PACIFIC CURRENT GROUP LIMITED — Interim / Quarterly Report 2021

Apr 29, 2021

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Tacoma // Denver // Sydney // Melbourne

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ASX ANNOUNCEMENT

30 April 2021

Funds under management as at 31 March 2021

Pacific Current Group Limited ( ASX:PAC ), a global multi-boutique asset management firm, is pleased to announce that total Funds under Management (FUM) controlled by boutique asset managers within Pacific Current Group increased 8.9% during the quarter ended 31 March 2021. Including the new investment in Astarte Capital Partners, total FUM grew 9.3%.

Highlights from the quarter include the following:

• Strong inflows across the portfolio including GQG, ROC, Carlisle, Proterra, and Victory Park;

• During the quarter PAC acquired an interest in Astarte Capital Partners;

• Market appreciation and increased valuations contributed to higher FUM;

• In native currencies, USD-oriented fund managers saw FUM increase by 7.9%. When converting to AUD, the increase was slightly enhanced by the depreciation of the AUD against the USD.

FUM flows and balances as at 31 December 2020 and 31 March 2021, by boutique tier and category, are shown in the Appendix attached.

Pacific Current CEO, Paul Greenwood, stated, “While GQG continued to post large FUM gains, we were again encouraged by the breadth of growth across the portfolio. As we emerge from the pandemic it appears that many of our portfolio companies are very well positioned to grow, and as a result we expect continued capital raising success in 2021 and 2022.”

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;

• 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.

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 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.

Pacific Current Group Limited (ABN 39 006 708 792) Level 29, 259 George Street, Sydney NSW 2000 Australia

www.paccurrent.com Tel: +61 2 8243 0400 // Fax: +61 2 8243 0410

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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.

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 2021, Pacific Current Group has investments in 15 boutique asset managers globally.

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Appendix

Funds Under Management – 31 March 2021

Note the structure of the following table has been slightly modified from prior versions to highlight the changes in each boutique’s FUM in local currency, as PAC believes this provides better insight into the operational progress of each individual boutique.

Open End Closed End	Total FUM as at 31 Dec	Total FUM as at
Currency 31 December 2020 31 March 2021 31 December 2020 31 March 2021 Beg FUM Ending FUM Beg FUM Ending FUM1 $m	2020	31 March 2021
Tier 1 - Boutiques reporting in USD Aether USD - - 1,536 1,536 Carlisle USD 1,969 1,937 374 529 GQG USD 67,016 72,250 - - Proterra1 USD - - 3,250 3,662 Victory Park USD - - 3,487 3,580 Total Tier 1 68,984 74,187 8,648 9,306 Tier 2 - Boutiques reporting in USD - - Astarte2 USD - - - 339 Blackcrane USD 454 476 - - CAMG USD - - - - EAM USD 1,385 1,433 - - Pennybacker1 USD - - 1,942 2,122 SCI USD - - - - Total Tier 2 1,839 1,909 1,942 2,461	1,536 2,343 67,016 3,250 3,487 77,632 - 454 - 1,385 1,942 - 3,781	1,536 2,466 72,250 3,662 3,580 83,493 339 476 - 1,433 2,122 - 4,370
FUM - Boutiques reporting in USD USD 70,824 76,096 10,590 11,767	81,413	87,863
FUM - Boutiques reporting in USD AUD 91,884 99,954 13,739 15,457	105,623	115,410
Tier 2 - Boutique reporting in AUD Roc AUD - - 7,187 7,850	7,187	7,850
Total FUM - PAC Boutiques AUD 91,884 99,954 20,926 23,307	112,810	123,261

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

2. PAC finalized its investment in Astarte Capital Partners (“Astarte”) on 22 March 2021. Astarte FUM represents aggregate FUM of funds managed by companies in which Astarte has an interest as well as the unallocated committed capital from funds managed by Astarte.

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$Am		Total FUM as at 31 December 2020	Net Flows3		Other4		FX movement5	Total FUM as at 31 March 2021
	Tier-1	100,717		6,381		1,205	1,366	109,670
	Tier-2	12,093		1,095		330	72	13,591
	Total	112,810		7,476		1,535	1,439	123,261

1. Net Flows includes the new investment in Astarte, as well as additional capital commitments for Closed End funds. 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. Other includes investment performance, market movement and distributions.

3. The Australian dollar weakened against US dollar during the quarter. The AUD/USD exchange rate was 0.7708 as at 31 December 2020 compared to 0.7613 as at 31 March 2021. The Net Flows and Other items are calculated using average rates.