Cromwell European REIT - Annual Report 2021

CHAIR’S LETTER TO UNITHOLDERS CONCLUSION CEREIT’s investment strategy remains intact, underpinned by an actively-managed European portfolio, supported by an experienced team that constantly evaluates optimal capital structure and exercises judicious capital deployment. With value creation opportunities offered by a development pipeline embedded in the portfolio and an aspirational target to reach Net Zero operational carbon emissions by 2040, the Board believes CEREIT is well-placed to meet stakeholder needs. APPRECIATION On behalf of the Board and the management team, I would like to express our appreciation to Mr Michael Wilde, who retired as Director in September 2021, while serving as CEREIT Director and Acting CEO of Cromwell Property Group from February 2021. We look forward to working with Mr Johnathan Callaghan, the Sponsor’s recently appointed CEO, with Michael resuming his previous role as the Sponsor’s CFO. In September 2021, Mr Ooi Eng Peng was appointed as a non-independent non-executive Director to the CEREIT Board. We welcome Mr Eng, who brings 35 years of real estate and management experience and look forward to his significant contributions to the Board and the success of CEREIT. Thank you for your continued interest and investment in CEREIT and for your confidence and trust in the Board and the management team. I am grateful to our Sponsor, tenant-customers, lenders, capital partners, regulators and the wider business community for their ongoing support. With a commitment to high ESG standards and the employment of rigorous systems and processes across the organisation by a skilful and dedicated team, the Board is confident that CEREIT can continue to deliver on its mandate to maintain stable and growing DPU and NAV per Unit over the medium to long term. Lim Swe Guan, CFA Chair and Independent Non-Executive Director Cromwell EREIT Management Pte. Ltd. FOCUS ON STRENGTHS PIVOT TO LOGISTICS 8