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N A | E U | A P C2 - Internal Natixis AEW UK REIT PLC High Income, Actively Managed Q1 2026 Update August 2026 WINNER QuotedData’s Investors’ Choice Awards 2025 2025 WINNER Shares Magazine Awards 2022 2022 WINNER MSCI UK Property Investment Awards 2023 2023 WINNER CityWire Investment Trust Awards 2020-25 2020 - 2025 WINNER Investment Week Awards 2024 2023 & 2024
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About AEW UK REIT Plc SECTION I FOCUSED ON THE FUTURE OF REAL ESTATE
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AEW UK REIT: SUMMARY High Income, Actively Managed Returns as at Q4 2024. An overview of the composition of the INREV benchmark is available upon request. 3 Sector agnostic. UK core plus commercial property. Focus on strong commercial locations with low levels of supply. Net initial yields at purchase between 8-10%. Assets typically < £20m in size. Low book values (£81 per sq. ft. portfolio average). Underwritten by VP, residual and alternative use values. Low passing rents (£6.72 per sq. ft. portfolio average). Reversionary potential. Shorter occupational leases as lease events can create value add opportunities (WAULT to break 3.8 years / to expiry 5.7 years). INVESTMENT CRITERIA We use VALUE INVESTMENT principles to identify mispriced assets and ACTIVEL Y ASSET MANAGE properties to: MAXIMISE INCOME Dividend of 2p per share per quarter consistently paid since Q1 2016 (43 consecutive quarters ), in line with targeted annual dividend of 8.00 pence per share. UNLOCK CAPITAL UPSIDE Annualised 9.6% five-year total property return to 31 March 2026. 5.9% outperformance of MSCI benchmark over the same period. Sustained annualised NAV total returns over one, five and 10 years, delivering 6.4%, 7.6% and 9.4%, respectively. We are NOT SECTOR CONSTRAINED and seek value across all areas of the market. WINNER QuotedData’s Investors’ Choice Awards 2025 2025 WINNER Shares Magazine Awards 2022 2022 WINNER MSCI UK Property Investment Awards 2023 2023 WINNER CityWire Investment Trust Awards 2020-24 2020 - 2025 WINNER Investment Week Awards 2024 2023 & 2024 Source: AEW UK as at 30 June 2026. Target returns are for information purposes only and are not intended to serve as and must not be relied on by any recipient of the Information as a guarantee, an assurance of fact or profitability. In particular, no representation, warranty or undertaking, express or implied, is made that any projection, forecast, calculation, forward-looking statement, assumption or estimate contained in this Information should or will be achieved. Past performance is not a guide to future performance.
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AEW UK REIT: SUMMARY At a Glance, as at 30 June 2026 4 PORTFOLIO £215.7mValuation 34Number of properties 130Number of tenants 7.28%Net Initial Yield 8.87%Reversionary Yield 6.43%Vacancy Rate 3.8 to break / 5.7 to expiryWAULT CASH & DEBT £60.0mDebt 25.3%Loan to GAV 35.1%Loan to NAV 2.96% fixedCost of debt £12.7mTotal Cash balances DIVIDEND 2.00pFor the quarter 8.00p12 months Source: AEW as at 30 June 2026 37% 17% 11% 14% 21% Industrial Other Offices Retail Warehouses Standard retail 7% 8% 11% 5% 1% 8% 28% 7% 8% 17% East Midlands Eastern North West Rest of London Scotland South East South West Wales West Midlands Yorkshire and Humberside
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Performance SECTION II FOCUSED ON THE FUTURE OF REAL ESTATE
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AEW UK REIT: PERFORMANCE AEWU vs. Peer Group NAV Performance Total Return 6 Source: Liberum, May 2026. 50 100 150 200 250 300 Jun-15 Feb-16 Oct-16 Jun-17 Feb-18 Oct-18 Jun-19 Feb-20 Oct-20 Jun-21 Feb-22 Oct-22 Jun-23 Feb-24 Oct-24 Jun-25 Feb-26 Indexed NAV Total Return (Base: 100) 9.4% 10-Year Annualised NAV Total Return at 31/03/26 AEWU Peer group average ex-AEWU
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AEW UK REIT: PERFORMANCE Property Total Return Vs. MSCI Benchmark Returns as at Q4 2024. An overview of the composition of the INREV benchmark is available upon request. 7 Source: MSCI 31 March 2026. Benchmark refers to MSCI/AREF UK PFI Balanced Funds Quarterly Index. June 2026 MSCI data is not yet available. 10-year property total return outperformance of 4.7% above the MSCI benchmark 5-year property total return outperformance of 5.9% above the MSCI benchmark 3.5 6.8 9.4 9.6 9.4 9.1 1.7 4.8 3.9 3.7 3.2 4.4 -4 0 4 8 12 16 6 month 12 month 3 year annualised 5 year annualised 7 year annualised 10 year annualised Total Return % AEWU BMK
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AEW UK REIT: PERFORMANCE – 10-YEAR TRACK RECORD AEWU’s Diversified Strategy Drives Long Term Total Return Outperformance Source: MSCI 31 March 2025. Benchmark refers to MSCI/AREF UK PFI Balanced Funds Quarterly Index. High income, driven by counter-cyclical buying and active asset management, provides a strong base for consistent outperformance year after year. Selective profit taking across sectors maximises capital returns during a range of market cycles. -15.0 -10.0 -5.0 - 5.0 10.0 15.0 20.0 25.0 30.0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Return % Financial Year ending March Income Return Capital Growth Total Return High levels of income drive total return performance whilst asset business plans are maturing. Lizz Truss ‘Mini Budget’ . Circa 20% losses market-wide. Sale of Oxford drives outperformance in Office sector. Counter-cyclical industrial profit taking limits capital losses. Relative capital resilience due to limited office market exposure.Sale of Corby drives Alternative sector outperformance. Letting and subsequent sale of Solihull office drives outperformance in Office sector. Industrial capital value growth. AEWU holds 60% weighting. Counter-cyclical buying in Retail, Office and Leisure sectors. Counter-cyclical buying in Retail and Office sectors. Counter-cyclical buying in secondary Industrials. Counter-cyclical office income growth achieved at Queen Square, Bristol. High levels of income drive total return outperformance Lettings and sale of Coventry drive outperformance in Retail Warehousing 8
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-100% -50% 0% 50% 100% 150% 200% 250% 300% Sale to Purchase Price Premium % AEW UK REIT: PERFORMANCE Track Record of Crystalising Profit on Sales Returns as at Q4 2024. An overview of the composition of the INREV benchmark is available upon request. 9 * Part disposal (Units 1-11). ‘Triangle site’ retained. ** Part disposal. Comparison based on book value as at September 2025 of circa £497,000. 41% Average Sale to Purchase Price Premium Source: AEW as at 30 June 2026
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Investment: Current Opportunity & Update SECTION III FOCUSED ON THE FUTURE OF REAL ESTATE
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50 60 70 80 90 100 110 Dec-06 Nov-07 Oct-08 Sep-09 Aug-10 Jul-11 Jun-12 May-13 Apr-14 Mar-15 Feb-16 Jan-17 Dec-17 Nov-18 Oct-19 Sep-20 Aug-21 Jul-22 Jun-23 May-24 Apr-25 Mar-26 UK All Property Capital Value Index (Base: 100) UK All Property Capital Value Index Average Peak interest rates AEW UK REIT: CURRENT OPPORTUNITY Capital Values at Lowest Point Since IPO Source: CBRE, 2026. GFC Eurozone Crisis Brexit COVID-19 Pandemic Lizz Truss ‘Mini Budget’ AEWU IPO Yield compression expected as investment appetite normalises and as interest rates fall 11
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AEW UK REIT: RECENT DISPOSAL Circuit, Cardiff 12 Source: AEW June 2026 Leisure (nightclub).PROPERTY TYPE / USE 39,649 sq. ft.PROPERTY SIZE Neos 13 Ltd.TENANT £3.625m / £92 per sq. ft. / 7.7% NIY. PURCHASE PRICE (JUNE 2018) •Freehold, prominent property. •Strong income profile and tenant trading performance. •Attractive net initial yield and low capital value. •Cardiff has strong population demographics to support leisure/late-evening use. PURCHASE RATIONALE •Sold on 23 July for £1.475m / £37 per sq. ft / 14.78%. •Price represents circa 42% premium to 31 March valuation.DISPOSAL PRICE (JULY 2026) •Former tenant went into administration. •Six-monthly mutual break options from August 2026. •Structural decline in nightclub sector: weaker demand, rising costs, reduced spend, strong competition and sector uncertainty. •Physical condition – potential for future capex. •Grade II listing constraining alternative uses and increasing capex. DISPOSAL RATIONLE
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Asset Management: Strategy in Action SECTION IV FOCUSED ON THE FUTURE OF REAL ESTATE
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AEW UK REIT: ASSET MANAGEMENT Walkers Lane, St Helens –10-year lease renewal at 42% rental increase Returns as at Q4 2024. An overview of the composition of the INREV benchmark is available upon request. 14 Source: AEW June 2026 Industrial.PROPERTY TYPE / USE 93,588 sq. ft.PROPERTY SIZE Kverneland Group UK Limited. TENANT £3.45m / £37 per sq. ft. / 8.2% NIY. PURCHASE PRICE (DEC 2016) •Attractive net initial yield and low capital value. •Circa nine years unexpired lease term. •Good tenant covenant. •Well-located in established location benefiting from excellent motorway connections. •Rental growth prospects. •Excellent underlying logistics site, creating potential for future logistics redevelopment. PURCHASE RATIONALE •10-year lease renewal. •Previous lease expired on 30 September 2025 at a rent of £389,000 per annum (£4.15 per sq. ft.). •New lease is at a rent of £575,000 per annum (£6.15 per sq. ft.), reflecting an uplift of approximately 48%. •Lease includes a tenant-only break option at the fifth anniversary. •Total valuation uplift over the past two quarters of £1.025 million. ASSET MANAGMENT
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AEW UK REIT: ASSET MANAGEMENT Sarus Court, Runcorn – refurbishment and capturing strong rental growth Returns as at Q4 2024. An overview of the composition of the INREV benchmark is available upon request. 15 Source: AEW June 2026 Industrial (multi-let). PROPERTY TYPE 82,379 sq. ft. (across six units).PROPERTY SIZE Various (x6).TENANTS £4.785m / £58 per sq. ft. / 8.1% NIY. PURCHASE PRICE ( JUNE 2018) •Established multi-let estate offering modern, high-quality accommodation. •Fully-let. •Attractive yield profile. •Reversionary potential. •Strong tenant covenants. PURCHASE RATIONALE •Speculative refurbishment project of units 1001, 1002 and 1003. •Works comprised roof improvements, respraying of external elevations, internal strip-out and decoration, and replacing M&E services. Significant rental growth crystalised and EPCs improved to a B ratings: •Two new lettings completed during the quarter, at rents >42% higher than the previous passing rent (£6.50 per sq. ft. vs. £9.50 per sq. ft.) and on 10-year terms. •Previous letting completed in March 2025 at £8.50 per. sq. ft. Passing rent on let accommodation at acquisition was £5.10 per sq. ft. ASSET MANAGMENT
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AEW UK REIT: RENTAL GROWTH AEWU vs. Average UK Industrial Rental Growth Forecast Returns as at Q4 2024. An overview of the composition of the INREV benchmark is available upon request. 16 AEWU industrial portfolio driving rental growth – 18.2% cumulative income growth forecast between 2025 and 2030 Industrial WAULT to break of 2.48 years and 4.84 years to expiry – opportunity to capture rental growth in medium term via lease events. Industrial reversionary yield of 9.56% – initial yield of 6.12%. Low average passing rent for the portfolio's industrial sector at £3.48 per sq. ft. versus an ERV of £4.86 per sq. ft. Average industrial book value of £48 per sq. ft. - replacement cost of +£120 per sq. ft. (excluding land value). Source: AEW, June 2026. The Company's future results may differ materially from the expectations set forth in the Company's forward-looking statements. Any forward-looking statements made in this Presentation by or on behalf of the Company speak only as of the date they are made. These forward-looking statements reflect the Company's judgement at the date of this document and are not intended to give any assurance as to future results. 0 2 4 6 8 10 12 14 16 18 20 -2 0 2 4 6 8 10 12 2026 2027 2028 2029 2030 Cumulative Rental Growth Forecast (%) Forecasted Rental Growth (%) Average UK industrial rental growth forecast (%) AEWU Rental Growth Forecast Average UK Cumulative AEWU Cumulative
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AEW UK REIT: ASSET MANAGEMENT Queen’s Square, Bristol Returns as at Q4 2024. An overview of the composition of the INREV benchmark is available upon request. 17 Source: AEW June 2026 Office (multi-let)PROPERTY TYPE 36,433 sq. ft.PROPERTY SIZE VariousTENANTS £7.2m / £197 per sq. ft. / 8.7% NIY. PURCHASE PRICE ( JUNE 2018) •Prime location with lack of Grade A supply. •Increasing level of occupier demand, driving rental growth (9.5% RY). •Refurbish and let vacant space. •Floor plates can be split to suit tenant requirements. •Provide improved common facilities on lower and ground floors. PURCHASE RATIONALE •Passing rent at purchase of £16.70 per sq. ft. vs. ERV of £19.85 per sq. ft. •March 2017 – occupancy of 94% compared to 54% at time of purchase. •March 2017 – average passing rent (on let space) of £20.30 per sq. ft. •December 2021 – two new lettings secured at £30 per sq. ft. •December 2022 – highest rent achieved of £40 per sq. ft. •September 2025 – average passing rent (on let space) of £32.20 per sq. ft. •June 2026 – 10-year MA with IWG expected to do take annual income to approx. £1.2m by 2027, equating to £37 per sq. ft. on occupied space (assuming 80% occupancy of IWG space). •5-year lease renew completed with Beal & Co at £37.50 per sq. ft. vs previous rent of £32 per sq. ft.. ASSET MANAGMENT
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AEW UK REIT: LONG-TERM OFFICE HOLDING, DEMONSTRATING COUNTER CYCLICAL RENTAL GROWTH Queen’s Square, Bristol Returns as at Q4 2024. An overview of the composition of the INREV benchmark is available upon request. 18 - 0.2 0.4 0.6 0.8 1.0 1.2 - 5 10 15 20 25 30 35 40 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E Annual income (£m) Let/occupied space income (£/psf) Year Annual Income (£) Occupied Space (£/psf) Annual income forecast to almost double over hold period by 2027 Source: AEW, June 2026. The Company's future results may differ materially from the expectations set forth in the Company's forward-looking statements. Any forward-looking statements made in this Presentation by or on behalf of the Company speak only as of the date they are made. These forward-looking statements reflect the Company's judgement at the date of this document and are not intended to give any assurance as to future results.
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AEW UK REIT: ASSET MANAGEMENT Tanner Row, York Returns as at Q4 2024. An overview of the composition of the INREV benchmark is available upon request. 19 Source: AEW June 2026 Mixed-use (multi-storey car park).PROPERTY TYPE 99,769 sq. ft.PROPERTY SIZE NCP (now in administration) accounts for 78% of total rent, plus 3 other tenants. Vacant office unit currently under offer. TENANTS 10.02m / £100 per sq. ft. / 9.3% NIY / 10.0% RY. PURCHASE PRICE ( JUNE 2018) •High yielding. •WAULT of 8.2 years to break. •Land constrained nature of location within York city walls. •NCP have been in occupation since 2005. •Other car parking operator interest – centrally located within city servicing a wide ranger of customers. •£100 per sq ft capital value supports redevelopment for alternative use. PURCHASE RATIONALE •On 16 March 2026 NCP appointed joint administrators, PwC. •On 27 March 2026, PwC announced 22 sites would permanently close. •York has not closed with rent being paid monthly (10.12% running yield). •Overall valuation for the period down by 7.94% from previous quarter. ASSET UPDATE
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Conclusion SECTION V FOCUSED ON THE FUTURE OF REAL ESTATE
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AEW UK REIT Conclusion 21 Sustained annualised NAV total returns over one, five and 10 years, delivering: 6.4%, 7.6% and 9.4% respectively. Track record of crystallising capital gains on disposals –41% average sale to purchase price premium . Strong value proposition exists today, both in current portfolio and pipeline: Low book values (£81 per sq. ft. average) underwritten by VP, residual and alternative use. Low passing rents (£6.72 per sq. ft. average). Reversionary opportunity in portfolio (8.9% RY). Pipeline capital values at lowest point since IPO (May 2015). Well positioned for share issuance or as a sector consolidator given favourable share rating. Please visit our website for further information: www.aewukreit.com Source: AEW June 2026
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Appendix FOCUSED ON THE FUTURE OF REAL ESTATE
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AEW UK REIT Key Terms and Features 23 Source: AEW UK as at 30 June 2026 Target returns are for information purposes only and are not intended to serve as and must not be relied on by any recipient of the Information as a guarantee, an assurance, a prediction or a definitive statement of fact or profitability. In particular, no representation, warranty or undertaking, express or implied, is made that any projection, forecast, calculation, forward-looking statement, assumption or estimate contained in this Information should or will be achieved. Past performance is not a guide to future performance . AEW UK Investment Management LLPINVESTMENT MANAGER Robin Archibald (Non-executive Director), Katrina Hart (Non-executive Director), Mark Kirkland (Non-executive Director) and Liz Peace (Non-executive Director)DIRECTORS Panmure LiberumSPONSOR AND BOOKRUNNER UK domiciled Real Estate Investment Trust, listed on the Premium Segment of the UK Official List, LSE Main MarketSTRUCTURE To deliver an attractive total return to shareholders from investing predominately in a portfolio of smaller commercial properties let on shorter occupational leases in strong commercial locations across the United Kingdom. The company will undertake active asset management to improve the quality of income streams and maximise valueFUND OBJECTIVE Based on level of net income and outlook for sustainable recurring earnings. Annualised dividend of 8 pps paid since Q1 2016 It remains the Company's intention to continue to pay future dividends in line with its dividend policy. In determining future dividend payments, regard will be had to the circumstances prevailing at the relevant time, as well as the Company's requirement, as a UK REIT, to distribute at least 90% of its distributable income annually, which will remain a key consideration. ANNUAL DIVIDEND 27.8% LTVCURRENT LEVERAGE 0.9% per annum of NAV (excluding uninvested proceeds)MANAGEMENT FEE NonePERFORMANCE FEES Quarterly independent property valuations by CBRE – 31 March, 30 June, 30 September, 31 December VALUATION FREQUENCY
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AEW UK REIT: PERFORMANCE 12 Months to March 2026 Weighted Contribution by Sector Vs. MSCI Benchmark 24 Source: MSCI for the 12 months to 31 March 2026. June 2026 MSCI data is not yet available. (15.0) (10.0) (5.0) 0.0 5.0 10.0 15.0 AEWU BMK AEWU BMK AEWU BMK AEWU BMK AEWU BMK % Capital Growth Income Return Total Return Industrial Other Office Retail
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25 ASIA PACIFIC 40+ employees 5 offices Hong Kong Seoul Singapore Sydney Tokyo Ĝ3.6bn $4.1BN AUM Ĝ35.9bn $41.4BN AUM Our Global Reach Ĝ74.2bn $85.5BN AUM 810+ STAFF GLOBALLY 20 OFFICES GLOBALLY Ĝ34.7bn $40.0BN AUM NORTH AMERICA 260+ employees 3 offices Boston Los Angeles Denver EUROPE 510+ employees 12 offices Paris London Amsterdam Düsseldorf Frankfurt Luxembourg Madrid Milan Munich Prague Warsaw Antwerp As of March 31, 2026. AEW includes (i) AEW Capital Management, L.P. and its subsidiaries and (ii) affiliated company AEW Europe and its subsidiaries. AEW Europe and AEW Capital Management, L.P. are commonly owned by Natixis Investment Managers and operate independently from each other. Total AEW AUM of $85.5 billion includes $41.2 billion in assets managed by AEW Europe and its affiliates, $2.8 billion in regulatory assets under management of AEW Capital Management, L.P., and $41.5 billion in assets for which AEW Capital Management, L.P. and its affiliates provide (i) investment management services to a fund or other vehicle that is not primarily investing in securities (e.g., real estate), (ii) non- discretionary investment advisory services (e.g., model portfolios) or (iii) fund management services that do not include providing investment advice. 40+ YEARS EXPERIENCE AEW Is One of the Largest Real Estate Investment Managers
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26 Figures as at 31 March 2026. European AUM includes 174mn in European REIT Securities managed by AEW Capital Management. Sector and vehicle breakdowns do not include European REIT securities AUM. This document is intended exclusively for professional clients. Totals may not sum due to rounding. Staffing figures do not include AEW Europe employees based in Hong Kong. ASSETS UNDER MANAGEMENT (BN) ANTWERP 1 staff AMSTERDAM 3 staff DÜSSELDORF 28 staff FRANKFURT 40 staff WARSAW 4 staff PRAGUE 1 staff MUNICH 3 staff PARIS 337 staff MILAN 9 staff MADRID 7 staff LONDON 55 staff LUXEMBOURG 19 staff AEW’s European Platform OFFICE 34% LOGISTICS 24% RETAIL 18% SEPARATE ACCOUNTS 53% PROPERTY BY SECTOR PROPERTY BY VEHICLE FUNDS 42% CLUB DEALS 5% RESIDENTIAL 13% OTHER 2% DEBT 9% 38.5 38.5 37.0 36.8 36.8 35.9 15 19 23 27 31 35 39 43 2021 2022 2023 2024 2025 2026 Q1
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27 LAURA ELKIN Portfolio Manager, Managing Director Laura joined AEW in 2013 and has 19 years' industry experience. Laura has been Portfolio Manager to the Company since early 2020 and was Assistant Portfolio Manager prior to this since IPO. Before joining the AEWU team, Laura was part of the AEW UK investment team responsible for sourcing and executing direct investments within all property sectors for the AEW UK funds and separate mandates. Prior to 2013, Laura worked as a Senior Surveyor at Colliers International, joining the National Investment Team in 2010. Laura carried out the acquisition and disposal of various investment properties across the UK specialising in leisure related RPI linked leases. Laura is a qualified Chartered Surveyor (MRICS). JON SAXTON Head of Fund Operations, Executive Director Jon joined AEW in 2013 and is Head of Fund Operations with responsibility for operational oversight and risk management for all the AEW UK funds. Prior to joining the team, Jon was Head of Real Estate Fund Accounting at JP Morgan for three years where he was responsible for providing accounting and operational platforms for real estate clients (Aviva and Tristan Capital Partners). Jon previously was Fund Controller at Macquarie Global Property Advisors for five years where he was responsible for finance and operations for two pan-European private equity funds with over Ĝ1bn A.U.M. Jon qualified as a Chartered Accountant ACA at PWC where he worked for seven years, specialising solely with clients in the Real Estate sector, mainly Land Securities Plc and Legal & General Property HENRY BUTT Assistant Portfolio Manager & Lead Asset Manager, Executive Director Henry joined AEW in 2015 and has over 15 years’ industry experience. Henry is the Assistant Portfolio Manager and lead asset manager for AEW UK REIT, having been closely involved in the REIT portfolio since IPO. Prior to joining AEW, Henry worked at Knight Frank latterly in the Restructuring & Recovery team, optimising value through cost-effective work-out strategies on distressed assets on behalf of banks and building societies. Henry also spent time on secondment at Land Securities, working in the London Portfolio development team in 2011. Henry is a qualified Chartered Surveyor (MRICS) and a member of NARA (The Association of Property & Fixed Charge Receivers). Team Biographies: Portfolio Management HARMEET SINGH Fund Controller, Associate Director Harmeet joined AEW in 2021, initially working in Fund Operations & Risk Management with a focus on the firm’s UK open-ended funds, and now serves as Fund Controller for the AEW UK REIT. Prior to joining AEW, Harmeet was an Associate Fund Finance Manager at Savills Investment Management, where he was involved in the financial and operational management of a large pan-European mandate. Harmeet qualified as a Chartered Accountant (CA ANZ) in 2017.
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28 MARK KIRKLAND Non-Executive Director / Chair of the Audit Committee Mark qualified as a Chartered Accountant with PricewaterhouseCoopers in London and has extensive corporate experience gained over 30 years, having held numerous senior roles in both public and private companies. Mark’s initial career was in corporate finance, predominately with UBS Limited. He has been CFO of numerous public and private companies and latterly was CEO of Delin Property, a pan- European logistics developer, investor and manager. He is currently CFO of Kelso Group Holdings plc and NED of Strix Group plc. ROBIN ARCHIBALD Non-Executive Chairman Robin was formerly the Head of Corporate Finance and Broking at Winterflood until his retirement from executive roles in April 2014. He is a Chartered Accountant and has worked as a Corporate Financier with several leading city firms, including Samuel Montagu, SG Warburg Securities and NatWest Markets. In his later career, Robin has focused on advising and managing transactions in the UK closed-ended funds sector. Robin is currently Chair of Shires Income Trust, where he has also served as audit chair and SID. He has previously served as audit chair and SID on Henderson European Trust, Capital Gearing Trust, Ediston Property Investment Company, and Albion Technology and General VCT, where he was also Chair. Robin became Chairman of the Board on 4th September 2024, after serving on the Board since 1st October 2023. KATRINA HART Non-Executive Director Katrina has had a distinguished executive career in corporate finance and equity research, where she advised, analysed, and commented on a wide range of businesses within the wealth and asset management sectors. Throughout this period, she developed a deep understanding of the dynamics and operational drivers of fund management, collaborating closely with some of the most respected companies in the industry. She was a highly rated financials analyst at HSBC and Bridgewell Group Plc, and later led the financials research team at Canaccord Genuity Inc. Katrina worked as a non-executive director of Polar Capita Global Financials Trust plc from 2013 – 2022, a non-executive director of Premier Miton Group Plc and was on the board of Miton Group Plc. Currently, Katrina is Chair of BlackRock Frontiers Investment Trust plc and of JP Morgan UK Small Cap Growth & Income plc. She also serves as a non-executive Director of Keystone Positive Change Investment Trust plc and Montanaro Asset Management Ltd. Team Biographies: Board Of Directors LIZ PEACE Non-executive Director Liz has had a unique career spanning both the public and private sectors. She began her career in the Ministry of Defence, where she played a pivotal role in creating QinetiQ plc in 2001. Transitioning to the private sector, Liz became the Chief Executive of the British Property Federation, significantly contributing to the establishment of the UK's Real Estate Investment Trust (REIT) structure. In recognition of her services to the property industry, she was awarded a CBE in 2008. Currently, Liz has a non-executive portfolio career primarily focused on the built environment. As well as AEW UK REIT, she holds NED roles at Howard de Walden Estates and Greencore Homes. She is also the Chair of the University of Cambridge Property Board and Nuclear Waste Services, and Senior Independent Governor at the Royal Institution of Chartered Surveyors. Additionally, Liz chairs the Churches Conservation Trust, which oversees 358 redundant Church of England churches. She was a founder member and subsequently chair of Real Estate Balance, a campaigning organization dedicated to improving diversity and inclusion in the real estate industry.
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29 RICHARD TANNER Portfolio Manager , AEW UK Core Plus Property Fund Since launching AEW’s first UK focused fund in 2012, Richard has overseen in excess of £2.1bn of UK real estate transactions and brings 32 years of real estate investment management experience to the Investment Manager. He was head of investment strategy and managing director of the UBS UK real estate team which he joined in 1994. Richard was responsible for the development and portfolio management of seven real estate funds across Europe totalling £3 billion, ranging from super core to value add. Richard is a Chartered Surveyor (MRICS). ANDREW STRANG Property Consultant Andrew joined AEW as a consultant in 2011 and is a Member of AEW UK's Investment and Committee. He has 44 years of investment industry experience. He is currently a Member of the Real Estate Advisory Board of Norges Bank Investment Management and Chairman of the Property Committee for the Clothworkers Livery Company. Andrew was Chairman of Hermes Real Estate from 2009 to 2011 and prior to that Managing Director of Threadneedle Property Investment Limited for 17 years. Team Biographies: Investment Committee Members NICK WINSLEY Head of AEW UK, Managing Director Nick is Head of AEW UK and is a member of the UK Investment Committee. He has over 20 years' industry experience and during his time with AEW he was overseen the acquisition of over £2bn of assets across all strategies. Prior to joining AEW in 2011, Nick was a Director within the UBS UK real estate team, which he joined in 2007. During his time at UBS, he worked with the investment team responsible for property acquisitions and sales for the UK property funds. Nick was Portfolio Manager for the UBS Secure Income Property Fund and was a member of the UK Investment Committee governing all UK property funds. From 2000 – 2007, Nick was an Associate Director at Colliers CRE where he specialised in valuation, landlord & tenant, agency, investment and development. Nick is a Chartered Surveyor (MRICS) and holds the IMC.
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Disclaimer IMPORTANT INFORMATION This presentation (the "Presentation ") has been prepared by AEW UK Investment Management LLP (the "Investment Manager ") on behalf of AEW UK REIT plc (the "Company ") and is for information purposes only. References in this disclaimer to the Presentation shall be deemed to include any accompanying verbal presentation. This Presentation has not been approved by the Financial Conduct Authority as a prospectus under the Prospectus Regulation Rules (made under Part VI of the Financial Services and Markets Act 2000 (" FSMA")) or by London Stock Exchange plc, nor is it intended that any documents in connection with the Placing will be so approved in relation to the Company or any subsidiary of the Company (together the “Group ”). Any recipient of this Presentation must: (a) limit the recipients of copies of the Presentation or summaries of its content to a limited number of colleagues at his or her firm solely on a "need to know" basis; and (b) under no circumstances give the Presentation, copies thereof, or summaries of its contents, nor provide any information contained in it, to any person outside his or her organisation. The Presentation is being provided to certain selected institutional and sophisticated investors on a confidential basis for information and discussion purposes only. This Presentation does not constitute or form part of any prospectus, listing particulars, invitation or offer for sale or solicitation or any offer to buy or subscribe for any securities in the Company or any other current or future investment vehicle managed by the Investment Manager or any of its affiliates, nor shall any information set out in this Presentation form the basis of or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever. Potential investors should note that an investment in shares in the Company will only be suitable for institutional investors and professionally-advised private investors who understand and are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses (which may equal the whole amount invested) that may result from such an investment. Furthermore, an investment in shares in the Company should constitute part of a diversified portfolio. No undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of the Company or the Investment Manager or Panmure Liberum Limited (“Panmure Liberum”) or any of their respective directors, officers, partners, employees, agents or advisers or any other person as to the accuracy or completeness of the information or opinions contained in this Presentation and no responsibility or liability is accepted by any of them for any such information or opinions or for any errors, omissions, misstatements, negligence or otherwise for any other communication written or otherwise. In addition, in issuing these slides, none of the Company, the Investment Manager nor Panmure Liberum undertake any obligation to update or to correct any inaccuracies which may become apparent in these slides. Notwithstanding the aforesaid, nothing in this paragraph shall exclude liability for any undertaking, representation, warranty or other assurance made fraudulently. Panmure Liberum is acting for the Company and no-one else in connection with the potential offering of securities by the Company and will not be responsible to anyone other than the Company for providing the protection afforded to customers of Panmure Liberum or for providing advice in relation to the offer of securities by the Company. The information in this Presentation is subject to updating, completion, revision, further verification and amendment without notice. The acquisition of any potential investments by the Company is subject, among other things, to the Company completing satisfactory due diligence, successful negotiation of terms with vendors and the approval of the directors of the Company. There can be no guarantee that any of the potential investments described in this Presentation will be completed. All information relating to the potential investments described in this Presentation are indicative, subject to detailed due diligence and may subsequently change as a result. Panmure Liberum is authorised and regulated by the FCA and is acting as sponsor and broker to the Company. Liberum is not acting for, and will not be responsible to, any person other than the Company for providing the protections afforded to its customers or for advising any other person on the contents of this document or on any transaction or arrangement referred to in this document. Panmure Liberum's responsibilities as the Company's sponsor under the UK Listing Rules are owed solely to the London Stock Exchange plc and are not owed to the Company, any director of the Company or to any other person. In considering the performance information contained herein, recipients should bear in mind that past performance is not necessarily indicative of future results, and there can be no assurance that return projections will be met. Certain of the past performance information presented herein may not be representative of all transactions of a given type. This Presentation contains (or may contain) certain forward-looking statements with respect to certain of the Company's plans and its current goals and expectations relating to its future financial condition and performance and which involve a number of risks and uncertainties. No forward-looking statement is a guarantee of future performance and actual results could differ materially from those contained in the forward-looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as "aim", "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe", "predict" or other words of similar meaning. Examples of forward-looking statements include, amongst others, statements regarding or which make assumptions in respect of the planned use of the proceeds for the Placing, the Group's liquidity position, the future performance of the Group, future interest rates and currency controls, the Group's future financial position, plans and objectives for future operations and any
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Disclaimer other statements that are not historical fact. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances, including, but not limited to, economic and business conditions, the effects of continued volatility in credit markets, market-related risks such as changes in interest rates and foreign exchanges rates, the policies and actions of governmental and regulatory authorities, changes in legislation, the further development of standards and interpretations under IFRS applicable to past, current and future periods, evolving practices with regard to the interpretation and application of standards under IFRS, the outcome of pending and future litigation or regulatory investigations, the success of future acquisitions and other strategic transactions and the impact of competition. A number of these factors are beyond the Company's control. As a result, the Company's actual future results may differ materially from the plans, goals, and expectations set forth in the Company's forward-looking statements. Any forward-looking statements made in this Presentation by or on behalf of the Company speak only as of the date they are made. These forward-looking statements reflect the Company's judgement at the date of this document and are not intended to give any assurance as to future results. Except as required by the FCA, the London Stock Exchange, the UK Listing Rules or applicable law, the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this Presentation to reflect any changes in the Company's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. Certain information contained herein (including forward-looking statements and economic and market information) has been obtained from published sources and/or prepared by third parties and in certain cases has not been updated to the date hereof. While such sources are believed to be reliable for the purpose used herein, none of the Investment Manager or any of its directors, officers, employees, partners, members, shareholders or affiliates, or any other person assumes any responsibility for the accuracy or completeness of such information. By accepting receipt of this Presentation, you represent to the Investment Manager and its advisers that you are either (i) not a US Person (within the meaning of Regulation S under the United States Securities Act of 1933, as amended) or located in the United States; or ii) a U.S. Person to whom shares may be offered pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction in the United States, and that you are not an employee benefit plan as defined in section 3(3) of the United States Employee Retirement Income Security Act of 1974 and the regulations promulgated thereunder (in each case as amended) ("ERISA") (whether or not subject to the provisions of Title 1 of ERISA) or an individual retirement account as defined in section 408 of the US Internal Revenue Code. You further represent to the Investment Manager and its advisors that you are not a resident of Australia, Canada, Japan or the Republic of South Africa, and that you will not offer, sell, renounce, transfer or deliver, directly or indirectly, shares in the Company subscribed for by you in the United States, Australia, Canada, Japan or the Republic of South Africa or to any US Person or resident of Australia, Canada, Japan or the Republic of South Africa. Persons who fail to comply with the above conditions should not rely on this Presentation nor take any action upon it, but should return it immediately to the Investment Manager. This Presentation is for distribution to professional clients and eligible counterparties and should not be relied upon by any person. This Presentation should not be copied or distributed by recipients and, in particular, should not be distributed by any means including electronic transmission, to persons with addresses in the United States of America, Australia, Canada, Japan or the Republic of South Africa, their possessions or territories or to any citizens thereof, or to any corporation, partnership or such entity created or organised under the laws thereof. Any such distribution could result in a violation of the laws of such countries. By accepting receipt of this Presentation, you agree to be bound by the limitations and restrictions and, in particular, will be taken to have represented, warranted and undertaken that: (i) you have read and agree to comply with the contents of this notice; (ii) you will observe the foregoing provisions, limitations and conditions; and (iii) you will not forward this document (including any information given in the verbal presentation of the slides) to any other person, or reproduce or publish this document, in whole or in part, for any purpose. June 2026
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