Cromwell European REIT - Annual Report 2021

Industrial Park I in Slovakia, subject to final regulatory approvals and pre-lease commitments. Construction is expected to commence in mid-2022 for the first phase, involving ~10,695 sqm in warehouse, mezzanine and office space, and early 2023 for the second phase. The Manager is also planning further logistics development projects to complement its acquisition strategy for that sector. Meanwhile, some of the older office buildings in Rome and Amsterdam are in the planning phase for projects with expected returns similar to Via Nervesa 21 in Milan. Parc Des Docks in Paris is still progressing through the complex planning and permitting phase. Our recent commercial usage and tenant demand study confirmed that the site is a strategic logistics hub in North Paris. 3. CEREIT JUST ANNOUNCED AN ASPIRATIONAL TARGET OF NET-ZERO OPERATIONAL CARBON EMISSIONS BY 2040. HOW WILL CEREIT DELIVER ON ITS ESG AND SUSTAINABILITY STRATEGY? As the Manager of CEREIT, we recognise that resilient, ethical and socially-responsible business practices underpin CEREIT’s prosperity and success. We have made it a priority to incorporate progressive ESG practices into our operations and investment process. The Board has recently established a standalone Sustainability Committee, chaired initially by a non- independent non-executive director and comprising all members of the Board. We have also formed a separate sustainability committee on management level to which the Board Sustainability Committee has delegated the identifying, setting and delivering the objectives and targets associated with material ESG topics. All KMP of the Manager are also evaluated on specific KPIs that are tied to CEREIT’s ESG targets. The Manager’s current focus is on making sure that CEREIT’s operations, processes and systems are ready to deliver tangible results, provide the data to set specific reduction targets in the medium term and measure outcomes to achieve the aspirational Net Zero operational carbon emissions by 2040 target. In this context, one of the significant group-level ESG initiatives over the last year has been the roll-out of a comprehensive asset consumption and emissions management system. Once completed, this system will enable better and more automated monitoring of CEREIT’s portfolio environmental data and provide opportunity for granular reporting and target tracking. CEREIT’S 3Y ANNUALISED TOTAL RETURN OF 12.8% 43.7% CEREIT € (CWBU:SI) 28.2% FTSE ST REIT Index 14.2% Straits Times Index (STI) Dec-18 Apr-19 Aug-19 Dec-19 Apr-20 Aug-20 Dec-20 Apr-21 Aug-21 Dec-21 Feb-19 Jun-19 Oct-19 Feb-20 Jun-20 Oct-20 Feb-21 Jun-21 Oct-21 CEREIT (CWBU:SI) STI 60% 50% 40% 30% 20% 10% 0% -10% -20% CROMWELL EUROPEAN REIT 11 ANNUAL REPORT 2021