Pacific Current : Funds Under Management – March 2022

Tacoma // Denver // Sydney // Melbourne

ASX ANNOUNCEMENT

29 April 2022

Funds under management as at 31 March 2022

Pacific Current Group Limited (ASX:PAC), a global multi-boutique asset management firm, is reporting total Funds under Management (FUM) managed by boutique asset managers within Pacific Current Group's portfolio decreased from A$165.4b to A$164.0b for the quarter ended 31 March 2022.

Highlights from the quarter include the following:

• • In native currency, USD-denominated fund managers saw FUM increase by 2.1% and AUD-denominated fund managers had a 3% increase in FUM;

• • In AUD, the total FUM balance declined marginally. The 0.8% decline in total FUM was primarily a function of the exchange rate movement between AUD and USD; and

• • GQG's strong inflows continued, while private capital managers Banner Oak, Victory Park, Pennybacker, and Roc also received notable new commitments.

Pacific Current CEO, Paul Greenwood, noted, "The resilience of our portfolio companies' FUM was on full display in this turbulent quarter." He added, "While the March quarter results were encouraging, we are particularly excited about the near-term FUM prospects for several of our key private capital boutiques."

FUM flows and balances as at 31 December 2021 and 31 March 2022, by boutique tier and category, are shown in the Appendix attached.

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, including one-time, up-front fees;

• • 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.

AUTHORISED FOR LODGEMENT BY:

Paul Greenwood

Managing Director & Chief Executive Officer and Chief Investment Officer

-ENDS-

Pacific Current Group Limited (ABN 39 006 708 792)

Suite 3, Level 3, 257 Collins Street, Melbourne VIC 3000 Australiawww.paccurrent.com Tel: [phone]

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CONTACT

For Investor & Media enquiries:

• • Paul Greenwood - Managing Director & CEO and CIO E:[e-mail]

  T: ([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 29 April 2022, Pacific Current Group has investments in 16 boutique asset managers globally.

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Appendix

Funds Under Management - 31 March 2022

FUM by Pacific Current Group boutique manager in reporting currency

Open End	Closed End	Total FUM as at	Total FUM as at
$m	31 December 2021 Beg FUM 31 March 2022 Ending FUM 31 December 2021 Beg FUM 31 March 2022 Ending FUM1	31 December 2021	31 March 2022
Tier 1 - Boutiques reporting in USD Aether Banner Oak1 Carlisle GQG Proterra1 Victory Park2 Total Tier 1 - - 1,232 91,200 - - 92,432 - - 1,213 92,900 - - 94,113 1,526 1,526 5,712 5,975 1,066 1,039 - -3,721 3,949 4,450 4,998 16,476 17,487 Tier 2 - Boutiques reporting in USD Astarte3 Blackcrane CAMG EAM Pennybacker1 SCI Total Tier 2 - 403 - 1,914 - - 2,317 - - 85 - 1,738 - - 1,823 -454 - - - 2,143 - 2,597 489 - - - 2,284 - 2,773	1,526 5,712 2,298 91,200 3,721 4,450 108,908 454 403 - 1,914 2,143 - 4,914	1,526 5,975 2,252 92,900 3,949 4,998 111,600 489 85 - 1,738 2,284 - 4,596
FUM (USD) - Boutiques reporting in USD 94,748 95,936 19,073 20,260	113,822	116,196
FUM (AUD) - Boutiques reporting in USD 130,367 127,958 26,243 27,022	156,610	154,980
Tier 2 - Boutique reporting in AUD Roc - - 8,777 9,045	8,777	9,045
Total FUM (AUD) - PAC Boutiques 130,367 127,958 35,020 36,067	165,387	164,024

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

• 2. Victory Park Capital has sponsored multiple Special Purpose Acquisition Companies (SPACs). SPACs do not represent funds under management, but rather may economically benefit Victory Park through enhanced performance fees generated from the vehicles/funds managed by Victory Park that provide risk capital to the SPACs. Victory Park FUM includes the firm's regulatory capital for 31 March, as well as other client FUM where VPC is paid a one-time, upfront fee.

• 3. Astarte FUM represents aggregate FUM of funds managed by investment managers in which Astarte has an interest as well as the unallocated committed capital from funds managed by Astarte.

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FUM by Pacific Current Group Tier 1/Tier 2 Classification in AUD

A$m Total FUM as at 31 December 2021 Net Flows4 Other5 FX movement6	Total FUM as at 31 March 2022
Tier-1 (Ex-GQG) Tier-2 24,364 15,538 651 (363) 721 (794) 191 (192)	24,942 15,175
Sub-Total 39,903 288 913 (986)	40,117
GQG7 125,484	123,908
Total 165,387	164,024

• 4. For Closed End funds, Net Flows only includes additional capital commitments. 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.

• 5. Other includes investment performance, market movement and distributions.

• 6. The Australian dollar strengthened against US dollar during the quarter. The AUD/USD exchange rate was 0.7268 as at 31 December 2021 compared to 0.7498 as at 31 March 2022. The Net Flows and Other items are calculated using average rates.

• 7. Beginning with quarter ending 31 December 2021, GQG is now separated in the table above as GQG is now a listed entity, therefore PAC will only include GQG's beginning and ending FUM in its quarterly FUM announcement. GQG continues to be a Tier-1 boutique in the PAC portfolio.

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

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.