PMG Generation FundQuarterly Report

PMG Generation Fund (the Fund) had an eventful quarter, with a new offer brought to market in June. Strategically selected by our experienced team to meet our strict investment criteria, the Fund intends to acquire two high-quality properties valued together at $108 million and occupied by national and multinational tenants*.

The first is the Bethlehem Town Centre at 19 Bethlehem Road in Tauranga, anchored by tenants Countdown, Kmart and Smiths City. The second is an industrial property at 11-13 Gough Street, Seaview in Wellington, leased fully to HJ Asmuss and Co.

The intended offer close date is 29 July 2021, as this report is distributed.

The first quarter of the new financial year achieved its targeted gross cash distribution return of 5.80 cents per unit (cpu) annualised. See below for future distribution increases and dates.

• 32 Jamaica Drive, Grenada North, Wellington:

- Works are underway to improve the Rentokil premises, including a lighting upgrade and the installation of a new door and window for the existing office. These items were agreed as part of the recent lease extension with the tenant.

- A proposal for an early lease renewal commitment will be presented to Coca-Cola Amatil in the coming quarter.

• 67 Vickerys Road, Wigram, Christchurch: The market rent review for Euro Corporation Limited has been agreed and this has resulted in a rental uplift for the property. A proposal for an early lease renewal commitment will also be presented to the tenant in the coming quarter.

Following the expected settlement of the Fund’s target acquisitions on 30 July 2021, our immediate focus will be on onboarding both the Bethlehem Town Centre and Gough Street properties to PMG’s management.

The gross cash distribution return of 5.80 cpu is set to increase to 6.00 cpu from 1 August 2021, with the first payment due at the increased rate on 25 September 2021.

One of the key initiatives over the coming months for the Bethlehem Town Centre will be the development of a strategy or masterplan that outlines improvements that will be made to add value to the centre. We will be considering areas including the tenant mix, site improvements and opportunities for the surplus land (approximately 3,500 sqm).

We have deliberately structured the Fund to allow investors the opportunity to invest in quality properties beyond the offer open dates (when units are available). Reach out to the Investor Relationships Team if you are interested in investing in PMG Generation Fund.

FUND STRATEGY

To invest and grow a portfolio of strategically selected direct and indirectly held commercial property assets across New Zealand, which provide building, tenant, geographic and sector diversification.

GOAL

To provide ease of access to commercial property investment for more New Zealanders, so they can enjoy the benefits of regular and reliable income with the potential for capital growth over time.

PMG Generation Fund unit value*

Cash distribution per month for Apr - Jun 2021 quarter (cpu annualised)

Forecast cash distribution for July 2021 (cpu annualised)

Forecast cash distribution for Aug — Sep 2021 (cpu annualised)

Forecast cash distribution from 1 Aug 2021 per month per 100,000 units

$1.09

5.80

6.00

$500.00

$58mTotal portfolio

value

100%Portfolio

occupancy

38%Loan-to-value ratio

(LVR)

3Properties

5Tenants

3.5yrsWeighted Average

Lease Term (WALT)

OVERVIEW

NOTABLE ACTIVITY

OUTLOOK

FINANCIAL SNAPSHOT

GROSS CASH RETURN AND UNIT PRICE

quar

ter

ende

d 3

0 Ju

ne 2

021

*Board approved unit value as at 30 June 2021 as per the Product Disclosure Statement.

Unit price approved by the Board of the Manager for the latest offer registered on 10 June 2021.

5.80

5.32% p.a.Actual Gross Cash Return

^Actual gross cash return for the quarter ending 30/06/2021 (annualised distribution cents per unit expressed as a percentage of the latest board approved unit price). Other metrics are stated as at 30/06/2021.

* Expected valuation assumes, amongst other factors, ownership of the Fund’s existing properties, successful completion of the offer, and the acquisition of the Fund’s two target properties. The valuation of the existing properties is $58 million.

6.00 cpu 6.00 cpu

PORTFOLIO OVERVIEW AS AT 30 JUNE 2021

Matt McHardy Head of Investor Relationshipsmatt@pmgfunds.co.nz M 021 193 4550D 07 929 7109

Rory Diver Investor Relationships Manager (Auckland & Waikato)rory@pmgfunds.co.nz M 027 700 6979

Investor Relationships Team Secondary Market

pmgfunds.co.nzP 0800 219 476

Thanks to our extensive database, we have an active secondary trade market where we match interested buyers and sellers of pmg shares and units. If you are interested in buying, exchanging or selling shares or units in any of our funds, please get in touch with our Investor Relationships Team today.

Property AnchorLease Expiry Date

Net Lettable

Area (sqm)

Latest Valuation

# of Tenants Occupancy

26 Sharpe Road, Rukuhai, Hamilton Torpedo 7 Limited Mar-2026 15,811 $29,850,000 1 100%

32, 32a and 32b Jamaica Drive, Grenada North, Wellington Coca-Cola Amatil (NZ) Limited Dec-2023 8,050 $17,100,000 3 100%

67 Vickerys Road, Wigram, Christchurch Euro Corporation Limited Aug-2024 6,421 $11,200,000 1 100%

TOTALS (excludes the prospective acquisition properties from the recent capital raise offer). 30,282 $58,150,000 5 100%

RENTAL INCOME BY TENANT INDUSTRYRENTAL INCOME BY REGION

Christchurch 21%

36%Wellington

Hamilton 43%

21%

36%

43%

Help us go paperless.If you would like to opt-out of receiving printed marketing and reports from us, please contact the Investor Relationships Team. To view this report or past reports at any time, sign up to PMG’s Investor Portal.

Ben CantInvestor Relationships Manager (South Island)ben@pmgfunds.co.nz M 027 700 9970

Matt TophamInvestor Relationships Associate matt.topham@pmgfunds.co.nz M 027 880 4687D 07 262 0228

PMG Generation Fund Annual General Meeting

Head to pmgfunds.co.nz/events to RSVP to the in-person event, or to sign up to the live stream.

• Thursday, 2 September 2021: 1pm — 3pm.• Tauranga Yacht & Powerboat Club: 90 Keith Allen Drive,

Tauranga.

FMCG & Logistics59%

Manufacturing & Engineering

21%

Other0%

Professional Services

8%

Technology & Telecommunications

12%