PACIFIC CURRENT GROUP LIMITED — Capital/Financing Update 2024

Apr 29, 2024

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ASX ANNOUNCEMENT

30 April 2024

Funds under management as at 31 March 2024

Pacific Current Group Limited ( ASX:PAC ), a global multi-boutique asset management firm, is reporting total Funds under Management ( FUM ) managed by boutique asset managers within Pacific Current Group’s portfolio increased to A$50.6b (excluding GQG) from A$50.1b for the quarter ended 31 March 2024.

Highlights from the quarter include the following:

• Aggregate FUM grew 1.1% in AUD. In native currency, USD-denominated fund managers saw FUM decrease by 3.3%, driven by older funds winding down at Victory Park and the acceleration of the return of FUM for one Banner Oak investment vehicle. This was partly offset by notable new commitments at Pennybacker and equity market gains which benefited EAM;

• FUM decreased 3.3% for USD-denominated fund managers and increased 2.4% for the one AUDdenominated fund manager;

• During the March quarter, Pacific Current completed the sale of its shares in GQG Partners and realized cash proceeds of A$257.3m, GQG FUM has been removed from this FUM announcement;

• PAC’s Ownership Adjusted FUM* (excluding GQG) decreased from US$10.4b to US$10.0b; and

• PAC’s boutiques made strong progress toward PAC’s projection of A$2b – A$5b (excluding GQG) of gross new commitments in FY24, with A$3.2b of commitments already secured in first three quarters of FY24.

Pacific Current Group’s CEO, Paul Greenwood, noted, “Obviously, the sale of GQG impacts our headline FUM number significantly. However, aside from GQG it was a pretty quiet period, with new commitments at Pennybacker more than offset by funds approaching maturity at Victory Park and the fee monitisation event at Banner Oak.” He added, “While the environment for raising capital continues to be challenging, we continue to expect significant progress at key boutiques throughout 2024.”

FUM flows and balances as at 31 December 2023 and 31 March 2024, by boutique tier and category, are shown in the Appendix attached.

• see appendix for definition of Ownership Adjusted FUM

Pacific Current Group Limited (ABN 39 006 708 792)

Suite 3, Level 3, 257 Collins Street, Melbourne VIC 3000 Australia www.paccurrent.com Tel: +61 3 8375 9611

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Other Considerations

The relationship between the boutiques’ FUM and the economic benefits received by PAC can vary dramatically based on factors such as:

• the fees charged by each boutique on the assets it manages, including one-time, up-front fees;

• the varying size of PAC’s ownership interest in each boutique; and

• the unique economic terms negotiated between PAC and each boutique including the manner in which PAC expects to realize value from its investment.

Accordingly, PAC cautions against simple extrapolation of PAC’s projected results based on FUM trends.

AUTHORISED FOR LODGEMENT BY:

Paul Greenwood

Managing Director & Chief Executive Officer and Chief Investment Officer

-ENDS-

CONTACT

For Investor & Media enquiries:

• Paul Greenwood - Managing Director & CEO and CIO E: pgreenwood@paccurrent.com T: (+1) 253 617 7815

ABOUT PACIFIC CURRENT GROUP

Pacific Current Group Limited is a multi-boutique asset management firm dedicated to providing exceptional value to shareholders, investors, and partners. We apply our strategic resources, including capital, institutional distribution capabilities and operational expertise to help our partners excel. As of 30 April 2024, Pacific Current Group has investments in 15 boutique firms globally.

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Appendix

Funds Under Management – 31 March 2024

FUM by Pacific Current Group boutique manager in reporting currency

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1. FUM for Banner Oak Capital Partners and Proterra Investment Partners represent regulatory FUM from one quarter in arrears.

2. Victory Park FUM includes the firm’s regulatory capital for 31 December, as well as other client FUM where VPC is paid a one-time, upfront fee.

3. Astarte FUM represents aggregate FUM of funds managed by investment managers in which Astarte has an interest as well as the unallocated committed capital from funds managed by Astarte.

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FUM by Pacific Current Group Tier 1/Tier 2 Classification in AUD

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1. For Closed End funds, Net Flows only includes additional capital commitments. Distributions to limited partners of Closed End funds will be reflected as reduction in Net Asset Value, which is included in the ‘Other’ category for PAC reporting.

2. The ‘Other’ category includes investment performance, market movement and distributions.

3. The Australian dollar strengthened against US dollar during the quarter. The AUD/USD exchange rate was 0.6805 as at 31 December 2023 compared to 0.6523 as at 31 March 2024. The Net Flows and Other items are calculated using average rates.

4. GQG’s FUM was historically separated from other PAC boutiques following GQG’s public listing in 2021. PAC will no longer include GQG FUM given the sale of its shares in GQG Partners in March 2024.

Tier 1 Boutique is a term used to describe an asset manager that PAC expects to produce at least an average of AUD 4m of annual pre-tax earnings for PAC over the next three years, while a Tier 2 Boutique is one that PAC expects will contribute less than this amount. Although there is no guarantee any Tier 1 boutique will meet this threshold, this categorisation is intended to provide insight into which boutiques are expected to be the most economically impactful to Pacific Current Group

Open-end is a term used to indicate funds under management that are not committed for an agreed period and therefore can be redeemed by an investor on relatively short notice. Closed-end is a term used to denote funds under management where the investor has committed capital for a fixed period and redemption of these funds can only eventuate after an agreed time and in some cases at the end of the life of the fund.

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Ownership Adjusted FUM by Pacific Current Group boutique manager in USD

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Ownership Adjusted FUM (OAF) - The ownership percentage used in the calculation of OAF reflects the proportion of proceeds that PAC, absent any distribution preferences, would receive in the event of the sale or liquidation of the business. The portfolio above does not include boutiques that do not manage FUM.

• PAC will no longer include GQG FUM given the sale of its shares in GQG Partners in March 2024.