Investor Presentaiton

PSGF's Portugal Portfolio will be diversified yet targeting primarily revenue-generating assets with low-risk profiles and high marketability (2/2) Logistics ■ The logistics segment has been considered the most resilient facing the pandemic ■ Covid-19 and the restrictive measures taken to restrain public contact accelerated the trend towards online shopping and e-commerce, driving demand for online retailers and the opening of on-line channels for otherwise physical-only stores ■This will increase demand for warehouses and logistics platforms, particularly those close to densely populated areas ■ Thus, an opportunity arises for new development and also for the acquisition or reconversion of warehouses for last mile logistics ■ The upside is particularly high in Portugal, as the current stock is quite low and the new supply over the last decade has been almost irrelevant Retail In recent years the shopping centre segment has been quite active in Portugal ■ An unloved sector in most of the western world, shopping centres have nonetheless performed generally well in Portugal Recently a fairly large stock of modern shopping centres in densely populated areas have been put for sale at attractive prices. We expect this trend to continue ■ We view the retail sector as an opportunistic play, i.e. securing reasonably stable assets, which have performed well throughout various market cycles, at an attractive risk adjusted return Alternative Portugal has become not only a popular destination for travellers, but also for those seeking to live, study, retire or invest ■ The number of international students has risen exponentially, and so has the demand for specialized student housing ■ The existing supply is outdated and insufficient to accommodate current needs, and demand is likely to increase in the coming years Furthermore, as the global population gets older, Portugal is attracting a growing number of seniors looking for quality of life, competitive prices and friendly tax regimes ■ Investments in senior living facilities may yield high returns driven by future demand and low current offer 35

View entire presentation