%

C

26%

B

23%

23

Well positioned to deliver growing income and value

Clear &

compelling

strategy

Resilient portfolio

Attractive

development opportunities

Financial firepower

Strong market

• Focused on delivering growing income and value through active management, insight led development and attracting the world's best customers
• Portfolio is intentionally high-quality, delivering resilient income and protecting value, particularly in uncertain times
• Delivering our attractive development pipeline from the UK's largest logistics focused land bank
• Strong balance sheet and a range of funding sources to support growth ambitions and drive shareholder returns
• Demand for high-quality logistics assets has only accelerated in light of Covid-19

24

25

A well curated portfolio

	"Big" Boxes1				Modern Big Boxes1		Automated Big Boxes1
	8%				6%	46%
							54%
44%	22%
< 300k sq ft
			Pre 2000
							Automated
		300 - 500k
		53%
		500 - 700k	2000s				Not automated
		> 700k			Since 2010
	26%				41%
Long Term Income2			Rent Reviews By Type2		Geographically Diversified3
	12%				6%	13%	2% 1%	22%
13%				10%
					54%				North East
	23%< 5 Years			RPI/CPI linked				South East
						East Midlands
		5-10 Years			Open Market
		11-15 Years			18%		West Midlands
				Fixed
		16-20 Years			Hybrid				North West
41%		> 20 years	30%				Yorkshire
						South West

11%	18%	26%
1 By area; 2 By rental income; 3 By value.

26

Portfolio debt summary

Lender	Asset Security	Maturity	Loan	Amount Drawn at
Commitment (£m)	30 June 2020 (£m)
Loan Notes
2.625% Bonds 2026	None	Dec 2026	250.0	249.3
2.86% Loan notes 2028	None	Feb 2028	250.0	250.0
2.98% Loan notes 2030	None	Feb 2030	150.0	150.0
3.125% Bonds 2031	None	Dec 2031	250.0	247.2
Bank Borrowings
RCF (syndicate of seven banks)	None	Dec 2023/2024	350.0	116.5
RCF (syndicate of six banks)	None	Jun 2024/2025	200.0	66.0
Helaba	Ocado, Erith	Jul 2025	50.9	50.9
PGIM Real Estate Finance	Portfolio of four assets	Mar 2027	90.0	90.0
Canada Life	Portfolio of three assets	Apr 2029	72.0	72.0
Total			1,662.9	1,291.9

27

Current Development Pipeline

Estimated Costs

	To Complete - Estimated Cost To Complete - By Period
	Total
Pre-Let		H2 2020	H1 2021	H2 2021	Total Sq	Contractual
£m	Ft	Rent / ERV
	£m	£m	£m
		million	£m
Amazon, Durham1	20.4	20.4	-	-	2.0	7.6
Howdens III (Unit 6B)1	11.4	11.4	-	-	0.3	1.7
Co-op, Biggleswade	38.1	29.0	9.1	-	0.7	4.7
Amazon, Littlebrook	152.1	73.8	49.5	28.8	2.3	12.3
Total	222.0	134.6	58.6	28.8	5.3	26.3

1 Licence fee currently being received during the construction period

28

Near Term And Future Development Pipeline

Near Term Development Pipeline
		Current	Estimated Cost	ERV	Estimated Average
	Total Sq Ft	Book Value	to Completion	Gross Yield on
	£m
	million	£m	£m	Cost
Land with consent	5.8	124.4	337.3	32.3	6-8%
Land with planning submitted	3.4	40.9	240.2	21.3	6-8%
Total	9.2	165.3	577.5	53.6	6-8%
Future Development Pipeline
			Total Sq Ft	Target Gross Yield on Cost
			million
Strategic land options			30.2		6-8%

29

2020 Lease Events

Rent Reviews - Settled In H1 2020

	Review Type	No. of	Increase in Contracted Annual	Annual Equivalent Increase
	Reviews	Rental Income
	RPI / CPI	3	£0.4m	1.2%
	Fixed	1	£0.1m	3.0%
	OMR	0	n/a	n/a
	Total	4	£0.5m	1.6%
	Rent Reviews - Due in H2 2020
	Review Type	No. of
	Reviews
	RPI / CPI	2
	Fixed	3
	Hybrid	1
	Total	6

30

Portfolio Value

Portfolio value

£m	30 June 2020	31 December 2019
Investment property	3,678.8	3,541.2
Other property assets	13.9	13.9
Land options (at cost)	232.0	226.0
Share of Joint Ventures	30.4	30.1
Remaining forward funded	222.0	129.9
development commitments
Portfolio value	4,177.1	3,941.1

31

Corporate Structure

Tritax Big Box REIT		Tritax Management LLP

			DBS Management		Full Oversight
	87% of DBS Development Co /
	100% of DBS Investment Co
100%			13% of DBS Development Co /
			0% of DBS Investment Co
			DMA	DBS ManCo
Existing Group		Tritax Symmetry Limited			External
					Management Company

100%100%

At PC

DBS Investment Co

DBS Development Co

32

Performance Track Record

	FY 2015	FY 2016	FY 2017	FY 2018	FY 2019	H1 2020
Contracted rental income(1)	£68.4m	£99.7m	£126.0m	£161.1m	£166.6m	£178.9m
EPRA cost ratio	17.9%	15.8%	13.1%	13.7%	15.1%	14.1%
Adjusted EPS	6.12p	6.51p	6.37p	6.88p	6.64p	3.26p
Dividend per share	6.00p	6.20p	6.40p	6.70p	6.85p	3.13p
Dividend payout ratio	98%	95%	100%	97%	100%	96%
Number of assets(2)	25	35	46	54	58	61
Portfolio valuation	£1.31bn	£1.89bn	£2.61bn	£3.42bn	£3.94bn	£4.18bn
EPRA Topped Up NIY	4.95%	4.95%	4.71%	4.68%	4.60%	4.60%
Portfolio WAULT	16.5 yrs	15.3 yrs	13.9 yrs	14.4 yrs	14.1 yrs	14.1 yrs
LTV	33.2%	30.0%	26.8%	27.3%	30.4%	31.8%
EPRA NAV (diluted)	£0.85bn	£1.43bn	£1.94bn	£2.25bn	£2.58bn	£2.64bn
EPRA NAV per share (diluted) (3)	124.68p	129.00p	142.24p	152.83p	151.79p	154.85p
Annual total return	19.4%	9.6%	15.2%	12.1%	3.3%	4.2%

(1) At period end; (2) Excludes development land; (3) EPRA NTA (Net Tangible Assets) is used for FY 2019 onwards.

33

Important Legal Notice

This document may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected revenue growth and trading margins, dividends, investment returns, market trends and future investments are forward-looking statements. Phrases such as "aim", "plan", "intend", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from what is expressed or implied by the statements. Any forward-looking statement is based on information available to Tritax Big Box REIT plc (the "Company") as of the date of the statement. All written or oral forward-looking statements attributable to the Company are qualified by this caution. The Company does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances or in the Company's expectations.

No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein. Accordingly none of the Company, Tritax Management LLP, any of their subsidiary undertakings, or any other person, or any of such person's respective directors, officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.

By accepting this presentation, you acknowledge that you will be solely responsible for your own assessment of the Company, the market and market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company and its business. The past business and financial performance of the Company is not to be relied on as an indication of its future performance.

This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any shares in the Company or any other securities.

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