Pengana Capital : Investor Presentation for Pengana Capital Group to 30 June 2022

PENGANA CAPITAL

GROUP

SHAREHOLDER PRESENTATION

FOR THE YEAR ENDED 30 JUNE 2022

Russel Pillemer	Katrina Glendinning
Chief Executive Officer	Chief Financial Officer

PENGANA CAPITAL GROUP

TABLE OF CONTENTS

1. Business Overview

1. FY 2022 in Review

PENGANA CAPITAL GROUP | PAGE 2

SECTION 1

BUSINESSOVERVIEW

GROUP OVERVIEW

Leading Australian provider of premium, value added products

• Compelling long-term returns across the range of strategies

Focused on the higher-end retail market: financial advisors; SMSF's; and HNW's

• Serviced by experienced and capable distribution team

Recognised and well-regarded brand built over 19 years

• Loyal client base
• Well-ratedby research houses; availability across all advisor platforms

Circa $3.4 bn of funds under management ("FUM")

• Diversified across strategies/funds; geographies; market-caps; listed and private equity
• Good fee margins and diversified sources of performance fees across 76% of FUM
• 22% of FUM in listed vehicles

Unique funds management business model, facilitating horizontal growth

• Mix of in-house funds management teams and JVs with offshore groups

• Multiple growth prospects in "high-demand" segments/themes; capacity to grow in existing strategies as well as optionality to add new strategies

Robust, scalable and technologically advanced "institutional-grade" infrastructure

• Sophisticated digital marketing capabilities

• Profitability is highly leveraged to growth; infrastructure capable of managing much larger FUM with minimal additional expenses

PENGANA CAPITAL GROUP | PAGE 4

COMPELLING TRACK RECORDS WITH

CAPACITY TO GROW

(AS AT 30/6/2022)

			FUM	Indicative Further
			FUM Capacity	Fund	Benchmark	Relative
Primary Fund/Vehicle Name	Strategy	Team	Current ($m)
($bn)	%	%	%
Pengana Australian Equities1	Australian Multi Caps	Internal	778	Limited	8.5	6.0	2.5
Pengana Emerging Companies2	Australian Small Caps	Internal	685	Limited	11.8	4.2	7.6
Pengana Private Equity (LIT) 3	Global, Multi Caps	JV	467	Very large	14.1	n/a	n/a
Pengana Axiom International Ethical 4, 13	Global, Multi Caps, Ethical	JV	311	Very large	7.1	7.0	0.1
Lizard Global Small 5	Global, Small Caps	Internal	289	~2bn	6.6	6.6	0.0
Pengana International Equities Ltd (LIC) 6	Global, Multi Caps, Ethical	JV	275	Very large	7.7	10.0	(2.4)
Pengana WHEB Sustainable Impact 7, 13	Global, Multi Caps, Impact	JV	250	~$800m	5.2	6.3	(1.1)
Pengana Global Small Companies8	Global, Small Caps	Internal	143	~$500m	6.0	6.8	(0.8)
Pengana Harding Loevner International 9,13	Global, Multi Caps, ESG	JV	45	Very large	8.9	6.7	2.2
Pengana High Conviction Equities10	Global, Multi Caps	Internal	37	~$200m	22.3	10.0	12.3
Pengana Alpha Israel11	Israel, Small-Mid Caps	JV	34	~$500m	7.9	7.4	0.5
Pengana High Conviction Property 12	Australian, Multi Caps, ESG	Internal	11	~$700m	3.3	(3.2)	6.5

1. Benchmark: ASX All Ordinaries Accumulation Index, Inception Jul-08 2. Benchmark: ASX Small Ordinaries Accumulation Index, Inception Nov-04 3. Inception Apr-19 4. Benchmark: MSCI AC World Total Return Index (Net), Inception Jun-04 5. Lizard International Master
Fund LP, Benchmark: MSCI ACWI SMID Cap, Inception Dec-08 6. Benchmark: MSCI World Total Return Index (Net), Inception Mar-04 7. Benchmark: MSCI World Total Return Index (Net), Inception Jan-06 8. Benchmark: MSCI AC World SMID Cap Index (Unhedged) AUD,
Inception Apr-15 9. Benchmark: MSCI AC World Total Return Index (Net), Inception Nov-89 10. Benchmark: MSCI World Total Return Index (Net), Inception Dec-14 11. Benchmark: Tel Aviv Stock Exchange 125 Index, Inception Dec-17 12. Benchmark: S&P/ASX 200 A-REIT	PENGANA CAPITAL GROUP | PAGE 5
TR Index, Inception Feb-20 13. Performance since inception of strategy to date current investment team was appointed is simulated by converting US-denominated gross returns to AUD and applying the fee structure of the stated class