PACIFIC CURRENT GROUP LIMITED — Interim / Quarterly Report 2018

Oct 30, 2018

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33° 51' 50.457" S, 151° 12' 23.437" E

Level 29, 259 George Street, Sydney NSW 2000 T: +61 2 8243 0400 // F: +61 2 8243 0410

ASX ANNOUNCEMENT

31 October 2018

Funds Under Management as at 30 September 2018

• Another strong quarter of inflows, weighted to GQG and Aperio;

• EAM and Aether showed noteworthy gains;

• Victory Park FUM declined due to a separate account reaching the end of its life as expected;

• Aperio, RARE and Celeste sold shortly after quarter end.

For nearly four years Pacific Current Group (“PAC”) has categorized portfolio companies as being Core, Growth, or Other, in order to help investors focus their analytical efforts as they evaluated the 21 portfolio companies in PAC’s portfolio in late 2014.

With PAC’s success in streamlining its portfolio and the sale of several large holdings (RARE, IML & Aperio), PAC now has 13 portfolio holdings. Accordingly, with a smaller number of holdings, PAC is moving to two simple categories based on expected earnings contribution: Tier 1 companies will be those that PAC expects to produce at least A$4m of annual earnings for PAC; and, Tier 2 will be those where PAC expects less than A$4m, although there is no guarantee any portfolio company will meet this threshold. The new categories are intended to provide insight into which portfolio companies are expected to be the most economically impactful.

Additionally, PAC will begin breaking out FUM based on whether it is “open-end” or “closedend” in nature (see below[1,2] ). The intent of making this distinction is to highlight what proportion of FUM is readily redeemable and what portion is committed for extended periods of time, typically greater than one year.

With the sale of Aperio and RARE earlier this month, the December 2018 FUM report will show a notable decline and shift in FUM. As a result of these sales, management is working at redeploying the capital. PAC anticipates increase in its exposure to longer lock-up, closed-end type revenues, in an effort to benefit from trends in asset allocation and enhance the resiliency of PAC’s earnings.

1 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.

2 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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Pacific Current Group Limited // ABN 39 006 708 792 // ASX:PAC // www.paccurrent.com

33° 51' 50.457" S, 151° 12' 23.437" E

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Level 29, 259 George Street, Sydney NSW 2000 T: +61 2 8243 0400 // F: +61 2 8243 0410

A$millions	Open End	Closed End	Total FUM as at
	30 June 2018 30 September 2018	30 June 2018 30 September 2018	30 September 2018
Tier 1 Boutiques Aether Aperio GQG Seizert Victory Park Total Tier 1 Boutiques Tier 2 Boutiques Alphashares Blackcrane CAMG Celeste EAM FIM RARE ROC SCI Total Tier 2 Boutiques	- - 34,732 38,479 18,397 22,855 4,029 4,153 - - 57,158 65,487 792 743 1,047 1,113 - - 592 594 1,171 1,309 563 505 6,159 6,014 - - 107 133 10,432 10,412	1,732 1,974 - - - - - - 4,242 3,899 5,974 5,873 - - - - - - - - - - - - - - 5,863 5,863 - - 5,863 5,863	1,974 38,479 22,855 4,153 3,899 71,359 743 1,113 - 594 1,309 505 6,014 5,863 133 16,275
Total FUM	67,589 75,899	11,837 11,736	87,634

	Total FUM as at 30 June 2018	Net Flows		Other*		FX movement^	Total FUM as at 30 September 2018
Open End	67,589		5,305		1,399	1,605	75,899
Closed End	11,837		31		(162)	29	11,736
Total	79,427		5,336		1,237	1,634	87,634

• Other includes investment performance, market movement and distributions.

^ The Australian dollar weakened against US dollar during the quarter. The AUD/USD exchange rate was 0.7387 as at 30 June 2018 compared to 0.7217 as at 30 September 2018.

Other Considerations

Note that the relationship between the boutiques’ FUM and the economic benefits received by PAC can vary dramatically based on each boutique’s fee levels, PAC’s ownership stakes, and the specific economic features of each relationship. Accordingly, management cautions against simple extrapolation based on FUM trends.

CONTACT

For Investor Enquiries:

Joseph Ferragina Chief Financial Officer and Chief Operating Officer +61 2 8243 0400

ABOUT PACIFIC CURRENT GROUP // www.paccurrent.com

Pacific Current Group Limited (ASX:PAC) 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 September 2018, Pacific Current Group has investments in sixteen boutique asset managers globally.

Pacific Current Group Limited // ABN 39 006 708 792 // ASX:PAC // www.paccurrent.com