Cromwell European REIT - Annual Report 2021

Lim Swe Guan CHAIR AND INDEPENDENT NON-EXECUTIVE DIRECTOR CHAIR’S LETTER TO UNITHOLDERS Dear Unitholders, On behalf of the Board, I am pleased to present CEREIT’s Annual Report for the financial year ended 31 December 2021. The report details our trust’s resilient performance in a year of strategic portfolio rebalancing and capital structure transformation, amidst continued macro uncertainty. RESILIENT PERFORMANCE FY 2021 income available for distribution to Unitholders grew 5.0% y-o-y to €93.6 million. FY 2021 DPU declined 2.6% to 16.961 Euro cents, from 17.420 Euro cents in FY 2020. Like-for-like FY 2021 DPU, however, increased 0.5% to 16.961 Euro cents, excluding €2.8 million distribution of realised capital gains in the prior year. Cash flow from operating activities of €96.9 million was pleasingly 3.5% higher than distributable income. The Manager delivered another high return on invested capital of 7% in 2021. For the past two years we, as the Manager of CEREIT, much like the rest of the world, have battled the universal disruption that COVID-19 caused to lives and businesses. Fortunately, the measures that we took early at the onset of the pandemic allowed CEREIT’s operations to continue with minimal disruption and kept our stakeholders and employees safe. As we enter the third year of the COVID-19 pandemic, we are now also navigating the impact from Russia’s invasion of Ukraine. We remain close to our tenant-customers, our capital partners and other stakeholders as we continue to adapt and reposition our business. FOCUS ON STRENGTHS PIVOT TO LOGISTICS 4