Slides
Page 1
PINNAC LE INVE STM ENT MANAGE MENT GROUP LIM ITED (PNI) 30 th October, 2026 Welcome to the 2026 Annual General Meeting The meeting will commence at 9:00am (Sydney time)
Page 2
Agenda 2 01 Formal Business 3 02 Managing Director’s Address 22 FY26 Themes FY26 Financial Results Latest Update – Q1 FY27 Growth Agenda 43 Corporate Responsibility 51 03 Q&A 59 04 Additional Information 60
Page 3
01 Formal Business
Page 4
Formal Business 4 • Item 1 – Tabling of FY26 financial statements • Item 2 – Adoption of Remuneration Report • Item 3 – Election and Re-election of Directors • Item 4 – Acquisition of Shares by Andrew Chambers under the Omnibus Incentive Plan • Item 5 – Ratification of prior issue of Shares as partial consideration under the PAM Transaction • Item 6 – Approval to issue Shares as partial consideration under the AVI Transaction
Page 5
How to ask a question (for shareholders joining online) 5 • To ask a written question, select the Q & A icon • Select the topic your question relates to from the drop-down list • Type your question in the text box and press the send button • To ask a verbal question, follow the instructions below the broadcast window
Page 6
How to vote (for shareholders joining online) 6 • When the poll is open, select the vote icon at the top of the screen • To vote, select either For, Against or Abstain • You will see a vote confirmation • To change or cancel your vote, click on "click here to change your vote" at any time until the poll is closed
Page 7
Item 1 – Tabling of FY26 financial statements 7
Page 8
Item 2 – Adoption of Remuneration Report 8 To consider and, if thought fit, pass the following advisory, non-binding resolution as an ordinary resolution: “To adopt the Remuneration Report for the financial year ended 30 June 2026 for the purposes of section 250R(2) of the Corporations Act and for all other purposes.”
Page 9
Item 2 – Adoption of Remuneration Report 9 RESOLUTION 2 Resolution by proxy Adoption of Remuneration Report % of eligible proxies in favour 96.92 Total number votes cast For 138,922,128 Against 3,686,601 Open usable 733,684 Excluded votes 22,086,629 Abstain 11,335
Page 10
Item 3(a) – Election of Matthew Lamb 10 To consider and, if thought fit, pass the following resolution as an ordinary resolution: "That Matthew Lamb, a Director appointed in accordance with clause 15.1(f) of the Constitution and retires in accordance with clause 15.1(g) of the Constitution and ASX Listing Rule 14.4 and, being eligible, offers himself for election, be electe d as a Director.”
Page 11
Item 3(a) – Election of Matthew Lamb 11 RESOLUTION 3(a) Resolution by proxy Election of Matthew Lamb % of eligible proxies in favour 91.89 Total number votes cast For 152,007,649 Against 12,682,239 Open usable 733,684 Excluded votes 0 Abstain 16,805
Page 12
Item 3(b) – Re-election of Andrew Chambers 12 To consider and, if thought fit, pass the following resolution as an ordinary resolution: “That Andrew Chambers, who retires from the office of Director by rotation pursuant to clause 15.4(a)(ii) of the Constitution and, being eligible, offers himself for re -election, be re -elected as a Director.”
Page 13
Item 3(b) – Re-election of Andrew Chambers 13 RESOLUTION 3(b) Resolution by proxy Re-election of Andrew Chambers % of eligible proxies in favour 90.74 Total number votes cast For 150,093,799 Against 14,596,367 Open usable 733,684 Excluded votes 0 Abstain 16,527
Page 14
Item 3(c) – Re-election of Christa Lenard 14 To consider and, if thought fit, pass the following resolution as an ordinary resolution: “That Christa Lenard, who retires from the office of Director by rotation pursuant to clause 15.4(a)(ii) of the Constitution and, being eligible, offers herself for re -election, be re -elected as a Director.”
Page 15
Item 3(c) – Re-election of Christa Lenard 15 RESOLUTION 3(c) Resolution by proxy Re-election of Christa Lenard % of eligible proxies in favour 98.78 Total number votes cast For 163,389,857 Against 1,300,309 Open usable 733,684 Excluded votes 0 Abstain 16,527
Page 16
Item 4 – Acquisition of Shares by Andrew Chambers under the Omnibus Incentive Plan 16 To consider and, if thought fit, pass the following resolution as an ordinary resolution: “That, subject to the passing of the resolution the subject of item 3(b), under and for the purposes of Listing Rule 10.14 an d for all other purposes, approval is given for the acquisition of 125,000 Loan Shares by (including by way of the issue of those Loan Shares to) Andrew Chambers (or his Nominated Associate) under the Omnibus Incentive Plan, as described and on the terms and conditions summarised in the Explanatory Notes.”
Page 17
Item 4 – Acquisition of Shares by Andrew Chambers under the Omnibus Incentive Plan 17 RESOLUTION 4 Resolution by proxy Acquisition of Shares by Andrew Chambers under the Omnibus Incentive Plan % of eligible proxies in favour 97.99 Total number votes cast For 140,460,266 Against 2,144,367 Open usable 733,684 Excluded votes 17,633,015 Abstain 4,469,045
Page 18
Item 5 – Ratification of prior issue of Shares as partial consideration under the PAM Transaction 18 To consider and, if thought fit, pass the following resolution as an ordinary resolution: “That, under and for the purposes of Listing Rule 7.4 and for all other purposes, Shareholders approve and ratify the issue of 10,546,794 Shares to the PAM Sellers under the PAM Transaction, as described and on the terms and conditions summarised in the Explanatory Notes.”
Page 19
Item 5 – Ratification of prior issue of Shares as partial consideration under the PAM Transaction 19 RESOLUTION 5 Resolution by proxy Ratification of prior issue of Shares as partial consideration under the PAM Transaction % of eligible proxies in favour 99.42 Total number votes cast For 157,728,752 Against 163,451 Open usable 733,684 Excluded votes 6,774,771 Abstain 39,719
Page 20
Item 6 – Approval to issue Shares as partial consideration under the AVI Transaction 20 • To consider and, if thought fit, pass the following resolution as an ordinary resolution: “That, under and for the purposes of Listing Rule 7.4 and for all other purposes, Shareholders approve and ratify the entry by the company into the Proposed Issue Agreement (and, accordingly, approval is given for the issue of 2,027,928 Shares to the AVI Sellers on completion of the AVI Transaction occurring), as described in the Explanatory Notes.”
Page 21
Item 6 – Approval to issue Shares as partial consideration under the AVI Transaction 21 RESOLUTION 6 Resolution by proxy Approval to issue Shares as partial consideration under the AVI Transaction % of eligible proxies in favour 99.45 Total number votes cast For 163,522,647 Against 166,532 Open usable 734,324 Excluded votes 983,515 Abstain 32,359
Page 22
02 Managing Director’s Address
Page 23
Managing Director’s Address • FY26 Highlights • FY26 Results • Financial Results • Performance Fees • Funds Under Management • Latest Update – Q1 FY27 • FUM & Flows • Performance • Growth Agenda • Three Horizons of Growth • Horizon 2 • Horizon 3 • Affiliate Updates • Corporate Responsibility 23
Page 24
24Pinnacle: A Preeminent Multi-Affiliate Platform A high-quality, scalable multi-affiliate platform compounding earnings and dividends through cycles • Diversified and Resilient: 19 Affiliates across public and private markets, spanning asset classes, styles and geographies. Our ‘supported independence’ model, with equity alignment and embedded succession planning, reduces reliance on any single person, Affiliate or strategy and mitigates key-person risk • Proven Compounding: 10-yr CAGR (to June 26): NPAT 37%1, Diluted EPS 27%1, DPS 34% • Growing and diversified FUM: 10-yr CAGR of 28% to A$229.4bn at 30 June 26, with Retail + International >50% of total FUM • Multiple Growth Drivers: the Three Horizons strategy underpins disciplined, capital-light expansion in large addressable global markets, with exceptional returns consistently delivered across Horizon 2 and Horizon 3 investments. Platform capacity exceeds A$800bn (100% basis) – refer slides 46-50 for further details • Forward-thinking: exchange-traded products (public and private markets), managed accounts (public and private markets), private markets for mass affluent and outcome-based retirement strategies • Investment excellence at its core: Pinnacle Affiliates have delivered continued outperformance over their benchmarks 1. Excluding one -off gain on step -acquisiti on of PAM
Page 25
• Pinnacle NPAT up 31% on FY25 • Excluding returns on PI and the non-cash profit recorded on the step-acquisition of PAM, Pinnacle NPAT was up 21% on FY25 • Affiliate margins on funds management activities, before performance fees, are ~10% higher than in FY25 • Pinnacle Parent services revenues (excluding PAM and PI), up 50% on FY25 • Increased investment ahead of further growth, particularly in distribution and product innovation • 81% of Affiliate strategies with a track record of five years or longer have outperformed over a five-year period • Solid performance fee outcome, with twelve Affiliates contributing, despite significant challenges for some investment styles • Now 35 strategies with the ability to deliver material performance fees, on $61bn of FUM (vs. $50bn at 30 June 2025) Strong core earnings growth Continuing investment excellence FY26 Highlights 25 Evolution to a global platform • Closing FUM of $229.4bn +28% vs opening FUM • Approximately one-third of FUM is now from international clients • Record annual net inflows of $33.4bn ($16.3bn in 2H) • $10.2bn from Australian retail (26% of opening retail FUM) • $10.9bn from Australian institutions (12% of opening institutional FUM) • $12.3bn from international clients (24% of opening international FUM) • $75bn FUM from 50+ countries outside of Australia, of which $33bn is wholesale/retail • Pinnacle’s unique ‘supported independence’ and ‘value-add’ platform is resonating strongly across the globe • Demonstrated ability to execute and deliver rapid growth across Horizons 2 and 3 globally: • Horizon 2: A$50bn+ FUM across Aikya A$8bn (2019), Palisade Real Assets ~A$1bn of commitments (2021), Langdon A$931m (2022), Life Cycle A$42bn (2024) • Horizon 3: PAM A$31bn (2024), VSS ~A$1bn (2024) • Horizon 3 investment in Japan's largest home-grown private markets platform, Advantage Partners, initial 5% completed Jan 26 • Expanded PAM partnership accelerates global growth with complementary distribution platforms to enhance geographic reach, Affiliate origination, product innovation and expansion Record net inflows
Page 26
26High EPS growth is supported by a diversified, scalable and cash-generative business model High compounding returns achieved by executing our unique model and Three Horizons of growth1, in parallel, across more addressable markets •Pinnacle’s business model is globally distinct, compelling and sustainable • Creates the ability to produce very high rates of EPS growth • Very difficult for others to execute a similar model (unique culture) • Equity ownership of high performing investment managers, combined with market-leading distribution, continues to drive strong cash generation •Appeal of ‘supported independence’ model appears to be universal amongst investment managers and clients alike • Replicable in an expanding range of asset classes, sub-classes and styles; geographies; and product formats (e.g., ETFs, LICs/LITs, managed accounts) • Total Addressable Market (TAM), particularly internationally, is therefore very large and growing 1. Refer slides 35 -38 for further details
Page 27
FY26 Financial Highlights 27 FY26 FY25 Change Earnings & Returns NPAT $176.7m $134.4m 31% Diluted EPS 78.1c 62.4c 25% DPS 60.0c 60.0c 0% DPR 77% 96% Franking 72% 79% 30 Jun 26 30 Jun 25 Change Affiliate Performance Aggregate Affiliate FUM (at 100%) $229.4bn3 $179.4bn 28% Aggregate Retail FUM (at 100%) $50.7bn $39.7bn 28% Aggregate Affiliate Performance Fee FUM (at 100%) $61.3bn3 $50.4bn 22% FY26 FY25 Change Aggregate Affiliate Base Fees (at 100%)1,4 $1,005.8m $747.3m 35% Aggregate Affiliate Performance Fees (at 100%) $146.6m $153.5m (5%) Aggregate Affiliate Funds Management Revenue (at 100%) 4 $1,152.4m $900.8m 28% Pinnacle share of performance fees, after tax $35.6m $46.6m (24%) FY26 FY25 Fund Flows Retail (Australia) flows $10.2bn $6.9bn Institutional (Australia) flows $10.9bn $11.4bn International (Institutional & Retail) flows $12.3bn $4.8bn Total net inflows $33.4bn $23.1bn Investment Performance % strategies outperforming over 5 years to 30 Jun 20262 81% 91% Balance Sheet Strength5 Cash $89.5m Principal investments $196.5m Total cash & PI $286.0m 1. FUM/commitment -based management fees and transaction fees 2. With track records exceeding 5 years 3. Includes $4.8bn acquired by Pinnacle in Advantage Partners 4. Includes PAM at 100% for the full financial year 5. Pinnacle – including PAM at 100% as at 30 June 2026 ⃰ All references to dollars, or ‘$’, refer to Australian Dollars, unless otherwise stated
Page 28
Strong growth in core earnings 28 (AUD $m) FY26 FY25 FY24 FY23 Reported NPAT 176.7 134.4 90.4 76.5 Returns on Principal Investments (PI) (2.3) 23.9 17.4 14.2 Non-recurring returns on other investments 46.21 - (3.4)2 0.62 Net interest expense (5.2) (3.7) (5.6) (5.2) Adjusted NPAT 138.0 114.2 81.9 66.8 YoY growth % 21% 39% 22% Reported Diluted EPS 78.1 62.4 45.5 39.0 Returns on Principal Investments (PI) (1.0) 11.1 8.8 7.3 Non-recurring returns on other investments 20.41 - (1.7) 2 0.3 Net interest expense (2.3) (1.7) (2.8) (2.6) Adjusted Diluted EPS 61.0 53.0 41.3 34.1 YoY growth % 15% 28% 21% Pinnacle share of performance fees, after tax ($m) 35.6 46.6 31.2 14.7 Pinnacle share of performance fees, after tax – contribution to diluted EPS (cps) 15.7 21.6 15.7 7.5 1. Non-cash accounting profit on step -acquisition of PAM in FY26, net of transaction costs 2. Unrealized gain/loss on investment in Openinvest • Since FY23, we have had significant holdings either ‘parked’ in funds managed by Affiliates, or deployed as seed capital for new Affiliate strategies • These holdings have been funded by a combination of equity capital raised and the CBA debt facility, which we use in this way ahead of identifying appropriate expansion activities • In FY26, we recorded a one-off accounting profit on the step-acquisition of PAM, which was $46.2m (net of transaction costs), driven by the accounting value gain on Pinnacle’s existing shareholding in the business at the time that Pinnacle acquired the 100% share • In FY24, we recorded an unrealized loss on our holding in Openinvest, of $3.4m • In FY23, we recorded an unrealized gain on our holding in Openinvest , of $0.6m • We present our NPAT and EPS numbers, adjusting for these items, in the above table
Page 29
Track record of earnings growth through market cycles 29 The strength and diversity of our platform generates material earnings growth for our shareholders through cycles and over the long-term. Expansion into much larger, global markets sets the stage for the next phase of growth NPAT growth: 2016 – 2026 Diluted EPS growth: 2016 - 2026 Dividends have grown at a CAGR of 33.6% over the ten years to 30 June 2026 CAGR in the ten full financial years since we became ‘listed Pinnacle’ in 2016 (to 30 June 2026) – 40.7% Adjusted CAGR (excluding one -off gain on step -acquisition of PAM) – 36.5% CAGR in the ten full financial years since became ‘listed Pinnacle’ in 2016 (to 30 June 2026) – 31.1% Adjusted CAGR (excluding one -off gain on step -acquisition of PAM) – 27.2% 1 0 6 .9 % 9 2 . 5 % 3 2 . 0 % 5 .6 % 10 8.1% 1 4 . 0 % 0 .1 % 1 8 . 2 % 48 . 7 % 31 . 5 % 0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 180 190 200 Ju n-16 Ju n-17 Ju n-18 Ju n-19 Ju n-20 Ju n-21 Ju n-22 Ju n-23 Ju n-24 Ju n-25 Ju n-26 NPA T ($m) Growth in NPAT 4 6 . 2 % 73 . 7 % 2 9 . 3 % 5 .2 % 1 0 3 .4 % 8 .1 % -1 .3 % 16 . 7 % 3 7 . 1 % 2 5 . 2 % 0 10 20 30 40 50 60 70 80 90 Ju n-16 Ju n-17 Ju n-18 Ju n-19 Ju n-20 Ju n-21 Ju n-22 Ju n-23 Ju n-24 Ju n-25 Ju n-26 Diluted EPS (cps) Growth in EPS
Page 30
Performance fees 30 Pinnacle Affiliates continue to outperform benchmarks, resulting in continued FUM growth and performance fee generation Closing FUM & number of strategies subject to performance fees Performance fees (at 100%) by Affiliate • It remains a key strategy of Pinnacle and Affiliates to grow FUM that has the ability to earn performance fees • The annual reliability of overall performance fee revenue has been improved by: • Volume of FUM with performance fee potential • Number and diversity of strategies with performance fee potential • Likelihood of performance fee success is generally not correlated to equity markets– based on performance relative to individual hurdles • Likelihood of performance fees is distinct (uncorrelated) between individual strategies • Performance relative to benchmarks can vary significantly over even quite short periods of time • Performance fees should be a significant and ongoing component of Pinnacle’s overall earnings in any financial year • Twelve Affiliates earned performance fees totalling $146.6m (at 100%; Pinnacle post-tax share $35.6m) in FY26. In FY25, twelve Affiliates earned performance fees totalling $153.6m (at 100%; Pinnacle share post-tax $46.6m) • Of the now 35 strategies that have the potential to deliver significant performance fees, 20 crystallize at least half yearly, with all 35 crystallizing on at least an annual basis • Performance fees crystallizing only in June each year include Metrics, Palisade and Resolution Capital • Of the 35 strategies that have the potential to deliver meaningful performance fees, 18 are at their high watermarks as at 30 June 2026, representing 67% of FUM that has the potential to generate performance fees, with a further 6 strategies, representing 13% of FUM, within 2% of high watermark • 81% of Pinnacle Affiliates’ strategies and products, with a track record exceeding 5 years, have outperformed their benchmarks over the 5 years to 30 June. Strong, long-term investment outperformance underpins performance fee delivery - 2 0 4 0 6 0 8 0 1 00 1 20 1 40 1 60 Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23 Jun 24 Jun 25 Jun 26 $m 3.3 5.7 10. 3 16. 3 18. 9 28. 7 30. 2 34. 0 38. 6 50. 4 61. 3 5 6 8 14 18 18 22 24 25 31 35 0 10 20 30 40 50 60 70 Ju n 16 Ju n 17 Ju n 18 Ju n 19 Ju n 20 Ju n 21 Ju n 22 Ju n 23 Ju n 24 Ju n 25 Ju n 26 $bn
Page 31
1 .7 3 .5 4 .4 7 .9 1 0 . 3 10 . 0 1 0 . 0 1 1 . 1 1 4 . 3 16 . 7 2 0 . 8 2 8 . 2 4 0 . 3 41 . 4 6 0 . 2 53 . 2 58 . 7 6 2 . 9 88 . 3 1 0 3 .8 - - - - - - 0 .9 1.2 1.8 2 .6 5 .1 7.9 1 1 . 6 1 3 . 1 2 0 . 3 2 1 . 1 2 2 . 7 2 8 . 8 3 9 . 7 5 0 . 7 0 .5 0 .6 2 .0 2 .5 4 .2 8 .9 9 .4 1 0 . 5 1 8 . 4 5 1 . 4 74 . 9 1 .7 3 .5 4.4 7 .9 1 0 . 3 10 . 0 1 0 . 9 1 2 . 3 1 6 . 1 1 9 . 8 2 6 . 5 38 . 0 5 4 . 3 5 8 . 7 8 9 . 4 8 3 . 7 9 1 . 9 1 1 0 .1 1 7 9 .4 2 2 9 .4 0% 2 0 % 4 0 % 6 0 % 80 % 1 0 0 % - 5 0 1 0 0 1 5 0 2 0 0 2 5 0 3 0 0 J u n 0 7 J u n 0 8 J u n 0 9 J u n 1 0 J u n 1 1 J u n 1 2 J u n 1 3 J u n 1 4 J u n 1 5 J u n 1 6 J u n 1 7 J u n 1 8 J u n 1 9 J u n 2 0 J u n 2 1 J u n 2 2 J u n 2 3 J u n 2 4 J u n 2 5 J u n - 2 6 Do me st ic In st i t u t io n a l Re t a il In t er n at io n a l In t er n at io n a l % Re t a il % Do me st ic Inst i t ut io na l % Re t a il & I n t e r na t io na l % Evolution & Growth | FUM & Flows 31 FUM ($bn)1 Cumulative net flow history ($bn) • FUM has grown at a CAGR of 27.8% p.a. over the last ten years (25.1% excluding $6.8bn ‘acquired’ in Jul 2018, $3.0bn ‘acquired’ in Dec 2019, $1.1bn ‘acquired’ in Dec 2021, $9.8bn ‘acquired’ by Antipodes in Aug 2024, $17.0bn ‘acquired’ in Nov 2024, $1.1bn ‘acquired’ in Dec 2024 and $4.8bn ‘acquired’ in Jan 2026) • Markets were broadly up across FY26, despite consistent volatility: • S&P/ASX 300 index up 2.8% • MSCI World Index up 22.1% • NASDAQ up 28.7% • FTSE/EPRA NAREIT up 13.0% • Market movements/investment performance added $11.8bn to total FUM during FY26 • FUM increases attributable to net flows were $33.4bn (retail net inflows were $10.2bn, international net inflows were $12.3bn and domestic institutional net inflows were $10.9bn) • Market share gains remain the key to public market equity flows • FUM sourced from international clients was $74.9bn, or 33% of total FUM, at 30 June 2026, up from $8.9bn or 10% at 30 June 2021 • $33bn of this was from wholesale/retail clients • Aggregate retail and international FUM as at 30 June 2026 now represents 55% of total FUM (at 100%), up from 33% at 30 June 2021 1. FUM is 100% of FUM managed by Pinnacle Affiliates 0 10 20 30 40 50 60 70 80 90 100 110 120 130 Ins titutio nal Retail Internation al
Page 32
16.7 0.5 2.6 Domes tic Institutional International Retail Evolution of FUM by channel type 32 30 Jun 16 - $19.8bn 30 Jun 26 - $229.4bn Horizon 2 build-out of Wholesale & Retail and International distribution platform has driven growth, diversification, profitability and resilience • Upon listing as Pinnacle in 2016, 84% of Pinnacle’s $19.8bn FUM (at 100%) was sourced from Australian institutions • Multi-year build outs of wholesale/retail distribution and, later, international distribution (across multiple channels) have driven significant expansion and diversification of Pinnacle’s client base • At 30 June 2026, over 50% of Pinnacle’s FUM (at 100%) was sourced from wholesale/retail and international clients, representing approximately two-thirds of base Affiliate revenues • Product innovation and development has assisted in Pinnacle’s growth in wholesale/retail and international markets by providing access points for new client verticals (e.g., exchange-traded vehicles; open-ended private markets vehicles for private wealth; global fund infrastructure for international investors) 103.8 74.9 50.7
Page 33
0 5 10 15 20 25 30 35 40 FUM ($m) Pal isade Infrastructure Pal isade Real Assets Pal isade Impact Metrics Fiv e V Riparian VS S Advantage Evolution of FUM | private markets & international 33 Private Markets Asset Growth1 Growth in Internationally-Domiciled Affiliate FUM1 • At 30 June 2026, FUM in private markets asset classes was $37.8bn • 16% of total FUM • Up from $1.5bn / 6% of total FUM as at 30 June 2016 • 38.7% CAGR to 30 June 2026, since 2016 • Pinnacle has been a distributor of private markets strategies since the 2006 founding of Palisade • We have been intentionally continuing to diversify our platform of Affiliates and strategies into further private markets asset classes • Horizon 2 ‘builds’ of Palisade and Riparian • Horizon 2 ‘builds’ within Affiliates (e.g., Metrics Asset-Based Lending, real estate debt and equity and sustainable lending; Palisade Impact, Real Assets and North American infrastructure ; Five V Horizons and Frontier strategies) • Horizon 3 acquisitions of interests in Metrics, Five V, VSS and Advantage Partners • Pinnacle’s distribution strength accelerates the growth of these businesses and allows them to access new investor verticals and geographies • We have focused on building out a diversified Affiliate base, relevant to a wide range of investors, both in Australia and internationally • Since the inception of the first internationally -domiciled Pinnacle Affiliate, Aikya, we have continued to focus our expansion on new Affiliates headquartered in global gateway cities with large addressable end-markets • Horizon 2 ‘builds’ of Aikya, Langdon, Life Cycle and Palisade Real Assets • Horizon 3 acquisitions of interests in PAM, VSS and Advantage Partners • We now have $90.7bn of FUM in internationally -domiciled Affiliates, or approximately 40% of total FUM • Successfully executing investments (build or buy) in well positioned Affiliates – geographically, reputationally and strategy-wise – significantly contributes to our ongoing distribution success as well as strengthening our reputation amongst investors, prospective Affiliates and distribution talent 1. FUM is 100% of FUM managed by Pinnacle Affiliates $1.5bn / 6% of total FUM at 30 June 2016 → $37.8bn / 16% of total FUM at 30 June 2026 - 10 20 30 40 50 60 70 80 90 Jun-20 Dec -20 Jun-21 Dec -21 Jun-22 Dec -22 Jun-23 Dec -23 Jun-24 Dec -24 Jun-25 Dec -25 Jun-26 FUM ($bn) Aikya Langdon Li f e Cycle PAM VSS Advantage
Page 34
Evolution of international platform 34 Cumulative International Flows by Affiliate Cumulative International Flows by Country • Pinnacle has deliberately globalized its platform, investing across all Three Horizons: • Organic growth of existing Affiliates and strategies into international markets • New Affiliate ‘start-ups’ and new strategies from existing Affiliates • Acquisitive growth in new asset classes and markets • Development of our international distribution and operational platform has been a key ‘Horizon 2’ initiative: • Internationally-sourced FUM at 30 Jun 26 was $74.9bn / 33% of total FUM • Up from $0.5bn / 2.4% at 30 Jun 16 • Pleasingly, our growth is being achieved across a diverse range of Affiliates and strategies, straddling public and private markets, equity and debt • Addressable markets outside of Australia are many multiples larger in size • We will continue to expand our local presence in major gateway cities and capital markets to significantly enhance our local network connectivity with institutional and wholesale/retail investors • To date, we have built a strong foundation for growth in the UK, Western Europe, US, Canada, New Zealand, South Africa, Japan and South Korea • Our partnership with Advantage Partners in Japan, agreed during FY26, strengthens our presence in one of the world’s largest pension and insurance markets, augmenting our organic growth to date • Deepened relationship with PAM accelerates global growth with complementary distribution platforms to enhance geographic reach, Affiliate origination, product innovation and expansion - 5 10 15 20 25 30 35 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26 Of fshore Flows ($bn) - 5 10 15 20 25 30 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26 Of fshore Flows ($bn)
Page 35
Latest Update – Q1 FY27 – FUM and flows 35 • Total Affiliate FUM (at 100%) at 30 September 2026 of $238.1 billion – up $8.7 billion or 4% from $229.4 billion at 30 June 2026 (up $6.3 billion or 3%, excluding FUM ‘acquired’ by Antipodes during the quarter) • Total Affiliate Retail FUM (at 100%) at 30 September 2026 of $54.8 billion – up $4.1 billion or 8% from $50.6 billion at 30 June 2026 (up $2.2 billion or 4%, excluding FUM ‘acquired’ by Antipodes during the quarter) • Total Affiliate International FUM (at 100%) at 30 September 2026 of $74.4 billion – down $0.5 billion or (1%) from $74.9 billion at 30 June 2026 (down $0.5 billion or -1%, excluding FUM ‘acquired’ by Antipodes during the quarter) • Total net inflows for the three months to 30 September 2026 of $5.9 billion: • $2.7 billion retail net inflows • $0.4 billion international net inflows • Includes total PAM net inflows of $804m, of which over $700m was into model portfolios • $2.8 billion Australian institutional net inflows • Platform diversification again evidenced – six Affiliates each contributed over $500m in total net flows during the quarter • For the three months to 30 September 2026: • The S&P/ASX 300 Index was flat • The MSCI World Index was up 1.3% • The NASDAQ was up 2.5% • The FTSE EPRA/NAREIT Index was down 6.1%
Page 36
Latest Update – Q1 FY27 – FUM and flows 36 • Net flows positive for the quarter, led by a strong retail result in both Australian and international channels • Australian retail net inflows driven by resilient demand for global equities, global credit, Australian equities and real assets • International retail inflows driven by growth in managed accounts and global asset classes spanning developed market equities, emerging markets and investment grade credit • Solid Australian institutional net inflows, partly offset by international institutional net outflows. As we have outlined previously, these flows are ‘lumpy’ and can vary significantly over shorter time periods • The market backdrop for private credit and private real estate in Australia has been challenging. We retain confidence in the asset class and market appetite over the long term, but expect short-term pressure on flows • PAM’s acquisition of Asset Value Investors (AVI) completed on 2 October 2026, following receipt of regulatory approvals • 81% of Pinnacle Affiliates’ strategies and products (with a track record exceeding 5 years) have out-performed their benchmarks over the 5 years to 30 September 2026 • At 30 September 2026, 65% of total performance fee FUM was at high watermark, with a further 15% within 2% of high watermark
Page 37
Continuing strong investment performance of Affiliates to 30 September 2026 81% of Pinnacle Affiliates’ strategies an d pro ducts (with a track re cord ex cee ding 5 years) h ave o ut - pe rfo rmed their be nchma rks ov er the 5 y ears to 30 Se ptemb er 202 6* 37 The investment returns for each fund or strategy shown are for information purposes only. Unless otherwise stated, the investment returns have been calculated for the relevant period in AUD (with distributions reinvested) and are gross of applicable fees, costs and taxes. Past performance is not indicative of future performance. * Pinnacle would generally include performance information for a selection of fund s m anaged by Metrics Credit Partn ers Pty Ltd (Metrics) in this report. However, p erformance information has n ot been includ ed at this tim e as the relevant responsib le entities/trustees and Metrics continue to consider the outcom es from the recent release, or anticipated release, of aud ited financial statem ents for those funds. Pinn acle will resu me includin g performance inform ation of this nature in futu re rep orts following th e completion of the consideration of those outcomes. The strategies and products managed by Metrics have been excluded for the purposes of calculating the percentage of Pinnacle Affiliates’ strategies and products which have outperformed their benchmarks over the 5 years to 30 Septem ber 2026 ** The fund changed its name from Hyperion Glob al G rowth Comp anies Fund -Class B to Hyperion Global Growth Compan ies Fund (Man aged Fund) on 5 February 2021 in order to facilitate quotation of the fund on the ASX 5Y (p.a.) 10Y (p.a.) Inception (p.a.) Inception Date Pinnacle Investment Management Hyperion Asset Management - Gross Performance Hyperion Australian Growth Companies Fund -3.95% 6.33% 10.31% 1/10/2002 Outperformance -11.42% -2.65% 1.30% Hyperion Small Growth Companies Fund -1.79% 7.93% 14.28% 1/10/2002 Outperformance -3.97% 1.83% 7.54% Hyperion Australian Equities Broad Cap Composite -3.32% 6.98% 11.67% 1/11/1996 Outperformance -10.79% -2.00% 2.79% Hyperion Global Growth Companies Fund (Managed Fund) ** 10.40% 19.74% 19.56% 22/05/2014 Outperformance -2.85% 5.29% 5.63% Plato Investment Management - Gross Performance Plato Australian Shares Equity Income Fund - Class A 10.90% 11.63% 12.55% 9/09/2011 Outperformance 1.85% 1.15% 1.63% Plato Global Shares Income Fund 15.85% 12.02% 10.97% 30/11/2015 Outperformance 3.03% -1.97% -1.65% Plato Global Alpha Fund 27.46% - 26.45% 1/09/2021 Outperformance 14.73% - 14.49% Solaris Investment Management - Gross Performance Solaris Core Australian Equity Fund 9.00% 9.71% 7.71% 9/01/2008 Outperformance 1.32% 0.67% 1.38% Solaris Total Return Fund (including franking credits) 10.78% 11.32% 10.90% 13/01/2014 Outperformance 1.72% 0.83% 1.08% Solaris Australian Equity Long Short Fund 11.10% - 11.49% 1/03/2017 Outperformance 3.42% - 2.78% Solaris Australian Equity Income Fund 11.27% - 11.53% 12/12/2016 Outperformance 2.21% - 1.19%
Page 38
Continuing strong investment performance of Affiliates to 30 September 2026 81% of Pinnacle Affiliates’ strategies an d pro ducts (with a track re cord ex cee ding 5 years) h ave o ut - pe rfo rmed their be nchma rks ov er the 5 y ears to 30 Se ptemb er 202 6* 38 The investment returns for each fund or strategy shown are for information purposes only. Unless otherwise stated, the investment returns have been calculated for the relevant period in AUD (with distributions reinvested) and are gross of applicable fees, costs and taxes. Past performance is not indicative of future performance. * Pinnacle would generally include performance information for a selection of fund s m anaged by Metrics Credit Partn ers Pty Ltd (Metrics) in this report. However, p erformance information has n ot been includ ed at this tim e as the relevant responsib le entities/trustees and Metrics continue to consider the outcomes from the recent release, or anticipated release, of au dited fin ancial statem ents for those fu nds. Pinnacle will resume includ ing performance information of this n ature in future reports following the com pletion of the consideration of those outcomes. The strategies and products managed by Metrics have been excluded for the purposes of calculating the percentage of Pinnacle Affiliates’ strategies and products which h ave ou tperformed th eir ben chm arks over th e 5 years to 30 Sep tember 2026. *** The fund changed its nam e from Spheria Global Opportunities Fund to Sph eria Global Smaller Comp anies Fund on 18 Au gust 2026 † The fund changed its name from Antipodes Global Fund - Long to Antipod es Global Value Fund on 26 Novemb er 2024 ‡ The fund changed its name from Spheria Opportunities Fund to Spheria SMID Cap Fund on 18 August 2026. § Exclud es perform ance of Map le-Brown Abbott, Antip odes Asia, China, Global Credit and Global Credit Opportunities Fu nds which are n ot distributed by Pinn acle 5Y (p.a.) 10Y (p.a.) Inception (p.a.) Inception Date Pinnacle Investment Management Resolution Capital - Gross Performance Resolution Capital Global Property Securities Fund (Managed Fund) 1.86% 4.71% 8.26% 30/09/2008 Outperformance 1.33% 2.28% 3.24% Resolution Capital Core Plus Property Securities Fund - Series II 4.20% 7.00% 8.67% 31/08/1994 Outperformance 1.26% 1.73% 1.25% Resolution Capital Global Property Securities Fund (Unhedged) - Series II 3.21% 6.19% 10.24% 30/11/2011 Outperformance 1.85% 2.66% 2.16% Resolution Capital Global Property Securities Fund - Series II 1.79% 4.11% 4.05% 30/04/2006 Outperformance 1.26% 1.69% -0.21% Resolution Capital Global Listed Infrastructure Fund 10.30% - 10.30% 30/09/2021 Outperformance 3.58% - 3.58% Palisade Investment Partners - Gross Performance Palisade Diversified Infrastructure Fund 10.44% 10.70% 7.77% 15/12/2004 Palisade Australian Social Infrastructure Fund 9.93% 10.11% 12.23% 30/06/2011 Palisade Renewable Energy Fund 13.29% 12.52% 12.52% 30/09/2016 Antipodes Partners - Gross Performance § Antipodes Global Fund 12.93% 11.81% 11.89% 1/07/2015 Outperformance 0.51% -1.65% -0.17% Antipodes Global Value Fund † 13.73% 13.68% 13.36% 1/08/2015 Outperformance 1.32% 0.22% 1.21% Spheria Asset Management - Gross Performance Spheria Australian Microcap Fund 10.61% 14.00% 15.06% 16/05/2016 Outperformance 8.44% 7.90% 8.36% Spheria Australian Smaller Companies Fund 5.31% 9.84% 10.12% 11/07/2016 Outperformance 3.13% 3.74% 3.82% Spheria SMID Cap Fund ‡ 8.15% 11.09% 11.07% 11/07/2016 Outperformance 3.45% 2.90% 2.58% Spheria Global Smaller Companies Fund *** 3.82% - 11.33% 1/03/2019 Outperformance -3.95% - 1.38%
Page 39
Continuing strong investment performance of Affiliates to 30 September 2026 81% of Pinnacle Affiliates’ strategies an d pro ducts (with a track re cord ex cee ding 5 years) h ave o ut - pe rfo rmed their be nchma rks ov er the 5 y ears to 30 Se ptemb er 202 6* 39 The investment returns for each fund or strategy shown are for information purposes only. Unless otherwise stated, the investment returns have been calculated for the relevant period in AUD (with distributions reinvested) and are gross of applicable fees, costs and taxes. Past performance is not indicative of future performance. * Pinnacle would generally include performance information for a selection of fund s m anaged by Metrics Credit Partn ers Pty Ltd (Metrics) in this report. However, p erformance information has n ot been includ ed at this tim e as the relevant responsib le entities/trustees and Metrics continue to consider the outcomes from the recent release, or anticipated release, of au dited fin ancial statem ents for those fu nds. Pinnacle will resume includ ing performance information of this n ature in future reports following the com pletion of the consideration of those outcomes. The strategies and products managed by Metrics have been excluded for the purposes of calculating the percentage of Pinnacle Affiliates’ strategies and products which have outperformed their benchmarks over the 5 years to 30 Septem ber 2026. 5Y (p.a.) 10Y (p.a.) Inception (p.a.) Inception Date Pinnacle Investment Management Firetrail Investments - Gross Performance Firetrail Australian High Conviction Fund 8.05% - 8.35% 14/03/2018 Outperformance 0.37% - -0.35% Firetrail Absolute Return Fund 7.47% - 8.52% 14/03/2018 Outperformance 4.18% - 6.28% Firetrail Australian Small Companies Fund 10.15% - 18.83% 20/02/2020 Outperformance 7.97% - 14.19% Longwave Capital Partners - Gross Performance Longwave Australian Small Companies Fund 6.66% - 10.23% 1/02/2019 Outperformance 4.48% - 3.85% Riparian Capital Partners - Gross Performance Riparian Water Fund 6.83% - 6.45% 1/12/2019 Outperformance -0.17% - -0.55% Coolabah Capital Investments - Gross Performance Smarter Money (Active Cash) Fund Assisted 4.80% 3.86% 4.40% 20/02/2012 Outperformance 1.53% 1.75% 2.15% Coolabah Short Term Income Fund Assisted Gross 4.83% 4.18% 4.25% 8/10/2014 Outperformance 1.57% 2.07% 2.15% Smarter Money Long Short Credit Fund Assisted 7.75% - 7.12% 31/08/2017 Outperformance 4.49% - 4.95% Coolabah Active Composite Bond Strategy 2.18% - 3.85% 6/03/2017 Outperformance 2.17% - 2.00% BetaShares Active Australian Hybrids Fund (HBRD) 5.81% - 5.68% 13/11/2017 Outperformance 0.55% - 1.50% Coolabah Long-Short Opportunities Fund 8.18% - 8.88% 1/05/2020 Outperformance 4.91% - 6.33% Aikya Investment Management - Gross Performance Aikya Global Emerging Markets Fund - Class A (Aus Trust) -0.35% - 2.32% 5/03/2020 Outperformance -10.10% - -7.24%
Page 40
Performance of Affiliates to 30 September 2026 40 The investment returns for each fund or strategy shown are for information purposes only. Unless otherwise stated, the investment returns have been calculated for the relevant period in AUD (with distributions reinvested) and are gross of applicable fees, costs and taxes. Past performance is not indicative of future performance. ** The fund changed its name from Hyperion Glob al G rowth Comp anies Fund - Class B to Hyperion Global Growth Compan ies Fund (Managed Fund ) on 5 Febru ary 2021 in order to facilitate qu otation of th e fund on the ASX 1Y 3Y (p.a.) 5Y (p.a.) 10Y (p.a.) Inception (p.a.) Inception Date Pinnacle Investment Management Hyperion Asset Management - Gross Performance Hyperion Australian Growth Companies Fund -26.50% 1.85% -3.95% 6.33% 10.31% 1/10/2002 Outperformance -28.89% -9.49% -11.42% -2.65% 1.30% Hyperion Small Growth Companies Fund -35.02% 2.09% -1.79% 7.93% 14.28% 1/10/2002 Outperformance -28.28% -8.33% -3.97% 1.83% 7.54% Hyperion Australian Equities Broad Cap Composite -26.36% 1.95% -3.32% 6.98% 11.67% 1/11/1996 Outperformance -28.75% -9.38% -10.79% -2.00% 2.79% Hyperion Global Growth Companies Fund (Managed Fund) ** -4.55% 22.35% 10.40% 19.74% 19.56% 22/05/2014 Outperformance -14.75% 3.45% -2.85% 5.29% 5.63% Plato Investment Management - Gross Performance Plato Australian Shares Equity Income Fund - Class A 4.69% 13.95% 10.90% 11.63% 12.55% 9/09/2011 Outperformance 0.89% 1.30% 1.85% 1.15% 1.63% Plato Global Shares Income Fund 16.18% 22.83% 15.85% 12.02% 10.97% 30/11/2015 Outperformance 6.31% 4.29% 3.03% -1.97% -1.65% Plato Global Alpha Fund 19.90% 35.74% 27.46% - 26.45% 1/09/2021 Outperformance 10.12% 17.34% 14.73% - 14.49% Plato Australian Alpha Fund 9.38% - - - 19.17% 9/02/2024 Outperformance 6.69% - - - 9.82% Plato Global Core Fund 12.97% - - - 16.93% 30/05/2025 Outperformance 3.10% - - - 2.70% Solaris Investment Management - Gross Performance Solaris Core Australian Equity Fund 4.10% 13.12% 9.00% 9.71% 7.71% 9/01/2008 Outperformance 1.42% 1.72% 1.32% 0.67% 1.38% Solaris Total Return Fund (including franking credits) 5.61% 14.59% 10.78% 11.32% 10.90% 13/01/2014 Outperformance 1.82% 1.94% 1.72% 0.83% 1.08% Solaris Australian Equity Long Short Fund 8.94% 14.79% 11.10% - 11.49% 1/03/2017 Outperformance 6.26% 3.39% 3.42% - 2.78% Solaris Australian Equity Income Fund 5.47% 14.66% 11.27% - 11.53% 12/12/2016 Outperformance 1.68% 2.01% 2.21% - 1.19% Resolution Capital - Gross Performance Resolution Capital Global Property Securities Fund (Managed Fund) 7.53% 10.47% 1.86% 4.71% 8.26% 30/09/2008 Outperformance 4.63% 1.80% 1.33% 2.28% 3.24% Resolution Capital Core Plus Property Securities Fund - Series II -14.33% 10.73% 4.20% 7.00% 8.67% 31/08/1994 Outperformance -0.24% 1.39% 1.26% 1.73% 1.25% Resolution Capital Global Property Securities Fund (Unhedged) - Series II 1.66% 9.07% 3.21% 6.19% 10.24% 30/11/2011 Outperformance 4.30% 2.29% 1.85% 2.66% 2.16% Resolution Capital Global Property Securities Fund - Series II 7.47% 10.41% 1.79% 4.11% 4.05% 30/04/2006 Outperformance 4.57% 1.73% 1.26% 1.69% -0.21% Resolution Capital Global Listed Infrastructure Fund 6.92% 16.61% 10.30% - 10.30% 30/09/2021 Outperformance 8.96% 6.75% 3.58% - 3.58%
Page 41
41 The investment returns for each fund or strategy shown are for information purposes only. Unless otherwise stated, the investment returns have been calculated for the relevant period in AUD (with distributions reinvested) and are gross of applicable fees, costs and taxes. Past performance is not indicative of future performance. *** The fund changed its nam e from Spheria Global Microcap Fu nd to Spheria Global Smaller Companies Fun d on 18 Au gust 2026 † The fund changed its name from Antipodes Global Fund - Long to Antipod es Global Value Fund on 26 Novemb er 2024 ‡ The fund changed its name from Spheria Opportunities Fund to Spheria SMID Cap Fund on 18 August 2026 ¶ The fund changed its nam e from Antipod es Emergin g Markets Fund (Man aged Fund) to Antipodes Emerging Markets Fun d on 26 November 2024 § Exclud es perform ance of Map le-Brown Abbott, Antip odes Asia, China, Global Credit and Global Credit Opportunities Fu nds, which are n ot distributed by Pinn acle 1Y 3Y (p.a.) 5Y (p.a.) 10Y (p.a.) Inception (p.a.) Inception Date Pinnacle Investment Management Palisade Investment Partners - Gross Performance Palisade Diversified Infrastructure Fund 10.56% 10.56% 10.96% 11.37% 7.82% 15/12/2004 Palisade Australian Social Infrastructure Fund 17.56% 9.03% 9.91% 10.09% 12.32% 30/06/2011 Palisade Renewable Energy Fund 12.48% 11.93% 13.14% - 12.55% 30/09/2016 Palisade Impact Fund 16.77% 13.05% - - 12.58% 7/04/2022 Antipodes Partners - Gross Performance § Antipodes Global Fund 12.66% 16.48% 12.36% 12.03% 11.74% 1/07/2015 Outperformance -4.33% -1.64% -0.42% -1.57% -0.48% Antipodes Global Value Fund † 16.11% 17.60% 13.33% 14.29% 13.35% 1/08/2015 Outperformance -0.88% -0.52% 0.55% 0.69% 1.03% Antipodes Emerging Markets Fund ¶ 22.84% 16.35% - - 16.82% 3/10/2022 Outperformance -12.88% -5.04% - - -3.28% Antipodes Global SMID Fund 32.57% 33.14% - - 32.53% 2/11/2022 Outperformance 16.01% 18.09% - - 18.24% Antipodes Global Healthcare Fund 4.66% - - - -2.02% 5/02/2025 Outperformance -4.46% - - - -1.61% Spheria Asset Management - Gross Performance Spheria Australian Microcap Fund 0.29% 10.45% 11.19% 14.19% 14.31% 16/05/2016 Outperformance -7.81% 0.56% 8.21% 7.16% 7.38% Spheria Australian Smaller Companies Fund 1.17% 10.16% 5.65% - 9.94% 11/07/2016 Outperformance -6.94% 0.27% 2.67% - 3.42% Spheria Opportunities Fund 9.62% 13.29% 8.37% - 10.86% 11/07/2016 Outperformance 2.55% 3.53% 3.17% - 2.29% Spheria Global Opportunities Fund *** -0.80% 6.84% 4.24% - 11.58% 1/03/2019 Outperformance -23.91% -9.19% -4.96% - 0.63% Firetrail Investments - Gross Performance Firetrail Australian High Conviction Fund 8.52% 10.81% 8.00% - 8.14% 14/03/2018 Outperformance 2.41% 0.19% 0.23% - -0.66% Firetrail Absolute Return Fund 14.21% 14.65% 6.69% - 7.96% 14/03/2018 Outperformance 10.37% 10.53% 3.61% - 5.78% Firetrail Australian Small Companies Fund 16.54% 25.02% 11.68% - 19.09% 20/02/2020 Outperformance 8.44% 15.13% 8.70% - 14.70% Firetrail S3 Global Opportunities Fund (Managed Fund) 19.43% 20.51% - - 13.42% 3/11/2021 Outperformance 4.65% 2.85% - - 0.98% Firetrail Alpha Plus Fund 20.84% - - - 25.94% 21/02/2025 Outperformance 14.74% - - - 18.06% Longwave Capital Partners - Gross Performance Longwave Australian Small Companies Fund 11.63% 11.45% 6.84% - 10.13% 1/02/2019 Outperformance 3.52% 1.57% 3.86% - 3.46% Riparian Capital Partners - Gross Performance Riparian Water Fund 11.67% 6.49% 6.96% - 6.29% 1/12/2019 Outperformance 4.67% -0.51% -0.04% - -0.71% Langdon Equity Partners - Gross Performance Langdon Global Smaller Companies Fund -16.78% 6.87% - - 12.10% 27/06/2022 Outperformance -39.89% -9.15% - - -3.32% Performance of Affiliates to 30 September 2026 1Y 3Y (p.a.) 5Y (p.a.) 10Y (p.a.) Inception (p.a.) Inception Date Pinnacle Investment Management Palisade Investment Partners - Gross Performance Palisade Diversified Infrastructure Fund 9.55% 10.17% 10.44% 10.70% 7.77% 15/12/2004 Palisade Australian Social Infrastructure Fund 17.64% 9.03% 9.93% 10.11% 12.23% 30/06/2011 Palisade Renewable Energy Fund 13.06% 12.20% 13.29% 12.52% 12.52% 30/09/2016 Palisade Impact Fund 16.73% 13.24% - - 12.48% 7/04/2022 Antipodes Partners - Gross Performance § Antipodes Global Fund 12.23% 18.46% 12.93% 11.81% 11.89% 1/07/2015 Outperformance 1.00% -0.26% 0.51% -1.65% -0.17% Antipodes Global Value Fund † 10.96% 19.18% 13.73% 13.68% 13.36% 1/08/2015 Outperformance -0.28% 0.45% 1.32% 0.22% 1.21% Antipodes Emerging Markets Fund ¶ 12.54% 15.95% - - 15.33% 3/10/2022 Outperformance -10.54% -5.07% - - -3.18% Antipodes Global SMID Fund 21.64% 32.08% - - 29.05% 2/11/2022 Outperformance 13.65% 17.84% - - 16.50% Spheria Asset Management - Gross Performance Spheria Australian Microcap Fund -6.73% 12.45% 10.61% 14.00% 15.06% 16/05/2016 Outperformance 0.01% 2.04% 8.44% 7.90% 8.36% Spheria Australian Smaller Companies Fund -5.80% 12.91% 5.31% 9.84% 10.12% 11/07/2016 Outperformance 0.95% 2.50% 3.13% 3.74% 3.82% Spheria SMID Cap Fund ‡ 4.15% 16.79% 8.15% 11.09% 11.07% 11/07/2016 Outperformance 8.03% 5.91% 3.45% 2.90% 2.58% Spheria Global Smaller Companies Fund *** -2.61% 8.55% 3.82% - 11.33% 1/03/2019 Outperformance -12.62% -6.41% -3.95% - 1.38% Firetrail Investments - Gross Performance Firetrail Australian High Conviction Fund 3.88% 12.57% 8.05% - 8.35% 14/03/2018 Outperformance 1.20% 1.18% 0.37% - -0.35% Firetrail Absolute Return Fund 16.74% 16.47% 7.47% - 8.52% 14/03/2018 Outperformance 12.74% 12.33% 4.18% - 6.28% Firetrail Australian Small Companies Fund 0.68% 24.29% 10.15% - 18.83% 20/02/2020 Outperformance 7.43% 13.88% 7.97% - 14.19% Firetrail S3 Global Opportunities Fund (Managed Fund) 14.36% 19.93% - - 12.86% 3/11/2021 Outperformance 4.58% 1.53% - - 0.76% Firetrail Alpha Plus Fund 11.58% - - - 22.45% 21/02/2025 Outperformance 8.89% - - - 14.96% Longwave Capital Partners - Gross Performance Longwave Australian Small Companies Fund -0.38% 12.17% 6.66% - 10.23% 1/02/2019 Outperformance 6.36% 1.76% 4.48% - 3.85%
Page 42
42 The investment returns for each fund or strategy shown are for information purposes only. Unless otherwise stated, the investment returns have been calculated for the relevant period in AUD (with distributions reinvested) and are gross of applicable fees, costs and taxes. Past performance is not indicative of future performance. Performance of Affiliates to 30 September 2026 1Y 3Y (p.a.) 5Y (p.a.) 10Y (p.a.) Inception (p.a.) Inception Date Pinnacle Investment Management Riparian Capital Partners - Gross Performance Riparian Water Fund 11.24% 7.49% 6.83% - 6.45% 1/12/2019 Outperformance 4.24% 0.49% -0.17% - -0.55% Langdon Equity Partners - Gross Performance Langdon Global Smaller Companies Fund -13.43% 6.62% - - 10.98% 27/06/2022 Outperformance -23.44% -8.32% - - -2.34% Coolabah Capital Investments - Gross Performance Smarter Money (Active Cash) Fund Assisted 4.95% 5.98% 4.80% 3.86% 4.40% 20/02/2012 Outperformance 0.95% 1.86% 1.53% 1.75% 2.15% Coolabah Short Term Income Fund Assisted Gross 4.94% 6.00% 4.83% 4.18% 4.25% 8/10/2014 Outperformance 0.94% 1.88% 1.57% 2.07% 2.15% Smarter Money Long Short Credit Fund Assisted 6.34% 9.68% 7.75% - 7.12% 31/08/2017 Outperformance 2.34% 5.56% 4.49% - 4.95% Coolabah Active Composite Bond Strategy 0.49% 6.13% 2.18% - 3.85% 6/03/2017 Outperformance 0.89% 2.58% 2.17% - 2.00% Floating-Rate High Yield Fund (Assisted) Gross 6.01% 8.48% - - 9.56% 5/12/2022 Outperformance 1.24% 3.24% - - 4.40% BetaShares Active Australian Hybrids Fund (HBRD) 5.34% 6.67% 5.81% - 5.68% 13/11/2017 Outperformance -0.66% 0.55% 0.55% - 1.50% Coolabah Long-Short Opportunities Fund 6.75% 10.45% 8.18% - 8.88% 1/05/2020 Outperformance 2.75% 6.33% 4.91% - 6.33% Aikya Investment Management - Gross Performance Aikya Global Emerging Markets Fund - Class A (Aus Trust) -6.30% 1.44% -0.35% - 2.32% 5/03/2020 Outperformance -29.40% -19.57% -10.10% - -7.24% Aikya Emerging Markets Opportunities Fund - Class A -6.06% 1.82% - - 0.22% 12/01/2022 Outperformance -29.16% -19.18% - - -9.95% Life Cycle Investment Partners - Gross Performance Life Cycle Global Share Fund - Class A 7.99% - - - 14.21% 30/09/2024 Outperformance -1.79% - - - -1.86% Life Cycle Global Share Fund - Class H (Hedged) 14.35% - - - 14.59% 25/10/2024 Outperformance -1.76% - - - -2.06% Life Cycle Concentrated Global Share Fund - Class A 12.30% - - - 16.56% 30/09/2024 Outperformance 2.52% - - - 0.48% Life Cycle Concentrated Global Share Fund - Class H (Hedged) 18.80% - - - 16.28% 25/10/2024 Outperformance 2.69% - - - -0.37%
Page 43
Growth Agenda
Page 44
Three Horizons of growth 44 Prepared for, and seeking, further expansion opportunities – committed to fully leveraging our established global multi-affiliate platform by selectively expanding and deepening our model internationally, while maintaining unwavering discipline on quality and valuation • Continue to build Pinnacle by taking a measured approach to growth • Support the growth of current Affiliates with increased investment in distribution channels (e.g., international and listed markets) and product evolution (e.g., ETFs, LICs/LITs, managed accounts) • Invest in / seed new Affiliates and strategies where management teams have a strong track record and growth potential • Seeking to further diversify into asset classes with substantial growth potential • Actively pursuing international opportunities – ability to ‘export our model’ ✓ Horizon 1 – Diluted EPS grew at a CAGR of 31.1% (27.2% excluding one-off gain on ‘step-acquisition’ of PAM) in the ten years since Pinnacle listed as a ‘pure play’ investment management business in 2016 to 30 June 2026; FUM grew at a CAGR of 27.8% over that same period (25.1% excluding ‘acquired’ FUM) Horizon 2 – Built 'from scratch’: Hyperion, Plato, Solaris, Palisade, Antipodes, Spheria, Firetrail, Longwave, Riparian Horizon 3 – Acquired interests in, then grew: Resolution Capital, Metrics, Coolabah, Five V, Pacific Asset Management, VSS, Advantage Partners Ongoing margin expansion Impacts ‘Pinnacle Parent’ costs Required capital to fund acquisitions ✓ ✓ Horizon 2 – Built ‘from scratch’ outside of Australia: Aikya, Langdon, Life Cycle ✓ Horizon 1 • Sustain organic growth of the existing business of each Affiliate Horizon 2 • New Affiliates and ‘non- capital’ Parent growth initiatives (direct-to-retail, international) • Reasonable limits to be set given ‘drag’ on Pinnacle financials Horizon 3 • Must not place the company at risk • Only consider if low risk and high return on invested capital • Exercise great care and careful due diligence • Must be synergistic with existing core
Page 45
Future growth drivers 45 An excellent platform in place to move ahead with sustained growth Result: additional growth, corporate stability/robustness, bettermeeting clients’ evolving and expanding needs • Investment in (and continuing to evolve and grow in size and sophistication) our distribution platform • Investment in high growth, high margin retail and international channels • Adoption of advanced digital marketing tools • Listen to clients and move quickly to meet their evolving needs • Robust, flexible platform enabling strong further growth • Continuing investment excellence (strong reputation for such) • Widespread industry recognition and support • ‘Article of faith’ reputation for performance, quality and capability excellence – significantly improves ‘speed to market’ for new Affiliates • Leveraging Pinnacle’s scale for the benefit of all Affiliates • Develop investment capability and support growth • Significant opportunity to launch new strategies to further diversify FUM • Gaining traction as strategies mature and performance record established • Investment in new strategies adds diversification and further growth • Sustainability and Impact strategies • Global equities (developed & emerging markets) • Alternative Fixed income • Private capital (debt & equity) • Absolute return (single & multi-asset) • Existing Affiliates are increasingly able to build or buy (with Pinnacle backing) then grow additional new businesses - 'Affiliates within Affiliates’ • International markets provide a large range of opportunities, carefully ‘exporting our model’ • Natural acquirer of further equity in existing Affiliates as this becomes available Distribution Platform Expansion Robust, Flexible Operating Platform Start-Up Affiliate Enablement Existing Affiliate Expansion Acquisitive Growth
Page 46
(20) (10) - 10 20 30 40 50 60 70 Yr1 Yr2 Yr3 Yr4 Yr5 Yr6 Yr7 Yr8 Yr9 Yr10 Yr11 Yr12 Yr13 Yr14 Yr15 Yr16 Yr17 Yr18 Yr19 Yr20 Total (Investm ent) Return ($m ) Cumulative Return on Investment in Horizon 2 Initiatives – updated to FY26 (excluding any consideration of increased capital value) 9.48x 50.50x 10.63x 8.47x 17.66x 1.01x 0.12x 0.05x 1.47x 0.08x Horizon 2 in review 46 Investment in our Horizon 2 initiatives have a strong track record of delivering strong returns over the medium to long term with limited initial capital requirements MOIC: • Cumulative returns across all mature Horizon 2 initiatives (excluding any consideration of increased capital value) has been >10x capital outlay • Pinnacle and Affiliates continue to actively pursue growth initiatives, recognising that these will moderate profits in the short- term but provide extremely lucrative growth opportunities over the medium-term • All Affiliates are now at or exceeding run- rate profitability • Each initiative is only entered into after careful consideration of the longer-term benefits and with reasonable limits set on both time to success and the size of ‘investment’ required, given the drag on profitability • Pinnacle and Affiliates will continue to pursue these initiatives where it is commercially sensible to do so
Page 47
Horizon 2 development and growth of Listed Products capability 47 • In Australia, Pinnacle now has >$12bn ($7bn ETFs and $5bn LICs) across 22 listed funds (16 ETFs and 6 LICs). • Pinnacle is the largest listed active fund issuer in Australia by 50% • HYGG and PGA1 are 2 of only 5 ASX-listed active ETFs with >$1bn • FY26 flows into Australian listed funds of $2.6bn, up >100% on FY25 • PGA1, YLDX and FSML notable winners in ASX ETFs (all new ETFs in FY26) • The Solaris Equity Income Plus LIC (ASX: SET) IPO of $188m, completed in April 2026, was one of only two LIC IPOs on the ASX in FY26 • Australian LIC IPOs getting harder - there is therefore a moat around existing LICs to raise additional capital if trading at NTA premium • In US: Pacific North of South EM Equity Active ETF (NASDAQ: GEME) >US$450 million AUM • Active ETF adoption is rising – brokers used to be 2/3 of our ETF buyers. Now below 50% with IFAs, asset consultants, private banks, etc. becoming more relevant buyers as they see the benefits of transparency and liquidity of active ETFs over managed funds - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 30 Jun 2024 30 Jun 2025 30 Jun 2026 FUM ($m) Pinnacle Affiliate Australian Listed Product FUM Source: ASX and CBOE (CHESS only FUM i.e. excl FUM in unlisted unit of dual-access funds)
Page 48
Capacity Graph – continued expansion through growth into adjacent capabilities 48 0 100 200 300 400 500 600 700 800 900 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 FUM ($bn) Platform Capacity Evolution FUM Capacity • At 30 June 2026, platform capacity exceeds $800bn (>$600bn unused) • Platform capacity has been carefully and deliberately expanded over time through diversification into new Affiliates and markets and by Affiliates expanding into additional complementary strategies • Existing capacity provides significant headroom for growth within Horizon 1 – Pinnacle’s core • Further expansion activity, across Horizons 2 & 3, will see platform capacity continue to grow • Large, multi-channel, multi-market distribution capability underpins the opportunity for FUM growth across the platform Through careful and consistent investment across our Three Horizons, we have increased both FUM and the platform capacity through strategic diversification – providing the opportunity for further growth without any further need for investment
Page 49
Horizon 3 – the story so far 49 • Our criteria for partnering with existing investment managers through Horizon 3 initiatives have remained unchanged: • Strategically attractive and diversifying relative to current Affiliate composition • Ability for Pinnacle to add value, e.g., by distribution • High demand asset classes including, but not limited to: • Private Credit • Private Equity / Buyout • Venture Capital / Growth Equity • Infrastructure and Real Assets • More recently internationally-focused – particularly North America, Europe Horizon 3 has been a key part of Pinnacle’s growth strategy since inception, adding complementary, high-quality, market-ready investment capability that we can assist to grow more rapidly by leveraging our platform (10 0) (80 ) (60 ) (40 ) (20 ) - 20 40 60 80 100 Yr1 Yr3 Yr5 Yr7 Yr9 Yr11 Yr13 Yr15 Yr17 Yr19 To tal (Investment) Return ($m) Cumul ative Return on I nvestment in Horizon 3 Initiatives - with MOIC 3.60x 0.86x 1.05x 0.42x 0.16x Resolution Capital Acquisition Date Sep-07 FY26 FUM (bn) 12.1 FUM at acquisition (bn) 2.9 FUM CAGR since acquisition (%) 7.9% Earnings CAGR since acquisition (%) 16.8% Revenue CAGR since acquisition (%) 14.0% Metrics Acquisition Date Aug-18 FY26 AUM (bn) 40.4 AUM at acquisition (bn) 3.0 AUM CAGR since acquisition (%) 39.3% Earnings CAGR since acquisition (%) 27.2% Revenue CAGR since acquisition (%) 1 44.1% Coolabah Acquisition Date Dec-19 FY26 FUM (bn) 19.9 FUM at acquisition (bn) 3.0 FUM CAGR since acquisition (%) 33.7% Earnings CAGR since acquisition (%) 42.8% Revenue CAGR since acquisition (%) 31.5% Five V Acquisition Date Nov-21 FY26 FUM (bn) 3.3 FUM at acquisition (bn) 1.1 FUM CAGR since acquisition (%) 27.1% Earnings CAGR since acquisition (%) 27.1% Revenue CAGR since acquisition (%) 33.2% 1Revenues are net of in terest MOIC:
Page 50
2.71% 2.52% 0.07% 0.01% 0.09% 0.02% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% - 1 0,000 2 0,000 3 0,000 4 0,000 5 0,000 6 0,000 7 0,000 8 0,000 Australi an Reta il Australi an Instituti onal Japan Asia ex-Japan EMEA North America % PNI Market Penetration FUM ($bn) PNI P enetration of Domestic and Global Markets1,2,3 Market S i z e at Jun-26 PNI Marke t P e netration International opportunity for the PNI platform 50 Purposeful expansion into larger international markets – through growing global Affiliate presence, expanding globally relevant product suite and increasing global distribution footprint – provides the opportunity to continue to deliver growth • Since inception, our presence in the Australian markets has steadily grown with significant headroom remaining • Expanding into global markets that are multiples larger in size creates greater opportunities for accelerated growth • We have deliberately continued to expand our global product suite: 0.25% 0.44% 0.68% 0.95% 1.11% 1.42% 1.44% 1.51% 1.71% 2.23% 2.71% - 500 1,000 1,500 2,000 2,500 Ju n 16 Ju n 17 Ju n 18 Ju n 19 Ju n 20 Ju n 21 Ju n 22 Ju n 23 Ju n 24 Ju n 25 Ju n 26 FUM ($bn) PNI's place in the Australian Retail Market over time1 PNI Domestic Re tai l Domestic Retail Total Market 0.89% 1.00% 1.17% 1.52% 1.57% 1.98% 1.79% 1.79% 1.80% 2.26% 2.52% - 5 00 1 ,000 1 ,500 2 ,000 2 ,500 3 ,000 3 ,500 4 ,000 4 ,500 5 ,000 Ju n 16 Ju n 17 Ju n 18 Ju n 19 Ju n 20 Ju n 21 Ju n 22 Ju n 23 Ju n 24 Ju n 25 Ju n 26 FUM ($bn) PNI's place in the Australian Institutional M arket over time2 PNI Domestic Instituti onal Domestic Institutional To tal Market PNI Domestic Instituti onal (%) • UCITS (Ireland) • AIF (Ireland) • OEIC (UK) • CIT (US) • Delaware LP (US) • US Active ETFs (US) • Cayman Master Feeder • Canadian Mutual Funds • Australian Unit Trust • Australian Active ETFs • NZ PIEs • UK Permanent Capital Vehicles (e.g., Investment Trusts) 1. Domestic Retail Total Market : June 2026 market size estimated us ing managed f unds indust ry growth t rends and Australian re tail/wealth management m arket expansion. Figure is consistent with Aus tralian managed funds industry asset growth and industry m arket res earch benc hm arks 2. Dom estic Institut ional Total Mark et: June 2026 mark et size based on Australian institutional ass ets growth, benc hm ark ed ag ainst APR A s uperannuation assets of A$4.3tn at June 2025 and KPMG's est im ate of Australian superannuation assets exc eeding A$4.5 tn in 2026 3. Regional Total Market AuM: June 2026 market sizes based on BC G regional AuM estimat es. Where B CG report s Aust ralia & Japan as a combined category, values have been allocated using regional asset market benchmarks and industry AuM dis tribution es timates.
Page 51
Corporate Responsibility
Page 52
Our Approach to Sustainability 52 We are committed to building a sustainable, inclusive and resilient firm This means fostering a work environment that recruits, retains and supports exceptional people with diverse experience, align ing firm growth with our climate ambitions, expanding the reach and impact of our philanthropic partnerships and supporting Affiliate transitions to a more sustainable future Purpose People Planet Ensure sustainability principles and practices are integrated into the way we conduct business Recruit, retain and support talented people who understand and contribute strongly to our Purpose and Values Acknowledge and act on the risk that climate change poses to the economy, financial markets and society • Our fourth voluntary Modern Slavery Statement, for the FY25 reporting period, was submitted to the Australian Border Force, demonstrating our progress in addressing modern slavery risk in our operations and supply chain. We are actively working on the submission of our FY26 Modern Slavery Statement • Work continued on Pinnacle’s Family Friendly Workplace action plan. We understand the importance of creating a workplace culture where equality, integrity and respect are core values • We continued to pursue 40:40:20 gender targets in pursuit of gender equality in representation across our Board, workplace and leadership team • We awarded 11 Women in Finance Scholarships across 5 universities in 2026 with scholarships offered over multiple years to enhance the internship experience. A new Women in Asset Management Scholarship was introduced • In FY26, Pinnacle and Affiliates contributed over $1.36 million to multiple communities, primarily through the PNI Foundation and its 18 not for profit (NFP) partners and our matched workplace giving program • We have maintained carbon neutral certification since FY20 under the Climate Active Standard • Work continued toward our commitment for all our significant suppliers to disclose greenhouse gas (GHG) data aligned with recognised standards by FY28 • We continued Affiliate engagement via the Pinnacle Group ESG Working Group, with a strong focus on building coordinated sustainability-reporting preparation and climate-related disclosure readiness
Page 53
PNI Foundation 53 • Pinnacle is passionate about enabling better lives through investment excellence. This is strongly reflected through a longstanding commitment - together with Affiliates – to the PNI Foundation and its role as a key driver of employee and investor philanthropic interests and the Group’s broader sustainability approach • The Foundation’s focus is on growing the reach, sustainability and impact of creative and clever Australian not-for-profit (NFP) organisations. NFP partners are actively sought out and invited to establish multi-year partnerships which drive sustainable change across four dedicated focus areas, with early-stage backing often provided • Financially underpinned by Pinnacle and with access to extensive in-house pro bono services across investment management, portfolio reporting, finance, marketing, compliance and IT, the Foundation operates with low overheads and high impact • The portfolio is built on an investment strategy designed to tolerate significant volatility, with a focus on providing reasonable capital protection whilst aiming to drive growth over an extended period. Investments are held in a diverse range of Affiliate strategies, with Affiliates donating back the equivalent of management fee rebates through cash or additional units in holdings
Page 54
PNI Group FY26 Aggregate Giving 54 • In 2026 the PNI Foundation made total donations of $823,000 across its four core focus areas, including to 18 long-term NFP partners • Affiliates donated a further $350,000 to 11 of these partners • A further $126,000 was gifted across the broader NFP sector by the Foundation, Pinnacle and Affiliates, together with employees and other stakeholders • Matched workplace giving programs contributed $67,000 to 64 Australian NFPs • These combined financial donations were in excess of $1.36 million and have supported inspiring NFPs working across the country
Page 55
PNI Foundation – FY26 NFP Partners Multiple partnerships with 18 NFPs are driving long-term sustainable impact across four core focus areas: DOMESTIC AND FAMILY VIOLENCE Facilitating legislative reform, advocacy and long-term recovery for victim-survivors MENTAL HEALTH AND WELLBEING Offering support through community connection, prevention and early intervention strategies CHILDREN AND YOUNG PEOPLE Providing education, support, pathways to empowerment and specialised medical research ENVIRONMENTAL SUSTAINABILITY Focussing on water resource management and climate solutions Broader sector engagement is provided through long- term support of The Funding Network’s alumni program. This helps the ongoing professional development of early-stage NFPs
Page 56
Conclusion
Page 57
Pinnacle differentiation 57 A preeminent multi-affiliate investment firm 1. Distinguished from competitors by comprising the highest quality investment management firms 2. High quality, experienced, dedicated, passionate investment professionals – strongly focused on performance; with substantial equity in their own business and their interests aligned with clients 4. Plus, institutional grade shared common ‘infrastructure’, including major distribution capability (the ‘best of both worlds’) 5. Importance of succession planning within Affiliates; long- term sustainable businesses 3. All the advantages, benefits and superior conditions of a ‘boutique environment’ Investors want their investment management firms to be long-term, enduring and sustainable
Page 58
58Conclusion: high rates of EPS growth should be sustainable Pinnacle should be able to continue to compound EPS growth at high rates •Pinnacle’s fundamental business model has been winning for 20 years • The model and philosophy are unchanged, strong and sustainable • Investment excellence, supported by distribution excellence; operations, risk and technology excellence • Capital-light expansion (Horizons 1 and 2) • Evolve and adapt but always within consistent philosophy and model • Growth will continue from multiple sources, including adjacent Blue Oceans, within unchanged philosophy • Increasing scale to deliver efficiency and operating leverage assisted by technology, data and AI • We will not prejudice this compelling growth. We will: •not pursue ‘growth for growth’s sake’ • not take the Core for granted • always go only where competitive advantage clear • always take a medium to long term view • eschew arrogance; confidence balanced with humility
Page 59
03 Q&A
Page 60
04 Additional Information
Page 61
FY26 in review
Page 62
FY26 financial results 62 • NPAT attributable to shareholders of $176.7m • 31% increase on FY25 (25% increase in diluted EPS) • Performance fees earned by Pinnacle Affiliates, post-tax, contributed $35.6m of Pinnacle’s NPAT in FY26 ($46.6m in FY25) • Return on Principal Investments (PI) net of interest of ($7.4m) in FY26 compared with $20.3m in FY25 • Significant accounting profit on ‘step acquisition’ of PAM, of $46.2 million, net of transaction costs • NPAT excluding returns on PI and PAM ‘step acquisition’ gain was $138.0 million in FY26, compared with $114.2 million in FY25 (21% higher) • Pinnacle Parent fee revenues 42% higher than FY25 (50% excluding dividends/distributions on interest) • Strong growth in Affiliates where Pinnacle has revenue sharing arrangements • Robust retail flows • Pinnacle Parent expenses increase of $44.6m is attributable to: • $26.8m movement in unrealized mark-to-market on PI, predominantly seed investments • $12.2m increase in staff costs, comprising both additional headcount (particularly in offshore distribution) and remuneration uplift, including provision for long term incentives • Pinnacle Parent profit before tax, excluding return on principal investments net of interest, $3.1m in FY26 compared with a loss of $5.5m in FY25 • Overall NPAT, excluding impact of performance fees, step-acquisition profit on PAM and PI is up 51% on FY25 • Pinnacle’s share of PAM’s profits moved to 100% from 24 April 2026. From this date, PAM delivered $6.5m in profits to Pinnacle • No net Horizon 2 cost in FY26: • We entered FY26 with all current Horizon 2 initiatives at breakeven, with continuing growth in revenues from those initiatives offsetting the ongoing costs. We remind shareholders that we exclude previous Horizon 2 initiatives from this calculation once they reach breakeven (i.e., before they might be considered mature) • Aggregate Affiliate funds management revenues grew 28% compared with FY25 (35% excluding performance fees) • Affiliate margins on funds management activities excluding performance fees have improved: increased by 10% of the prior year margin (decreased by 3% of the prior year margin excluding performance fees) • Diluted EPS attributable to shareholders of 78.1 cents, up 25% from 62.4 cents in FY25 • Final dividend per share of 31.0 cents, franked to 65%, up 15% from the final FY25 dividend of 27.0 cents 1. Includes dividends and distributions received on PI. These were $12.2m in FY26, compared with $11.6m in FY25 2. Includes interest cost on the CBA facility of $7.8m in FY26 ($6.5m in FY25) 3. Includes mark-to-market and realized gains/losses on PI, net of hedging. These were total net losses of $14.5m in FY26 (increases ‘expenses’), compared with total net gains of $12.3m in FY25 (decreases ‘expenses’) 4. Tax at 25% now included in the Taxation line FY26 ($m) FY25 ($m) % Change PINNACLE Pinnacle Parent Revenue 1 93.2 65.5 42% Pinnacle Parent Expenses 2,3 (95.3) (50.7) 88% Share of Pinnacle Affiliates net profit after tax 136.0 129.7 5% Gain on ‘step acquisition’ of PAM (net of transaction costs) 46.2 - - PAM net profit – at 100% post -acquisition 4 6.5 - - Net profit before tax 186.6 144.5 29% Taxation (9.9) (10.1) (2%) NPAT from continuing operations 176.7 134.4 31% Discontinued operations - - - NPAT attributable to shareholders 176.7 134.4 31% NPAT attributable to shareholders - excluding net gains/losses on PI, net of interest, and profit of step-acquisition of PAM, net of transaction costs 138.0 114.2 21% Basic earnings per share: From continuing operations 78.7 63.2 25% Total attributable to shareholders 78.7 63.2 25% Diluted earnings per share: From continuing operations 78.1 62.4 25% Total attributable to shareholders 78.1 62.4 25% Dividends per share: 60.0 60.0 0%
Page 63
FY26 financial results 63 • Cash and PI of $286.0m • Includes $188.5m invested in strategies managed by Pinnacle Affiliates • CBA facility expanded to $250m and fully-drawn • In the last two financial years, Pinnacle has deployed capital into a range of strategically -aligned growth initiatives : • $149m used to acquire initial interests in VSS and PAM • Approximately $75m was used to seed new strategies for existing Affiliates, including Life Cycle (which has in the main been recycled), and to fund the acquisition of additional equity in existing Affiliates • $84.7m used to acquire the initial 5% interest in Advantage Partners in January 2026 (including transaction costs) • $228m cash paid in April as part of the acquisition of the remaining 75% of PAM (with the balance funded with Pinnacle shares) • $75m will be paid in July to restore our holding in Metrics to 35% • Excludes impact of the final dividend of 31.0 cents per share payable on 25 September 2026 and dividends received or to be received from Affiliates since 30 June 2026 • The final dividend will be 64.5% franked • Investments in Affiliates represents the ‘equity accounted’ value, i.e., investment cost, plus Pinnacle’s share of profits, less Pinnacle’s share of dividends received. The balance is tested for impairment at each reporting period. Pinnacle’s share of Affiliate performance fees that crystallized during FY26 are included in Pinnacle’s share of profits which increases the carrying value of the investments ; any associated dividends will reduce the carrying value when paid • From 24 April, Pinnacle’s interest in PAM is consolidated, with the difference between the cost of the investment and the identifiable assets held as goodwill and tested for impairment at each reporting period • Pinnacle’s investment in Advantage is currently included within financial assets • Balance sheet retains flexibility for further growth initiatives 30 Jun 2026 ($m) 30 Jun 2025 ($m) % Change CURRENT ASSETS Cash and cash equivalents 89.5 26.6 237% Financial assets 196.5 436.9 (55%) Total cash and financial assets 286.0 463.5 (38%) Other current assets 72.1 53.6 35% Total current assets 358.1 517.1 (31%) NON-CURRENT ASSETS Investments in Affiliates 525.2 514.2 2% Financial assets 83.9 0.2 34,876% Other non-current assets 516.4 27.1 1,809% Total non-current assets 1,125.5 541.5 108% Total Assets 1,483.6 1,058.6 40% LIABILITIES Debt facility 250.0 100.0 150% Other liabilities 78.4 40.2 95% Total liabilities 328.4 140.2 134% Net assets 1,155.2 918.4 26% Net shareholders’ equity 1,155.2 918.4 26%
Page 64
Investment Performance 64 Our industry leading portfolio of high performing Affiliates continues to outperform benchmarks and provides an engine for continued FUM growth and performance fee generation Affiliate strategies outperformance over benchmarks 2 (alpha) – over 5-year period, p.a. (before fees) 1. With track records exceeding 5 years 2. Palisade funds are not included in the above graph as they have no comparable benchmark, all strategies with a five-year track record have outperformed over the five years * MOT, Metrics Direct Income Fund & MXT performance figures are net of fees ** The fund changed its name from Hyperion Global Growth Companies Fund - Class B to Hyperion Global Growth Companies Fund (Managed Fund) on 5 February 2021 in order to facilitate quotation of the fund on the ASX *** The fund changed its name from Spheria Global Microcap Fund to Spheria Global Opportunities Fund on 01 October 2022 † The fund changed its name from Antipodes Global Fund - Long to Antipodes Global Value Fund on 26 November 2024 ‡ The fund changed its name from Resolution Capital Real Assets Fund to Resolution Capital Global Real Assets Fund on 1 July 2026 The investm ent retu rns for each fund or strategy shown are for inform ation purp oses only. Unless otherwise stated, th e in vestment returns have been calcu lated for the relevant period in AUD (with distributions reinvested) and are gross of applicable fees, costs and taxes. Past perform ance is n ot indicative of futu re performance • 81% of strategies have outperformed over a five-year period1,2 • 21% of strategies have outperformed their benchmarks by > than 5% p.a. (9.8%) (9.1%) (8.7%) (5.0%) (3.2%) (2.4%) (0.4%) (0.0%) 0.2% 0.6% 0.6% 1.4% 1.5% 1.5% 1.7% 1.8% 1.8% 1.9% 1.9% 2.2% 2.3% 2.3% 2.4% 2.7% 3.2% 3.3% 3.6% 3.9% 3.9% 4.4% 4.5% 4.5% 4.7% 4.8% 5.3% 5.5% 6.1% 7.6% 8.2% 8.7% Hyperion Australian Growth Companies Fund Hyperion Australian Equities Broad Cap Composite Aikya Global Emerging Markets Fund - Class A (Aus Trust ) Spheria Global Opportunities Fund *** Hyperion Global Growth Companies Fund (Managed Fund) ** Hyperion Small Growth Companies Fund Antipodes Global Fund Riparian Water Fund Firetrail Australian High Conviction Fund Antipodes Global Value Fund † BetaShares Active Australian Hybrids Fund (HBRD) Plato Australian Shares Equity Income Fund - Class A Smart er Money (Active Cash) Fund Assist ed Coolabah Short Term Income Fund Assist ed Gross Solaris Core Australian Equity Fund Resolution Capital Global Property Securities Fund - Series II Resolution Capital Global Property Securities Fund (Managed Fund) Resolution Capital Core Plus Property Securities Fund - Series II Solaris Total Return Fund (including franking credits) Coolabah Active Composit e Bond St rategy Solaris Australian Equity Income Fund Plato Global Shares Income Fund Resoluti on Capital Global Property Securities Fund (Unhedged) - Series II Spheria Australian Smaller Companies Fund Spheria Opportunities Fund Resolution Capital Global Real Assets Fund ‡ Firetrail Absolute Return Fund Longwave Australian Small Companies Fund Solaris Australian Equity Long Short Fund Smarter Money Long Short Credit Fund Assisted Metrics Master Income Trust (MXT) * MCP Diversified Australian Senior Loan Fund Metrics Direct Income Fund * Coolabah Long-Short O pportunities Fund MCP Secured Privat e Debt Fund II MCP Wholesale Investments Trust Metrics Income Opportunit ies Trust (MOT) * MCP Real Estate Debt Fund Spheria Australian Microcap Fund Firetrail Australian Small Companies Fund
Page 65
Growth, strategic expansion and strong performance across Pinnacle’s global platform 65 Middle office and fund administration RE, compliance, finance, legal Seed FUM and working capital Distribution and client services Technology and other firm infrastructure Interface for outsourced services 49.9% $13.8bn Global & Australian Growth Equities 1996 $27.8bn Global & Australian Systematic Equities 2006 $5.4bn Private Infrastructure 2007 $12.1bn Global Real Estate & Infrastructure Securities 20041 $8.1bn Core & L-S Australian Equities 2008 $20.9bn Global L-S & Long Only Equities 2015 $1.6bn Global & Australian Small & Micro-Cap Equities 2016 $3.3bn High Conviction & L-S Australian & Global Equities 2018 $40.4bn3 Private Credit 20114 $1.6bn Australian Small Cap Equities 2018 $0.3bn Water, Agricultural Private Equity 2019 $19.9bn Alternative Public Credit 20115 $3.3bn Private Equity, Growth Equity & Venture Capital 20166 $0.9bn Global and Canadian Small C ap Equities 2022 42.3% 35.9% 49.5% 44.5% 23.6% 40.0%2 28.5%2 28.4% 40.0%2 44.5% 37.7% 25.0% 32.5% FUM shown for each Af filiate is FUM at 30 June 2026, at 100% 1. Founded in 2004. Pinnacle acquired equity in September 2007 2. The percentage represents Pinnacle’s total shareholding in the Af filiate. Pinnacle current ly holds less than 1% of the voting shares in the Affiliate, how ever, it has f ull economic rights in respect of its holding 3. The report ed number for Metrics is Assets Under Management. Metrics earns f ees on the full AUM figure. Metrics acquired BC Finance and Taurus in July 2025, w hich added approximately $7.5bn in AU M 4. Founded in 2011. Pinnacle acquired equity in August 2018 5. Founded in 2011. Pinnacle acquired an init ial 25% equit y stake in December 2019 FY26 Highlights: • Advantage Partners Pinnacle agreed to acquire an initial 5% interest in Japan’s leading, home-grown private equity platform with an ability to acquire a further 8% on the same terms, with the first tranche completing in January 2026 • Firetrail extended its active ETF range, with the Firetrail Alpha Plus Fund – Complex ETF, listing on the ASX on 4th March 2026 (ASX: FIRE) • Life Cycle becomes Pinnacle’s largest Affiliate, by FUM, managing over $42bn at 30 June 2026 • Pacific Asset Management partnership deepened, with Pinnacle’s ownership stake increased to 100% • Palisade established a partnership group to support its continued growth as a leading global infrastructure and real assets manager • Plato’s Global Shares Income Fund listed on the ASX as an Active ETF on 18 May 2026 (ASX: PGI2) • Resolution Capital launched a blended Global Real Asset Fund, a market-unique strategy offering exposure to both real estate and infrastructure in a single allocation • Solaris Australian Equity Income Plus Ltd (ASX: SET) listed on the ASX on 17th April 2026, following a successful IPO capital raise of $188 million from investors across Australia 6. Founded in 2016. Pinnacle acquired a 25% int erest in November 2021 via convertible redeemable preference shares, which convert int o ordinary equity in certain sit uations 7. Founded in 2016. Pinnacle initially acquired equity in Oct ober 2024. Pinnacle increased its investment in PAM to 100% on 24 April 2026 32.5% $42.4bn Global Core Equities 2024 $31.0bn UK Single Manager & Multi-Asset Platform 20167 $0.9bn8 US Structured Capital 19879 8. Management fees paid on committ ed capital of US$656 million as at 30 June 2026. 9. Founded in 1987. Pinnacle acquired equity in November 2024 10. Founded in 1992. Pinnacle acquired equity in January 2026 25.0% 100.0% 22.5% $8.0bn Global Emerging Market Equities 2020 $7.3bn Japan & Asia Buyout, Private Solutions, Renewables and Sustainability 199210 5.0%
Page 66
FY26 FY25 % Change Pinnacle Affiliates – at 100% (Aggregat e basis) FUM ($bn) 2 229.4 179.4 28% Equity Accounted Affiliates at 100% PAM - Post Acquisition PNI Affiliates at 100% PNI Affiliates at 100% Funds Management Revenue ($m) 1,135.9 16.5 1,152.4 900.8 28% Non-Funds Management Revenue ($m) 638.3 - 638.3 24.2 2,538% Net profit before tax (NPBT) ($m) 520.9 6.5 527.4 429.7 23% Tax expense ($m) (132.6) - (132.6) (109.2) 21% Net profit after tax (NPAT) ($m) 388.3 6.5 394.8 320.5 23% Pinnacle share of Affiliates’ NPAT ($m) 136.0 6.5 142.5 129.7 10% Revenue and margin performance and key drivers 66 Strong revenue growth, with notable contribution from newer Affiliates; increasing revenues from previous Horizon 2 initiatives driving margin improvement from funds management activities Affiliate Revenues1,3 Summary results – Affiliates (at 100%) • Horizon 2 spending has delivered platform and product expansion and further avenues for growth, whilst moderating short-term profitability • Pinnacle and Affiliates will pursue further Horizon 2 opportunities that meet our quality criteria • All Pinnacle Affiliates at run-rate profitability or better, and all Horizon 2 initiatives were at break-even or better, with no net cost to Pinnacle in FY26 • We remind shareholders that initiatives are no longer considered Horizon 2 once they reach breakeven • Affiliate margins on funds management activities excluding performance fees have again improved: increased by 10% of the prior year margin (decreased by 3% of the prior year margin excluding performance fees) 1Affiliate revenu es are shown at 100% to indicate trend. Pinnacle holds equ ity stakes of varyin g magnitud e in each Affiliate and accounts for its share of Affiliates’ NPAT 2FUM is 100% of FUM managed by Pinnacle Affiliates. Includes $6.8bn ‘acquired’ in Jul 2018, $3.0bn ‘acquired’ in Dec 2019, $1.1bn ‘acquired’ in Dec 2021, $9.8bn ‘acquired’ in Aug 2024, $17.0bn ‘acquired’ in Nov 2024, $1.1bn ‘acquired’ in Dec 2024 and $4.8bn ‘acquired’ in Jan 2026. Pinnacle holds equity stakes of varying magnitude in each of the Affiliates and does not ‘own’ 100% of the FUM 3Includes PAM revenues at 100% post completion of Pinnacle’s acquisition of the remaining equity it did not already hold • Total Affiliate revenues1,3 (at 100%) were $1,790.7m in FY26, including $146.6m (8.2%) of performance fees; in FY25, total Affiliate revenues (at 100%) were $925.0m, including $153.6m (16.6%) in performance fees • Growth of 28% in funds management revenues3 on FY25 (35% excluding performance fees) • Strong contributions from Life Cycle, PAM and Plato, who have all rapidly grown their FUM • Average fee rates on Affiliate funds management revenues have remained consistent in FY26 from FY25, notwithstanding large institutional flows; underlying trends driving longer-term increase in rates remain (growth in private markets FUM, retail/wholesale and internationally-sourced FUM) 75. 0 111.6 151.2 221.4 264.5 329.3 447.7 453.4 553.6 747.3 1,005.8 24. 2 638.3 17. 8 16. 7 17. 2 15. 3 26. 7 86. 2 57. 8 58. 2 109.8 153.6 146.6 - 2 00 4 00 6 00 8 00 1 ,000 1 ,200 1 ,400 1 ,600 1 ,800 2 ,000 Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23 Jun 24 Jun 25 Jun 26 Revenue ($ m) Affiliate pe rformance fees - 100% Affiliate non-funds management revenues - 100% Affiliate funds management revenues - 100% (excl. performance fees)
Page 67
17.0% 16.2% 12.5% 11.2% 8.4% 8.0% 5.5% 4.9% 3.3% 3.2% 2.9% 2.2% 1.3% 1.3% 0.7% 0.6% 0.4% 0.4% 0.1% Life Cycle Metrics PAM Plato Antipodes Coolabah Hyperion Resolution Capital Solaris Aikya Advantage Palisade Five V Firetrail Longwave Spheria VSS Langdon Riparian Diversification → resilience of core earnings 67 A broadly diversified platform in place to move ahead with sustained growth 30 Jun 16 30 Jun 26 67 2 24 7 30 Jun 16 30 Jun 26 1. FUM is 100% of FUM managed by Pinnacle Affiliates 2. The reported number for Metrics is Assets Under Management. Metrics earns fees on the full AUM figure ▪ Australian Equities ▪ Global Equities ▪ Private Equity & Venture Capital ▪ Public Infrastructure & Real Estate ▪ Private Infrastructure, Real Estate & Agriculture ▪ Credit (Public Markets) ▪ Credit (Private Markets) 30 June 2026 FUM1 by Affiliate (%)2 Change in FUM1 by Asset Class (%) Growth in FUM1 subject to performance fees by Strategy 2 20 47 5 8 3 9 9
Page 68
FY26 Market Update – Institutional & International
Page 69
Institutional & International 69 • $10.9bn net inflows in FY26 • Strong inflows into core global equities and global fixed income • Investor demand expected to remain resilient across core global and Australian equities, fundamental and systematic and global fixed income • Superannuation industry consolidation and the associated ‘scale tests’ and ‘performance tests' driving portfolio construction decisions and active risk appetite • Increasing ‘for -profit’ retail super fund appetite for private markets, particularly real estate, infrastructure and credit • Substantial demand for fixed income insurance solutions, including liability matching, capital efficient return enhancement and decarbonisation • $12.3bn net inflows in FY26 • $5.9bn was from wholesale/retail & family office • Key flows generated from the US, UK, Europe, NZ, Africa, Japan and Canada • Global equities, US equities, global emerging markets, global fixed income, multi -asset and private equity dominated flows • Multi-Asset solutions for wealth (managed accounts/model portfolio solutions) experiencing strong secular growth • Widespread demand for core global equity managers, fundamental and systematic • High-performing Japan, Australia and US mid -market private equity and real assets strategies in demand • Global institutional fundraising for private debt remains resilient • Australian private debt, particularly real estate debt, proving compelling for international and local investors given risk - adjusted returns Institutional (Australia) International MARKET UPDATE
Page 70
10% 30% 10% 20% 22% 8% 30 June 16 - $0.5bn United K ingdom New Zeal and S outh A frica Switzerland Denmark Thailand 43.6% 56.4% 30 Jun 26 - $74.9bn International Retail International Institutional 30.0% 70.0% 30 Jun 16 - $0.5bn International Retail International Institutional 38.3% 13.4%9.3% 9.2% 7.5% 5.0% 3.0% 2.2% 1.4% 1.3% 1.1% 8.3% 30 June 26 - $74.9bn United K ingdom United S tates of Amer ica Canada Japan Luxembourg New Zeal and Ireland S outh A frica Netherlands Guernsey Cayman Islands O ther Growth & Evolution of International FUM 70 Progressive expansion of international distribution across institutional and wealth channels has substantially increased the Affiliates’ growth, diversification and profit potential by extending their reach into more addressable markets and attracted new affiliate talent to the platform 3 5 83 3 58 10 12 23 14 18 48 0 10 20 30 40 50 60 Ju n 24 Ju n 25 Jun 26 Headcount Growth & M ix of International Distribution Headcount1 EMEA AMER AP AC PA M 1. Jun 26 headcount includes employees that were contracted in June but commenced July 26 2.0 16.3 32.6 16.4 35.1 42.3 18.4 51.4 74.9 - 1 0.0 2 0.0 3 0.0 4 0.0 5 0.0 6 0.0 7 0.0 8 0.0 9 0.0 Ju n 24 Ju n 25 Jun 26 FUM ($bn) Growth & M ix of International FUM International Retail International Institutional
Page 71
FY26 Market Update – Wholesale & Retail
Page 72
FY24 FY25 FY26 Australian Wholesale and Retail: Market Update 72 $10.2bn in Australian Wholesale and Retail net inflows for FY26 • 1H net inflows $6.8bn. 2H net inflows $3.4bn • $8.0bn net inflows into Listed Equities and Listed Real Assets • $1.8bn net inflows into Fixed Income • $0.4bn net inflows into Private Markets Australian Equities • $1.7bn in Australian Equities net inflows across Solaris, Firetrail, Hyperion, Plato, Spheria and Longwave • Market share key in Australian equities for active managers. Solid pipeline across Equity Income, Small Cap, Core and Active Extension Global Equities • Record $5.9bn of net inflows into Global Equities driven by Plato, Life Cycle, Antipodes, Hyperion and Langdon. Plato Global Alpha now at $4.7bn with $1.5bn in the active ETF (PGA1). Life Cycle now at $3.4bn in Australian Unit Trusts • Strong investor demand for Quantitative Core, Fundamental Core and Active Extension Listed Real Assets • $0.4bn into Listed Real Assets. Resolution Capital GLI Fund now at $450m in FUM with strong demand for GLI and GREITs from investors leading into FY27 Private Markets • $0.4bn net inflows for FY26. Investor sentiment subdued during the financial year, particularly in Private Debt. Medium-term tailwinds including demand for income, capital stability and diversification benefits remain intact • Solid demand and pipeline for Five V and Palisade in Wholesale market Fixed Income • Coolabah delivering strong performance and continuing to gain market share • Demand for alternative and higher yield fixed income remains high Listed Funds • Largest listed active fund issuer in Australia with >$12bn in FUM across 22 listed funds (16 ETFs and 6 LICs) • ETF adoption is rising. Increasingly being used by financial advisors, asset consultants, and private banks, in addition to traditional broker and direct investors • $2.6bn in net retail inflows into Listed Funds in FY26 (100% increase on FY25) Wh o le sa le a nd R et ai l f l ow s ( N et ) $5 0. 7b n in W ho le s al e a nd R et a il F U M $3.9bn As of 30 Ju n e 2 02 6 $6.9bn $6.9bn $10.2bn Global Equities Australian Equities Private Markets Fi xed I ncome Listed R eal Assets
Page 73
Pacific Asset Management – Update
Page 74
74Overview of Pacific Asset Management Highly diversified asset management platform with an innovative approach and extensive UK distribution footprint Overview Founded in 2016, PAM is a UK-based global asset management platform, managing a range of single manager and multi-asset solutions: • Technology enabled adviser solutions: delivered to wealth advisers via a proprietary technology platform that enables turnkey solutions for end clients • Single Manager solutions: supports, enables and distributes high quality, boutique investment managers, across wholly owned teams, affiliate partnerships and third-party distribution partners Highlights since completion (24 April 2026) • Strong momentum, with total AUM increasing from US$21.0bn to US$24.4bn between 31 March and 30 June 2026 (+16.2%) • Positive net inflows of US$653mduring the quarter, with inflows across both business segments (US$455m Adviser Solutionsand US$198m Single Manager), contributing to AUM growth of12.2% and 20.0%, respectively • Positive institutional pipeline, with several notable mandates across the Single Manager business expected to fund in the coming weeks • Agreed the acquisition of100% of Asset Value Investors (AVI), which completed on 2 October 2026 following regulatory approval, further expanding the Group's specialist active management capabilities (see slide 25) • Continued strong client demand forGlobal Emerging Markets ETF, with AUM increasing to approximatelyUS$370m(from aroundUS$200mat 31 March 2026) • Successfully launched thePacific Efficient Diversification Fundin June (a strategy designed to deliver enhanced diversification through exposure to alternative risk premia), further broadening PAM's product offering • Strong performance across a number of strategies during the period, includingUS Equities (+24.4%)- under the leadership of John Feeley (ex-Findlay Park)who joined in February 2026 - and Global Emerging Markets (+22.3%) US$13.0bn Single manager solutions AUM US$24.4bn • Craft-based • High conviction • Active management Offers strategies where investment skill and experience have proven to outperform Equity Emerging Markets, Global, US Credit Global Active, Credit Alpha Liquid Alternatives G10 Macro Rates, Alternative Risk Premia, Global Listed Infrastructure • Tech-enabled • Multi-asset adviser solutions • ESG Principled investment Underpinned adviser technology & support Comprehensive range of multi- asset solutions across investment styles and risk profiles US$11.4bn Modern advisor solutions 1. Includes FUM related to strategies of Pinnacle Affiliates distributed by PAM and held within funds on its platform. Pinnac le currently reports this FUM within the individual Affiliate and not within PAM (1)
Page 75
1.0 1.4 2.2 4.7 7.5 9.7 1.6 2.3 2.7 5.6 7.7 8.5 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Jun-26 (Q1) AUM (£bn) Single Manager AUM Advisor Solutions AUM 75Attractive financial profile and continuation of strong growth since Pinnacle’s initial investment Significant uplift in earnings and margin performanceContinuation of strong AUM growth Total AUM (1) (£bn) EBITDA (£m) and margin (%) 1. Includes FUM related to strategies of Pinnacle Affiliates distributed by PAM and held within funds on its platform. Pinnacle currently reports this FUM within the individual Affiliate and not within PAM 2. PAM currently reports to a March year -end 58% CAGR 1.2 1.8 3.0 6.3 13.0 4.8 11% 13% 15% 20% 35% 0% 5% 10% 15% 20% 25% 30% 35% 40% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Jun-26 (Q1) Margin (%) EBITDA (£m ) EBITDA EBITDA margin
Page 76
76Acquisition of Asset Value Investors (AVI): Expanding PAM’s ‘Home for Growth’ • Specialist UK investment manager with c. £1.9bn AUM, established in 1985 • Flagship strategies include AVI Global Trust and AVI Japan Opportunity Trust, alongside UCITS and specialist mandates • Highly respected brand with a long history of outperforming through “Sum of the parts” value investing, shareholder engagement and activist investing • Permanent capital vehicles, sticky client relationships and proven long-term investment performance underpin a resilient earnings base • Distribution is the primary opportunity - AVI's investment capability is materially ahead of its current distribution footprint • PAM and Pinnacle's global distribution network provides a clear pathway to accelerate AUM growth across existing strategies • Existing strategies have significant capacity, with multiple opportunities for adjacent products leveraging the same investment expertise • Provides opportunities to enhance operating efficiency while preserving 's investment independence • Renewed investor demand for differentiated active value strategies • Attractive backdrop for asset-backed investing, widening NAV discounts and shareholder activism => Creates a scalable platform for long-term AUM and earnings growth through distribution and product innovation 1 • Adds differentiated capabilities not currently represented across the Group • Approximately 70% of AUM sourced via UK direct-to-consumer channels, providing immediate access to scalable retail distribution and cross- selling opportunities • Strengthens Pinnacle's expertise in listed investment vehicles and permanent capital structures Attractive financial profile with a strong growth outlook 4 2 3 Significant runway for organic growth through distribution A differentiated, high-quality investment franchise Highly complementary to the PAM / Pinnacle model High-quality earnings, clear growth levers and a compelling path to scalable upside.
Page 77
Transaction Overview 77 • PAM has acquired a 100% interest in Asset Value Investors Limited (AVI) for a total consideration of ~£40.0m • Consideration was wholly cash (for the departing shareholder) and a combination of cash and Pinnacle shares for the remaining management team • Cash consideration of £13.2m on completion (2 October) and Pinnacle shares equivalent in value to £16.6m issued at a price of A$15.73 per share based on the VWAP for the five-trading day period immediately before the date of the agreement (2,027,928 shares representing 0.84% of outstanding capital) • Balance of cash consideration (£10.2m) due 12 months post-completion (subject to reduction in accordance with certain agreed adjustment events) • The transaction completed on 2 October 2026, following receipt of regulatory approval • Investment team rolling significant equity into Pinnacle, creating long-term alignment • Escrow over ~1.96m Pinnacle shares (one-third released yearly over 3-years) reinforces retention and alignment • New divisional remuneration model aligns investment professionals directly with strategy profitability while preserving meaningful value creation for PAM Investment structure Transaction Highlights Growth Opportunity • Significant opportunity to accelerate AUM growth through PAM and Pinnacle's global distribution platform • A larger, more scalable operating platform supports attractive long-term earnings growth. Existing strategies offer substantial capacity alongside opportunities to launch adjacent products • Attractive acquisition multiple with returns expected to be driven by organic growth, distribution and operating leverage Attractive valuation with significant upside through execution.
Page 78
Affiliate summaries
Page 79
FY26 funds under management 79 Pinnacle (total) Hyperion Plato Solaris RCL Palisade Antipodes 9 Spheria Two Trees 5 Firetrail Metrics4 Omega3,5 Longwave Riparian Coolabah Aikya Five V 6 Langdon Life Cycle PAM7 VSS8 Advantage10 ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m)1 ($m)1 ($m) ($m) ($m)2 ($m) ($m) ($m) ($m) ($m) ($m) ($m) FUM History (at 100%) 30 Jun 26 229,394 13,807 27,819 8,127 12,105 5,420 20,923 1,601 - 3,297 40,359 - 1,649 274 19,857 8,026 3,305 931 42,435 31,029 948 7,312 31 Dec 25 202,463 15,371 23,565 9,485 11,943 5,165 20,649 2,123 - 4,744 36,672 - 1,172 251 17,566 9,440 3,175 937 29,942 25,954 983 - 30 Jun 25 179,353 16,890 20,129 9,043 14,315 4,868 20,806 1,851 - 4,706 25,017 - 998 246 15,165 8,900 3,043 652 15,440 21,728 997 - 31 Dec 24 155,428 17,209 18,156 8,834 13,558 4,531 19,428 1,846 - 5,246 22,420 - 922 237 13,963 8,534 2,769 422 996 18,772 1,061 - 30 Jun 24 110,115 14,067 15,708 8,443 12,634 4,110 9,580 1,732 - 5,770 19,337 - 870 188 10,413 7,639 2,426 274 - - - - 31 Dec 23 100,073 13,023 12,567 8,991 13,032 3,604 9,957 1,679 - 7,178 16,060 - 739 203 9,667 4,508 1,564 192 - - - - 30 Jun 23 91,915 12,684 11,528 8,356 14,320 3,435 10,104 1,489 - 7,310 15,170 - 161 196 7,599 1,516 1,445 113 - - - - 31 Dec 22 83,190 10,346 10,079 7,536 13,819 3,032 9,628 1,427 - 6,836 14,380 - 163 157 6,452 924 1,416 36 - - - - 30 Jun 22 83,712 10,405 10,144 8,228 15,291 3,172 9,196 1,408 - 6,466 12,100 - 166 122 7,013 808 1,340 3 - - - - 31 Dec 21 93,564 13,957 10,893 10,532 19,240 2,706 8,990 1,753 71 7,073 10,640 - 197 94 7,995 354 1,114 - - - - - 30 Jun 21 89,343 11,887 10,826 11,099 16,372 2,512 9,356 1,736 69 6,587 8,050 4,615 197 28 6,735 340 - - - - - - 31 Dec 20 70,460 9,945 6,266 9,971 11,317 2,384 8,542 1,539 63 5,496 6,060 4,424 178 4 5,002 243 - - - - - - 30 Jun 20 58,647 7,847 5,175 8,548 8,979 2,244 7,957 1,210 91 4,110 5,300 4,303 3 3 3,737 2 - - - - - - 31 Dec 19 61,628 7,454 5,790 9,454 9,241 2,257 8,956 1,471 323 4,719 5,040 4,509 3 3 3,123 - - - - - - - 30 Jun 19 54,276 6,595 5,279 9,089 8,314 2,035 9,071 1,195 245 4,369 4,490 4,273 3 - - - - - - - - - 31 Dec 18 46,741 5,599 4,680 7,606 7,779 2,010 8,149 640 214 3,603 3,350 3,689 - - - - - - - - - - 30 Jun 18 38,032 6,507 4,918 8,319 8,038 1,847 7,554 702 71 74 - - - - - - - - - - - - 31 Dec 17 32,338 6,056 4,644 6,618 6,552 1,585 6,261 596 26 - - - - - - - - - - - - - 30 Jun 17 26,526 5,877 4,003 5,135 5,956 1,514 3,830 211 - - - - - - - - - - - - - - 31 Dec 16 23,339 5,664 3,536 5,032 5,274 1,456 2,191 186 - - - - - - - - - - - - - - 30 Jun 16 19,756 5,633 3,067 4,595 4,576 1,436 449 - - - - - - - - - - - - - - - 30 Jun 15* 15,995 5,474 2,265 2,938 3,980 1,126 212 - - - - - - - - - - - - - - - 30 Jun 14* 12,232 4,886 986 2,537 2,933 890 - - - - - - - - - - - - - - - - 30 Jun 13* 10,846 4,032 742 2,649 2,694 729 - - - - - - - - - - - - - - - - 30 Jun 12* 9,790 3,158 332 3,855 1,864 581 - - - - - - - - - - - - - - - - 30 Jun 11 10,336 3,229 525 4,421 1,758 403 - - - - - - - - - - - - - - - - *Pinnacle (total) includes FUM of a former Pinnacle Affiliate 30 Jun 20 - 30 Jun 21 52.3% 51.5% 109.2% 29.8% 82.3% 11.9% 17.6% 43.5% -24.1% 60.3% 51.9% 7.2% 6455.9% 923.3% 80.2% 18323.4% - - - - - - 30 Jun 21 - 30 Jun 22 -6.3% -12.5% -6.3% -25.9% -6.6% 26.3% -1.7% -18.9% -100.0% -1.8% 50.3% -100.0% -15.8% 340.9% 4.1% 137.8% 0.0% 0.0% - - - - 30 Jun 22 - 30 Jun 23 9.8% 21.9% 13.6% 1.6% -6.3% 8.3% 9.9% 5.8% - 13.1% 25.4% - -2.7% 60.2% 8.3% 87.7% 7.8% 3804.1% - - - - 30 Jun 23 - 30 Jun 24 19.8% 10.9% 36.3% 1.0% -11.8% 19.6% -5.2% 16.3% - -21.1% 27.5% - 440.3% -4.2% 37.0% 403.9% 67.9% 142.5% - - - - 30 Jun 24 - 30 Jun 25 62.9% 20.1% 28.1% 7.1% 13.3% 18.5% 117.2% 6.8% - -18.4% 29.4% - 14.7% 31.0% 45.6% 16.5% 25.4% 137.8% - - - - 30 Jun 25 - 30 Jun 26 27.9% -18.3% 38.2% -10.1% -15.4% 11.3% 0.6% -13.5% - -29.9% 61.3% - 65.2% 11.2% 30.9% -9.8% 8.6% 42.9% 174.8% 42.8% -4.9% - PNI ownership3 50.0% 42.3% 44.5% 49.5% 35.9% 23.6% 40.0% - 28.5% 28.4% - 40.0% 44.5% 37.7% 32.5% 25.0% 32.5% 25.0% 100.0% 22.5% 5.0% PNI effective FUM - 30 Jun 26 102,420 6,902 11,767 3,616 5,992 1,946 4,938 640 - 940 11,450 - 660 122 7,492 2,609 826 303 10,609 31,029 213 366 1 Pinnacle acquired equity interests in Metrics and Omega in July 2018. FUM not included prior to that date 2 Pinnacle acquired an equity interest in Coolabah in December 2019. FUM not included prior to that date 3The percentage represents Pinnacle’s total shareholding in the Affiliate. In some Affiliates, Pinnacle currently holds less than 1% of the voting shares. However, it has full economic rights in respect of its holdings 4 Figures for Metrics represent Assets Under Management, being the fee-earning asset base. . The acquisitions of BC Finance and Taurus, which added approximately $7.5bn in AUM, were concluded in early July 2025 5 Following the integration of Omega and Two Trees into Plato, Omega and Two Trees FUM is wholly included within Plato's FUM figure 6 Pinnacle acquired an equity interest in Five V in December 2021. FUM not included prior to that date 7 Pinnacle acquired an equity interest in PAM in November 2024. FUM not included prior to that date. 8 Pinnacle acquired an equity interest in VSS in December 2024. FUM not included prior to that date. 9 Antipodes acquired MBAL in August 2024. FUM not included prior to that date. 10 Pinnacle acquired an equity interest in Advantage Partners in January 2026. FUM not included prior to that date.
Page 80
Pinnacle Affiliates 80 Global Emerging Market Equities • High quality • Absolute return with downside protection • Concentrated portfolio • Long-term sustainable growth • Stewardship and Sustainability • Founded in 2020 • Headquartered in London, United Kingdom Global and Australian Equities, Global Listed Infrastructure and Global Credit • Founded in 2015 with ~80 team members located in Sydney, Melbourne and London • Five independent investment teams sharing a common business and operating platform • Over $20bn in assets under management, over a third of which is sourced from clients domiciled outside Australia Japan & Asia Buyout, Private Solutions, Renewables and Sustainability • Mid-market private equity leader in Japan, with one of the largest independent, multi-strategy private markets platforms focused on Japan and Asia • Pursues attractive risk-adjusted returns for investors through hands-on support to portfolio companies • Highly experienced team that includes 160+ staff, with 110 investment professionals across five offices. 65% of investment partners have been with the firm for 15+ years • Founded in 1992 • Headquartered in Singapore, with offices in Tokyo, Hong Kong SAR, Shanghai, China, Mumbai, India
Page 81
Pinnacle Affiliates 81 Australian & Global Equities (Long Only & Long-Short) • High conviction investing in Australian, Global, Small Companies and Long-Short equities • Deep fundamental research approach consistently applied for 20+ years • No enduring style bias. Building concentrated portfolios of best growth and value ideas • Focused on generating outperformance from stock selection, whilst reducing exposure to unintended macroeconomic or thematic risks • Founded in 2018 • Headquartered in Sydney, Australia Australian & New Zealand Private Equity, Growth & Venture Capital • Focused on growth assets in the attractive lower-mid to mid private equity market • Specialist knowledge and skills supporting high growth businesses • Track record of helping to build market leaders across industries • Collaborative approach – full alignment with investee businesses • Global investor network of entrepreneurs and family offices • Flexibility of investment, majority and significant minority partnerships • Strong focus on ESG as reflected by B Corporation Certification • Founded in 2016 • Headquartered in Sydney, Australia Global & Australian Credit (Long Only & Long-Short) • CCI’s edge is in generating alpha by exploiting mispricings in liquid, high-grade credit in contrast to traditional fixed-income managers that drive returns through adding more interest rate duration, credit default and/or illiquidity risk (beta) • Alpha generation is a function of the world-class analytical insights rendered by CCI’s human capital, which comprises 12 portfolio managers and traders, 20 analysts and numerous other finance, risk, operations and product staff • Founded in 2011 • Headquartered in Sydney, Australia with offices in London, UK , Miami, USA, Auckland, NZ, and Melbourne, Australia
Page 82
Pinnacle Affiliates 82 Global & Canadian Small Cap Equities • Active and engaged owners of world class smaller companies • Quality-orientation, focusing on cash flow growth • Seek to identify and evaluate businesses that can compound intrinsic value at high rates over the long- term • Founded in 2022 • Headquartered in Toronto, Canada with an office in London, UK Global Equities • Experienced team adopts a Corporate Life Cycle inspired approach to global equities • Balanced factor and style portfolios with stock picking the primary driver of alpha • Qualitative, bottom-up, fundamental analysis seeking to identify companies with superior shareholder wealth creation potential and probabilistically attractive valuations • Founded in 2024 • Headquartered in London, United Kingdom Australian & Global Growth Equities • Investment process focused on high quality and innovative structural growth businesses • Founded in 1996 • Headquartered in Brisbane, Australia
Page 83
Pinnacle Affiliates 83 Private Debt, Asset-Based Lending & Commercial Real Estate • Australasia’s largest private credit fund manager • Participation across all loan market segments – leverage finance, project finance, commercial real estate, corporate, consumer • Investment across the capital structure – investment grade debt through to equity, warrants and options • Further growth across private markets including private equity in commercial real estate • Deep, active primary and secondary market experience • Extensive bank, non-bank and borrower networks • Significant corporate restructuring and workout experience • Extensive loan distribution experience and networks • Extensive private markets experience in both debt and equity investments • PRI Signatory and founding member of the Australian Sustainable Finance Institute • Founded in 2011 • Headquartered in Sydney, Australia with 9 offices globally Australian Small & Mid Cap Equities • Investment philosophy centered on the view that quality is the long-term driver of small cap excess returns • Fundamental understanding determines how value is created or destroyed by companies for shareholders • Systematic processes provide discipline, repeatability and controls behavioural biases • Index agnostic and unconstrained • Founded in 2018 • Headquartered in Sydney, Australia
Page 84
Pinnacle Affiliates 84 Australian, US & European Private Infrastructure, Impact & Real Assets • Mid-market private infrastructure and real assets specialist • Actively involved in operational management and governance of assets; unlocks embedded value • Owns core and core-plus infrastructure assets such as airports, ports, bulk liquid storage, energy transmission, renewable energy and digital and social infrastructure • One of Australia’s largest renewable energy investors with a portfolio totalling ~2.5GW of capacity • Unique risk management framework – credit-style approach to asset selection and portfolio construction framework based on revenue source and macroeconomic sensitivities • Expansion of North American focused strategy with a team based in New York since 2022. Initial investments in digital infrastructure and energy transition platforms secured; now raising capital for a North American focused mid-market infrastructure fund • Impact and Real Assets affiliates continue to pursue investments into adjacencies and infrastructure-like assets • Founded in 2007 • Headquartered in Sydney, Australia with staff in Melbourne, Australia, New York, USA, London, UK, Cardiff, UK and Seoul, South Korea Modern, highly diversified, asset management platform • Technology enabled adviser solutions – proprietary technology platform that enables turnkey solutions for end clients • Single Manager solutions – support, enable and distribute high quality, boutique investment managers • Deep distribution expertise in the UK wealth and wholesale markets • Increasing distribution presence in North America • Global client base, across advisers, pension funds, wealth managers, discretionary fund managers and consultants • Founded in 2016 • Headquartered in London, United Kingdom
Page 85
Pinnacle Affiliates 85 Australian Real Assets (Agriculture, Food & Water) • Riparian is a real assets manager providing private capital solutions across both equity and credit, specializing in water and agricultural • Deep agriculture, finance and asset management experience • Certified B Corporation and PRI Signatory • Founded in 2019 • Headquartered in Brisbane, Australia with an office in New York, USA High Conviction - Global Listed Real Assets • Specialist across global listed real estate and infrastructure • 30+ year investment team track record • Highly rated by leading global asset consultants and research houses • Multi-portfolio-manager model — breadth of ideas, reduced key-man risk • Concentrated portfolios of genuine high-conviction ideas • Centralised, proprietary research that removes regional bias • PRI and UN Global Compact signatory; RIAA member and Responsible Investment Leader • Sydney-headquartered, established 2004 Australian and Global Systematic Equities (Long Only & Long-Short) • Income, Enhanced/Core, Low Volatility, Long Short (Global and Australian Alpha) and Tax-Exempt Equities; • Customised alpha models and portfolio construction for accumulation and retirement solutions • Extensive experience with low carbon and other customised portfolios • Systematic implementation of fundamental ideas • State of the art technology • Founded in 2006 • Headquartered in Sydney, Australia
Page 86
Pinnacle Affiliates 86 US Structured Capital • Private structured capital solutions to high-growth, established companies in the attractive US lower mid- market segment • Bespoke, customised private capital solutions for corporates that are differentiated from the majority of other capital options in the market • Focused on high growth industries that benefit from favourable tailwinds including tech-enabled business services, healthcare and education • Proven investment strategy and strong track record of successful fundraising from a global LP base - forthcoming fund will be VSS’s ninth, with over US$4bn in capital committed to date • Highly experienced leadership team with average investment committee tenure of 24 years • Provides investors with downside protection via debt and upside benefit via equity components • Founded in 1987 • Headquartered in New York, USA Australian & Global Micro, Small and Mid Cap Equities • Greater potential for long-term capital appreciation • Under-researched stock universe provides fertile ground for higher alpha • Focus on recurring cashflows and valuation inefficiencies • Founded in 2016 • Headquartered in Sydney, Australia Australian Equities (Long Only and Long-Short) • No predetermined or consistent style bias (‘core’ style) expressed across long only, long-short and income strategies • Analysts empowered as portfolio managers • 100% of short-term incentives linked to client alpha (no alpha, no bonus) • Selecting stocks to outperform based on fundamental research with portfolio risk directly aligned with expected stock returns • Founded in 2008 • Headquartered in Brisbane, Australia
Page 87
Pinnacle Investment Management Group Limited (PNI) 87 This presentation has been prepared by Pinnacle Investment Management Group Limited ABN 22 100 325 184 (PNI). The information in this presentation is current as at 29 October 2026. PNI has prepared this presentation based on information available to it. No representation or warranty, express or implied, i s made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, no liability is accepted by any of PNI, its related bodies corporate, the affiliated investment managers, or their directors, employees or agents including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use or reliance of this presentation or its contents or otherwise arising in connection with it. This presentation contains forward -looking statements, which may include, without limitation, statements regarding PNI’s plans, strategies, objectives and the outcome and effects of PNI’s activities. The forward -looking statements in this presentation are not guarantees or predictions of future performance. Forward -looking statements are based on information available to PNI as at the date of this presentation and current assumptions which may ultimately prove to be materially incorrect. Any such forward -looking statements are subject to risks, uncertainties and other factors that may cause actual results to differ materially from those estimated. This presentation is not an offer or invitation for subscription or purchase of securities or a recommendation with respect t o any security. Information which relates to any financial product contained in this presentation is general information only and should not be considered financial product advice. The informa tion in this presentation does not take into account the investment objectives, financial situation and particular needs of any particular investor. The investment returns for each fund or strategy shown are for information purposes only. Unless otherwise stated, the invest ment returns have been calculated for the relevant period in AUD (with distributions reinvested) and are gross of applicable fees, costs and taxes. Past performance is not indicative of futu re performance. Pinnacle Fund Services Limited (ABN 29 082 494 362 AFSL 238371) is the issuer of funds in this presentation that are managed by Aikya Investment Management Limited (UK Company Number 12329682), Antipodes Partners Limited (ABN 29 602 042 035 AFSL 481580), Firetrail Investments Pty Limited (ABN 98 622 377 913 AFSL 516821), Hyperion Asset Management Limited (ABN 80 080 135 897 AFSL 238380), Langdon Equity Partners Limited (Canada Corporations Number 1311368 -0), Life Cycle Investment Partners Limited (UK Company Number 15633723), Longwave Capital Partners Pty Ltd (ABN 17 629 034 902 AFSL AR 1269404 of Pinnacle Investment Management Limited AFSL 322140), Palisade Investment Partners Limited (ABN 32 124 326 361 AFSL AR 312944 of Pinnacle Investment Management Limited AFSL 322140), Plato Investment Management Limited (ABN 77 120 730 136 AFSL 3 07141), Resolution Capital Limited (ABN 50 108 584 167 AFSL 274491), Solaris Investment Management Limited (ABN 72 128 512 621 AFSL 330505), Spheria Asset Management Pty Limited (A BN 42 611 081 326 AFSL AR 1240979 of Pinnacle Investment Management Limited AFSL 322140) and Riparian Capital Partners Pty Limited (ABN 80 630 179 752 AFSL AR 322140 of Pinnacle Investment Management Limited AFSL 322140) . Pinnacle Fund Services Limited is not licensed to provide financial product advice. The disclosure documents for funds issued by Pinnacle Fund Services Limited are accessible on, or obtained by requesting a copy via, the relevant investment manager’s website as listed on https://pinnacleinvestment.com/investment -managers/. Any potential investor should read the relevant product disclosure statement in its entirety and consult their financial adviser before making an investment decision.
Page 88
Disclaimer 88 Lonsec Research The Lonsec Ratings presented in this document are published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421445. The Ratings are limited to "General Advice" (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial products. Past performance information is for illustrative purposes only and is not indicative of future performance. They are not a recommendation to purchase, sell or hold the referenced products, and you should seek independent financial advice before inv esting in these products. The Ratings are subject to change without notice and Lonsec assumes no obligation to update the relevant documents following publication. Lonsec receives a fee from the Fund Manager for researching the products using comprehensive and objective criteria. For further information regarding Lonsec's Ratings methodology, please refer to our website at: https://www.lonsec.com.au/fund-manager/investment-product-ratings. Morningstar Research © 2022 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the da ta or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. Any general advice or 'class service' have been prepared by Morningstar Australasia Pt y Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide ( FSG) for more information at https://www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement (Australian products) or In vestment Statement (New Zealand products) before making any decision to invest. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of informat ion. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782 ("ASXO"). Zenith Research The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) ratings referred to in this piece is limit ed to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, includin g target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are a vailable on our Product Assessments and at Fund Research Regulatory Guidelines.