REGAL PARTNERS LIMITED — Capital/Financing Update 2021

Jan 17, 2021

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VGI Partners Limited ABN 33 129 188 450 39 Phillip Street Sydney NSW 2000 Australia T. +61 2 9237 8900 www.vgipartners.com

AFSL No. 321789 | SEC Registered

18 January 2021

ASX Market Announcements ASX Limited Exchange Centre 20 Bridge Street Sydney NSW 2000

December 2020 Funds Under Management (“FUM”) and Performance Fee Update[1]

FUM as at	30	September	2020	A$2.9	billion
FUM as at	31	December	2020	A$3.1	billion

The increase in FUM during the quarter was almost entirely due to performance.

Performance Fees

Performance fees are recognised in the accounts of VGI Partners Limited (“VGI Partners”) on a crystallised basis; that is, as and when they become due and payable. Performance fees for each fund and individually managed account managed by VGI Partners are crystallised at the end of the relevant performance calculation period, which is usually a six or twelve-month period.

VGI Partners estimates that it will crystallise approximately A$21 million in performance fee revenue (pre-tax) for performance calculation periods that ended on 31 December 2020. Combining these with previously reported 1H20 performance fees of $0.1 million brings total performance fees for calendar 2020 to around A$21 million.[1] Performance fee revenue will fluctuate significantly from period to period.

High Water Marks

All funds and accounts were at or above their high water marks at 31 December 2020.

Authorised for release by:

Ian Cameron

Company Secretary

For investor queries, please contact:

Ingrid Groer, CFA

Head of Investor Relations

VGI Partners Limited

Phone: 1800 571 917 (inside Australia) +61 2 9237 8923 (outside Australia) Email: investor.relations@vgipartners.com

1 Funds under management and estimated performance fees are approximate, rounded and have not been audited.