Asset TourSeptember 2019

Welcome

• BBOX existing high-quality fundamentals

• Acquisition of db symmetry

• Re-brand

• 8-10 year business plan

• UK’s largest logistics land portfolio

• Existing and new customer relationships

• Broad building size range including ‘last mile’

• Slowing yield compression

• Utilising expertise to enhance returns

• Controlled exposure to land

• Limited speculative development

• Pre-let model

• Capital efficient

• Capital recycling

• Profits invested to grow EPS

• Experienced development team

• Enhance existing portfolio

Asset Tour

25 September 2019

1. Introduction: Tritax Symmetry

2. Our Portfolio

3. Project Delivery

4. Understanding Option Agreements

5. The Planning/Development Process

6. Our Responsible Approach

7. Case Study: Symmetry Park, Bicester

8. Case Study: Amazon, Darlington

9. Progress so far

10. The first 6 months of 2019: Savills/CBRE

11. Looking Forward

Agenda

1. Introduction: Tritax Symmetry

Specialist UK logistics development platform

25+ yearsProven development

track record

• Created in 1996, the business has evolved to become one of the leading logistics development companies in the UK

• Experienced entrepreneurial development team with a successful track record in land promotion and occupier-led development schemes

• 100% planning success record for logistics land

• 31 staff across two offices in Northampton and Manchester

• Seek to ‘add value’ at every stage of the process and to apply sound commercial principles, business acumen, integrity and professional expertise at each and every step

31Staff across

two offices

4Highly experienced

Shareholders/Directors

Richard Bowen Christian Matthews

Andrew Dickman Henry Chapman

Consented In Planning

CONSENTED DEVELOPMENT LAND

Aston Clinton

CM40 Banbury

Bicester Phase 1

Biggleswade

Darlington Phase 1

Doncaster

Kettering

Lutterworth

Middlewich Phase 1

Middlewich Phase 2

Middlewich Phase 3

Goole

1

2

3

4

5

6

7

8

9

10

11

12

LAND IN PLANNING PROCESS

Ardley M40 J10

Bicester Phase 2

Darlington Phase 2

Northampton West

Hinckley

Middlewich Phase 3a

Middlewich Phase 4

Northampton M1 J16

Oxford North

Rugby South A45

St Helens

Wigan

South Elmsall

13

14

15

16

17

18

19

20

21

22

Secured Development Portfolio

1

42

5

14

16

17

20

21

22

15

23

24 2512

6

9 1011

18 19

87

13 3

23

24

25

3. Project Delivery

• Customer relationships led by senior management team

• Benefit of Tritax Big Box’s existing customer base

• Extensive network of contacts including those we are currently working with

Customer

Leasing3

• Leverage extensive local knowledge and relationships

• Highly analytical site selection

• Secure added value through the planning process

• Hands-on planning approach

• 100% planning success to date

• Strategic analysis of the appropriate planning approach

• High-quality robust applications

• Focus on design, environmental and sustainability

• Early engagement with occupiers to support planning process

• Extensive track record

• Focus on Grade A assets with specifications ahead of market standards

• Commercial approach to construction demonstrated by ability to deliver within a very tight timescale

• Committed to delivering sustainable energy efficient, low carbon and cost effective buildings

• Targets of BREEAM ‘very good’

• Tritax Big Box to retain suitable assets for portfolio

• Ongoing asset management

• All property income 100% receivable by Tritax Big Box shareholders

• Future pipeline of investment assets controlled

Sourcing

and promotionPlanning

Construction

and delivery4

Control, Oversight, Approval by Tritax Big Box

21

4. Understanding Option Agreements

• A legally binding agreement between the freehold owner of land and a developer

• This agreement allows the developer to purchase all/or part of the land in the future upon a trigger event, normally the grant of a planning consent

• The developer, having committed considerable time and money on securing planning consent, is able to purchase the land, net of costs incurred during the process (e.g. planning consent/ infrastructure investment)

• The developer is rewarded for the risk taken through a 15-20% discount to Open Market Value (OMV)

• The developer’s experience, skill, capital and track record delivers increased land/share value (net of deductions above) for the landowner at no cost/risk

• Delivers increased certainty as to the mechanism/calculation that will be employed to generate a purchase price and the timescale within which that should happen

• The benefits of securing land under option agreements:

- Optimises the pre-planning capital commitment

- Secures land acquisition at a 15-20% discount to OMV enhancing the Risk Adjusted Return

- Acquisition price based on OMV protects against market and cost movement

- Phased drawdown limits capital commitment to delivery programme

- Minimises exposure to variable development costs e.g. s106 payments, site servicing costs which are typically a landlords costs deducted from the payment to the land owner

A strategic approach to securing land

5. The Planning / Development Process

• Vigorous and highly analytical site selection process

• Land secured by way of ‘option’ allowing land to be drawn down over time, once planning consent is secured

• Strategic promotion of sites for logistics use to key local stakeholders

• Leveraging track record with Local Authorities

• Value creation through successful allocation of sites to logistics use

• Price paid is discount to OMV 15-20% typical

• Land can be sold for a profit if advantageous, following planning consent

• Continual evaluation and questioning of site servicing solutions and utility provision to ensure site infrastructure is instigated in the most commercially efficient manner

• Development plots drawn down either speculatively or following pre-let/pre-sale

• Focused on value, deliverability and location

• Extensive occupier relationships through BTS and letting experience and the existing Tritax Big Box tenant roster

• Established advisor relationships to yield occupiers pre-lets

• Speculative development of buildings in locations where the supply/demand dynamics are favourable.

• Deliver high quality buildings for customers

• Established contractor capabilities/construction process

• Innovative approach to design, construction and sustainability

• Development style return realised on completion/exit

• Recognisable high-quality, sustainable branded buildings

Over 20 years of experience sourcing and adding value across the development value chain

18-48 months

Sourcing and promotion1

3-9 monthsGaining planning permission 2

6-12 monthsPre-letting/pre-sales - BTS /Spec3

6 - 12 monthsConstructing & delivering

Grade A logistics assets4

PromoteSite allocation

Identify &

Secure

Outline consent Detailed consent

Pre-let / pre-sale Spec

Finance & Build Delivery

Market leading expertise through the end to end development process

6. Our Responsible Approach

• All new buildings constructed to a minimum of BREEAM 'Very Good’

• Our objective is to lower the carbon footprint associated with new

buildings with the ultimate target of ‘zero carbon’ buildings

• The detailed work we have carried out over the last few months

demonstrates that UKGBC is at the forefront of an industry wide

aspiration to achieve zero carbon buildings within the built

environment and they are working closely with occupiers, developers,

consultants and other stakeholders to define and coordinate a

procedural and measurable approach to that aspiration

• It is also clear that the detail as to how the industry is to move

towards delivery of zero carbon buildings is in a fluid state - principles

are understood but we need industry recognised benchmarking with

robust procedures supported by central and local government

through regulatory control

• Central Government stated in June this year that they intend to

enshrine low carbon buildings in to law and planning policy and/or

Building Regulation are the two anticipated regulatory routes

• Fully recognise our responsibilities to the communities and

environment we’re developing in - seek to support education,

training and local charities

• All projects have a ‘Community Benefit Fund’ to be used by the

local community for locally chosen initiative

• Upon first occupation of each building on newly consented sites,

a payment of 10p per sq ft is made into the fund. On a typical

development of 1.5m sq ft would result in a total fund of £150,000

• For more information:

www.tritaxsymmetry.com/responsible-business/environmental-

sustainability/

Committed to sustainable development Committed to working in the community

7. Case Study: Bicester

• Land promoted through Cherwell Local Plan process during 2014 and confirmed in the adopted Local Plan in July 2015

• Having identified an adjoining area of land that should logically also come forward for development and by utilising our relationships with the local farming community we secured a meeting with the owner of the 40.47 acre site

• After many meetings the land was secured under an option agreement from the Reid family

• This parcel was included in the wider land promotion that was subsequently allocated

• Following grant of detailed consent for the first phase of 198,000 sq ft in two buildings in 2016 and outline consent over the remainder the land was drawn down

• One of the units was pre-sold to Bentley Designs, and the second unit was speculatively developed

• Both Buildings completed in December 2017 and the speculative unit was then sold to Medline within 1 month of completion

• The balance of site benefits from outline consent for 477,000 sq ft

7. Case Study: Bicester

• Detailed consent achieved in May 2019 for 163,000 sq ft (Unit B) which completed in May 2019, and is currently in legals to a major Plc (an existing tenant of Tritax Big Box) on a new 20-year lease (expected development yield in excess of 7%)

• Detailed application for a further 2 units on the balance totalling 264,000 sq ft will be submitted shortly

• Phase 2 extends to 29 acres is held under two 10 year option agreements and can accommodate a further c. 470,000 sq ft.

• Discussion ongoing with Cherwell District Council regarding consenting further development on the Phase 2 land

• Discussions are well advanced with a leading Parcel Delivery business, who are already a Bicester occupier, about leasing a new facility on the Phase 2 land, including a meeting which they will attend with us with Cherwell District Council

8. Case Study: Amazon, Darlington

40acres

1,506,000sq ft

20 yearlease term

1%-3%CPI rent reviews

“The exemplar building in our portfolio” - Amazon

8. Case Study: Amazon, Darlington

3,100employee’s at peak

“The exemplar building in our portfolio” - Amazon

450,000 parcels per week

150,000sq ft of offices

TBBR

largest L/L by £ rent in Europe

9. Progress so far

April: Planning Consent secured at Symmetry Park, Kettering: 2,310,000 sq ft

June: Pre-let to Global Infusion Group of Unit 03 at Symmetry Park, Aston Clinton: 83,000 sq ft; taking this speculative scheme to 33.5% let prior topractical completion

September: Rebrand of the DBS platform to Tritax Symmetry Ltd goes live

April: Planning Consent secured for pre let to Co-op for a Regional Distribution Centre at Symmetry Park, Biggleswade: 661,000 sq ft

August: Construction completed of Pre-let to Amazon at Symmetry Park, Darlington: 1,500,000 sq ft Fulfilment Centre

March: Completed Unit B Symmetry Park Bicester - 163,664 sq ft - currently in solicitors hands to a major Plc (an existing tenant of Tritax Big Box) on a new 20-year lease

September: Pre-let signed to Croda at Goole: 276,150 sq ft

June: Planning Allocation secured at Rugby South for proposed 3.5m sq ft logistics scheme. Outline consent for a first phase of 1.9m sq ft due to beheard at Committee in October 2019

August: Lutterworth - land sub-sale of 220 acre concluded in accordance with the Business Plan which generated an immediate profit plus futuresubstantial income receipts without further expenditure

September: South Elmsall, Wakefield: 80 acres secured under a 12-year Option

10. The first six months of 2019: Savills UK Logistics Review/CBRE

• UK take-up for the half year has reached 16.07m sq ft, 28% up on the long term average for the first half of a year

• The second quarter in isolation was outstanding with 9.55m sq ft transacted, making it the highest level of Q2 take-up since 2014 and the second best Q2 on record

• Take-up is not dominated by one occupier or indeed one sector. This demonstrates that demand is coming from a wide mix of tenants all reacting to wider economic and structural factors to get their supply chains in good order

• This pattern is expected to continue for the rest of 2019 and anticipate final year end take-up to breach the 30m sq ft mark.

• Deal count is also strong with 71 transactions recorded up from 59 in the corresponding period for last year

• During H1 2019, two speculatively developed buildings of between 520,000 sq ft and 550,000 sq ft were completed and construction commenced or continued on three further buildings, each between 520,000 sq ft and 540,000 sq ft in size (one of which is not expected to be completed by the year end). In aggregate, these represent 2.3 months’ supply of the 13.9m sq ft of Big Box space taken up last year according to research from CBRE

Big Shed Briefing

28%

H1 take-up above

long-term average

11. Looking forward….

Work in progress

• Progressing c.4m sq ft of planning applications which have been submitted to Local Planning Authorities. This is in addition to the 2.3m sq ft planning consent achieved at Kettering in April 2019

• Anticipated submission of a further 1.7m sq ft of new planning applications in the near term

• Completed construction of c.2.4m sq ft since February 2019

• c.44% of Tritax Big Box’s speculative development portfolio now let or in solicitors’ hands

• Good levels of occupational interest with active discussions ongoing with prospective occupiers for pre-lets on over c.2.5m sq ft of space

• Finalisation of our carbon policy

4m sq ftplanning

applications in

progress

1.7m sq ftof new planning

applications in the

near term

c.2.4m sq ftof completed

construction since

February 2019

c.44%of speculative

developments now

let or in solicitors’

hands

c.2.5m sq ftactive discussions

with prospective

occupiers

Important Legal Notice

This document may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected revenue growth and trading margins, dividends, investment returns, market trends and future investments are forward-looking statements. Phrases such as "aim", "plan", "intend", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from what is expressed or implied by the statements. Any forward-looking statement is based on information available to Tritax Big Box REIT plc (the "Company") as of the date of the statement. All written or oral forward-looking statements attributable to the Company are qualified by this caution. The Company does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances or in the Company's expectations.

No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein. Accordingly none of the Company, Tritax Management LLP, any of their subsidiary undertakings, or any other person, or any of such person's respective directors, officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.

By accepting this presentation, you acknowledge that you will be solely responsible for your own assessment of the Company, the market and market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company and its business. The past business and financial performance of the Company is not to be relied on as an indication of its future performance.

This presentation does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any shares in the Company or any other securities