17 March 2025

Urban Logistics REIT plc

Achilles Investment Company Limited ("Achilles") notes the potential conflict of interest concerning Richard Moffitt, Chief Executive Officer of Logistics Asset Management LLP, the Investment Adviser to Urban Logistics REIT plc ("Urban Logistics" or "the Company"). Mr. Moffitt also holds an interest in M1 Agency LLP, where he is a member.

As disclosed in Urban Logistics' financial statements for the four years ending 31 March 2024, the Company has paid over £6.3 million in fees to M1 Agency LLP, in addition to £22.7 million paid to Logistics Asset Management LLP over the same period.

On 4 and 5 March 2025, through the Board's adviser, Kinmont Advisory, Achilles urged the Board to ensure that no further fees are paid by Urban Logistics to M1 Agency LLP.

Achilles notes recent press reports that Mr. Moffitt is now considering divesting his partnership interest in M1 Agency LLP to his fellow members. Achilles welcomes this development, as it acknowledges that the substantial payments made to M1 Agency LLP, though disclosed in the notes to Urban Logistics' financial statements, may not be appropriate.

Achilles formally requests that the Board of Urban Logistics confirm that, should Mr. Moffitt in fact proceed with the sale of his partnership interest in M1 Agency LLP, there is no understanding or agreement for any future payments to be made to M1 Agency LLP.

Achilles remains committed to ensuring that the Board acts in the best interests of all Urban Logistics' shareholders. Furthermore, Achilles will be writing to shareholders in the near future to explain why the recent proposal to internalise the Company's management, while it may have merit in principle, is not in shareholders' financial interests. This view is shared by nearly all the Company's largest shareholders.

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