Investor Presentaiton

PSGF's Portugal Portfolio will be diversified yet targeting primarily revenue-generating assets with low-risk profiles and high marketability (1/2) Residential Property ownership levels in Portugal are decreasing and, inversely, the demand for medium and long-term rentals is picking up ▪ This behavioural change generated an unaddressed market in Lisbon for private rented sector (PRS), with new affordable residential developments ■ Additionally, with the decrease in tourism driven by the pandemic, many of the short-term renting apartments located in the Lisbon and Oporto's city centres will be available in the market, at competitive prices ■ These conditions are creating room for an acquisition strategy of portfolios of short-term renting apartments in prime locations hit by the decrease in tourism and shift to residential use until market recovery Office Lisbon and Oporto have become hotspots for international companies looking to establish their operations ■ Due to the strains on liquidity following the financial crisis, the pipeline for new office developments in the last decade was fairly small ■ These two drivers combined have generated huge pressure on demand for office buildings, which has not been matched by a surge in supply ■ This created an opportunity for strategies focused on (i) acquiring underinvested office buildings to improve lease terms and (ii) forward funding of pre-leased buildings Additionally, companies looking to raise funding in a time of credit constraints can provide sale & leaseback opportunities for assets in prime locations Hospitality ■ The global tourism industry has been hit harshly by the Covid-19 ■ pandemic, and Portugal is no exception Despite the support provided by public incentive schemes, many properties will not have enough liquidity to cope with the decline in demand ■ This could provide an opportunity for the acquisition of otherwise profitable assets that are facing problems due to Covid-19 at prices below their normal value ■ These could then be sold at a later stage, when tourism demand returns to pre-crisis levels, at a higher price Moreover, there is also room for the acquisition of underperforming properties for repositioning to new lifestyle concepts and brands with a long-term lease 34

View entire presentation