Investor Forum on Operational Excellence and Digital Strategy

Warehouse Productivity at Lineage: Growing with LinOS

December 8, 2025

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Our Agenda Today

L i ne a ge a nd t he s tate o f t he i ndust r y

Greg Lehmkuhl

President & Chief Executive Officer

Achieving warehouse productivity

Jeff Rivera

Global Chief Operating

Officer

Lineage's technology edge

Sudarsan Thattai

Chief Information Officer & Chief Transformation Officer

Unlocking value with LinOS

Elliott Wolf

Vice President & Chief Data

Scientist

Drivers of shareholder value creation

Robb LeMasters

Chief Financial Officer

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Lineage: the Largest Temperature-Controlled Warehouse REIT

Annual Labor Expense

Annual Operating Expense3

Annual Energy Expense

As of December 31, 2024, unless noted otherwise.

1. Automated warehouses include fully-automated and semi-automated.

2. This is a non-GAAP financial measure. Refer to our fourth quarter 2024 earnings presentation and supplemental information, available at ir.onelineage.com, for a reconciliation of this non-GAAP financial measure to the most directly

   comparable GAAP financial measure.

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3. Global Warehouse Segment Cost of Operations, Dec 31, 2024.

Our Difference… Leading with Purpose and Values

Values

5

25

20

15

10

5

0

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

-2.0%

Retaining Occupancy in Excess Capacity Environment

2026E

98%

US RETAIL AND FOODSERVICE VOLUME2, RELATIVE GROWTH VS. 2021

Estimated Demand: (15% x .45) + (-2% x .55) = 5%

A Estimated US New PRW Supply 2021-2025: 10.5% + 4.0% = 14.5%

2025

2024

2023

2022

2021

A US NEW PRW CAPACITY ADDED TO MARKET1, MILLIONS OF SQUARE FEET

Total Built

2025E

B

2021 - 2024

55%

105%

100%

95%

90%

85%

1.5%

4.0%

45%

115%

120%

115%

110%

10.5%

Foodservice

Retail

A

US New PRW Supply

14.5%

B

Estimated Demand

5%

C

9.5%

2021A

78%

2025E

75%

SUPPLY

B

Idling Alternative Uses

Exits / Bankruptcies Obsolescence

DEMAND

Tariff Resolution Interest Rates Lower Inflation

1. Source: CBRE. Includes PRW or potential PRW projects completed, actively under construction or anticipated as of October 2025, where square footage is known. Excludes private built-to-suit projects and spec space taken by private users.

   
   
   
   
   
   

2. Source: For Retail figures, calculation is based on NIQ US Database for the Total Frozen, Dairy, Deli, Meat, Produce and Seafood categories for yearly 2021 thru YTD 2025 time periods, for the Total XAOC+ Convenience market. Copyright © 2025, Nielsen Consumer LLC. For Foodservice figures, Circana, LLC. Circana Foodservice Total Category Sizing.

3. LINE management estimate of Foodservice and Retail split in market consumption. 6

Our Scale and Network Creates a Durable Advantage

Note: Figures based on 2024 Lineage portfolio.

240+

480+

10M+

…and is Best Positioned to Win in the Long-term

Strong Real Estate Fundamentals

• Scale and Network Advantage That Is Difficult to Replicate: 488 warehouses with 96% of revenue

  from #1 positions1

• Modern Assets Concentrated in Some of the Most Strategic Locations Around the World: 49% of NOI from warehouses located near ports; 77% from Distribution Centers2

  Global Integrated Solutions Offer Potential to Reduce Overall Landed Cost for Customers

• Customers Spend ~25% of their Refrigerated Supply Chain Costs on Cold Storage
• Lineage GIS can Optimize the Remaining ~75% of Costs: Using data science driven optimization to bundle GIS services with Lineage's warehouse network can deliver substantial cost reduction for customers and drive volume for Lineage

  Operational Excellence Magnified by Technology

• Lean Foundation for High-Quality Operations: Lean certification continues to expand across Lineage network with 80+ locations on a Lean journey
• Run Time Operations and Transformational Technology Drive the Cold Chain Forward: Lineage's innovative approach spans all aspects of the operation - customer interactions, warehouse control, operational planning, and building design

1. Per public filings and GCCA. Reflects the percent of each company's global warehouses revenues the come from counties in which each company holds a #1 positions as measured by cubic feet.

2. As of 3Q25.

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Lineage Levers: Our Roadmap to Value Creation

Time Horizon

Lineage's leading technology, efficient operations, and global network delivers unmatched value and reliability for our customers

Customer Excellence

1

Capital Allocation

2

Network

Effects

3

OWpaerreahtoiounsael

4 PErxocdeullcetnivciety

Time Horizon

Foundation Layer

Near to Medium-Term

Future State

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Our Agenda Today

Lineage and the state of the industry

Greg Lehmkuhl

President & Chief Executive Officer

A c h i ev i n g wa re ho us e pro d u c t i v i t y

Jeff Rivera

Global Chief Operating

Officer

Lineage's technology edge

Sudarsan Thattai

Chief Information Officer & Chief Transformation Officer

Unlocking value with LinOS

Elliott Wolf

Vice President & Chief Data

Scientist

Drivers of shareholder value creation

Robb LeMasters

Chief Financial Officer

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