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Annual General Meeting & Investment Manager Update 15 October 2026
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This information was prepared by Perpetual Investment Management Limited (PIML) ABN 18 000 866 535, AFSL 234426. PIML is the Manager for the Perpetual Equity Investment Company Limited (Company) (ASX: PIC) ACN 601 406 419. This presentation is in summary form and is not necessarily complete. It should be read together with other announcements for the Company lodged with the Australian Securities Exchange, which are available at www.asx.com.au. The presentation is general information and is not intended to provide you with financial advice or take into account your objectives, financial situation or needs. You should consider, with a financial adviser, whether the information is suitable for your circumstances. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance onthis information. References to securities in this presentation are for illustrative purposes only and are not recommendations, and the securities may or may not be currently held by the Company. Past performance is not indicative of future performance. This presentation may contain information that is based on projected and/or estimated expectations, assumptions or outcomes. These forward-looking statements are subject to a range of risk factors. The Company and PIML caution against relying on any forward-looking statements. While PIML has prepared this information based on its current knowledge and understanding and in good faith, there are risks and uncertainties involved which could cause results to differ from the forward-looking statements. Neither the Company nor PIML will be liable for the correctness and/or accuracy of the information, nor any differences between the information provided and actual outcomes, and reserves the right to change its projections or other forward-looking statements from time to time. Neither the Company nor PIML undertake to update any forward-looking statement to reflect events or circumstances after the date of this presentation, subject to disclosure obligations under the applicable law and ASX listing rules. Neither the Company, PIML nor any company in the Perpetual Group guarantees the performance of, or any return on an investment made in, the Company. Perpetual Group means Perpetual Limited ABN 86 000 431 827 and its subsidiaries. Important note 2
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3 Perpetual Equity Investment Company Board of Directors From left to right Amanda Gillespie (Apted) Executive Director Appointed May 2021 Tim Bednall Non-executive Director Appointed May 2025 Nancy Fox AM Chairman Appointed July 2017 Michael Clarke Non-executive Director Appointed September 2023
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Today’s agenda 4 │ Chairman’s address │ Investment Manager’s Update │ Q & A │ Formal voting │ Closure Nancy Fox AM Chairman Vince Pezzullo PIC Co-Portfolio Manager Sean Roger PIC Co-Portfolio Manager
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Chairman’s Address Nancy Fox AM
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Source: Perpetual Equity Investment Company Limited (PIC) as at 30 June 2026. 2 Returns have been calculated on the growth of NTA after taking into account all operating expenses (including management fees) and assuming reinvestment of dividends and excluding tax paid. Any provisions for deferred tax on unrealised gains and losses are excluded. Past performance is not indicative of future performance. 3 Yield is calculated based on the total dividend of 8.0 cents per share and the closing share price of $1.18 as at 30 June 2026. Grossed up yield takes into account franking credits at a tax rate of 30%. Net profit $12.1 m Net profit after tax Investment performance 2.8% 2 12 months to 30 June 2026 5.0% p.a. 2 Over 5 years to 30 June 2026 Dividend 8.0 cps Total FY26 fully franked dividend 6.8% 3 Annual dividend yield 9.7% 3 Grossed-up dividend yield FY26 results summary 66
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Source: Perpetual Equity Investment Company Limited (PIC) as at 30 June 2026. 1 Profit reserve of $63 million as at 30 June 2026 after taking into account the estimated payment of the final dividend. This equates to 16.4 cents per share and represents 2.0 years dividend coverage assuming a total dividend payment of 8.0 cents per share per annum. This does not take into account any changes to share capital. No representation is made in relation to the payment of future dividends, which will be at the discretion of the Company’s Board. $63.0m Profit reserve 2.0 years Dividend coverage $13.8m Franking account balance 1.0 year Fully franked dividend coverage Well positioned to deliver a reliable income stream through all market conditions 7 Fully franked dividends since inception cents per share (cps) 0.8 2.2 3.0 3.1 3.2 2.8 2.8 3.3 4.0 4.0 4.0 0.5 2.0 2.5 3.3 4.0 2.8 2.8 2.8 4.0 4.0 4.0 4.00.5 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Interim Dividend Final Dividend Special Dividend 7
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8 Asking a question online Asking a question by phone Mute your webcast. Click on 'Ask a Question' and then 'Go to Web Phone' A pop up box will appear with a microphone test. Select Start Call and you will be able to listen to the meeting Dial *1 on your keypad at any time to ask a question The moderator will introduce you at the right time When your line is unmuted ask your question or make a comment Shareholders and non-shareholders Shareholders only Click on ‘Ask a Question’ 1 Select ‘General Business’ or a specific resolution 2 Type in your question and click ‘Submit’ 3
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Investment Manager Update Vince Pezzullo , PIC Co - Portfolio Manager Head of Australian Equities, Perpetual Asset Management Australia Sean Roger , PIC Co - Portfolio Manager
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Australian households on the edge 10 Source: Endeavour Equities Australian households feeling the pressure: mortgage belt disposable income is the weakest since 1990
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As at 31 August 2026 1 mth 3 mths 1 yr 3 yrs p.a. 5 yrs p.a. 10 yrs p.a. PIC Investment Portfolio1 (net of fees, expenses and before tax paid) 2.4% 2.6% -1.7% 6.2% 4.4% 8.8% S&P/ASX 300 Accumulation Index 1.6% 4.4% 4.3% 11.2% 7.6% 9.3% Excess Returns 0.7% -1.8% -6.0% -5.0% -3.2% -0.6% Source: Perpetual Investment Management Limited 1 Returns have been calculated on the growth of Net Tangible Assets (NTA) after taking into account all operating expenses (including management fees) and assuming reinvestment of dividends and excluding tax paid. Any provisions for deferred tax on unrealised gains and losses are excluded. Past performance is not indicative of future performance. Inception date is 18 December 2014. Portfolio and Index return may not sum to Excess Return due to rounding. Investment portfolio performance 11
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12 Large caps have run hard since January; our small and mid-cap exposure has worked against us in the short term Skew towards small – mid caps a headwind to performance Total return, indexed to 100 at 31 August 2025 S&P/ASX 20 S&P/ASX Small Industrials 3-year rolling excess return vs ASX 300 S&P/ASX 20 S&P/ASX Small Industrials 80.0 85.0 90.0 95.0 100.0 105.0 110.0 115.0 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 -12.0 -10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 2005 2008 2011 2014 2017 2020 2023 2026 Divergence since January Large caps and small industrials (ex-resources) have moved in opposite directions since late January. Driven by shift in inflation outlook. Below-top-20 weight hurt Exposure outside the top 20 cost us as the ASX 20 pulled away from the rest of the market. Source: Perpetual Investment Management Limited, Factset Cycle, not structure Large cap outperformance of small industrials has historically been cyclical – and has reversed.
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13 Ten largest active positions - 31 August 2026 (%) Stock Company Active RIO Rio Tinto Limited +7.9 SOL Washington H. Soul Pattinson and Company Limited +5.8 NWS News Corporation +5.7 APZ Aspen Group +3.7 GLEN Glencore plc +3.5 RHC Ramsay Health Care Limited +3.1 MFT Mainfreight Limited +2.9 CBO Cobram Estate Olives Limited +2.9 EVT EVT Limited +2.7 HWDN Howden Joinery Group PLC +2.5 How we intend to make money over the next 12 months
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Source: Perpetual Investment Management Limited 1 Returns have been calculated taking into account all operating expenses (including management fees) and assuming dividends and/or franking credits are reinvested. Past performance is not indicative of future performance. Inception date is 18 December 2014. Investment portfolio performance 14 $- $50 $100 $150 $200 $250 $300 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Growth of $100 PIC Growth of $100 + Dividends + Franking Credits at 31 August 2026 Price Plus Dividend Plus Dividend Plus Franking Credit $278 $224 $127
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15 Asking a question online Asking a question by phone Mute your webcast. Click on 'Ask a Question' and then 'Go to Web Phone' A pop up box will appear with a microphone test. Select Start Call and you will be able to listen to the meeting Dial *1 on your keypad at any time to ask a question The moderator will introduce you at the right time When your line is unmuted ask your question or make a comment Shareholders and non-shareholders Shareholders only Click on ‘Ask a Question’ 1 Select ‘General Business’ or a specific resolution 2 Type in your question and click ‘Submit’ 3
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Formal voting proceedings
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17 Items for deliberation Financial and statutory reports for the financial year ended 30 June 2026 Re-election of Ms Nancy Fox AM as a Non-executive Director An advisory vote on the Remuneration Report for the financial year ended 30 June 2026 Proposed amendments to Clause 15.6 of the Constitution
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Poll open Cast your vote Need help? Call 1800 990 363 Click ‘Get a Voting Card’ (top and bottom of platform) Enter your SRN/HIN or Proxy Number and Postcode Click ‘Submit Details and Vote’ Get a Voting Card 1 2 Fill out your voting card for each item of business Click ‘Submit Vote’ 3 18
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19 Asking a question online Asking a question by phone Mute your webcast. Click on 'Ask a Question' and then 'Go to Web Phone' A pop up box will appear with a microphone test. Select Start Call and you will be able to listen to the meeting Dial *1 on your keypad at any time to ask a question The moderator will introduce you at the right time When your line is unmuted ask your question or make a comment Shareholders and non-shareholders Shareholders only Click on ‘Ask a Question’ 1 Select ‘General Business’ or a specific resolution 2 Type in your question and click ‘Submit’ 3
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To receive and consider the financial report of the Company for the year ended 30 June 2026, together with the Directors’ Report and the Auditor’s Report as set out in the Annual Report. 20 Financial and statutory reports
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Resolutions
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That, Ms Nancy Fox AM, who retires in accordance with clauses 15.5 and 15.6 of the Constitution, and being eligible for re-election, be re- elected as a Non-executive Director of the Company with effect from the conclusion of the Company’s 2026 Annual General Meeting until the conclusion of the Company’s 2027 Annual General Meeting. 22 Resolution 1 Re-election of Ms Nancy Fox AM as a Non-executive Director
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23 Number Percentage FOR 10,674,994 69.41% OPEN 3,824,527 24.87% AGAINST 879,380 5.72% ABSTAIN 298,388 - Resolution 1 Valid proxies
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That the Remuneration Report as set out in the Annual Report be adopted. Voting Exclusion statement for Resolution 2: In accordance with the Corporations Act, the Company will disregard any votes cast on Resolution 2 by or on behalf of a member of the Company's key management personnel (as that term is defined in the Corporations Act) (KMP) whose remuneration details are included in the Remuneration Report, or their closely related parties (as that term is defined in the Corporations Act) (Closely Related Parties) (regardless of the capacity in which the vote is cast). However, the Company will not disregard any votes cast on Resolution 2: • by a member of the KMP whose remuneration details are included in the Remuneration Report or their closely related party as proxy (who has been appointed in writing) for a Shareholder entitled to vote on Resolution 2, in accordance with a written direction given to the proxy to vote on Resolution 2 in that way; or • by the Chairman of the AGM (who is a member of the KMP whose remuneration details are included in the Remuneration Report or their closely related party) as proxy for a Shareholder entitled to vote on Resolution 2, in accordance with an express authorisation in the proxy form to exercise the proxy even though the resolution is connected directly or indirectly with the remuneration of the KMP and where the proxy form does not specify the way the Chairman is to vote on Resolution 2. Further, a member of the KMP or their Closely Related Party who is appointed as a proxy will not vote on Resolution 3 unless: • the appointment specifies the way the proxy is to vote on Resolution 2; or • the proxy is the Chairman of the AGM and the appointment expressly authorises the Chairman to exercise the proxy even though Resolution 2 is connected directly or indirectly with the remuneration of a member of the KMP. 24 Resolution 2 An advisory vote on the Remuneration Report for the financial year ended 30 June 2026
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25 Number Percentage FOR 8,249,021 57.54% OPEN 3,909,188 27.27% AGAINST 2,177,237 15.19% ABSTAIN 1,341,843 - Resolution 2 Valid proxies
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That, pursuant to section 136(2) of the Corporations Act, clause 15.6 of the Constitution be amended in the manner as set out in the Explanatory Notes accompanying the Notice of Meeting. 26 Resolution 3 Proposed amendments to Clause 15.6 of the Constitution
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27 Number Percentage FOR 10,012,819 68.08% OPEN 3,918,381 26.64% AGAINST 775,963 5.28% ABSTAIN 1,295,107 - Resolution 3 Valid proxies
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28 Asking a question online Asking a question by phone Mute your webcast. Click on 'Ask a Question' and then 'Go to Web Phone' A pop up box will appear with a microphone test. Select Start Call and you will be able to listen to the meeting Dial *1 on your keypad at any time to ask a question The moderator will introduce you at the right time When your line is unmuted ask your question or make a comment Shareholders and non-shareholders Shareholders only Click on ‘Ask a Question’ 1 Select ‘General Business’ or a specific resolution 2 Type in your question and click ‘Submit’ 3
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Declaration of results Nancy Fox AM
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Thank you