FTSE COMPANY REPORT Share price analysis relative to sector and index performance

Ediston Property Investment Company EPIC Investment Trusts — GBP 0.507 at close 03 August 2020

Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 03-Aug-2020 03-Aug-2020 03-Aug-2020

1 110 110 1D WTD MTD YTD Absolute 0.0 0.0 0.0 -43.2 0.9 100 100 Rel.Sector 0.0 0.0 0.0 -25.2 Rel.Market -2.0 -2.0 -2.0 -28.9

0.8 90 90 VALUATION

0.7 80 80

Trailing

Relative Price Relative Price Relative

0.6 70 70 PE -ve Absolute Price (local currency) (local Price Absolute EV/EBITDA 15.3 0.5 60 60 PB 0.5 PCF 8.8 0.4 50 50 Div Yield 10.6 Aug-2019 Nov-2019 Feb-2020 May-2020 Aug-2020 Aug-2019 Nov-2019 Feb-2020 May-2020 Aug-2020 Aug-2019 Nov-2019 Feb-2020 May-2020 Aug-2020 Price/Sales 5.5 Absolute Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Net Debt/Equity 0.5

90 80 80 Div Payout -ve 80 70 70 ROE -ve

70 60 60

Share Index) Share

Share Sector) Share - 60 - 50 50 DESCRIPTION 50 40 40 40 The Company is a newly incorporated investment 30 30 RSI RSI (Absolute) 30 company with an indefinite life. The Company intends to qualify as a REIT for the purposes of UK taxation

20 20 20

10 10 10

RSI (Relative to FTSE UKFTSE All to RSI (Relative RSI (Relative to FTSE UKFTSE All to RSI (Relative 0 0 0 Aug-2019 Nov-2019 Feb-2020 May-2020 Aug-2020 Aug-2019 Nov-2019 Feb-2020 May-2020 Aug-2020 Aug-2019 Nov-2019 Feb-2020 May-2020 Aug-2020

Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: Ediston Property Investment Company 03 August 2020

Valuation Metrics

Price to Earnings (PE) EV to EBITDA Price to Book (PB)

30-Jun-2020 30-Jun-2020 30-Jun-2020 20 35 25 ‖ ‖ +1SD 30 20 15 +1SD Avg 25 15 10 Avg -1SD 20 10

5 -1SD +1SD 15 5

Avg 0 ‖ ‖ 10 0 Jul-2015 Jul-2016 Jul-2017 Jul-2018 Jul-2019 Jul-2015 Jul-2016 Jul-2017 Jul-2018 Jul-2019 Jul-2015 Jul-2016 Jul-2017 Jul-2018 Jul-2019

UK REIT Limited 120.0 UK Commercial Property REIT Limited 100.0 Holdings 1.7 Shaftesbury 62.4 Capital & Counties Properties 100.0 Assura 1.6 BMO Real Estate Investments 42.0 Unite Group 82.9 Primary Health Prop. 1.6 Civitas Social Housing 34.3 BMO Real Estate Investments 63.5 1.5 31.0 Segro 62.3 1.4 Real Estate Investment Trusts 0.8 Real Estate Investment Trusts -18.5 Real Estate Investment Trusts 39.1 Ediston Property Investment Company 0.5 BMO Commercial Property Trust Impact Healthcare REIT -22.4 15.4 RDI REIT 0.5 Primary Health Prop. -26.7 Ediston Property Investment Company 15.3 NewRiver REIT 0.3 Unite Group -42.0 Schroder European Real Estate Investment Trust 14.4 Capital & Regional 0.2 Ediston Property Investment Company -65.0 AEW UK REIT 11.1 0.1 LondonMetric Property -120.0 Hammerson 0.0 Intu Properties 0.0 -150 -100 -50 0 50 100 150 0 20 40 60 80 100 120 0 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 1.8 2

Price to Cash Flow (PCF) Dividend Yield % Price to Sales (PS)

30-Jun-2020 30-Jun-2020 30-Jun-2020 80 13 16 70 12 ‖ ‖ ‖ ‖ 14 11 +1SD 60 10 12 50 +1SD 9 Avg 40 8 10 Avg +1SD 30 7 8 -1SD 6 20 5 Avg -1SD 6 10 4 0 3 4 Jul-2015 Jul-2016 Jul-2017 Jul-2018 Jul-2019 Jul-2015 Jul-2016 Jul-2017 Jul-2018 Jul-2019 Jul-2015 Jul-2016 Jul-2017 Jul-2018 Jul-2019

Residential Secure Income 58.1 NewRiver REIT 25.8 Unite Group 15.0 Segro 50.7 Capital & Regional 24.7 Segro 15.0 Unite Group 46.7 Hammerson 13.8 UK Commercial Property REIT Limited 15.0 LondonMetric Property 42.8 RDI REIT 12.1 Civitas Social Housing 15.0 Tritax Big Box REIT 37.7 Regional REIT 11.6 Assura 15.0 Real Estate Investment Trusts 20.9 Ediston Property Investment Company 10.6 Real Estate Investment Trusts 10.4 Ediston Property Investment Company 8.8 Real Estate Investment Trusts 3.1 Ediston Property Investment Company 5.5 NewRiver REIT 4.2 Triple Point Social Housing REIT 1.2 Empiric Student Property 4.9 Capital & Regional 3.5 Capital & Counties Properties 1.0 RDI REIT 3.4 Hammerson 3.1 Derwent 0.8 NewRiver REIT 1.3 Intu Properties 2.2 Unite Group 0.1 Capital & Regional 1.0 Capital & Counties Properties -57.4 Intu Properties 0.0 Intu Properties 0.0 -80 -60 -40 -20 0 20 40 60 80 0 5 10 15 20 25 30 0 2 4 6 8 10 12 14 16 Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

2 of 4 FTSE COMPANY REPORT: Ediston Property Investment Company 03 August 2020

Valuation Metrics

Net Debt to Equity Dividend Payout (DP) Return on Equity (RoE)

30-Jun-2020 30-Jun-2020 30-Jun-2020 0.5 100 20 +1SD 90 0.4 80 +1SD 15 +1SD 70 0.3 60 Avg 50 10 Avg Avg 0.2 40 30 5 -1SD 0.1 20 -1SD -1SD 10 0 0 ‖‖ 0 ‖ ‖ Jul-2015 Jul-2016 Jul-2017 Jul-2018 Jul-2019 Jul-2015 Jul-2016 Jul-2017 Jul-2018 Jul-2019 Jul-2015 Jul-2016 Jul-2017 Jul-2018 Jul-2019

Intu Properties 2.5 BMO Real Estate Investments 100.0 Safestore Holdings 15.8 Capital & Regional 1.3 AEW UK REIT 100.0 GCP Student Living 14.7 NewRiver REIT 1.2 Shaftesbury 100.0 LXI REIT 14.0 Primary Health Prop. 1.0 Schroder European Real Estate Investment Trust 100.0 Segro 12.0 RDI REIT Impact Healthcare REIT 1.0 Standard Life Inv Prop Inc Trust 100.0 9.8 Real Estate Investment Trusts 0.5 Ediston Property Investment Company -0.7 RDI REIT 0.0 Ediston Property Investment Company 0.5 Real Estate Investment Trusts -4.1 Real Estate Investment Trusts LXI REIT 0.3 0.0 Co -13.2 0.2 Unite Group 0.0 Hammerson -15.9 Great Portland Estates 0.2 Primary Health Prop. 0.0 NewRiver REIT -17.2 Capital & Counties Properties 0.2 Ediston Property Investment Company 0.0 Capital & Regional -29.9 Impact Healthcare REIT 0.1 LondonMetric Property 0.0 Intu Properties -50.0 0 0.5 1 1.5 2 2.5 3 0 20 40 60 80 100 120 -60 -50 -40 -30 -20 -10 0 10 20

ROE vs. PB — sector Du Pont Analysis

1.8 2.5 20 SAFE 18 1.6 AGR Regression PHP BYG 2 16 1.4 SGRO LMP 14 1.5 1.2 UTG THRL 12

CSH 1.0 1 10 PB BBOX SOHO CREI IHR LXI RESI DIGS 8 0.8 Real Estate Inve PCTN GPORAEWU DLN 0.5 UKCM SLI RGL 6 0.6 WKPSERE SHBBREI MCKS BLNDCAPCEPICSREI ESP LANDRDIBCPT 4 0.4 0 NRR 2 CAL 0.2 HMSO -0.5 ‖ 0 2016 2017 2018 2019 2020 0.0 INTU 0 2 4 6 8 10 12 14 16 Net Margin Asset Turnover Gearing ROE (rhs) ‖ ROE Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

3 of 4 FTSE COMPANY REPORT: Ediston Property Investment Company 03 August 2020

Brief description Brief description

Price to Earnings Price to Earnings (PE) is price over earnings per share. Earnings are based on the latest Gearing Gearing is Total Assets divided by Common Equity. Total Assets and Common Equity are (PE) available fiscal year earnings. each averaged over two years, that is, t and (t-1). Price to Sales (PS) Price to Sales (PS) is price divided by sales per share. It is based on sales from continuing Asset Turnover Asset turnover is Sales divided by Total Assets. Total Assets is averaged over two years, operations for the fiscal year. that is, t and (t-1). Price to Book (PB) Price to Book (PB) is price at the indicated date divided by common equity per share. Dupont Breakdown Return on Equity (RoE) = Net Margin * Gearing * Asset Turnover Common/ordinary equity is generally as reported at the most recent fiscal year-end but is Analysis adjusted to exclude minority interest, preferred stock and selected items as appropriate. RoE vs PB Plot of RoE versus PB at last month end for all FTSE UK All Share stocks in the sector Price to Cash Flow Price to Cash Flow (PCF) is price at the indicated date divided by cash flow per share. relative to the stock in question. Data may be limited to the stock in question if there are (PCF) currently no stocks in the corresponding FTSE UK All Share sector. Net Debt Equity Net Debt Equity is Net Debt as a percentage of common equity. Not calculated if Absolute Absolute graphs reflect performance for the stock in question for up to 366 days adjusted denominator (common equity) is negative for intervening corporate actions. EV to EBITDA EV to EBITDA is Enterprise Value divided by EBITDA (Earnings before Interest and Taxes, Relative Relative charts reflect the performance for the stock in question relative to the depreciation and amortisation). EV is full company Market Capitalisation at the data date corresponding sector of the FTSE All Share Index for up to 366 days, rebased to the start plus last annual net debt and Preferred Stock. Net Debt is total financial debt less cash date. Note that the stock itself may not be a FTSE All share constituent. Relative Chart and short-term investments. EBITDA is operating income plus depreciation and may be null if there are no stocks in the corresponding FTSE UK All Share sector. amortisation. RSI Relative Strength Index. Calculated as 100 minus (100 divided by (1+ratio of positive Dividend Yield % Dividend Yield reflects the dividend declared per share and/or paid for the security in versus negative time weighted returns)). Reflects 14 day average gains/losses question for the most recent fiscal year, divided by the share price. Valuation History Outlier valuation data is not shown to scale as these would distort the chart. Instead, ∥ Return on Equity Return on Equity is net income over average common equity. Not calculated if Charts denotes valuation data which falls outside display truncation limits. (RoE) denominator (average common equity) is negative Top/Bottom Reflect data for up to five top and five bottom performers for the valuation metric in Dividend Payout Total dividends divided by Net Income expressed as a percentage. Valuation Bar question. Note data may be limited to the stock in question if there are currently no Charts stocks in the corresponding FTSE UK All Share sector. Net Margin Net Margin is Net Income divided by sales.

Ediston Pr operty Investment Company 03 August 2020 For further information visit www.ftse.com, email [email protected] or call your local FTSE office:

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