Partners Global Income Fund : Listing Rule 4.8

For personal use only

The Manager

Company Announcement Office

ASX Limited

Exchange Centre

Level 4, 20 Bridge Street

Sydney NSW 2000

28 February 2022

Securities in an unlisted entity

Pursuant to Rule 4.8 of the ASX Listing Rules, please find attached the Audited Accounts of PG Global Income Investments Loan Strategy Designated Activity Company ("the Company") for the period 01 January 2021 to 31 December 2021.

Partners Group Global Income Fund ("the Trust") invests solely into the Company and is exposed to the underlying investments of the Company via an investment in a profit participating note ("PPN") issued by the Company pursuant to the Profit Participating Note Issuing and Purchase Agreement.

If you have any queries, please contact Partners Group Global Income Fund on 02 8216 1900

Yours sincerely

Russell Beasley Director

Equity Trustees Limited (ACN 004 031 298, AFSL 240975) as the Responsible Entity for Partners Group Global Income Fund

Mr. Russell Beasley, Director, has authorised that this document be given to the ASX.

For personal use only

PG GLOBAL INCOME INVESTMENTS LOAN STRATEGY DESIGNATED ACTIVITY COMPANY

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021

COMPANY NUMBER: 650023

For personal use only

PG GLOBAL INCOME INVESTMENTS LOAN STRATEGY DESIGNATED ACTIVITY COMPANY ANNUAL REPORT AND FINANCIAL STATEMENTS

TABLE OF CONTENTS	PAGE
COMPANY INFORMATION	1
DIRECTORS' REPORT	2-4
STATEMENT OF DIRECTORS' RESPONSIBILITIES	5
INDEPENDENT AUDITORS' REPORT	6-11
STATEMENT OF FINANCIAL POSITION	12
STATEMENT OF TOTAL COMPREHENSIVE INCOME	13
STATEMENT OF CHANGES IN EQUITY	14
CASH FLOW STATEMENT	15
NOTES TO THE FINANCIAL STATEMENTS	16-41

For personal use only

PG GLOBAL INCOME INVESTMENTS LOAN STRATEGY DESIGNATED ACTIVITY COMPANY ANNUAL REPORT AND FINANCIAL STATEMENTS

COMPANY INFORMATION
DIRECTORS	Raja Gul
	Stephen Healy
	Danica Gutierrez
SECRETARY	TMF Administration Services Limited
	3rd Floor
	Kilmore House
	Park Lane
	Spencer Dock
	Dublin 1
	Ireland
REGISTERED OFFICE	3rd Floor
	Kilmore House
	Park Lane
	Spencer Dock
	Dublin 1
	Ireland
SOLICITORS	Arthur Cox
	Ten Earlsfort Terrace
	Dublin 2
	Ireland
PORTFOLIO MANAGER	Partners Group AG
	Zugerstrasse 57
	6341 Baar
	Switzerland
PORTFOLIO ADMINISTRATOR	The Bank of New York Mellon SA/NV, Dublin Branch
	Riverside II
	Sir John Rogerson's Quay
	Grand Canal Dock
	Dublin 2
	Ireland
ACCOUNT BANK, CUSTODIAN &	The Bank of New York Mellon, London Branch
PAYING AGENT	One Canada Square
	London
	E14 5 AL
	England
REGISTRAR	The Bank of New York Mellon SA/NV, Luxembourg Branch
	2-4 Rue Eugene Ruppert
	L-2453 Luxembourg
INDEPENDENT AUDITOR	PricewaterhouseCoopers
	Chartered Accountants and Registered Auditors
	One Spencer Dock
	North Wall Quay
	Dublin 1
	Ireland

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For personal use only

PG GLOBAL INCOME INVESTMENTS LOAN STRATEGY DESIGNATED ACTIVITY COMPANY ANNUAL REPORT AND FINANCIAL STATEMENTS

DIRECTORS' REPORT

The Directors present their report and the audited financial statements for the financial year ended 31 December 2021.

PRINCIPAL ACTIVITY

PG Global Income Investments Loan Strategy Designated Activity Company an Irish registered Company, was incorporated on 14 May 2019. The registered number of the Company is 650023. The Company, a special purpose securitisation vehicle, was established as a "Qualifying Company" under Section 110 of the Taxes Consolidation Act, 1997 (as amended) to issue Notes and to use the proceeds thereof to invest in a portfolio of assets.

The Company has issued a Profit Participating note to (PPN) fund its investment activities. The Profit Participating note does not have a fixed maturity date. All outstanding PPN's will be redeemed by the Issuer and cancelled as soon as reasonably practicable after the last eligible investment has been repaid or sold and the final distribution has been made. The maximum amount which may be issued under the Profit Participating note listing is AUD 2 billion.

Under the terms of the Profit Participating note the noteholder is entitled to receive all income and gains received by the Company as a result of its investment activities less certain expenses and less an amount of € 1,000 per annum retained by the Company. Due to the limited recourse nature of the Profit Participating note any losses incurred by the Company arising from its investment activities are ultimately borne by the noteholder.

The Profit Participating note is listed on the MTF facility of the Vienna Stock Exchange.

REVIEW OF THE BUSINESS

The fiscal year 31 December 2021 ended with uncertainty. As news spread of the Omicron variant, there has been a weaker tone across most asset classes including the Senior Secured Loan and Private Debt markets that the portfolio is invested in. In terms of the effects of inflation and the path of interest rates Partners Group also saw further developments such as the Bank of England increasing its benchmark interest rate in an attempt to offset the record inflation levels and the Federal Reserve indicating a number of interest rate hikes over 2022 - it is likely that other central banks will follow suit. Meanwhile, in terms of US and Euro leveraged loan default incidence, the past year saw rapid improvements in loan default rates, widely attributed to the flood of liquidity - via public and private channels

• provided to many stressed loan issuers to bolster short-term liquidity. This access to liquidity was critical for many companies, while providing a safety net for others.

FUTURE DEVELOPMENTS

Notwithstanding these developments and the numerous challenges that remains, the directors continue to believe that these are positive tailwinds for floating rate debt and that the portfolio should therefore outperform traditional fixed income. In line with the past year's focus on creating a defensive portfolio, the Portfolio Manager will continue to allocate to established businesses in sectors that have proven resilient through recent market dislocations.

RESULTS AND DIVIDENDS

The results for the year are shown on page 14. Dividends declared and paid for the year were AUD Nil (2020: Nil).

CHANGES IN DIRECTORS, SECRETARY AND REGISTERED OFFICE

The Directors of the Company during the year and subsequently to the date of signing these financial statements are outlined below:

Stephen Healy Raja Gul

Danica Gutierrez (Appointed and resigned alternate 22 February 2021, appointed and resigned alternate 25 February 2022)

DIRECTORS' AND SECRETARY'S INTERESTS IN SHARES

The Directors, their connected parties or the Company Secretary had no beneficial interest in the share capital of the Company at the date of appointment or at the end of the year.

ADEQUATE ACCOUNTING RECORDS

The measures taken by the directors to secure compliance with the Company's obligation to keep adequate accounting records, in line with sections 281 to 285 of the Companies Act 2014, include the use of appropriate systems and procedures and the employment of competent persons. The accounting records are kept at BNY Mellon, Riverside II, Sir John Rogerson's Quay, Dublin 2, Ireland.

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