Pacific Current : 2022 Annual Report – Interactive

PACIFIC CURRENT GROUP LIMITED Annual Report 2022

2 Key Financial Highlights 3 Chairman's Report 4 Managing Director, Chief Executive Officer and Chief Investment Officer's Report 7 Board of Directors 9 Directors' Report 38 Auditor's Independence Declaration 39 Consolidated Statement of Profit or Loss 40 Consolidated Statement of Comprehensive Income 41 Consolidated Statement of Financial Position 42 Consolidated Statement of Changes in Equity 43 Consolidated Statement of Cash Flows 44 Index to the Notes to the Financial Statements 45 Notes to the Financial Statements 99 Directors' Declaration 100 Independent Auditor's Report 105 ASX Additional Information 107 Corporate Information CONTENTS In this Annual Report, a reference to 'Pacific Current Group', 'PAC', 'Group', 'the Group', ' the Company', 'we', 'us' and 'our' is to Pacific Current Group Limited ABN 39 006 708 792 and its subsidiaries unless it clearly means just Pacific Current Group Limited. In this Annual Report, a reference to funds under management (FUM) means the total market value of all the financial assets which one of our partner boutiques manages on behalf of its clients and themselves. In accordance with ASX Listing Rule 4.10.3, Pacific Current Group Limited's Corporate Governance Statement can be found on its website at http://paccurrent.com/shareholders/corporate-governance/ LIMITED

ABOUT US Pacific Current Group Limited (ASX: PAC) is a global multi-boutique asset management firm dedicated to providing exceptional value to shareholders, investors, and partners. OUR PHILOSOPHY Each investment is structured to create exceptional alignment with our boutique managers. We apply flexible capital, strategic insight, and global distribution to support the growth and development of the boutiques in which we invest. Our goal is to help investment managers focus on their core business and what matters most: investing. WHAT WE OFFER OUR BOUTIQUES • Flexible capital solutions - we aim to create exceptional alignment with our boutique managers, so every investment is uniquely tailored to fit the boutique's specific needs • Global distribution and marketing services - we can accelerate the growth of our boutiques by helping them secure new clients and funds to manage • Access to our global network and strategic insights - our global network of industry contacts and decades of experience allow us to assist boutiques in the management of their businesses and the development and implementation of their growth strategies 1 Annual Report 2022

FUM across the Group (up from $142b) $169b Increased dividends (up from 36 cents per share) 38cps Net assets per share (up from $7.92 per share) $10.26 Increased underlying NPAT (up from $26.3m) $27.1m FY22 KEY HIGHLIGHTS GQG listed on ASX in largest IPO of 2021 Invested US$35m in private real estate manager, Banner Oak Capital Funding initiatives anticipated to exploit a strong and growing investment pipeline LIMITED

CHAIRMAN'S REPORT Dear Shareholders, It has been another strong year for Pacific Current Group Limited ("PAC"). My highlight from the year was the Initial Public Offering ("IPO") of GQG Partners Inc. ("GQG") on the Australian Securities Exchange. As a reminder of the value that has been created from this single investment, our original cash investment in this business was US$2.7 million (approximately A$3.6 million). The value of our holding on the date of listing was A$307 million; of which we realised approximately A$60 million. This initial cash investment, however, does not recognise the real value we contributed being the wisdom, experience, and energy of the PAC executive team, which at the time of initial investment also included Mr. Tim Carver, who subsequently joined GQG to further help them on their journey. This event gave our Shareholders, and other interested parties, an opportunity to see how we can realise value from a boutique investment. Each year we diligently value all our Boutiques for financial reporting purposes. The nature of the accounting for some of these investments means that sometimes we cannot reflect situations where fair market value of an investment exceeds book value. Furthermore, these values may not recognise the additional value resulting from the difference between the value of that Boutique investment's future cashflows to a hypothetical investor (as required by the accounting standards) and the value of those cashflows to a specific market participant. That difference is usually only displayed when we are selling our holding because the value realised at that time is the product of that market pricing. It is satisfying that the IPO of GQG has provided that transparency without us having to totally exit our holding, and importantly, presents a clear statement that GQG has been an outstanding investment. The transition of the GQG investment from a start-up to its current position is a tribute to the PAC investment team and particularly Mr. Paul Greenwood, for finding the opportunity and partnering with Mr. Rajiv Jain to help him execute his vision for the business. We have paid a special bonus to Mr. Paul Greenwood and two other executives to recognise the outstanding return that the GQG investment represents and to recognise that there was a residual obligation created at the time of the original merger with Northern Lights Capital Group related to any business that we may partner with Mr. Rajiv Jain. While the IPO of GQG has been a highlight, it is also important to note that we have seen solid performance from several other Boutiques. This has been achieved in a difficult period with restrictions on travel and general uncertainties creating strong headwinds for fundraising and hampering opportunities for growth. It is a tribute to the people in these businesses that they have persevered through this period and now are starting to see the results of their efforts. One of the challenges for our business is to balance the drag created from holding cash versus the earnings that could be generated if it was invested in a business. We must exercise the discipline to be patient and wait for a great investment opportunity rather than be driven by time and a false sense of urgency to deploy cash. The team have managed that well during FY2022 with the cash released from the partial sale of our GQG holding promptly redeployed into Banner Oak Capital Partners, LP ("Banner Oak"). The Banner Oak investment is already generating a solid cashflow for us. I have visited Banner Oak and had the pleasure of meeting some of the key owners. They are a capable group with strong ambitions to continue to grow, and with an investment structure and approach which helps generate great property related returns. This is important for future fund raising and we believe, for these reasons, the outlook for the business is strong. It is also a tribute to our team that, notwithstanding the COVID related headwinds, the Net Asset Value per share rose over FY 2022 from $7.92 to $10.26. Some of that increase is attributable to currency moments but the majority reflects the success achieved by our Boutique investments. Our full year profit performance was solid, especially when recognising that the one negative from the IPO of GQG was that we could only bring to account nine months of our share of their earnings in this period, which was another quirk from the accounting standards given that we owned our holding throughout that period. Given all the above, the quality of our portfolio of Boutique investments and the capabilities of our team, I am very confident we will go on creating value for Shareholders. Certainly, our hopes and expectations for FY2023 are high. I look forward to seeing you at the Annual General Meeting. As always, thank you for your continued involvement and belief in us. Regards Antony Robinson Chairman During a turbulent market, PAC has shown an incredible ability to sustain success and produce positive results through our selective partnerships. 2 3 Annual Report 2022

In the face of very difficult equity markets our ability to grow was a strong proof statement for our investment strategy. Financial Year Overview One year ago, I began my letter to shareholders by noting that the COVID clouds were beginning to dissipate and we were expecting a slow resumption of the world we knew before the pandemic. Alas, that sentiment probably reflected wishful thinking that the world would naturally revert to where we left off pre-pandemic, a place where inflation and interest rates were low, equity markets ebullient, and economic growth a certainty. As we progressed through FY22, it became apparent that the post-COVID world was looking a fair bit different from life before the pandemic. A variety of factors-Russia's invasion of Ukraine, soaring inflation, rising interest rates, and negative economic growth-have made it abundantly clear that we are facing new and greater economic challenges than we imagined just one year ago. We at PAC feel pleased about how we have weathered these changing conditions so far, but more importantly, we are optimistic about what the future holds. Below are some of the highlights of FY22 and some thoughts as to why we are so excited about FY23 and beyond. Financial Progress PAC made solid financial progress in FY22, though the strength of our results was masked by the impact of how we are required to account for certain boutiques under International Financial Reporting Standards ("IFRS"). To begin with, PAC posted a statutory loss of A$35.3 million in FY22. Essentially all of this loss reflects the decline in GQG Partners Inc. ("GQG") stock price after its October 2021 listing on the ASX. However, this does not tell the entire GQG story. As at 30 June 2021, we valued our 5% equity stake at A$115 million. At GQG's listing, our stake was revalued to A$307 million, A$60 million of which was sold into the offering. The remaining 4% equity stake (approximately 120 million shares) experienced an unrealised loss of roughly A$81 million. From an IFRS perspective, the revaluation at the public listing went directly to PAC's balance sheet, while the subsequent unrealised loss went through our statement of profit or loss. PAC has recognized this as a statutory loss even though we realized A$60 million, and our remaining position in GQG is worth much more now than it was a year ago. The fact that our statutory results reflect changes in the value of some but not all of our holdings is the reason we emphasize what we call "underlying" results. These underlying results strip out changes in the value of our investments and onetime items to isolate the true operational performance of the business. The headline underlying results were as follows: Underlying Revenues increased 7% to A$49.8 million. Underlying Net Profit Before Tax ("NPBT") grew 9% to A$35.4 million, and Underlying Net Profit After Tax grew 3% to A$27.1 million. Underlying Earnings Per Share grew approximately 2%. PAC also declared a final dividend of 23 cents, bringing the full year dividend to 38 cents (fully franked), a nearly 6% increase over FY21. Results were slightly aided by the strength of the USD vis-à-vis the AUD. In FY22, we experienced a strong uptick (113%) in performance fees, primarily due to Victory Park Capital Advisors, LLC ("VPC"), Strategic Capital Investments, LLP and Roc Partners Pty Limited. Commission revenues also grew nicely due to the success PAC had in raising Funds Under Management ("FUM") for VPC. Management fee revenues were basically flat year over year, though they only reflected nine months of GQG earnings (due to GQG's listing) and only six months of contributions from Banner Oak (given PAC's investment in Banner Oak was made in December 2021). Lastly, underlying mark-to-market losses of approximately A$1.2 million compared unfavorably to a nearly A$4.1 million gain in FY21. Our reported underlying results were negatively impacted by the change in how we account for our economic participation in GQG. Before GQG's listing, PAC accrued the payments owed to it by GQG at the end of every quarter, as it had a legal entitlement at that date. After GQG's listing, PAC is only permitted to recognise earnings from GQG in the period it actually receives GQG's dividends. The net result is that PAC only recognised nine months of earnings in FY22 from GQG. The one-time-only impact to PAC from the accounting MANAGING DIRECTOR, CHIEF EXECUTIVE OFFICER AND CHIEF INVESTMENT OFFICER'S REPORT

change was a reduction of approximately A$3.3 million in reported revenues and NPBT in FY22. The good news is that in FY23 and beyond, PAC will always be able to recognise a full twelve months of earnings from GQG every year. When looking at PAC's revenues, the management fees and performance fees we receive from boutiques make up the vast majority of our revenues. We also receive commission revenues for raising investment capital on behalf of some of our portfolio companies. These commissions are transactional, and thus highly variable and difficult to predict. There is also a modest amount of mark-to-market revenues that run through the profit and loss statement. These reflect PAC's share of the unrealised gains/losses of any marketable securities held on boutique balance sheets. Mark-to-market results are difficult to predict over the short-term, though we expect over time they will be additive. Our core business is best understood when we strip out the commission revenues and mark-to-market influences from PAC's total revenues. Indeed, the combination of management fees and performance fees generally compose more than 90% of our total revenues. The sum of these two types of revenues has grown at more than 12% per year over the last four years, and we expect future growth in FY23 and beyond. As we look beyond FY23, we expect the performance fee revenues we receive to move to a sustainably higher level, primarily due to the expected contributions from VPC. Portfolio Highlights The year's biggest portfolio highlight was the listing of GQG on the ASX, the largest IPO in Australia during 2021. This event was a major milestone for both PAC and GQG. While GQG's stock price has declined post-offering along with most traditional asset managers in Australia, the firm has executed flawlessly and produced exceptional benchmark relative investment performance-while also maintaining some of the strongest inflows in the world of active management. Another standout in FY22 was VPC. After several years of more modest progress, the last 12 to 18 months witnessed dramatic growth at VPC, with FUM growing from US$3.6 billion to US$5.4 billion during the year. This success reflected its compelling investment results combined with a differentiated product offering and a more robust distribution strategy. PAC will not feel the full economic benefit of this growth until the newly raised FUM is deployed by VPC into new investments. As this occurs, VPC's revenues should grow rapidly. Indeed, it is our expectation that beginning in FY24, VPC is likely to become the largest economic contributor in PAC's portfolio due to growth in the firm's management fees and a substantial increase in performance fees. PAC quickly redeployed the proceeds from the sale of 20% of its stake in GQG into a new investment in a Texas-based private real estate manager, Banner Oak Capital Partners, LP ("Banner Oak"). Banner Oak employs a competitively differentiated strategy in which it identifies leading real estate operators/developers and finances their investment pipelines. Banner Oak has a compelling track record, though heavy client concentration. Accordingly, PAC expects Banner Oak will seek to diversify its client base going forward. It is important to note that PAC's FY22 results only included six months of contributions from Banner Oak. Pennybacker Capital Management, LLC ("Pennybacker") is a private real estate manager in which PAC invested in late 2019. While investing two months before a global pandemic was less than ideal timing, Pennybacker has deftly navigated the market environment and is exceptionally well-positioned to grow its business. It is likely PAC will reclassify Pennybacker from a Tier 2 to a Tier 1 holding at the end of FY23 if the firm raises the capital we expect over the next 9 to 12 months. As a reminder, PAC's Tier 1 holdings are ones which PAC expects to receive an average of at least A$4 million per year of earnings over a three-year period. Market Environment The first six months of 2022 witnessed a large correction in global equity markets. Most of our ASX-listed peers saw their share prices decline as much as, if not significantly more than, the broad decline in equity prices. PAC's share price was relatively stable during the correction, only losing a few percentage points during the downturn. For the year, PAC's share price rose 23%, while the average ASX-listed asset manager saw its share price decline meaningfully. We attribute the resilience of our share price to the facts that our revenues are less exposed to equity markets and our boutiques have been able to grow despite the economic headwinds. FUM at 30 June 2022 FUM at 30 June 2021 Aether Astarte Banner Oak Blackcrane Carlisle EAM GQG Pennybacker Proterra Roc Victory Park Aether Astarte Banner Oak Blackcrane Carlisle EAM GQG Pennybacker Proterra Roc Victory Park 5 4 Annual Report 2022

In FY22, it became increasingly clear to us that the Australian market is increasingly following the US and European markets in terms of how publicly traded asset management firms are valued. Specifically, five years ago, it was traditional asset managers in the US and Europe (typically active equity managers) that sold at premium valuations compared to alternative (private capital, hedge funds, etc.) managers. These days, alternative asset managers, particularly those focused on private capital strategies (as opposed to hedge funds), trade at large premiums to these traditional firms. While most listed asset managers in Australia have a traditional asset management bias, we believe we are seeing growing awareness of the maturity of the traditional funds management industry and greater recognition of the value of private capital asset managers. If our observation is correct, PAC expects it will benefit from this trend given our large and growing exposure to private capital firms. Looking Ahead For more than a year, PAC has been searching for an organisation to provide a credit facility to fund several new investments. There are several unique attributes of PAC that make it difficult to find the right lender. Many lenders struggle with cross-border companies like PAC. Lenders also find it challenging to collateralise their lending because our investments are typically minority stakes. While pursuing debt has cost us more time and money that we would have liked, PAC is cautiously optimistic that a new credit facility will be in place before the end of CY2022. In terms of our portfolio, we expect to see continued progress in FY23. Last year, we gave guidance that we expected to see A$5 billion to A$8 billion in new FUM commitments, exGQG, across the portfolio over the two-year period ending 30 June 2023. In FY22, our portfolio companies (ex-GQG) received more than A$6 billion of new capital commitments. We expect an additional A$3 billion to A$5 billion in FY23. In addition to organic growth, we believe there is a chance we may receive some liquidity in our portfolio due to the sale of portions of one or more of PAC's stakes. There is no certainty around any such transactions occurring in FY23, though we are confident that if any such sales take place, they will occur at attractive valuations for PAC and would enable us to increase earnings by redeploying the after-tax sale proceeds into attractive new investments. From a financial perspective, we expect FY23 to be a year of notable revenue growth, even if no new investments are made into new portfolio companies. We expect this growth to be most evident in terms of the management fee/management company-related revenues we receive. The reasons for this include: - PAC will receive a full year of earnings from Banner Oak; - PAC will recognize a full year of earnings from GQG; - rapid FUM growth at VPC and Pennybacker should significantly increase their respective revenues; and - earlier-stage managers like Astarte Capital Partners, LLP, IFP Group and LLC are expected to be positive contributors, rather than loss-making as experienced historically. Final Thoughts At PAC, we sometimes feel like the proverbial "tortoise" relative to the more active equity-centric "hares" more common in listed markets. We strive for consistent growth, even during difficult market environments such as what we experienced in the second half of 2022. This means we may never have the explosive growth of some other firms because our private capital-oriented portfolio companies are more constrained in terms of how fast they can grow. However, we believe that if we effectively execute our strategy, PAC will produce solid, consistent growth, and our shareholders will be well-rewarded over time. Navigating such challenging times well would not be possible without our talented and committed team, including our Board. While much of their accomplishments are not directly observable by shareholders, PAC has made dramatic improvements in the quality and transparency of our financial reporting, the application of technology to drive efficiencies, the rigor of our investment analysis, the breadth of our distribution outreach, and the alignment of employees with the mission of PAC. We look forward to building on this progress and delivering the best possible results for PAC shareholders in FY23 and many years to come. Paul Greenwood Managing Director, Chief Executive Officer and Chief Investment Officer MANAGING DIRECTOR, CHIEF EXECUTIVE OFFICER AND CHIEF INVESTMENT OFFICER'S REPORT

BOARD OF DIRECTORS Paul Greenwood Executive Managing Director Antony Robinson Independent NonExecutive Chairman Peter Kennedy Non-executive Director Melda Donnelly Non-executive Director Jeremiah Chafkin Non-executive Director Gilles Guérin Non-executive Director See pages 9 to 10 for further information 6 7 Annual Report 2022

Your Directors submit their Report for the year ended 30 June 2022. CONTENTS 9 Directors' Report 38 Auditor's Independence Declaration 39 Consolidated Statement of Profit or Loss 40 Consolidated Statement of Comprehensive Income 41 Consolidated Statement of Financial Position 42 Consolidated Statement of Changes in Equity 43 Consolidated Statement of Cash Flows 44 Index to the Notes to the Financial Statements 45 Notes to the Financial Statements 99 Directors' Declaration 100 Independent Auditor's Report 105 ASX Additional Information 107 Corporate Information

Your Directors submit their Report for the year ended 30 June 2022. Directors and Officers The Directors and officers of Pacific Current Group Limited (the "Company") at the date of this report or at any time during the financial year ended 30 June 2022 were: Name Role Date Mr. Antony Robinson Independent Non-Executive Chairman Appointed - 28 August 2015 Mr. Paul Greenwood Executive Managing Director Appointed - 10 December 2014 Mr. Jeremiah Chafkin Non-Executive Director Appointed - 10 April 2019 Ms. Melda Donnelly Non-Executive Director Appointed - 28 March 2012 Mr. Gilles Guérin Non-Executive Director Appointed - 10 December 2014 Mr. Peter Kennedy Non-Executive Director Appointed - 4 June 2003 Ms. Clare Craven Company Secretary Appointed - 26 December 2019 Names, Qualifications, Experience and Special Responsibilities Mr. Antony Robinson, BCom, MBA, CPA (Independent Non-Executive Chairman) Mr. Robinson joined the Board on 28 August 2015, in the capacity of Non-Executive Director. He became an Executive Director on 20 April 2016 before returning to a Non-Executive Director on 1 September 2018. On 1 October 2018 he was appointed Chairman. He has significant expertise and experience across a number of industries, including banking, financial services, telecommunications, and transport. He is an experienced company director and Chief Executive Officer. His previous executive roles include Managing Director of IOOF Ltd and OAMPS Limited. Mr. Robinson is the Managing Director of PSC Insurance Group Limited (since July 2015) and a Non-Executive Director of River Capital Pty Ltd. He was formerly a Director of Tasfoods Limited (May 2014 - March 2018), a Director of Bendigo and Adelaide Bank Limited (April 2016 - November 2021) and Non-Executive Chairman of Longtable Group Ltd (now Maggie Beer Holdings Limited) (from October 2015 - November 2019). Mr. Robinson is a member of the Audit and Risk Committee and the Remuneration, Nomination and Governance Committee. Mr. Paul Greenwood, BA, CFA (Executive Managing Director) Mr. Greenwood joined the Board on 10 December 2014 as an Executive Director. He co-founded Northern Lights Capital Group, LLC ("Northern Lights") in 2006 which merged with Treasury Group Ltd in November 2014 to form Pacific Current Group Limited. Effective from 1 July 2018, Mr. Greenwood was appointed to the roles of Managing Director, Chief Executive Officer and Global Chief Investment Officer ("MD, CEO and CIO") in the Company. Prior to Northern Lights, he created Greenwood Investment Consulting ("GIC"), a firm that worked directly with investment managers on investment process and organisational issues. Before GIC, Mr. Greenwood served as Director of US Equity for Russell Investment Group ("Russell"), where he managed all of Russell's US equity-oriented portfolio management and research activities. He also served as a Russell spokesperson and authored many articles and research commentaries related to investment manager evaluation. Mr. Greenwood is a Non-Executive Director of GQG Partners Inc. (since October 2021) and serves as the Company's representative on numerous committees and boards that the Company has invested in. He is also a member of the Advisory Board of Simcoe Capital (doing business as Signia Capital Management). Mr. Jeremiah Chafkin, BScEcon, MBA Fin (Non-Executive Director) Mr. Chafkin joined the Board on 10 April 2019. He has over 30 years' experience in financial services leadership in the asset management sector, primarily in North America. He is currently the Chief Investment Officer of Retirement Income Advisors, LLC (doing business as Preservation Capital Management). He was previously the Vice Chairman Investments of AssetMark Financial Holdings, Inc. (until April 2022). He was also previously CEO at AlphaSimplex Group, IXIS Asset Management US and spent nearly a decade at Charles Schwab in a range of leadership roles. He began his career at Bankers Trust Company where he spent almost 15 years in a variety of asset management roles working with institutional clients in the USA and abroad. Mr. Chafkin is a member of the Audit and Risk Committee and the Remuneration, Nomination and Governance Committee. LIMITED DIRECTORS' REPORT 8 9 Annual Report 2022

Ms. Melda Donnelly, CA, OAM B.C. (Non-Executive Director) Ms. Donnelly joined the Board on 28 March 2012. She is the founder and former chairperson of the Centre for Investor Education, a specialist education and consultancy firm for executives in Australian superannuation funds, institutional investment bodies and the financial services markets. Her previous work experience includes CEO of the Queensland Investment Corporation, Deputy Managing Director of ANZ Funds Management and Managing Director of ANZ Trustees. Ms. Donnelly is a Non-Executive Director of GQG Partners Inc. (since October 2021) and Chair of Coolabah Capital Investments Pty Limited. Ms. Donnelly has held a range of directorships of both Australian and international companies including Non-Executive Director of Ashmore Group plc, trustee director of UniSuper, Deputy Chair of the Victorian Funds Management Corporation, Chair of Plum Financial Services Nominees Pty Ltd and a member of the Investment Committee of HESTA Super Fund. Ms. Donnelly is the Chair of the Audit and Risk Committee and a member of the Remuneration, Nomination and Governance Committee. Mr. Gilles Guérin, BA MSc, (Non-Executive Director) Mr. Guérin joined the Board on 10 December 2014. He has over 20 years' experience in capital markets and investment management. This includes cross asset class experience spanning the equities, fixed income and commodities markets, with a specific focus on alternative strategies and hedge funds. During his career, Mr. Guérin has managed relationships with investors and distributors across the world, in particular Europe, the United States of America (the "USA"), Japan, the Middle East and Australia. He has operated distribution capabilities worldwide and developed new products and investment capabilities. Throughout his career, he liaised with regulators across various jurisdictions and worked with thought leaders of the investment industry including Dr Andrew Lo and Dan Fuss. He is a Director of U-Access (Ireland) UCITS plc. Mr. Guerin was the CEO of BNP Paribas Capital Partners (retired September 2021), where he worked developing the alternative investment capabilities of the BNP Paribas Group. He also served as CEO and President of Natixis Global Associates, Executive of Natixis AM North America and held Executive and senior leadership roles at HDF Finance, AlphaSimplex, IXIS AM and Commerz Financial Products. He was previously a Non-Executive Director of Ginjer AM and Chair of INNOCAP. Mr. Guérin is a member of the Audit and Risk Committee and the Remuneration, Nomination and Governance Committee. Mr. Peter Kennedy, B.Ec. L.L.M. (Tax) (Non-Executive Director) Mr. Kennedy joined the Board on 4 June 2003. He is the founding partner of the commercial law firm, Madgwicks Lawyers, and has more than 40 years' experience in commercial law advising a broad range of clients across a variety of sectors. He is a member of the Madgwicks' Dispute Resolution practice and was formerly Madgwicks' Managing Partner for over 16 years, where he played an integral role in the governance and management of the firm. Mr. Kennedy also sits on the boards of a number of companies in the manufacturing, property and retail industries and is Chair of Treasury Group Investment Services Pty Ltd, a wholly owned subsidiary of the Company. Mr. Kennedy is the Chair of the Remuneration, Nomination and Governance Committee and a member of the Audit and Risk Committee. Ms. Clare Craven, BLegS, FGIA, FCG, GAICD (Company Secretary) Ms. Craven has over 20 years' legal, company secretarial and governance experience gained in various listed and private companies. She has a deep understanding of financial services, wealth management, corporate governance, risk management and compliance. She currently acts as Company Secretary for several of Company Matters Pty Limited's clients. Ms. Craven most recently held various senior leadership roles at Westpac Banking Corporation including Head of Westpac Secretariat, Head of Westpac Subsidiaries and Head of BT Secretariat. Ms. Craven's previous roles included Company Secretarial Consultant to various public and private companies in the financial services, construction, insurance and health services sector, legal and corporate advisory roles at NRMA Ltd and NRMA Insurance Limited (including Company Secretary), and as an Associate Solicitor in private practice. Ms. Craven is admitted as a Solicitor of the Supreme Court of NSW, holds a Bachelor of Legal Studies and a Graduate Diploma in Applied Corporate Governance. continued DIRECTORS' REPORT

NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES The Company is a company limited by shares and is incorporated and domiciled in Australia. Its shares are listed for trading on the Australian Securities Exchange ("ASX") with the ticker code PAC. The Company and its controlled entities (the "Group") invest in asset managers, private advisory, placement and investment related firms on a global basis. The Group also provides, on an as agreed basis, distribution and management services to specific investee companies. The primary criteria the Company looks for in these potential investments are high quality people, a robust investment process, competitive performance and strong growth potential. The strategy of the Company is to build shareholder value through identifying, investing, and managing investments in investment management firms that exhibit moderate to high sustainable growth while delivering exceptional results to their clients. The Company is agnostic in respect to geography so long as an investment meets the Group's investment criteria. The Group invests across the life cycle continuum, from start-up opportunities to established but growing businesses. The portfolio is targeted to have a mix of businesses from those with solid earnings to those with dramatic earnings acceleration, albeit from a smaller investment base. OPERATING AND FINANCIAL REVIEW REVIEW OF OPERATIONS Investment activities during the year Restructuring of investments Since April 2016, the Group has held an interest in GQG Partners, LLC ("GQG LLC"). This interest was held through GQG Partners LP ("GQG LP"). During the period, the owners of GQG LLC sought to list the business of GQG LLC on the ASX. To facilitate this, the owners agreed, conditional on a successful initial public offering ("IPO"), to restructure their ownership interests. On 29 October 2021, this IPO was successfully achieved. The restructure resulted in an entity GQG Partners Inc. ("GQG Inc") being incorporated. The restructuring steps included the dissolution of GQG LP, which resulted in its equity owners holding a direct interest in GQG LLC. This was immediately followed by the transfer of each owners' membership interests in GQG LLC to GQG Inc, in part exchange for common stock of GQG Inc and part exchange for cash. The IPO then had GQG Inc issue CHESS Depositary Interests ("CDI") over shares of common stock securities issued by GQG Inc. GQG Inc offered 20% of its common stock to Australian and overseas investors in the form of CDIs through listing on the ASX with a ticker code: GQG. Following settlement, the Group received 4% of the common stock in GQG Inc valued at USD179,022,000 ($246,831,000) that was held in escrow until 12 August 2022 and cash amounting to USD43,696,000 ($60,247,000) representing 1% of the value of GQG Inc at listing date with the ASX. This transaction resulted in the Group having to derecognise its equity interests in GQG LLC held through GQG LP. Since the instrument was held as a financial asset at fair value through other comprehensive income, the change in fair value after income tax of USD100,637,000 ($138,755,000) was recognised in Other Comprehensive Income. The cumulative change in fair value after income tax of USD162,270,000 ($223,733,000) were subsequently transferred from the investment revaluation reserve to retained earnings. Given the nature of the Group's investment in the common stock of GQG Inc, it is now recorded as a financial asset at fair value through profit or loss. As at 30 June 2022, the share price of GQG Inc decreased from $2.00 at IPO date to $1.46 resulting in the recognition of a $81,274,000 decrease in the fair value of the Group's investment in the common stock of GQG Inc. On 27 December 2021, the Group restructured its investment in IFP Group, LLC ("IFP"). The Group contributed an additional USD4,000,000 ($5,515,000) in exchange for an additional 20% of the economics or share in profit/losses of IFP and a preference in distribution. The investment in IFP is still accounted for as an associate since the increase in the share of economics or share in profit/losses of IFP and preference in distribution did not change the Group's significant influence over IFP. Acquisition of a new investment On 31 December 2021, the Group acquired a 35% equity interest in Banner Oak Capital Partners, LP ("Banner Oak") for USD35,000,000 ($48,257,000) and a potential earn-out obligation with a maximum additional consideration of USD5,000,000 ($6,894,000). This earn-out obligation would be paid between the closing of the transaction and 31 December 2025 based on Banner Oak's cumulative management fee revenues net of any acquisition and placement fees reduced by certain revenue hurdles. At the date of acquisition, the fair value of the potential obligation of the Group was USD1,131,000 ($1,559,000) and had been added to the acquisition cost of Banner Oak. As at 30 June 2022, the earn-out obligation was reversed since the probability of achieving the revenue hurdles is considered low. The acquisition included goodwill and other identifiable intangible assets of USD34,730,000 ($47,885,000). For the year ended 30 June 2022, the share in profits from Banner Oak amounted to $2,487,000 (net of $1,103,000 amortisation of intangible assets). As Banner Oak is expected to produce at least $4,000,000 of annual earnings for the Group it has been classified as a Tier 1 Boutique. 10 11 Annual Report 2022

The investment has been accounted for as an investment in associate. Banner Oak is an alternative investment manager offering a private real estate strategy focused on the creation of growth of fully integrated private real estate operating companies. Banner Oak is based in Dallas, Texas, USA. Financing activities during the year The fully franked final dividend declared on 30 August 2021 in respect of the 2021 financial year was paid on 7 October 2021 totalling to $13,215,000 of which $11,729,000 was paid in cash and $1,486,000 was through the Dividend Reinvestment Plan ("DRP"). The fully franked interim dividend declared on 25 February 2022 in respect of the 2022 financial year was paid on 14 April 2022 totalling to $7,656,000 of which $6,870,000 was paid in cash and $786,000 was through the DRP. Refer to Dividend section in this report for further details. Funds under management ("FUM") As at 30 June 2022, the FUM of the Group's asset managers was $169,288,461,000 (2021: $142,274,018,000). The net increase in FUM was due to the acquisition of Banner Oak and result of positive net inflows and market performance from the asset managers particularly GQG Inc and Victory Park Capital Advisors, LLC ("VPC"). Boutique Total FUM as at 30 June 2021 $'000 Inflows from Boutique Acquisitions $'000 Net Flows1 $'000 Other2 $'000 Foreign Exchange Movement3 $'000 Total FUM as at 30 June 2022 $'000 Tier 1 (excluding GQG Inc)4 14,741,016 7,859,292 2,819,800 879,144 1,857,185 28,156,437 Tier 2 14,479,925 - (257,033) 852,397 480,998 15,556,287 Subtotal 29,220,941 7,859,292 2,562,767 1,731,541 2,338,183 43,712,724 GQG Inc4 113,053,077 125,575,737 Total Boutiques 142,274,018 169,288,461 Open-end (excluding GQG Inc)4 4,498,179 - (73,972) (1,065,504) 340,970 3,699,673 Closed-end 24,722,762 7,859,292 2,636,739 2,797,045 1,997,213 40,013,051 Subtotal 29,220,941 7,859,292 2,562,767 1,731,541 2,338,183 43,712,724 GQG Inc4 113,053,077 125,575,737 Total 142,274,018 169,288,461 Notes: 1 Net Flows include additional commitments, inflows of new funds and redemptions. 2 Other includes investment performance, market movement and distributions. 3 The Australian dollar ("AUD") improved against the USA dollar ("USD") during the period. The AUD/USD was 0.6904 as at 30 June 2022 compared to 0.7495 as at 30 June 2021. The Net Flows and Other items are calculated using the average rates. 4 With the listing of GQG Inc, the Group is limited to reporting publicly available information regarding GQG Inc's FUM. Accordingly, the Group has only included GQG Inc's beginning and ending FUM in this analysis. GQG Inc continues to be a Tier 1 boutique in the Group portfolio. The relationship between the boutiques' FUM and the economic benefits received by the Group can vary dramatically based on factors such as: - the fee structures of each boutique including whether revenue is generated off committed or invested capital; - the Group's ownership interest in the boutique; and - the specific economic features of each relationship between the Group and the boutique. Accordingly, the Company cautions against simple extrapolation based on FUM trends. Tier 1 Boutique is a term used to describe an asset manager that the Group expects to produce at least $4,000,000 of annual earnings for the Group while a Tier 2 Boutique is one that the Group expects will contribute less than this. Although there is no guarantee that any boutique will meet this threshold, this categorisation is intended to provide insight into which boutiques are expected to be the most economically impactful to the Group. continued DIRECTORS' REPORT

Open-end is a term used by the Group to indicate FUM 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 by the Group to denote FUM 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. People The Company employed 20 full time equivalent employees at 30 June 2022 (2021: 20) working in its Australian office located in Melbourne and USA offices located in Tacoma and Denver. This headcount excluded the employees of portfolio companies that are consolidated into the Group. Financial Review Operating results for the year The Group's net profit after tax ("Statutory Results") and earnings per share are prepared in accordance with Australian Accounting Standards. The Group also reports non-International Financial Reporting Standards ("non-IFRS") financial measures such as "underlying net profit before tax", "underlying net profit after tax", "underlying earnings per share", "normalised cash flows" which are shown in the subsequent pages of this Report. Underlying net profit after tax ("NPAT") attributable to members of the Company The Group generated a net loss before tax ("NLBT") of $48,186,000 for the year ended 30 June 2022 (2021: $23,465,000 was net profit before tax ("NPBT")); a decrease of 305.35%. This result, however, has been significantly impacted by non-cash, non-recurring and/or infrequent items. Normalising this result for the impact of these non-cash, non-recurring and/or infrequent items results in underlying NPAT to members of the Company of $27,134,000 (2021: $26,265,000), an increase of 3.31%. 2022 $'000 2021 $'000 Reported (NLBT)/NPBT (48,186) 23,465 Non-cash items - Amortisation of identifiable intangible assets1 7,218 5,846 - Fair value adjustments of financial assets at fair value through profit or loss ("FVTPL") 66,327 (5,850) - Fair value adjustments of financial liabilities at FVTPL 414 1,690 - Impairment of investments and boutique receivables2 4,182 3,536 - Share-based payment expenses 1,206 594 79,347 5,816 Non-recurring items - Legal, consulting expenses, deal costs and break fee costs3 2,117 1,253 - Net foreign exchange loss 1,124 - - Provision for estimated liability for Hareon Solar Singapore Private Limited ("Hareon") 983 - - Loss on sale of a subsidiary - 2,250 - Loss on early termination of leases - 65 - Gain on derecognition of financial liability - (271) 4,224 3,297 Unaudited underlying NPBT 35,385 32,578 Income tax expense4 (5,748) (6,038) Unaudited underlying NPAT 29,637 26,540 Less: share of non-controlling interests (2,503) (275) Unaudited underlying NPAT attributable to the members of the Company 27,134 26,265 Notes: 1 The amortisation of identifiable intangible assets included the amortisation of intangible assets of the associates amounting to $4,457,000 (2021: $3,204,000). The amortisation is recorded as an offset to the share in net profit of the associates. 2 The impairment relates to the impairment of investment in Blackcrane Capital, LLC ("Blackcrane") and Capital & Asset Management Group, LLP ("CAMG"), and receivable from Blackcrane (2021: impairment of investment in CAMG and Victory Park Capital GP Holdco, L.P. ("VPC-Holdco")). 3 These were costs incurred in relation to the derivative action against several of the Group's current and former directors, together with deal costs on the acquisitions of investments. 4 The net income tax expense is the reported income tax expense adjusted for the tax effect of the normalisation adjustments. 12 13 Annual Report 2022

continued DIRECTORS' REPORT Non-IFRS Financial Measures Non-IFRS financial measures are measures that are not defined or specified under IFRS. The Directors believe that non-IFRS measures assist in provide meaningful information about the Group's performance and periodic comparability. The non-IFRS measures should not be viewed as substitute for the Group's Statutory Results. The underlying NPAT, normalised cash flow from operations and unaudited underlying earnings per share are forms of non-IFRS financial information per ASIC Regulatory Guide (RG) 230: Disclosing non-IFRS financial information. Non-IFRS financial measures are not subject to review or audit. The criteria for calculating the underlying NPAT attributable to members of the Company are based on the following: - Non-cash items relate to income and expenses that are accounting entries rather than movements in cash; and - Non-recurring items relate to income and expenses from events that are infrequent in nature including their related costs and foreign exchange impact. (Loss)/Earnings per share Set out below is a summary of the earnings per share. 2022 2021 Reported net loss after tax ("NLAT")/NPAT attributable to the members of the Company ($'000) (35,270) 17,413 Unaudited underlying NPAT attributable to the members of the Company ($'000) 27,134 26,265 Weighted average number of ordinary shares on issue (Number) 51,004,607 50,470,668 Basic (loss)/earnings per share (cents) (69.15) 34.50 Diluted (loss)/earnings per share (cents) (69.15) 34.50 Unaudited underlying earnings per share (cents) 53.20 52.04 The options issued during the year is anti-dilutive and were not included in determining the weighted average number of ordinary shares for diluted earnings per share. Dividends Dividends paid or declared by the Company to members since the end of the previous financial year: Cents per Share Total Amount $'000 Franked at 30% Date of Payment Declared and paid during the financial year: - Final for 2021 on ordinary shares 26.00 13,215 100% 7 October 2021 - Interim for 2022 on ordinary shares 15.00 7,656 100% 14 April 2022 20,871 Declared after the end of the financial year: - Final for 2022 on ordinary shares 23.00 11,764 100% 11 October 2022 Total dividends relating to financial year 2022 amounted to 38.00 cents per share an increase of 2.00 cents over 36.00 cents in the financial year 2021. On 30 August 2021, the Company declared a fully franked final dividend of 26 cents per share (31 August 2020: 25 cents per share) in respect of the 2021 financial year. The total amount of the dividend was $13,215,000. The final dividend for the 2021 financial year was eligible for the DRP. Shares issued under the DRP were priced at average daily Volume Weighted Average Price ("VWAP") calculated over a 10-day period commencing on the third trading day following the record date, being 9 September 2021.

On 7 October 2021, the Company issued 208,708 new fully paid ordinary shares at an issue price of $7.12 each to shareholders who reinvested their dividend entitlement in accordance with the DRP. Total dividends reinvested amounted to $1,486,000. On 25 February 2022, the Company declared a fully franked interim dividend of 15 cents per share (26 February 2021: 10 cents per share) in respect of the 2022 financial year. The total amount of the dividend was $7,656,000. The interim dividend for the 2022 financial year was eligible for the DRP. Shares issued under the DRP were priced at the average daily VWAP calculated over a 10-day period commencing on the third trading day following the record date, being 4 March 2022. On 14 April 2022, the Company issued 112,171 new fully paid ordinary shares at an issue price of $7.01 each to shareholders who reinvested their dividend entitlement in accordance with the DRP. Total dividends reinvested amounted to $786,000. On 26 August 2022, the Directors of the Company declared a final fully franked dividend of 23.00 cents per share (30 August 2021: 26.00 cents per share). The final dividend for 2022 financial year will be eligible for the DRP (2021: subjected to DRP). Any shares issued under the DRP will not be subject to any discount. The dividend has not been provided for in the 30 June 2022 consolidated financial statements. Cash flows Set out below is a summary of the cash flows for the year ended 30 June 2022. 2022 $'000 2021 $'000 Cash provided by operating activities 23,468 29,148 Cash provided by/(used in) investing activities 4,761 (5,873) Cash used in financing activities (23,177) (14,071) Net increase in cash and cash equivalents 5,052 9,204 Operating activities Cash flows from operations have decreased from a net inflow of $29,148,000 for the year ended 30 June 2021 to net inflow of $23,468,000 for the year ended 30 June 2022. This was mainly attributable to the increase in income tax paid of $8,803,000 for this year from of $1,232,000 in the prior year due to the taxable gain on the disposal of 1% interest in GQG LLC. In addition, the deconsolidation of Seizert Capital Partners, LLC ("Seizert") resulted in a decrease in receipts from customers from $20,036,000 in the prior year to $18,340,000 for this year and a decrease in payments to suppliers and employees from $24,265,000 in the prior year to $19,933,000 for this year. Investing activities Cash flows from investing activities have increased from a net outflow of $5,873,000 in the year ended 30 June 2021 to net inflow of $4,761,000 for the year ended 30 June 2022. This was primarily attributable to the proceeds from the disposal of 20% of our equity interest in GQG LLC ($58,089,000 after transaction costs). This was offset by the acquisition of equity interest Banner Oak ($48,257,000) and additional contributions to associates ($6,973,000). In the prior year, this was primarily attributable to the disposal of Seizert ($6,800,000) and offset by the cash held by Seizert at disposal ($4,529,000), acquisition of equity interest in associates ($7,979,000) and additional contributions to associates ($1,377,000). Financing activities Cash flows used in financing activities increased from $14,071,000 for the year ended 30 June 2021 to $23,177,000 for the year ended 30 June 2022. This was primarily due to payment of dividends of $18,599,000 excluding the dividends reinvested of $2,272,000 (2021: $13,271,000 excluding the dividends reinvested of $4,238,000) and repayment of $3,020,000 Proterra earn-out obligation (2021: repayment of the $1,022,000 Proterra earn-out obligation). The prior year also included issue of Company's ordinary shares which amounted to $1,974,000 after issue costs. 14 15 Annual Report 2022

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