Propertylink GroupGoldman Sachs Small & Mid Cap Conference

27 April 2017

Presented by Stuart Dawes Managing Director & CEO

Contents

1

2

3

4

Propertylink Overview

Outlook

Appendices

Value Drivers

2

Propertylink Overview

3

163 Viking Drive Wacol

Propertylink is a leading ASX-listed property owner and manager, specialising in Australian

industrial and commercial office investments with assets under management of $1.7 billion

4

Propertylink today

Assets under management $1.7b

Balance sheet $687m

31 Industrial Assets

Mandates & Funds $1b

9 Funds

16 Industrial Assets

13 Office Assets

• Propertylink targets assets the in core,

core-plus and value-add sectors with a

bias to Australia’s east coast.

• The key focus is to generate stable

and recurring rental income and capital

growth potential from a quality portfolio

of assets.

Our operating segments

5

Property Portfolio

Optimise portfolio, actively manage,

improve returns

c.$687m(1), 31 assets

c.77% Group revenue(2)

Co-investments

Alignment with investors

c.$40 invested in funds

c.5% Group revenue (2)

Investment Management

9 external Funds, 29 assets, global

investors

c.$1.0b AUM

c.18% Group revenue (2)

(1) Excludes $6.5m interest directly held in 73 Miller Street, North Sydney included in co-investments

(2) FY2017 forecast revenue as per Product Disclosure Statement

Prime71%

Secondary22%Active

7%

Asset quality

A diverse portfolio of industrial assets

6

• Heavily exposed to east coast strong infill locations with limited land supply and strong demand

• A number of assets are also exposed to upside through medium/long term alternate use

Diverse asset composition providing stable cash flow

Predominantly prime asset base combined with assets that have good repositioning / capital recycling capacity

82% of assets are located in the strong Sydney and Melbourne markets

Multi-Let Unit Estate

18%

Business Park18%

Industrial25%

Logistics31%

Development8%

Asset type

NSW48%

VIC34%

QLD14%

WA4%

Asset geography

Statistics at 31 December 2016 adjusted for divested assets settled during 2H17

Strong tenant diversification across the portfolio

7

• 164 tenants in the property portfolio with no single tenant contributing more than 5% of total annual

rental income

Portfolio well diversified by industry group with largest group being 21% of the portfolio

The top 10 tenants constitute 35% of the portfolio annual rental income with a WALE of 6.0 years

88% of all rent reviews in the next 12 months are fixed increases of 2.5% or more

12%

37%

30%

20%

1%

Rent review composition

CPI 2.5-3% 3-3.5% 3.5-4% >4%

Automotive8%

Construction15%

Consumer Staple21%

Health/Pharmaceutical/IT20%

Manufacturing9%

Other3%

Retail10%

Warehouse / Logistics

16%

Tenant breakdown by industry

0% 1% 2% 3% 4% 5%

Tigers International Solutions…

Sheldon & Hammond Pty Ltd

The Trust Company…

Unicharm Australasia P/L

Cotton On Clothing Pty Ltd

Pacific Brands Clothing Pty Ltd

VIP Plastic Packaging Pty Ltd

Virgin Active Australia Pty Ltd

Waco Kwikform Limited

Walkinshaw Automotive

Top ten tenants (by income)

Statistics at 31 December 2016 adjusted for divested assets settled during 2H17

(1)

(1) Waco Kwikform Limited is at tenant at Pike Street, Rydalmere for which a contract for sale has been exchanged with settlement expected in June 2017

Propertylink Group funds under management

Commercial office

c.$484m AUM

4 funds

6 assets

c.$1.0bn AUM 9 external funds 29 assets 7.3% average co-investment

Industrial / logistics

c.$371m AUM

4 funds and mandates

15 assets

Diversified

c.$148m AUM

1 fund

8 assets

73 Miller St, North Sydney NSW 171-179 Queen St, Campbelltown NSW55 Sky Rd, Tullamarine VIC

71% of asset in funds and mandates are in the strong Sydney market 8

Strong global capital partners

9

Value Drivers

10

15 Talavera Road Macquarie Park

Propertylink value drivers

11

Strong active management capability providing unique opportunities to drive value from real estate investment

Last mile logistics

Focused on in-fill locations with easy

access to CBD and key residential

areas to facilitate final stage of

e-commerce supply chain

Urbanisation

Long-term view to reposition existing

commercial or industrial sites for alternate

use, based on urbanisation trends and

requirements

Aging population

Ongoing demand for medical-related

facilities & services, occupying office &

industrial space, providing treatment and

care for increased aging population

Active Asset Management

Enhancing portfolio through active asset management delivered via a vertically integrated model by a strong and experienced in-

house team including acquisition, leasing, asset repositioning, targeted capital expenditure, development and divestment

Focus on key strategic themes to drive medium to long term value

Active asset management delivering value

12

Leasing

Asset RealisationsDevelopment

205-231 Fairfield Road Yennora

Acquired for PAIP II for $46.2m acquisition, 7.4% yield, 6.6 year WALE

Artist impression of upgraded warehouse, 71-93 Whiteside Road Clayton

15 year lease starting 1 September 2017

26% of portfolio leasing completed since IPO with 81% tenant retention

Artist impression of new warehouse, 122 Newton Road Wetherill Park

Construction of new facility (8,646 sqm) and refurbishment of existing facility

(9,376 sqm) where a new 10 year lease has been secured

Potential sale of 320 Pitt Street Sydney due to strong capital interest and the

ability to deliver superior returns to institutional partners

Acquisitions

Last mile logistics

13

Source: NAB Online Sales Index

$0

$5

$10

$15

$20

$25

$30

2012 2013 2014 2015 2016

$b

Total value of e-commerce in Australia

• Propertylink has an established footprint in logistics real estate in infill locations

• We maintain a competitive advantage for continued opportunities given the requirements of e-commerce

tenants for in-fill, last mile locations

0%

20%

40%

60%

80%

100%

Pre-2009 2010-13 2014-16

Amazon’s warehouse leasing mix in USA

First Mile & Regional Warehouses Last Mile Warehouses

Source: Morgan Stanley Research

Strong growth in the Australian e-commerce market is expected to continue

Growing demand for last mile warehousing fuelled by the consumer’s need for expedited delivery

Amazon’s entrance to the Australian market is expected to have a significant impact on logistics real estate in infill

locations

Urbanisation

14

• Significant population growth forecast across Australia’s major capital cities driving urban renewal

strategies to bring housing closer to jobs, public transport and social infrastructure

• Medium to long term alternative use opportunities for industrial real estate

22.7 24.8

28.9

32.8

36.5

0

5

10

15

20

25

30

35

40

2012 2017 2027 2037 2047

Milli

on

sAustralian population projection (by State)

NSW VIC QLD SA WA TAS NT ACT Source: ABS

East coast bias in population growth – NSW, Victoria and Queensland growing faster than other States

For example in NSW the population mix is forecast to change from 59% in cities in 2012 to 65% in 2037

Aging population

15

Source: United Nations, Grosvenor

12%11%10%9%8%7%6%5%4%3%2%1%0%1%2%3%4%5%6%7%8%9%10%11%12%

0-4

5-9

10-14

15-19

20-24

25-29

30-34

35-39

40-44

45-49

50-54

55-59

60-64

65-69

70-74

75-79

80-84

85-89

90-94

95-99

100+

Ag

e r

an

ge

10% 5% 0% 5% 10% 10% 5% 0% 5% 10%

0-4

5-9

10-14

15-19

20-24

25-29

30-34

35-39

40-44

45-49

50-54

55-59

60-64

65-69

70-74

75-79

80-84

85-89

90-94

95-99

100+

OECD global population pyramid% of total global population

Female

1950 2015 2045

Male

8% 16% 25%

0% 5% 10%5%10%

Over 65 yrs

Under 20 yrs 37% 24% 21%

continues

to shrink

largest age

group

50-64 yrs

35-49 yrs

20-34 yrs

14%

20%

22%

19%

21%

20%

18%

18%

17%

• Aging population driving a trend towards higher spending on healthcare as demands for medical

services increases

• Strategic location of assets in proximity to developing and future medical infrastructure leveraging

tenant demand for associated logistics services

16

Propertylink value proposition

1

2

3

4

5

One of the largest Australian-focussed, internally managed industrial & commercial real estate groups

with integrated investment, asset and property management platforms

Established and rapidly growing investment and asset management platform with a track record of

performance backed by leading global investors

Diversified, quality industrial & logistics balance sheet portfolio with opportunity to add further value

through active asset management

Attractive FY17 pro forma forecast distribution yield of 8.4%(1) with a conservative capital structure and

strong growth prospects

Highly experienced management team and majority independent Board

Propertylink aims to provide superior risk-adjusted returns through active asset management and

by growing its investment and asset management business

(1) FY17 pro forma forecast distribution yield has been calculated based on a payout ratio of 95% of pro forma forecast FY17 distributable earnings,

excluding one-off items such as property revaluations and performance fees ($43.4m) and the PLG share price at 24 April 2017 ($0.815)

Outlook

17

9-10 John Morphett Place Erskine Park

Outlook

The business is positioned well to continue strong property portfolio and investment

management performance which is expected to deliver further value upside

• Strong leasing results expected to continue driving further asset value growth

• New development at Wetherill Park provides both new core stock and value upside

• Further non-core assets sales once value optimised providing capital to continue

investment into new assets for improvement in portfolio quality

Enhance

property

portfolio

Grow

investment

management

Deliver

financial

targets

• Strong pipeline of additional assets in due diligence for the continued growth in AUM

• Well positioned to add new investors to the investment management business

• Opportunity to deliver outsized returns and performance fees through asset sales

• FY17 guidance:

• Distributable Earnings per Security of 6.67 cents (1)

• Distribution per Security of 6.32 cents (1,2)

• Opportunity to further improve balance sheet position over the remainder of FY17

through active asset management driving asset values and above book value disposals

18(1) Pro-rata from the completion of the offer until 30 June 2017

(2) Includes the 2.7 cents interim distribution

Contact us

19

Stuart Dawes

Managing Director & CEO

T +612 9186 4720

E sdawes@propertylink.com.au

Carrie Barrack

Investor Relations Manager

T +612 9186 4747

E cbarrack@propertylink.com.au

Appendices

20

21

Property portfolio: direct property valuation movements (1)

(1) Data at 31 December 2016 adjusted for divested assets settled during 2H17

(2) Excludes 122 Newton Road, Wetherill Park development project

(3) Externally valued

Value ($m) Value ($m) Cap Rate (%) Cap Rate (%)

30-Jun-16 31-Dec-16 30-Jun-16 31-Dec-16

1 15 Talavera Road, Macquarie Park NSW (2) 62.00 66.00 6.50% 7.25% 6.75% 12,579 100% 3.35

2 7-15 Gundah Road, Mount Kuring-Gai NSW (2) 52.25 54.95 4.80% 7.25% 7.00% 32,980 100% 3.78

3 16 Rodborough Road, Frenchs Forest, NSW 29.70 29.70 0.00% 7.00% 7.00% 8,410 100% 5.96

4 50-52 Airds Road, Minto NSW 27.20 27.20 0.00% 8.00% 8.00% 23,452 100% 4.05

5 122 Newton Road, Wetherill Park NSW 16.30 22.49 38.00% 7.00% 7.00% 9,614 100% 0.00

6 10-12 Pike Street, Rydalmere NSW 21.90 21.90 0.00% 8.50% 8.50% 20,022 100% 1.50

7 44 Mandarin Street, Villawood, NSW (2) 18.00 20.20 12.20% 9.75% 8.50% 20,294 100% 2.93

8 150-156 McCredie Road, Smithfield NSW 19.70 20.00 1.50% 8.50% 8.25% 19,765 100% 0.50

9 164-166 Newton Road, Wetherill Park NSW 17.30 17.40 0.60% 7.50% 7.25% 11,854 100% 1.59

10 4 Brunker Road, Chullora NSW 2190 11.00 11.00 0.00% 7.25% 7.25% 6,428 100% 2.14

11 13 Boundary Road, Northmead NSW 2152 10.50 10.40 -1.00% 7.00% 7.00% 5,660 100% 4.27

12 22 Rodborough Road, Frenchs Forest, NSW 10.20 10.10 -1.00% 7.50% 7.50% 4,035 100% 4.60

13 8 Sylvania Way, Lisarow NSW (2) 7.40 8.50 14.90% 10.00% 9.25% 9,933 100% 6.00

14 1 Orielton Road, Smeaton Grange NSW 8.15 8.15 0.00% 7.50% 7.50% 7,689 100% 3.60

15 163-183 Viking Drive, Wacol QLD 46.80 47.25 1.00% 6.50% 6.50% 25,869 100% 5.70

16 57-101 Balham Road, Archerfield QLD 27.70 27.60 -0.40% 8.50% 8.50% 24,335 68% 2.48

17 848 Boundary Road, Richlands QLD 13.70 13.15 -4.00% 8.25% 8.25% 9,818 60% 2.13

18 37-53 Eurora Street, Kingston QLD 7.20 6.80 -5.60% 8.00% 8.00% 6,096 100% 1.58

19 Melbourne Markets, 315 Cooper Street Epping(2) 92.00 96.80 5.20% 7.50% 7.25% 74,968 100% 5.44

20 71-93 Whiteside Road & 74-84 Main Road, Clayton, VIC(2) 24.00 26.80 11.70% 8.50% 6.25% 28,195 100% 15.68

21 144-168 National Boulevard, Campbellfield VIC 22.75 22.75 0.00% 6.50% 6.50% 16,620 100% 8.01

22 18-24 Ricketts Road, Mount Waverley VIC 3149 16.90 17.10 1.20% 7.45% 7.50% 8,916 100% 2.03

23 1-5 Lake Drive, Dingley VIC 16.40 15.80 -3.70% 7.50% 7.50% 17,431 100% 1.50

24 127-161 Cherry Lane, Laverton North, VIC 14.00 13.60 -2.90% 10.00% 10.50% 25,639 100% 5.82

25 82 Taryn Drive, Epping VIC 12.25 12.15 -0.80% 7.00% 7.00% 10,590 100% 1.33

26 25 Strezlecki Avenue, Sunshine West VIC 10.70 10.40 -2.80% 7.50% 7.50% 10,467 100% 3.00

27 63-73 Woodlands Drive, Braeside VIC 9.85 10.00 1.50% 6.50% 6.50% 7,598 100% 7.40

28 571 Mount Derrimut Road, Derrimut VIC 7.65 7.90 3.30% 7.25% 7.25% 8,321 100% 4.92

29 7 Modal Crescent, Canning Vale WA(2) 16.40 14.25 -13.10% 8.00% 8.00% 15,251 14% 0.00

30 39 McDowell Street, Welshpool WA(2) 8.00 8.60 7.50% 8.00% 7.75% 6,925 100% 3.16

31 17-19 Leadership Way, Wangara WA(2) 6.95 7.75 11.50% 8.25% 8.25% 5,415 100% 3.08

Total 664.85 686.69 3.30% 7.65% 7.38%(1) 495,169 94.99% 4.38

Occupancy

(%)

WALE (yrs by

income)No. Property AddressMovement (%) Area (sqm)

Propertylink Group funds under management

22

POP II

▪ 1 asset

▪ Gross assets: $245m

▪ 5.0% co-investment

▪ Investors: Goldman Sachs, Grosvenor

POP III

▪ 3 assets

▪ Gross assets: $95m

▪ 11.0% co-investment

▪ Investor: Grosvenor

▪ Ongoing fundraising

POP I

▪ 1 asset

▪ Gross assets: $130m

▪ 5.0% co-investment

▪ Investor: Fosun

Commercial

Office

$484m AUM

Investment Management

c.$1.0bn AUM 9 External Funds 29 assets 7.3% average co-investment

M&G Mandate

▪ 2 assets

▪ AUM: $85m

▪ Management only mandate

Confidential Mandate

▪ 1 asset

▪ AUM: $43m

▪ 10.0% co-investment

▪ Investor: Australian based alternative investment manager

PAIP II

▪ 11 assets

▪ AUM: $215m

▪ 4.0% co-investment

▪ Investors: Townsend Group, Norinchukin Bank

▪ Ongoing fundraising

SEDCO Mandate

▪ 1 asset

▪ AUM: $29m

▪ 7.5% co-investment

▪ Investor: SEDCO Capital

▪ Open ended mandate

Industrial

$371m AUM

Propertylink

Enhanced

Partnership (PEP)

▪ 8 assets

▪ AUM: $148m

▪ Investor: Goldman Sachs Investor

▪ Commercial and Industrial assets

The Gantry Investment

Trust

▪ 1 asset

▪ AUM: $14m

▪ Investors: Small wholesale investors

DisclaimerThis presentation is for information purposes only. The presentation is subject to the conditions outlined below. Your receipt or viewing of the presentation evidences your acceptance of those conditions and that you agree to be

bound by them, including any modifications to them notified to you.

Important Notice and Disclaimer

This document has been prepared by Propertylink (Holdings) Limited (ACN 092 684 798) (“PHL”) and Propertylink Investment Management Limited (ACN 136 865 417) (in its capacity as responsible entity for Propertylink Trust ARSN 613 032 750 and

Propertylink Australian Industrial Partnership ARSN 613 032 812) (“PIML”) for the sole purpose of providing an overview of PHL, Propertylink Trust and Propertylink Australian Industrial Partnership (together “Propertylink”) (“Purpose”). Statements in

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The operating and historical financial information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of PHL or PIML’s views on Propertylink’s future performance or condition. You

should note that past performance of Propertylink is not and cannot be relied upon as an indicator of (and provides no guidance as to) future Propertylink performance.

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