Cromwell European REIT - Annual Report 2021

FY 2021 FINANCIAL HIGHLIGHTS As at 31 Dec 2021 As at 31 Dec 2020 As at 31 Dec 2019 As at 31 Dec 2018 BALANCE SHEET Total assets (€ million) 2,534.5 2,250.4 2,254.9 1,814.8 Unitholders’ funds (€ million) 1,413.1 1,302.2 1,314.6 1,118.8 KEY FINANCIAL RATIOS Aggregate leverage (%) 36.6% 38.1% 36.8% 33.0% Aggregate leverage excluding distribution 37.3% 38.9% 37.7% 33.6% NAV attributable to Unitholders per Unit (Euro cents) 1 n.a. 50.9 51.6 51.3 NAV attributable to Unitholders per Unit (€) 2 2.52 n.a. n.a. n.a. CAPITAL MANAGEMENT Total borrowing facilities (€ million) 1,127.4 1,142.4 980.8 675.3 Gross borrowings (€ million) 927.4 857.4 830.8 598.2 Interest cover (times) 5.8 6.4 6.7 6.8 Units in issue (million) 561.0 2 2,556.1 1 2,547.8 1 2,182.0 1 Market capitalisation (€ million) 1,419.4 1,226.9 1,375.8 960.1 10.9% higher than FY 2020 5.0% higher than FY 2020 0.5% higher than FY 2020 on a like-for-like basis 3 €130.1 million €93.6 million 16.961 Euro cents Net property income Distributable income DPU Fair value gain of €27.1 million booked in FY 2021 Within the range set by the Board Calculated as per the PFA €2.52 5.8 x 36.6% Net asset value Coverage Ratio 5 Aggregate leverage 4 Total gross debt is fully hedged / fixed Only one IPO secured facility remaining Investment grade (stable outlook) ~1.72% p.a. BBB- 91.1% All-in interest rate Fitch Rating Unsecured debt 1 Prior to the 5:1 Unit consolidation completed on 7 May 2021 2 Post the 5:1 Unit consolidation completed on 7 May 2021 3 Like-for-like excludes the €2.8 million of realised capital gains that were included in distributable income in 1H 2020 4 Calculated as per the PFA. Leverage Ratio as per the EMTN prospectus is 35.3%, defined as consolidated net borrowings (including capitalised finance leases and excluding cash and cash equivalents) divided by consolidated total assets 5 Calculated as per the PFA based on net income before tax, fair value changes and finance costs divided by interest expense and amortised establishment costs Interest Cover as per EMTN prospectus (excluding amortised establishment costs) is 7.0x CROMWELL EUROPEAN REIT 3 ANNUAL REPORT 2021