FTSE COMPANY REPORT Share price analysis relative to sector and index performance Highcroft Investments HCFT Real Estate Investment Trusts — GBP 8.8 at close 23 September 2021 Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 23-Sep-2021 23-Sep-2021 23-Sep-2021 9 105 105 1D WTD MTD YTD Absolute 0.0 0.0 1.7 22.2 8.5 100 100 Rel.Sector 0.0 -0.9 4.3 2.7 Rel.Market 0.0 -1.4 2.4 10.0 8 95 95 VALUATION 7.5 90 90 Trailing Relative Price Relative Price Relative 7 85 85 PE -ve Absolute Price (local currency) (local Price Absolute EV/EBITDA 17.8 6.5 80 80 PB 0.8 PCF 13.9 6 75 75 Div Yield 5.9 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Price/Sales 7.4 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 0.5 100 80 90 Div Payout -ve 90 80 ROE -ve 70 80 70 70 Index) Share Share Sector) Share - - 60 60 60 DESCRIPTION 50 50 50 The Company principal activity is Real Estate 40 40 RSI RSI (Absolute) 40 Investment Trust (REIT) which has a portfolio of 30 property and equity investments. 30 20 30 10 20 RSI (Relative to FTSE UKFTSE All to RSI (Relative RSI (Relative to FTSE UKFTSE All to RSI (Relative 0 20 10 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: Highcroft Investments 23 September 2021 Valuation Metrics Price to Earnings (PE) EV to EBITDA Price to Book (PB) 31-Aug-2021 31-Aug-2021 31-Aug-2021 35 24 0.9 +1SD 30 22 0.85 +1SD 0.8 25 20 +1SD 0.75 Avg 20 18 Avg 0.7 15 16 -1SD Avg 0.65 -1SD 10 14 0.6 5 12 -1SD 0.55 0 ‖ ‖ 10 0.5 Sep-2016 Sep-2017 Sep-2018 Sep-2019 Sep-2020 Sep-2016 Sep-2017 Sep-2018 Sep-2019 Sep-2020 Sep-2016 Sep-2017 Sep-2018 Sep-2019 Sep-2020 Custodian REIT 109.7 PRS REIT (The) 100.0 Safestore Holdings 2.4 Residential Secure Income 78.6 Residential Secure Income 100.0 Big Yellow Group 1.8 Schroder Real Estate Investment Trust 56.0 Great Portland Estates 99.9 Segro 1.6 PRS REIT (The) 31.8 Shaftesbury 93.6 Primary Health Prop. 1.6 Unite Group Unite Group LXI REIT 23.3 88.5 1.5 Real Estate Investment Trusts 60.7 Real Estate Investment Trusts 1.1 Real Estate Investment Trusts -21.0 Highcroft Investments 17.8 Highcroft Investments 0.8 Empiric Student Property -24.3 AEW UK REIT 11.2 Land Securities Group 0.7 Highcroft Investments -39.1 Hammerson 0.0 McKay Securities 0.7 Unite Group -40.2 UK Commercial Property REIT Limited 0.0 NewRiver REIT 0.5 Derwent London -54.8 NewRiver REIT 0.0 Hammerson 0.5 UK Commercial Property REIT Limited -100.5 Capital & Counties Properties 0.0 Capital & Regional 0.4 -150 -100 -50 0 50 100 150 0 20 40 60 80 100 120 0 0.5 1 1.5 2 2.5 Price to Cash Flow (PCF) Dividend Yield % Price to Sales (PS) 31-Aug-2021 31-Aug-2021 31-Aug-2021 19 8 14 18 7.5 13 17 7 12 16 +1SD +1SD 11 15 6.5 +1SD 10 14 6 Avg 9 Avg 13 5.5 Avg 8 12 5 11 -1SD 7 -1SD 10 4.5 -1SD 6 9 4 5 Sep-2016 Sep-2017 Sep-2018 Sep-2019 Sep-2020 Sep-2016 Sep-2017 Sep-2018 Sep-2019 Sep-2020 Sep-2016 Sep-2017 Sep-2018 Sep-2019 Sep-2020 Shaftesbury 80.0 Regional REIT 7.2 PRS REIT (The) 15.0 Unite Group 80.0 AEW UK REIT 6.7 UK Commercial Property REIT Limited 15.0 GCP Student Living 80.0 Ediston Property Investment Company 6.5 Segro 15.0 Empiric Student Property 80.0 Highcroft Investments 5.9 Tritax Big Box REIT 15.0 Great Portland Estates Unite Group 79.6 Civitas Social Housing 5.1 15.0 Real Estate Investment Trusts 49.9 Real Estate Investment Trusts 15.0 Real Estate Investment Trusts 2.0 Highcroft Investments 13.9 Highcroft Investments 7.4 GCP Student Living Regional REIT 10.8 0.3 AEW UK REIT 6.8 Hammerson -19.3 Shaftesbury 0.0 Palace Capital 6.3 Capital & Counties Properties -27.0 Empiric Student Property 0.0 Residential Secure Income 6.0 PRS REIT (The) -74.0 Capital & Regional 0.0 NewRiver REIT 2.8 Residential Secure Income -100.0 Capital & Counties Properties 0.0 Capital & Regional 1.0 -120 -100 -80 -60 -40 -20 0 20 40 60 80 100 0 1 2 3 4 5 6 7 8 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: Highcroft Investments 23 September 2021 Valuation Metrics Net Debt to Equity Dividend Payout (DP) Return on Equity (RoE) 31-Aug-2021 31-Aug-2021 31-Aug-2021 0.5 100 ‖ ‖ 15 0.45 80 +1SD 0.4 +1SD 10 60 +1SD Avg 0.35 Avg 40 Avg 0.3 5 -1SD -1SD 20 0.25 -1SD 0.2 0 ‖ ‖ 0 ‖ ‖ Sep-2016 Sep-2017 Sep-2018 Sep-2019 Sep-2020 Sep-2016 Sep-2017 Sep-2018 Sep-2019 Sep-2020 Sep-2016 Sep-2017 Sep-2018 Sep-2019 Sep-2020 Capital & Regional 2.8 Custodian REIT 100.0 Big Yellow Group 20.3 NewRiver REIT 1.6 Residential Secure Income 100.0 Safestore Holdings 18.5 Residential Secure Income 1.0 Schroder Real Estate Investment Trust 100.0 Segro 16.5 Regional REIT 0.9 PRS REIT (The) 100.0 Tritax Big Box REIT 16.4 Primary Health Prop. LondonMetric Property 0.9 Target Healthcare REIT 96.6 16.3 Highcroft Investments 0.5 Highcroft Investments -1.9 Real Estate Investment Trusts 0.0 Real Estate Investment Trusts 0.4 Real Estate Investment Trusts -7.5 Standard Life Inv Prop Inc Trust AEW UK REIT 0.3 0.0 Shaftesbury -26.5 Big Yellow Group 0.2 BMO Real Estate Investments 0.0 NewRiver REIT -28.1 LXI REIT 0.2 Derwent London 0.0 Capital & Counties Properties -33.2 Impact Healthcare REIT 0.2 Highcroft Investments 0.0 Hammerson -45.7 UK Commercial Property REIT Limited 0.2 UK Commercial Property REIT Limited 0.0 Capital & Regional -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 30 ROE vs. PB — sector Du Pont Analysis 2.2 SAFE 1.6 14 Regression 1.4 2.0 12 1.2 BYG 1.8 1 10 1.6 PHP SGRO 0.8 UTG 8 1.4 AGR LMPBBOX 0.6 PB 6 DIGSTHRL 0.4 1.2 LXI IHR Real Estate Inve PRSR SHB RESI AEWU PCTN 0.2 4 1.0 DLNGPORWKP CREI CSH SOHO RGLUKCMESP EPIC 0 CAPCBCPTSLI SREI 0.8 BLND HCFTBREI SERE 2 LANDPCAMCKS -0.2 0.6 -0.4 0 NRR ‖ CALHMSO 2017 2018 2019 2020 2021 0.4 0 2 4 6 8 10 12 14 16 18 20 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: Highcroft Investments 23 September 2021 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.