Pacific Current : FY21 Results Announcement and Investor Presentation

Tacoma // Denver // Sydney // Melbourne

ASX ANNOUNCEMENT

30 August 2021

FY2021 Results Announcement, Investor Presentation & MD's Overview

Pacific Current Group Limited (ASX:PAC) attaches the following documents relating to PAC's Full year

2021 results announcement:

• FY2021 Results Announcement;
• FY2021 Investor Presentation; and
• Managing Director's Financial Year Overview.

AUTHORISED FOR LODGEMENT BY:

The Board of Pacific Current Group Limited

-ENDS-

CONTACT

For Investor and Media enquiries:

• Paul Greenwood - MD, CEO and CIO
• 1. [e-mail]
  1. ([phone]

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

Pacific Current Group Limited (ABN 39 006 708 792)

Suite 3, Level 3, 257 Collins Street, Melbourne, VIC 3000 Australia

www.paccurrent.com

Tel: [phone] // Fax: [phone]

Tacoma // Denver // Sydney // Melbourne

30 August 2021

PACIFIC CURRENT GROUP FULL YEAR RESULTS

Year ended 30 June 2021

Pacific Current Group (ASX: PAC, "Pacific Current") is pleased to report the Company's full year results for the period ended 30 June 2021.

• Funds under management (FUM) grew 52% to A$142.3b;
• Appreciation of A$ Vs. US$ had significant impact on reported results given most revenues are US$;
• In US$, underlying net profit before tax (NPBT) grew 13% and underlying net profit after tax attributable to members (NPAT) grew 17%;
• In A$, underlying NPBT grew 2% to A$32.6m and Underlying NPAT increased 5% to A$26.3m;
• Underlying earnings per share (EPS) of A$0.52, up 1% from A$0.51 in FY20;
• Fully franked final dividend of A$0.26 per share (total dividends of A$0.36 for FY21, a 3% increase over FY20);
• Substantial increase in value of GQG and EAM reflected on balance sheet but not in statutory earnings;
• Underlying operating expenses declined 15%, from A$16.7m in FY20 to A$14.2m in FY21.

OPERATIONAL PERFORMANCE

PAC posted strong profitability growth in FY21 in local currency, though when translated into A$ the growth appears more modest. In US$, the source of more than 90% of PAC's revenues, underlying NPBT grew 13%, while underlying NPAT grew 17%. In A$, underlying NPBT grew 2% to A$32.6m and underlying NPAT grew 5% to A$26.3m. Declared dividends for the year were A$0.36 up from A$0.35m in FY20.

The revenue mix changed notably. Management fee related revenues, which comprise the majority of PAC's total revenues, increased 23% in US$ (10% in A$) on the strength of increased contributions from GQG, Victory Park, EAM, and Roc. Performance fees declined 33% in US$ (30% in A$) and commission revenues fell 45% in US$ (49% in A$) as GQG related sales commissions ran off.

Statutory NPAT was A$17.4m compared to a loss of A$17.5m in FY20. These results include modest impairments at Victory Park and CAMG. In aggregate, net tangible assets were flat year over year, though when viewed in US$ terms, PAC's NTA per share grew 10%.

PORTFOLIO MANAGEMENT

It was a quiet year in terms of portfolio activity. PAC made one new investment in Astarte Capital Partners LLP (Astarte). Astarte is a London-based investment manager offering a distinctive private equity real assets strategy. PAC also sold its interest in Seizert Capital for US$5.0m, which crystallized a capital loss, and a US$5.1m tax refund (upon filing PAC's next US tax return).

PIPELINE

Despite increasing competition, PAC's pipeline of new investment opportunities continues to be strong and it believes it is likely to deploy capital into new, diversifying investments in FY22, though in such a dynamic environment the timing is uncertain.

Pacific Current Group Limited (ABN 39 006 708 792)

Suite 3, Level 3, 257 Collins Street, Melbourne VIC 3000 Australia

www.paccurrent.com

Tel: [phone]

OUTLOOK

Pacific Current's Chairman, Mr. Tony Robinson said, "Our business continues to progress nicely. This can be seen in the changing composition of our revenues, which are increasingly comprised of more predictable management fees, while becoming less reliant on commission revenues and performance fees."

Pacific Current's Managing Director & CEO and CIO, Mr. Paul Greenwood noted, "We are pleased with the financial progress we made in FY21, though the appreciation of the Australian dollar largely masked the underlying growth in the business." He added, "Our portfolio companies are emerging from the fog of the COVID pandemic in good shape and are seeing increased interest in their investment offerings, which makes us quite optimistic about FY22 and beyond."

Summary of Financial Results

Please refer to the attached presentation for further details.

1 FUM of private equity funds is based on capital commitments to each fund and does not reflect any return of capital to date.

2 Adjusted FUM excludes boutiques sold/acquired during FY21 for a true comparison.

3 Underlying net profit before/after tax is unaudited and a non-IFRS financial measure used by PAC to manage its business.

4 EPS is based on weighted average number of shares based on their issue dates.

5 Investable cash is based on deconsolidated amounts, excluding Aether, Seizert and SCI. It is net of current assets and liabilities.

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CONFERENCE CALL

Investors and analysts are invited to participate in a conference call on Tuesday, 31 August 2021 at 9:00am (AEST). The call will be hosted by Pacific Current Group's Chairman Tony Robinson, Paul Greenwood, CEO & CIO and Ashley Killick, CFO.

The dial-in details are as follows:

Location	Phone Number
Australia (toll free)	1800 573 793
Australia, Sydney	+61	2 7250 5436
New Zealand (toll free)	0800 423 970
New Zealand, Auckland	+64	9 9133 622
Singapore (toll free)	800 186 5107
Singapore	+65	6320 9025
United Kingdom (toll free)	0800 358 6377
United Kingdom	+44	330 336 9105
USA/Canada (toll free)	866 548 4713
USA, Los Angeles	[phone]

Participant Passcode: 6745342

Please join the event conference 5-10 minutes prior to the start time using the dial-in details and participant passcode listed above.

AUTHORISED FOR LODGEMENT BY:

The Board of Pacific Current Group Limited

-ENDS-

ABOUT PACIFIC CURRENT GROUP

Pacific Current Group 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 the date of this announcement, Pacific Current Group has invested in 15 boutique asset managers globally.

www.paccurrent.com

3

F U L L Y E A R 2 0 2 1 R E S U LT S

PRESENTERS:

Paul Greenwood, Managing Director, CEO and CIO

Ashley Killick, CFO

August 2021