Tritax Big Box REIT : Sustainalytics – ESG Risk Rating Report

SUSTAINALYTICS ESG RISK RATING REPORTDate Sep 17, 2020

Tritax Big Box REIT PLC	14.6 Low Risk
REITs | United Kingdom | LON:BBOX	Negl	Low		Med	High	Severe
	0-10	10-20		20-30	30-40	40+

Rating Overview

The company is at low risk of experiencing material financial impacts from ESG factors, due to its low exposure and average management of material ESG issues. The company is noted for its strong corporate governance performance, which is reducing its overall risk. Its management has not resulted in significant controversies for the company and ultimately the company's favourable risk assessment is due to its low exposure to ESG issues.

Momentum Score: -0.8

Stable

The company's risk score has not changed significantly in the past year, and its risk category has remained stable.

ESG Risk Rating Distribution

Relative Performance

			61%
			54%
			43%
		35%	37%
				28%
		18%				16%
1%	2%	3%		1%	0%	0%	0%
Negligible	Low	Medium	High		Severe

		Rank	Percentile
		(1st = lowest risk)	(1st = lowest risk)
	Global Universe	749 out of 13077	7th
	Real Estate (Industry Group)	115 out of 944	13th
	REITs (Subindustry)	75 out of 420	18th

Attribution Analysis

	ESG Risk Rating
Top Material Issues	Score Negl	Low	Med	High	Severe
	0-2	2 - 4	4 - 6	6 - 8	8 - 20+

1	Corporate Governance		3.7
2	ESG Integration - Financials	5.1
3	Product Governance		3.7
4	Business Ethics		2.2
= Significant event
	Risk Analysis
Weak		Severe Risk	Peers (Market cap $3.5 - $3.6bn)
Management			1.	Brixmor Property Group Inc
		2.	Tritax Big Box REIT PLC
			3.	Hudson Pacific Properties, Inc.
Strong			4.	Keppel DC REIT
Negligible Risk
	Low	High	5.	Agree Realty Corp.
	Exposure

Global Universe

REITs (Subindustry)

Tritax Big Box REIT PLC

Peers

• SubIndustryAvg.

	Weak	3
		2
		4
Management		1

Strong	Negligible Risk
	Low

Exposure

Circle size = Contribution to ESG Risk Rating

ESG Risk Rating

13.9 Low

14.6 Low

15.0 Low

16.7 Low

19.3 Low

Severe Risk

High

Exposure	Management
26.9 Low	48.9	Average
21.7 Low	32.7	Average
26.5 Low	43.9	Average
24.7 Low	32.9	Average
24.7 Low	22.0	Weak

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Page 1 of 26

SUSTAINALYTICS ESG RISK RATING REPORTDate Sep 17, 2020

Tritax Big Box REIT PLC	14.6 Low Risk
REITs | United Kingdom | LON:BBOX	Negl	Low		Med	High	Severe
	0-10	10-20		20-30	30-40	40+

Exposure Score

Low	Medium	High	Management Score Strong	Average	Weak
0-35	35-55	55-100	100-50	50-25	25-0

21.7 Low

Beta = 0.99

SubIndustry

At 31 December 2018, Tritax owned 54 income-producing assets and 114 acres of strategic land, let to 39 different customers, including some of the biggest names in retail, logistics, consumer products and automotive . Considering the increasing tenant preference for sustainable buildings that reduce the adverse impact on human safety throughout the building's life cycle, failure to cater to this trend could lead to customer loss. In addition, its large portfolio has a considerable environmental footprint. Hence, failure to reduce the carbon footprint of its properties due to increasingly stringent environmental regulations and growing customer awareness could lead to decrease in its market share. Moreover, its involvement in unethical business practices, such as conflicts of interest or accounting irregularities, could trigger investigations, fines and increased regulatory scrutiny.

The company's overall exposure is low and is similar to subindustry average. Business Ethics, Product Governance and ESG Integration -Financials are notable material ESG issues.

32.7 Average

Tritax's overall ESG-related disclosure is weak and not in accordance with GRI reporting standards, signalling inadequate accountability to investors and the public. The company's ESG- related issues are overseen by the board or the executive team, suggesting that these are integrated in core business strategy.

The company's overall management of material ESG issues is average.

Attribution Details

	Contribution to
	ESG Risk	Subindustry	Company	Manageable	Management	Management	ESG Risk			Risk
Issue Name	Rating	Exposure	Exposure	Risk Factor	Score	Weight	Rating		Category
Corporate Governance	25.1%	9.0	9.0	100%	59.1	41.7%	3.7
ESG Integration -Financials	34.9%	6.0	6.0	100%	14.9	27.8%	5.1
Product Governance	25.3%	4.0	4.0	100%	7.5	18.5%	3.7
Business Ethics	14.7%	3.0	2.7	95%	21.3	11.9%	2.2
Overall	100.0%	22.0	21.7	-	32.7	100.0%	14.6			Low

=Significant event

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Page 2 of 26

SUSTAINALYTICS ESG RISK RATING REPORTDate Sep 17, 2020

Tritax Big Box REIT PLC

14.6 Low Risk

REITs | United Kingdom | LON:BBOX

Negl

Low

Med

High

Severe

0-10

10-20

20-30

30-40

40+

Risk Details

Exposure

Company Exposure

21.7

The company's sensitivity or vulnerability to ESG risks.

Management

Manageable Risk

21.6

Material ESG risk that can be influenced and managed through suitable policies, programmes and

Managed Risk

7.1

initiatives.

Material ESG risk that has been managed by a company through suitable policies, programmes or

Management Gap

14.5

initiatives.

Measures the difference between material ESG risk that could be managed by the company and what

Unmanageable Risk

0.1

the company is managing.

Material ESG risk inherent in the products or services of a company and/or the nature of a company's

business, which cannot be managed by the company.

ESG Risk Rating

Overall Unmanaged Risk

14.6

Material ESG risk that has not been managed by a company, and includes two types of risk:

unmanageable risk, as well as risks that could be managed by a company through suitable initiatives

but which may not yet be managed.

Momentum Details

ESG Risk Rating Momentum Score: -0.8

Stable	The company's risk score has not changed significantly in the
	past year, and its risk category has remained stable.

Negligible	Low	Medium	High	Severe
0-10	10-20	20-30	30-40	40+

2020

14.6 (-0.8)

2019

15.5

Exposure Momentum Score: -0.4

Management Momentum Score: +2.5

Stable

The company's exposure score has not changed significantly in the past year, and its exposure category has remained stable.

Low Medium High

0-3535-55 55+

2020

21.7 (-0.4)

2019

22.1

Stable

The company's management score has increased in the past year, but its management category has remained stable.

Strong Average Weak

100-5050-2525-0

2020

32.7 (+2.5)

2019

30.2

© 2020 Sustainalytics. All rights reserved.

Page 3 of 26

SUSTAINALYTICS ESG RISK RATING REPORT

Corporate Governance

Contribution 25.1 %

Tritax Big Box REIT PLC

Corporate Governance represents foundational structures for the management of ESG risks.

Rating Overview

3.7 Low Risk

Negl	Low	Med	High	Severe
0-2	2-4	4-6	6-8	8+

In consideration of its high exposure and strong management, we view the company to have low unmanaged risk attributable to its corporate governance.

ESG Risk Rating Distribution

				67%
				63%
				52%
				42%
			27% 30%
1%				5%	6%	6%
0%	0%				0%	0%	0%
Negligible	Low	Medium	High		Severe

Risk Analysis

Weak	Severe Risk

Management

Strong	Negligible Risk
	Low	High
	Exposure
	Global Universe
	REITs (Subindustry)
	Tritax Big Box REIT PLC
	Peers

• SubIndustryAvg.

Exposure
Company Exposure	9.0
Management
Manageable Risk	9.0
Managed Risk	5.3
Management Gap	3.7
Unmanageable Risk	0.0

ESG Risk Rating

Issue Unmanaged Risk

3.7

Relative Performance

						Rank	Percentile
						(1st = lowest risk)	(1st = lowest risk)
			Global Universe			692 out of 4323	17th
			Real Estate (Industry Group)	61 out of 345	18th
			REITs (Subindustry)			41 out of 180	23rd
Peers (Market cap $3.5 - $3.7bn)	ESG Risk Rating Exposure	Management
1.	Brixmor Property Group Inc	3.7	Low	9.0 High	59.4	Strong
2.	Tritax Big Box REIT PLC	3.7	Low	9.0 High	59.1	Strong
3.	Spirit Realty Capital, Inc.	3.9	Low	9.0 High	56.8	Strong
4.	Hudson Pacific Properties, Inc.	4.1	Medium	9.0 High	54.5	Strong
5.	Société Foncière Lyonnaise SA	5.0	Medium	9.0 High	45.0	Average

The company's sensitivity or vulnerability to ESG risks.

Material ESG risk that can be influenced and managed through suitable policies, programmes and initiatives.

Material ESG risk that has been managed by a company through suitable policies, programmes or initiatives.

Measures the difference between material ESG risk that could be managed by the company and what the company is managing.

Material ESG risk inherent in the products or services of a company and/or the nature of a company's business, which cannot be managed by the company.

Material ESG risk that has not been managed by a company, and includes two types of risk: unmanageable risk, as well as risks that could be managed by a company through suitable initiatives but which may not yet be managed.

© 2020 Sustainalytics. All rights reserved.

Page 4 of 26

SUSTAINALYTICS ESG RISK RATING REPORT

Corporate Governance

Contribution 25.1 %

Tritax Big Box REIT PLC

Corporate Governance represents foundational structures for the management of ESG risks.

Risk Analysis

Exposure Score			Management Score
	Low	Medium	High		Strong	Average	Weak
0-4	4-8	8-20+	100-53	53-39	39-0
9.0 High				59.1 Strong

SubIndustry

The quality and integrity of the company's board and management and its remuneration systems are identified as the highest weighted governance areas of focus. The company is publicly traded, which leads to heightened scrutiny of its governance practices and increases the importance of governance structures, practices and behaviour. This translates into high exposure to baseline Corporate Governance risk.

The company is noted for showing particular strength in the quality and integrity of its board/management, its board structure, its ownership structure/shareholder rights and its audit and financial performance systems. It has average management of its 2 other governance pillars. Overall, we rate the company's corporate governance management as strong.

Corporate Governance Pillars

Pillar	Score	Weight	Weighted Score
Board/Management Quality & Integrity	63.0	25.0%	15.8
Board Structure	95.0	17.0%	16.2
Ownership & Shareholder Rights	64.0	15.0%	9.6
Remuneration	34.0	25.0%	8.5
Audit & Financial Reporting	66.0	8.0%	5.3
Stakeholder Governance	38.0	10.0%	3.8
Totals		100.0%	59.1

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Page 5 of 26

SUSTAINALYTICS ESG RISK RATING REPORT

ESG Integration - Financials

Contribution 34.9 %

Tritax Big Box REIT PLC

ESG Integration - Financials includes all ESG integration activities by financial institutions that are either driven by financial downside risk considerations or by business opportunities.

Rating Overview

5.1 Medium Risk

Negl	Low	Med	High	Severe
0-2	2-4	4-6	6-8	8+

Considering its medium exposure and below average management of ESG Integration -Financials, we view the company to be at medium risk for the

issue.

ESG Risk Rating Distribution

		50%
	39%	40%
	35%	32%
	32%
13%			15% 17%
9% 10%			9%
			0%	0%	0%
Negligible	Low	Medium	High	Severe

Risk Analysis

Weak	Severe Risk

Management

Strong	Negligible Risk
	Low	High
	Exposure
	Global Universe
	REITs (Subindustry)
	Tritax Big Box REIT PLC
	Peers

• SubIndustryAvg.

Exposure
Company Exposure	6.0
Management
Manageable Risk	6.0
Managed Risk	0.9
Management Gap	5.1
Unmanageable Risk	0.0

ESG Risk Rating

Issue Unmanaged Risk

5.1

Relative Performance

						Rank			Percentile
						(1st = lowest risk)	(1st = lowest risk)
			Global Universe			766 out of	1062	72nd
			Real Estate (Industry Group)	221 out of	345	64th
			REITs (Subindustry)			124 out of	180	69th
Peers (Market cap $3.5 - $3.7bn)	ESG Risk Rating	Exposure	Management
1.	Société Foncière Lyonnaise SA	1.9	Negligible	5.1	Medium	62.8	Strong
2.	Hudson Pacific Properties, Inc.	2.0	Negligible	5.7	Medium	65.0	Strong
3.	Brixmor Property Group Inc	3.9	Low		6.3	Medium	38.0	Average
4.	Tritax Big Box REIT PLC	5.1	Medium		6.0	Medium	14.9	Weak
5.	Spirit Realty Capital, Inc.	6.5	High		6.9	Medium	5.8 Weak

The company's sensitivity or vulnerability to ESG risks.

Material ESG risk that can be influenced and managed through suitable policies, programmes and initiatives.

Material ESG risk that has been managed by a company through suitable policies, programmes or initiatives.

Measures the difference between material ESG risk that could be managed by the company and what the company is managing.

Material ESG risk inherent in the products or services of a company and/or the nature of a company's business, which cannot be managed by the company.

Material ESG risk that has not been managed by a company, and includes two types of risk: unmanageable risk, as well as risks that could be managed by a company through suitable initiatives but which may not yet be managed.

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Page 6 of 26

SUSTAINALYTICS ESG RISK RATING REPORT

ESG Integration - Financials

Contribution 34.9 %

Exposure Overview

Tritax Big Box REIT PLC

ESG Integration - Financials includes all ESG integration activities by financial institutions that are either driven by financial downside risk considerations or by business opportunities.

Beta Indicators

Beta Signal

Exposure

Low Medium High

0-4

4-8

8-20+

6.0 Medium

SubIndustry

As REITs are long-term owners and managers of income-producing real estate, integrating ESG standards into risk assessments helps companies address downside risks that could erode the value of real estate portfolios, such as climate change risks. Investing in property that is ill equipped to face environmental threats may result in stranded assets, negatively affecting portfolio performance and potentially lowering dividend payments to unitholders. Additionally, climate regulations may result in tighter restrictions on real estate financing, which in turn could impact a REIT's revenue.

Exposure Analysis

Subindustry Issue Exposure

6.0

Issue Beta	1.00
Company Issue Exposure	6.0

Environmental Impact of Products	0.00
Social Impact of Products	0.00
Carbon Impact of Products	0.00
Society - Human Rights	0.00
Operating Performance	0.00
Solvency	-0.03
Financial Flexibility	-0.03
Asset Performance	-0.03
Headquarters Location	-0.03
Sales Location	0.10
Green Building Portfolio	0.00
Qualitative Overlay	0.00
Subindustry Correction Factor	0.00
Exceptional Event Adjustment	0.00
Total Beta Signal	0.00
Baseline	1.00

Issue Beta

1.00

Management Overview

Management Score

Strong Average Weak

100-5050-2525-0

14.9 Weak

Best practice includes the implementation of energy efficient systems, green building certifications and the development of a robust, comprehensive platform for including ESG risk factors in their long-term investment risk management processes.

In our view, the company's management of the issue is below average.

		Management Indicators	Raw Score
		Weight | Weighted Score
		Green Buildings Investments		50
		17.5%	| 8.8
		Customer Eco-Efficiency Programmes		25
		12.5%	| 3.1
		Share of Green Buildings		20
		15.0%	| 3.0
		GHG Risk Management		0
		2.5%	| 0.0
		Green Building Memberships		0
		2.5%	| 0.0
		Physical Climate Risk Management		0
		17.5%	| 0.0
		Real Estate LCA		0
		12.5%	| 0.0
		Responsible Investment Policy		0
		7.5%	| 0.0
		Sustainable Products & Services		0
		12.5%	| 0.0
		Carbon Impact of Products	Category 0
		0.0%	| 0.0
		Environmental Impact of Products	Category 0
		0.0%	| 0.0
		Social Impact of Products	Category 0
		0.0%	| 0.0
		Society - Human Rights	Category 0
		0.0%	| 0.0
		Weighted Sum	14.9
		= Event indicator

© 2020 Sustainalytics. All rights reserved.

Page 7 of 26

SUSTAINALYTICS ESG RISK RATING REPORT

Product Governance

Contribution 25.3 %

Tritax Big Box REIT PLC

Product Governance focuses on how companies manage responsibilities to their clients. Emphasis is put on quality management systems, marketing practices, fair billing and post-sales responsibility.

Rating Overview

3.7 Low Risk

Negl	Low	Med	High	Severe
0-2	2-4	4-6	6-8	8+

Considering its medium exposure and below average management of Product Governance, we view the company to be at low risk for the issue.

ESG Risk Rating Distribution

	53%
		48%
	31%	28%	27%
24% 25%
		23%
20%
				15%
						6%
				0%	0%	0%	0%
Negligible	Low	Medium	High		Severe

Risk Analysis

Weak	Severe Risk

Management

Strong	Negligible Risk
	Low	High
	Exposure
	Global Universe
	REITs (Subindustry)
	Tritax Big Box REIT PLC
	Peers

• SubIndustryAvg.

Exposure
Company Exposure	4.0
Management
Manageable Risk	4.0
Managed Risk	0.3
Management Gap	3.7
Unmanageable Risk	0.0

ESG Risk Rating

Issue Unmanaged Risk

3.7

Relative Performance

		Rank	Percentile
		(1st = lowest risk)	(1st = lowest risk)
	Global Universe	1579 out of 3358	48th
	Real Estate (Industry Group)	224 out of 337	67th
	REITs (Subindustry)	116 out of 180	65th

Peers (Market cap $3.5 - $3.7bn)	ESG Risk Rating	Exposure	Management
1.	Société Foncière Lyonnaise SA	1.8	Negligible	4.0 Medium	55.0	Strong
2.	Brixmor Property Group Inc	1.9	Negligible	4.2 Medium	55.0	Strong
3.	Tritax Big Box REIT PLC	3.7	Low	4.0 Medium	7.5 Weak
4.	Hudson Pacific Properties, Inc.	3.7	Low	4.4 Medium	15.0	Weak
5.	Spirit Realty Capital, Inc.	4.2	Medium	4.2 Medium	0.0 Weak

The company's sensitivity or vulnerability to ESG risks.

Material ESG risk that can be influenced and managed through suitable policies, programmes and initiatives.

Material ESG risk that has been managed by a company through suitable policies, programmes or initiatives.

Measures the difference between material ESG risk that could be managed by the company and what the company is managing.

Material ESG risk inherent in the products or services of a company and/or the nature of a company's business, which cannot be managed by the company.

Material ESG risk that has not been managed by a company, and includes two types of risk: unmanageable risk, as well as risks that could be managed by a company through suitable initiatives but which may not yet be managed.

© 2020 Sustainalytics. All rights reserved.

Page 8 of 26

SUSTAINALYTICS ESG RISK RATING REPORT

Product Governance

Contribution 25.3 %

Exposure Overview

Tritax Big Box REIT PLC

Product Governance focuses on how companies manage responsibilities to their clients. Emphasis is put on quality management systems, marketing practices, fair billing and post-sales responsibility.

Beta Indicators

Beta Signal

Exposure

Low Medium High

0-4

4-8

8-20+

4.0 Medium

SubIndustry

REITs primarily generate revenue through rental income received from occupiers. Therefore, the quality and safety of the buildings that companies own and manage directly influences their ability to attract and retain tenants. Poor building safety is a danger to tenant well-being and injuries due to management negligence may expose a company to legal action by tenants. Poor building safety may also hurt a company's reputation in the market, as safety is one of the key factors considered by tenants during decision-making.

Exposure Analysis

Subindustry Issue Exposure

4.0

Issue Beta	1.00
Company Issue Exposure	4.0

Marketing Practices	0.00
Quality and Safety	0.00
Operating Performance	0.00
Solvency	-0.03
Financial Flexibility	-0.03
Asset Performance	-0.03
Headquarters Location	-0.03
Sales Location	0.10
Qualitative Overlay	0.00
Subindustry Correction Factor	0.00
Exceptional Event Adjustment	0.00
Total Beta Signal	0.00
Baseline	1.00

Issue Beta

1.00

Management Overview

Management Score

Strong Average Weak

100-5050-2525-0

7.5 Weak

Leading practices include regularly reviewing and evaluating building operations, responding to emerging client demands, and auditing properties annually to ensure compliance with legislative quality and safety requirements. Best practice also includes initiatives to ensure that products and services do not pose health and safety hazards to customers and programmes to evaluate occupiers' satisfaction.

In our view, the company's management of the issue is below average.

		Management Indicators	Raw Score
		Weight | Weighted Score
		Product and Service Safety Programme		25
		30.0%	| 7.5
		Occupier Satisfaction Surveys		0
		40.0%	| 0.0
		Sustainable Products & Services		0
		30.0%	| 0.0
		Marketing Practices	Category 0
		0.0%	| 0.0
		Quality and Safety	Category 0
		0.0%	| 0.0
		Weighted Sum		7.5
		= Event indicator

© 2020 Sustainalytics. All rights reserved.

Page 9 of 26

SUSTAINALYTICS ESG RISK RATING REPORT

Business Ethics

Contribution 14.7 %

Tritax Big Box REIT PLC

Business Ethics focuses on the management of ethical considerations applicable to most or all sectors, such as taxation and accounting, anticompetitive practices and intellectual property issues.

Rating Overview

2.2 Low Risk

Negl	Low	Med	High	Severe
0-2	2-4	4-6	6-8	8+

Considering its low exposure and below average management of Business Ethics, we view the company to be at low risk for the issue.

ESG Risk Rating Distribution

54%	55%
	48%	46%
40%
24%		23%
		4%	4%		1%
		0%	0%	0%	0%	0%
Negligible	Low	Medium	High			Severe

Risk Analysis

Weak	Severe Risk

Management

Strong	Negligible Risk
	Low	High
	Exposure
	Global Universe
	REITs (Subindustry)
	Tritax Big Box REIT PLC
	Peers

• SubIndustryAvg.

Exposure
Company Exposure	2.7
Management
Manageable Risk	2.6
Managed Risk	0.5
Management Gap	2.0
Unmanageable Risk	0.1

ESG Risk Rating

Issue Unmanaged Risk

2.2

Relative Performance

		Rank	Percentile
		(1st = lowest risk)	(1st = lowest risk)
	Global Universe	1138 out of 3942	30th
	Real Estate (Industry Group)	140 out of 282	50th
	REITs (Subindustry)	121 out of 180	67th

Peers (Market cap $3.5 - $3.7bn)	ESG Risk Rating	Exposure	Management
1.	Brixmor Property Group Inc	1.7	Negligible	3.2 Low	46.9	Average
2.	Spirit Realty Capital, Inc.	2.1	Low	3.2 Low	35.0	Average
3.	Hudson Pacific Properties, Inc.	2.1	Low	3.2 Low	35.0	Average
4.	Tritax Big Box REIT PLC	2.2	Low	2.7 Low	21.3	Weak
5.	Société Foncière Lyonnaise SA	2.5	Low	2.9 Low	13.8	Weak

The company's sensitivity or vulnerability to ESG risks.

Material ESG risk that can be influenced and managed through suitable policies, programmes and initiatives.

Material ESG risk that has been managed by a company through suitable policies, programmes or initiatives.

Measures the difference between material ESG risk that could be managed by the company and what the company is managing.

Material ESG risk inherent in the products or services of a company and/or the nature of a company's business, which cannot be managed by the company.

Material ESG risk that has not been managed by a company, and includes two types of risk: unmanageable risk, as well as risks that could be managed by a company through suitable initiatives but which may not yet be managed.

© 2020 Sustainalytics. All rights reserved.

Page 10 of 26

SUSTAINALYTICS ESG RISK RATING REPORT

Business Ethics

Contribution 14.7 %

Exposure Overview

Tritax Big Box REIT PLC

Business Ethics focuses on the management of ethical considerations applicable to most or all sectors, such as taxation and accounting, anticompetitive practices and intellectual property issues.

Beta Indicators

Beta Signal

Exposure

Low Medium High

0-4

4-8

8-20+

2.7 Low

SubIndustry

REITs are gaining a stronger presence in investment markets, and are likely to receive more attention from both investors and regulators; therefore, it is increasingly important that they provide reliable and trustworthy services. Failure to manage Business Ethics issues, which include conflicts of interest, fee structures, and tax and accounting practices, can have dramatic downside impacts on a company's financial performance. Accounting irregularities also expose a company to legal action from investors and regulatory scrutiny, increasing the potential for non- compliance costs and fines.

Exposure Analysis

Subindustry Issue Exposure

3.0

Issue Beta	0.90
Company Issue Exposure	2.7

Accounting and Taxation	0.00
Lobbying and Public Policy	0.00
Sanctions	0.00
Anti-Competitive Practices	0.00
Bribery and Corruption	0.00
Business Ethics	0.00
Operating Performance	0.00
Solvency	-0.03
Financial Flexibility	-0.03
Asset Performance	-0.03
Qualitative Overlay	0.00
Subindustry Correction Factor	0.00
Exceptional Event Adjustment	0.00
Total Beta Signal	-0.10
Baseline	1.00

Issue Beta

0.90

Management Overview

Management Score

Strong Average Weak

100-5050-2525-0

21.3 Weak

Best practice includes sound ethical and governance standards, robust due diligence systems and compliance training for employees.

In our view, the company's management of the issue is below average.

		Management Indicators	Raw Score
		Weight | Weighted Score
		Lobbying and Political Expenses		100
		5.0%	| 5.0
		Bribery & Corruption Programmes		50
		25.0% | 12.5
		Bribery & Corruption Policy		25
		15.0%	| 3.8
		Business Ethics Programme		0
		20.0%	| 0.0
		Political Involvement Policy		0
		10.0%	| 0.0
		Whistleblower Programmes		0
		25.0%	| 0.0
		Accounting and Taxation	Category 0
		0.0%	| 0.0
		Anti-Competitive Practices	Category 0
		0.0%	| 0.0
		Bribery and Corruption	Category 0
		0.0%	| 0.0
		Business Ethics	Category 0
		0.0%	| 0.0
		Lobbying and Public Policy	Category 0
		0.0%	| 0.0
		Sanctions	Category 0
		0.0%	| 0.0
		Weighted Sum	21.3
		= Event indicator

© 2020 Sustainalytics. All rights reserved.

Page 11 of 26

SUSTAINALYTICS ESG RISK RATING REPORT

Tritax Big Box REIT PLC

Appendix

Management Details

Corporate Governance

Board/Management Quality & Integrity

63 Outperformer

Raw Score

Board Structure

95 Leader

Raw Score

Ownership & Shareholder Rights

64 Leader

Raw Score

Indicators	Score
Board Experience	80
Director Track Record	60
Board Capture	70
Related Party Transactions	50
Director Stock Ownership	20
Executive/Board Misconduct	50
Business Practices Controversies	50
Governance Controversies	50
Shareholder Engagement and Responsiveness	100

Indicators	Score
Board Leadership	90
Board Tenure	80
Board Independence	80
Nominating Committee Effectiveness	90
Director Disclosure	80
Voting Structures	70
Directors not Elected by Shareholders	60
Risk Oversight	100
Board Diversity	90

Indicators	Score
Director Appointment & Removal	70
Proportionality - One Share/One Vote	60
Ownership Structure	50
Capital Issuance Risks	60
Shareholder Action	60
Poison Pill & Takeover Defences	80
Supermajority Provisions	50

© 2020 Sustainalytics. All rights reserved.

Page 12 of 26

SUSTAINALYTICS ESG RISK RATING REPORT

Tritax Big Box REIT PLC

Appendix

Management Details

Remuneration

34 Average Performer

Raw Score

Audit & Financial Reporting

66 Outperformer

Raw Score

Stakeholder Governance

38 Average Performer

Raw Score

In reviewing the company's practices regarding ESG stakeholder governance, points of attention for Tritax Big Box REIT PLC are: ESG Governance, Whistleblower Programmes and ESG Performance Targets.

• ESG Governance: A management committee is responsible for overseeing ESG issues
• Whistleblower Programmes: Based on available evidence, the company does not have a programme
• ESG Performance Targets: Executive compensation is not explicitly tied to ESG performance targets

Indicators	Score
Remuneration Disclosure	0
Remuneration Committee Effectiveness	0
Say on Pay	70
Pay Controversies	50
STI Performance Metrics	50
LTI Performance Metrics	50
Pay Magnitude	50
Pay for Performance	50
Pay for Failure	60
CEO Termination Scenarios	0
Internal Pay Equity	50
Clawback Policy	0

Indicators	Score
Audit Committee Structure	70
Audit Committee Effectiveness	80
Auditor Fees	50
Audit Rotation Policy	70
Auditor Change	50
Reporting Irregularities	50

Indicators	Score
ESG Governance	100
ESG Reporting Standards	0
Verification of ESG Reporting	0
Global Compact Signatory	0
ESG Performance Targets	0
Political Involvement Policy	0
Lobbying and Political Expenses	100
Bribery & Corruption Policy	25
Environmental Policy	100
Whistleblower Programmes	0
Tax Disclosure	100
Scope of Social Supplier Standards	25
GHG Reduction Programme	25
Green Procurement Policy	0

© 2020 Sustainalytics. All rights reserved.

Page 13 of 26

SUSTAINALYTICS ESG RISK RATING REPORT	Tritax Big Box REIT PLC
Appendix
Exposure Details
ESG Integration - Financials
EA.E.17 - Environmental Impact of Products	EA.E.32 - Social Impact of Products
0.00		0.00
Beta Signal	Beta Signal
The company is not involved in any controversies of this type.	The company is not involved in any controversies of this type.
EA.E.46 - Carbon Impact of Products	EA.E.48 - Society - Human Rights
0.00		0.00
Beta Signal	Beta Signal
The company is not involved in any controversies of this type.	The company is not involved in any controversies of this type.
EA.F.1 - Operating Performance	EA.F.2 - Solvency
0.00		- 0.03
Beta Signal	Beta Signal
The company's net income margin is unknown.	The company has a very strong debt-equity ratio.
Average Net Income Margin (2016-2018): N/A	Debt to Equity Ratio (2018-2016): 0.37
Subindustry Median (2016-2018): 29.54%	Subindustry Median (2018-2016): 0.72
Source: Morningstar, October 2019. All Rights Reserved.	Source: Morningstar, October 2019. All Rights Reserved.
EA.F.3 - Financial Flexibility	EA.F.4 - Asset Performance
- 0.03		- 0.03
Beta Signal	Beta Signal
The company has a very strong cash flow ratio.	The company has a very strong return on assets.
Free Cash Flow Ratio (2018-2016): 65.61%	Return on Assets (2018-2016): 8.31%
Subindustry Median (2018-2016): 30.92%	Subindustry Median (2018-2016): 3.46%
Source: Morningstar, October 2019. All Rights Reserved.	Source: Morningstar, October 2019. All Rights Reserved.

© 2020 Sustainalytics. All rights reserved.

Page 14 of 26

SUSTAINALYTICS ESG RISK RATING REPORT	Tritax Big Box REIT PLC
Appendix
Exposure Details
EA.G.1 - Headquarters Location	EA.G.3 - Sales Location
- 0.03		0.10
Beta Signal	Beta Signal
The location of the company's headquarters indicates slightly lower exposure to	The location of the company's sales indicates moderately higher exposure to this
this issue.	issue.
United Kingdom: Lower exposure	United Kingdom: 100% (Higher exposure)
Source: Sustainalytics Country Risk Rating, May 2019.	Source: Sustainalytics Country Risk Rating, May 2019.
		Morningstar, October 2019. All Rights Reserved.

EA.P.6 - Green Building Portfolio	EA.S.1 - Qualitative Overlay
0.00	0.00
Beta Signal	Beta Signal
The company's proportion of green buildings investment indicates average	The analyst did not apply a qualitative overlay.
exposure to this issue.

EA.S.2 - Subindustry Correction Factor	EA.S.3 - Exceptional Event Adjustment
0.00	0.00
Beta Signal	Beta Signal

© 2020 Sustainalytics. All rights reserved.

Page 15 of 26

SUSTAINALYTICS ESG RISK RATING REPORT

Tritax Big Box REIT PLC

Appendix

Management Details

E.1.6.1 - GHG Risk Management
0	2.50%	0.0
Raw Score	Weight	Weighted Score

Based on available evidence, the company does not have a risk management

programme

Criteria

Recognition of the transition risks related to climate change

Detailed reporting on transition risks

Managerial or board level responsibility for addressing transition risks

Commitment to manage the regulatory, reputational and/or market risks related to climate change

Integration of transition risks into regular risk assessments and strategy

E.1.6.2 - Physical Climate Risk Management

0	17.50%	0.0
Raw Score	Weight	Weighted Score

Based on available evidence, the company does not have a programme

Criteria

Recognition of the physical risks related to climate change Initiatives to manage or adapt to physical climate change risks

Integration of physical climate change into regular risk assessments and business strategy

Managerial or board level responsibility for climate change risks Detailed reporting on physical climate change risk drivers

E.3.1.1 - Sustainable Products & Services	E.3.1.12 - Real Estate LCA
0	12.50%	0.0	0	12.50%	0.0
Raw Score	Weight	Weighted Score	Raw Score	Weight	Weighted Score
There is no evidence of the company offering any sustainability-related products	The company does not apply LCA to its new real estate projects
	or services
			Sources
			Tritax Big Box Annual Report 2018 (FY2018)

E.3.1.13 - Green Buildings Investments		E.3.1.14 - Share of Green Buildings
50	17.50%	8.8	20	15.00%	3.0
Raw Score	Weight	Weighted Score	Raw Score	Weight	Weighted Score
The company has a programme to increase investments in sustainable buildings	There is evidence that the company invests part of its portfolio in sustainable
	but there are no clear targets or deadlines		buildings but their relative share is not disclosed
Sources			Sources
Tritax Big Box Annual Report 2018 (FY2018)		Tritax Big Box Annual Report 2018 (FY2018)
			Tritax Big Box Responsible Business, available online at www.tritaxbigbox.co.uk;
			accessed 27 August 2019

© 2020 Sustainalytics. All rights reserved.

Page 16 of 26

SUSTAINALYTICS ESG RISK RATING REPORT			Tritax Big Box REIT PLC
Appendix
	Management Details
S.3.1.11 - Customer Eco-Efficiency Programmes	G.1.3.2 - Responsible Investment Policy
25	12.50%		3.1	0	7.50%	0.0
Raw Score	Weight	Weighted Score	Raw Score	Weight	Weighted Score
	The company has some activities but no formal programme	Based on available evidence, the company does not have a policy
Sources				Criteria
Tritax Big Box Annual Report 2018 (FY2018)		Commitment to exclusion based on the companies' activities
				Commitment to engage with companies on ESG issues
				Commitment to integrate ESG factors or select best-in-class companies
				according to ESG factors
G.1.3.4 - Green Building Memberships
0	2.50%		0.0
Raw Score	Weight	Weighted Score

The company is not a member of any key industry initiatives

Sources

UK Green Building Council, www.ukgbc.org; accessed 19 September 2019

© 2020 Sustainalytics. All rights reserved.

Page 17 of 26

SUSTAINALYTICS ESG RISK RATING REPORT	Tritax Big Box REIT PLC
Appendix
Exposure Details
Product Governance
EA.E.24 - Marketing Practices	EA.E.28 - Quality and Safety
0.00		0.00
Beta Signal	Beta Signal
The company is not involved in any controversies of this type.	The company is not involved in any controversies of this type.
EA.F.1 - Operating Performance	EA.F.2 - Solvency
0.00		- 0.03
Beta Signal	Beta Signal
The company's net income margin is unknown.	The company has a very strong debt-equity ratio.
Average Net Income Margin (2016-2018): N/A	Debt to Equity Ratio (2018-2016): 0.37
Subindustry Median (2016-2018): 29.54%	Subindustry Median (2018-2016): 0.72
Source: Morningstar, October 2019. All Rights Reserved.	Source: Morningstar, October 2019. All Rights Reserved.
EA.F.3 - Financial Flexibility	EA.F.4 - Asset Performance
- 0.03		- 0.03
Beta Signal	Beta Signal
The company has a very strong cash flow ratio.	The company has a very strong return on assets.
Free Cash Flow Ratio (2018-2016): 65.61%	Return on Assets (2018-2016): 8.31%
Subindustry Median (2018-2016): 30.92%	Subindustry Median (2018-2016): 3.46%
Source: Morningstar, October 2019. All Rights Reserved.	Source: Morningstar, October 2019. All Rights Reserved.
EA.G.1 - Headquarters Location	EA.G.3 - Sales Location
- 0.03		0.10
Beta Signal	Beta Signal
The location of the company's headquarters indicates slightly lower exposure to	The location of the company's sales indicates moderately higher exposure to this
this issue.	issue.
United Kingdom: Lower exposure	United Kingdom: 100% (Higher exposure)
Source: Sustainalytics Country Risk Rating, May 2019.	Source: Sustainalytics Country Risk Rating, May 2019.
		Morningstar, October 2019. All Rights Reserved.

© 2020 Sustainalytics. All rights reserved.

Page 18 of 26

SUSTAINALYTICS ESG RISK RATING REPORT	Tritax Big Box REIT PLC
Appendix
Exposure Details
EA.S.1 - Qualitative Overlay	EA.S.2 - Subindustry Correction Factor
0.00		0.00
Beta Signal	Beta Signal
The analyst did not apply a qualitative overlay.
EA.S.3 - Exceptional Event Adjustment
0.00
Beta Signal

© 2020 Sustainalytics. All rights reserved.

Page 19 of 26

SUSTAINALYTICS ESG RISK RATING REPORT

Tritax Big Box REIT PLC

Appendix

Management Details

E.3.1.1 - Sustainable Products & Services	S.3.1.9.1 - Product and Service Safety Programme
0	30.00%	0.0	25	30.00%	7.5
Raw Score	Weight	Weighted Score	Raw Score	Weight	Weighted Score
There is no evidence of the company offering any sustainability-related products		The company has a weak programme
	or services

Criteria

Public reporting on product/service safety issues

Monitoring of product/service safety performance

Policy commitment to ensure product/service safety

Regularly tested emergency response procedures to ensure product/service safety

Managerial responsibility for product/service safety

Incident investigation and corrective action

Product/service safety risk assessment

Regular external product/service safety audits

Regular employee training on product/service safety

Product/service objectives or targets

Sources

Tritax Big Box Annual Report 2018 (FY2018)

S.3.1.10 - Occupier Satisfaction Surveys

0	40.00%	0.0
Raw Score	Weight	Weighted Score

The company does not conduct occupier satisfaction surveys

Sources

Tritax Big Box Annual Report 2018 (FY2018)

© 2020 Sustainalytics. All rights reserved.

Page 20 of 26

SUSTAINALYTICS ESG RISK RATING REPORT	Tritax Big Box REIT PLC
Appendix
Exposure Details
Business Ethics
EA.E.2 - Accounting and Taxation	EA.E.23 - Lobbying and Public Policy
0.00		0.00
Beta Signal	Beta Signal
The company is not involved in any controversies of this type.	The company is not involved in any controversies of this type.
EA.E.30 - Sanctions	EA.E.4 - Anti-Competitive Practices
0.00		0.00
Beta Signal	Beta Signal
The company is not involved in any controversies of this type.	The company is not involved in any controversies of this type.
EA.E.6 - Bribery and Corruption	EA.E.7 - Business Ethics
0.00		0.00
Beta Signal	Beta Signal
The company is not involved in any controversies of this type.	The company is not involved in any controversies of this type.
EA.F.1 - Operating Performance	EA.F.2 - Solvency
0.00		- 0.03
Beta Signal	Beta Signal
The company's net income margin is unknown.	The company has a very strong debt-equity ratio.
Average Net Income Margin (2016-2018): N/A	Debt to Equity Ratio (2018-2016): 0.37
Subindustry Median (2016-2018): 29.54%	Subindustry Median (2018-2016): 0.72
Source: Morningstar, October 2019. All Rights Reserved.	Source: Morningstar, October 2019. All Rights Reserved.

© 2020 Sustainalytics. All rights reserved.

Page 21 of 26

SUSTAINALYTICS ESG RISK RATING REPORT	Tritax Big Box REIT PLC
Appendix
Exposure Details
EA.F.3 - Financial Flexibility	EA.F.4 - Asset Performance
- 0.03		- 0.03
Beta Signal	Beta Signal
The company has a very strong cash flow ratio.	The company has a very strong return on assets.
Free Cash Flow Ratio (2018-2016): 65.61%	Return on Assets (2018-2016): 8.31%
Subindustry Median (2018-2016): 30.92%	Subindustry Median (2018-2016): 3.46%
Source: Morningstar, October 2019. All Rights Reserved.	Source: Morningstar, October 2019. All Rights Reserved.

EA.S.1 - Qualitative Overlay	EA.S.2 - Subindustry Correction Factor
0.00	0.00
Beta Signal	Beta Signal
The analyst did not apply a qualitative overlay.

EA.S.3 - Exceptional Event Adjustment

0.00

Beta Signal

© 2020 Sustainalytics. All rights reserved.

Page 22 of 26

SUSTAINALYTICS ESG RISK RATING REPORT

Tritax Big Box REIT PLC

Appendix

Management Details

G.1.1 - Bribery & Corruption Policy
25	15.00%	3.8
Raw Score	Weight	Weighted Score

The company has a weak policy or a general statement addressing the issue

Criteria

Prohibition of bribery

Guidelines of what is considered acceptable behaviour

There is no evidence of a formal policy but the company has a general statement addressing the issue

Definition of conflicts of interest and commitment to minimize these Definition of bribery or corruption

Definition and prohibition of facilitation payments

Sources

On Thursday, October 10, 2019, Sustainalytics sent Tritax Big Box REIT PLC the Sustainalytics ESG Feedback Report

The updated ESG Report was sent by email to the Investor Relations Department on 29 August 2018.

Tritax Big Box Annual Report 2018 (FY2018)

G.1.1.1 - Bribery & Corruption Programmes

50	25.00%	12.5
Raw Score	Weight	Weighted Score

The company has an adequate programme

Criteria

Managerial responsibility for bribery and corruption

Regular training on bribery and corruption

Operating guidelines addressing record keeping, approval procedures and appropriate behaviour

Internal monitoring system to detect corruption

Regular bribery and corruption risk assessments

Annual signoff of the policy on bribery and corruption by employees Mechanisms for employees to consult on ethical issues

Sources

Tritax Big Box Annual Report 2018 (FY2018)

G.1.2 - Whistleblower Programmes		G.1.2.1 - Business Ethics Programme
0	25.00%	0.0	0	20.00%	0.0
Raw Score	Weight	Weighted Score	Raw Score	Weight	Weighted Score
Based on available evidence, the company does not have a programme	Based on available evidence, the company does not have a programme

Criteria

Proactively communicated to employees

Available in local languages

Non-retaliation policy

An independent, reporting hotline available 24/7

Structures in place to process whistleblower reports

Available to suppliers, customers and other third parties

Possibility for anonymous reporting and reports are treated confidentially

Disclosure on the number of reports received, the types of misconduct and measures taken

Criteria

Commitment to address major business ethics risks

Incident investigation and corrective actions

Operating guidelines

Managerial responsibility for business ethics

Annual training of employees on the Code of Conduct

Board responsibility for business ethics issues

Ethical risk assessments

Measures to deter non-compliance and reduce exposure to unethical opportunities

© 2020 Sustainalytics. All rights reserved.

Page 23 of 26

SUSTAINALYTICS ESG RISK RATING REPORT

Tritax Big Box REIT PLC

Appendix

Management Details

G.3.1 - Political Involvement Policy
0	10.00%	0.0
Raw Score	Weight	Weighted Score

Based on available evidence, the company does not have a policy

Criteria

Prohibits political involvement of any kind on the company's behalf Approved by senior management

Partially prohibits political involvement

Commits the company to disclose political donations and/or lobbying expenditures

G.3.2 - Lobbying and Political Expenses

100	5.00%	5.0
Raw Score	Weight	Weighted Score

The company states that it does not make political contributions or political

spending

Sources

Lobby Facts, www.lobbyfacts.eu; accessed 27 August 2019 Tritax Big Box Annual Report 2018 (FY2018)

© 2020 Sustainalytics. All rights reserved.

Page 24 of 26

SUSTAINALYTICS ESG RISK RATING REPORT

Tritax Big Box REIT PLC

REITs | United Kingdom | LON:BBOX

GLOSSARY OF TERMS

Beta (Beta, β)

A factor that assesses the degree to which a company's exposure deviates from its subindustry's exposure on a material ESG issue. It is used to derive a company-specific issue exposure score for a material ESG issue. It ranges from 0 to 10, with 0 indicating no exposure, 1 indicating the subindustry average, and 10 indicating exposure that is ten times the subindustry average.

Idiosyncratic Issue

An issue that was not deemed material at the subindustry level during

the consultation process but becomes a material ESG issue for a company based on the occurrence of a Category 4 or 5 event.

Corporate Governance Pillar

A pillar provides a signal about a company's management of a specific Corporate Governance issue.

ESG Risk Category

Companies' ESG Risk Rating scores are assigned to five ESG risk categories in

the ESG Risk Rating:

Negligible risk: enterprise value is considered to have a negligible risk of material financial impacts driven by ESG factors

Low risk: enterprise value is considered to have a low risk of material financial impacts driven by ESG factors

Medium risk: enterprise value is considered to have a medium risk of material financial impacts driven by ESG factors

High risk: enterprise value is considered to have a high risk of material financial impacts driven by ESG factors

Severe risk: enterprise value is considered to have a severe risk of material financial impacts driven by ESG factors

Note that because ESG risks materialize at an unknown time in the future and depend on a variety of unpredictable conditions, no predictions on financial or share price impacts, or on the time horizon of such impacts, are intended or implied by these risk categories.

Manageable Risk

Material ESG risk that can be influenced and managed through suitable policies, programmes and initiatives.

Managed Risk

Material ESG Risk that has been managed by a company through suitable policies, programmes and initiatives.

Management

A company's handling of ESG risks.

Management Gap

Refers to the difference between what a company has managed and what a company could possibly manage. It indicates how far the company's performance is from best practice.

Management Indicator

An indicator that provides a signal about a company's management of an ESG issue through policies, programmes or quantitative performance.

Material ESG Issue

A core building block of the ESG Risk Rating. An ESG issue is considered to be material within the rating if it is likely to have a significant effect on the enterprise value of a typical company within a given subindustry.

Subindustry

Subindustries are defined as part of Sustainalytics' own classification system.

ESG Risk Rating Score (Unmanaged Risk Score)

The company's final score in the ESG Risk Rating; it applies the concept of risk decomposition to derive the level of unmanaged risk for a company.

Event Category

Sustainalytics categorizes events that have resulted in negative ESG impacts into five event categories: Category 1 (low impact); Category 2 (moderate impact); Category 3 (significant impact); Category 4 (high impact); and Category 5 (severe impact).

Event Indicator

An indicator that provides a signal about a potential failure of management through involvement in controversies.

Unmanageable Risk

Material ESG Risk inherent from the intrinsic nature of the products or services of a company and/or the nature of a company's business, which cannot be managed by the company if the company continues to offer the same type of products or services and remains in the same line of business.

Unmanaged Risk

Material ESG risk that has not been managed by a company, and includes two types of risk: unmanageable risk, as well as risks that could be managed by a company through suitable initiatives, but which may not yet be managed (management gap).

Excess Exposure

The difference between the company's exposure and its subindustry exposure.

Exposure

A company or subindustry's sensitivity or vulnerability to ESG risks.

© 2020 Sustainalytics. All rights reserved.

Page 25 of 26

SUSTAINALYTICS ESG RISK RATING REPORT

Tritax Big Box REIT PLC

REITs | United Kingdom | LON:BBOX

DISCLAIMER

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