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Regal Partners Limited (ASX:RPL) 14 October 2026 Morgans Conference Presentation
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Important information 2 This presentation has been prepared by Regal Partners Limited (ABN 33 129 188 450) (“Regal Partners” or “RPL”) and contains summary information about Regal Partners, its related bodies corporate and its affiliates (together, the "Group"), current as at the date of this presentation unless otherwise stated. While prepared in good faith and with reasonable care, no representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statements, estimates, opinions or other information in this presentation, including any historical financial information and any estimates or projections derived from it, any of which may change without notice. This presentation may contain forward-looking statements based on Regal Partners' current expectations, beliefs and projections about future events, which are subject to risks and uncertainties, many of which are beyond Regal Partners' control. Actual outcomes may differ materially from those expected. No assurance is given that any forward-looking statement will materialise, and Regal Partners assumes no obligation to update any forward-looking statement or information. Any market commentary in this presentation reflects Regal Partners' own views at the time of preparation and may change without notice. It is provided for general informational purposes only, is not a statement of fact, and Regal Partners gives no representation or warranty as to its accuracy, reliability or completeness. The presentation is provided for general information purposes only and does not take into account the investment objectives, financial situation, tax position or particular needs of any recipient. It does not constitute (and should not be relied upon as) financial product advice, and nothing in it should be construed as a recommendation to acquire, dispose of, or deal in any financial product. This presentation is not, and must not be treated as, a prospectus, disclosure document, product disclosure statement or other offering document under Australian law or the law of any other jurisdiction, and does not constitute an offer, invitation or solicitation to acquire securities or any other financial product. Financial information may be presented on both a statutory basis (prepared in accordance with Australian accounting standards which include the Australian equivalent to the International Financial Reporting Standards (“IFRS”)) and a non-IFRS basis. Regal Partners considers that the non-IFRS financial information is important to assist in evaluating Regal Partners’ performance. This information is presented to assist in making appropriate comparisons with prior periods and to assess the operating performance of the Regal Partners business. For a reconciliation of the non-IFRS financial information contained in this document, refer to slides 37-38 of the RPL 1H26 results presentation which was released on the ASX on 24 August 2026. To the maximum extent permitted by law, Regal Partners and the Group (including their respective directors, officers, employees, agents and advisers) disclaim and exclude all liability for any loss or damage suffered or incurred by any person arising from or in connection with reliance on this presentation, or any errors in or omissions from it. It is the sole responsibility of recipients to assess the risks connected with any investment strategy referred to in this presentation, and Regal Partners strongly suggests obtaining independent professional advice (financial, taxation and legal) before making any investment decision. PM Capital branded funds are issued by Regal Partners (RE) Limited (ABN 69 083 644 731, AFSL 230222), for which PM Capital Pty Limited (ABN 88 689 382 796, corporate authorised representative no. 001316899) (“PMC”) acts as investment manager. Other funds referred to in this presentation are wholesale or offshore, and are issued under an information memorandum, private placement memorandum or other document by the relevant trustee, responsible entity or fund, including without limitation, Regal Partners Holdings Pty Limited (ABN 30 107 576 821, AFSL 277737), Kilter Investments Pty Limited (ABN 31 152 558 113, AFSL 414142) and/or Attunga Capital Pty Ltd (ABN 96 117 683 093, AFSL 297385). The disclosure document, private placement memorandum or information memorandum for the relevant fund, including its key risks section, should be considered before deciding to acquire or hold units or shares in that fund. With respect to the listed investment vehicles referred to in this presentation, Regal Investment Fund (ASX:RF1) (“RF1”) is issued by Equity Trustees Limited (ABN 46 004 031 298, AFSL 240975) and managed by Regal Partners Funds Management Pty Limited (ABN 50 610 797 138, corporate authorised representative no. 001317418), Regal Partners Global Investments Limited (ASX:RG1) (“RG1”) is managed by RPL, Regal Asian Investments Limited (ASX:RG8) (“RG8”) is managed by Regal Asian Investments Management Pty Ltd (ABN 84 635 179 538, corporate authorised representative no. 001300425), and PM Capital Global Opportunities Fund Limited (ASX:PGF) (“PGF”) is managed by PMC. This presentation, and the information in this presentation, may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the express consent of Regal Partners.
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1. Management estimate of funds under management (“FUM”) for 30 September 2026, net of distributions and reinvestments. FUM (including 100% of Taurus Funds Management, Attunga Capital, K ilter Rural and Argyle Group) is rounded, unaudited and includes non -fee-earning FUM but excludes non- fee earning commitments. 2. As at market close on 13 October 2026. 3. FUM managed via multi-strategy funds has been allocated to the relevant underlying strategy. Regal Partners today 3 Regal Partners aims to be recognised as a leading provider of alternative investment strategies. $21.9bn FUM1 Scaled and growing alternative investment manager ~$1bn Market capitalisation2 ASX-listed ~90 Investment professionals Experienced, highly credentialled team HEDGE FUNDS • Market Neutral • Absolute Return • Active Extension • High Conviction • Power $11.6bn FUM1,3 • Structured Finance • Mining Finance • Agri Debt • CRE Lending • Corporate Lending • Listed Credit $7.6bn FUM1,3 CREDIT & ROYALTIES REAL & NATURAL ASSETS • Water • Agriculture • Carbon • Hotels $1.6bn FUM1,3 GROWTH EQUITY • Pre-IPO $1.1bn FUM1,3 Regal’s flagship multi-strategy offerings
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HEDGE FUNDS & GROWTH EQUITY Access to specialist investment opportunities across hedge fund investment strategies A changing investment landscape requires an alternative strategy 4 INFLATION & INTEREST RATES Inflation is proving persistent and rates are likely to stay elevated for longer FISCAL SPENDING & PUBLIC DEBT Deficits and rising debt are lifting bond yields and the cost of capital ARTIFICIAL INTELLIGENCE A capex super-cycle driving returns and concentration risk in a narrow group of stocks GEOPOLITICS, SECURITY & DEFENCE Trade fragmentation, conflict and rearmament are reshaping supply chains and resource demand Regal’s breadth and depth of investment capability intersects with key global themes UNCORRELATED RETURNS Diversifying return streams that behave differently to traditional assets INFLATION-PROTECTED STRATEGIES Strategies designed to hold their value as costs and rates rise RELIABLE INCOME Contracted, cash-yielding returns rather than capital growth alone Regal’s client-first approach focuses on meeting investor demands MULTI-STRATEGY PRODUCTS Delivering portfolio diversification and exposure to assets whose returns are less correlated with key equity market indices CREDIT & ROYALTIES Access to specialist investment opportunities across credit and royalties' investment strategies REAL & NATURAL ASSETS Investing in real assets that provide essential resources and long-term value LOW CORRELATION DIVERSIFICATION LOW CORRELATION NATURAL INFLATION HEDGE PREDICTABLE INCOME LOW CORRELATION NATURAL INFLATION HEDGE Regal offers products that apply our investment expertise to meet contemporary client needs LOW CORRELATION DIVERSIFICATION PREDICTABLE INCOME (new strategy)1 1. The features of this strategy are designed to deliver regular monthly income. This is an objective and may not be achieved .
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13.0 16.0 27.0 55% 81% 55% - 5c 10c 15c 20c 25c 30c 12m to Jun-24 12m to Jun-25 12m to Jun-26 DIVIDENDS (100% FRANKED) PER SHARE (CPS)3 2.1x 23.7 19.7 48.3 - 10c 20c 30c 40c 50c 60c 12m to Jun-24 12m to Jun-25 12m to Jun-26 NORMALISED DILUTED EPS (CPS) 2.0x 96.6 201.6 216.9 1.06% 1.17% 1.07% - $40m $80m $120m $160m $200m $240m 12m to Jun-24 12m to Jun-25 12m to Jun-26 2.2x % of avg. FUM 0.9 1.9 2.2 - $0.5bn $1.0bn $1.5bn $2.0bn $2.5bn 12m to Jun-24 12m to Jun-25 12m to Jun-26NET FUM INFLOWS ($BN)2 Gross inflows of $4.8bn Gross inflows of $1.5bn 3.2x NORMALISED MANAGEMENT & LOAN FEE REVENUE ($M) 76.5 67.2 252.0 0.84% 0.39% 1.24% - $50m $100m $150m $200m $250m $300m 12m to Jun-24 12m to Jun-25 12m to Jun-26 3.3x % of avg. FUM NORMALISED PERFORMANCE FEE REVENUE ($M) payout ratio Resilient business delivering for shareholders 5 1. NPAT refers to NPAT attributable to RPL shareholders. Normalised NPAT has been calculated by adding back certain non- cash items (e.g. amortisation of intangible assets) and one -off transaction and integration costs (all tax -effected where appropriate). Normalised NPAT includes fair value movements on seed investments. 2. Management estimate of FUM inflows for 12 months to 30 June of relevant period (shown on a 100% ownership basis). FUM (including 100% of Taurus Funds Management, Attunga Capital, Kilter Rural, Argyle Group and Ark Capital, where relevant) is rounded, unaudited and includes non-fee-earning FUM but excludes non-fee-earning commitments. 3. Dividends determined in relation to that 12 -month period. NORMALISED NPAT ($M)1 11.9 47.2 51.937.8 28.6 131.5 29.0 7.5 25.6 - $50m $100m $150m $200m $250m 12m to Jun-24 12m to Jun-25 12m to Jun-26 Management and loan fee profit Performance fee profit Other profit 78.7 83.3 209.1 2.7x
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Three key strategic goals: 6 1. Grow and diversify our investment capabilities 2. Grow and diversify our client base 3. Evolve our centralised and scalable platform
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+$1.9bn 11% of opening FUM +$2.2bn 12% of opening FUM Consistent track record of positive and diversified net flows 7 Quarterly net FUM inflows ($m) 1, 3Q23 outflows in hedge funds (long/short equities) relate to outflows from VGI Partners. 2. “Opening FUM” refers to FUM at the commencement of the relevant 12 month- period. For example, +$2.2bn is 12% of 30 June 2025 FUM. Opening FUM for the 12 months commencing 30 June 2024 is pro forma for the acquisitions of Merricks Capital and Argyle that occurred in July 2024. $600m $400m $200m - $200m $400m $600m $800m $1,000m $1,200m $1,400m $1,600m 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 461 444341404 108-3 273 185177 720 149 559 723 75 449 911 Includes first close of Taurus Mining Finance Fund III (~$1.0bn) Due to participation in Commonwealth Government’s water buy-back by two institutional investors 671 Real & natural assetsCredit & royalties ex co-investmentsHedge funds Growth equity Multi-strategyCredit co-investments and managed accounts +$1.1bn 23% of opening FUM2 +$0.9bn 15% of opening FUM 1
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FUM is highly diversified by capability and strategy team 8FUM (including 100% of Taurus Funds Management, Attunga Capital, Kilter Rural and Argyle Group where relevant) is rounded, unaud ited and includes non-fee- earning FUM but excludes non-fee-earning commitments. 26% 13% 33% 33% 8% 6% 28% 1% 4% 14% 4% 6% 6% 11% 7% Jun -22 Sep -26 Multi-strategy Real & natural assets Growth equity Royalties Credit Hedge funds - specialist Hedge funds - global Hedge funds - mkt neutral, abs return, active extension $21.9bn $4.7bn $11.2bn $3.2bn RPL FUM BY CAPABILITY 12% 34% 2% 22% 6% 16% 15% 4% 24% 12% 3% 3% 10% 8% 3% 4% 6% 8% 1% 5% 2% Jun -22 Sep -26 $3.2bn HEDGE FUND FUM BY STRATEGY TEAM $11.2bn
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Alternative Growth Strategies Uncorrelated Strategies Alternative Income Strategies Leading multi-strategy capability providing solutions for evolving client needs 9 1. FUM as at 30 September 2026; portfolio return data measured from inception to 31 August 2026 . FUM is net of estimated dis tributions and reinvestment where applicable. Performance is net of fees and costs and assumes reinvestment of distributions. Pa st performance is not a reliable indicator of future performance and should not be relied upon. 2. Regal Partners Master Income Trust (“Master Trust”) was seeded in April 2026 and had $41m of FUM at 30 September 2026. 3. The Regal Partners Multi-Strategy Income Fund was launched and seeded in September 2026 and invested in the Master Trust. Aus Small Companies 8% Global Long Short 11% Resources High Conviction 8% Emerging Companies 19% Tactical Opportunities 8% Market Neutral 2% Power 3% Water 13% Private Credit (Hard Asset) 10% Private Credit (Corporate) 9% Resources Royalties 9% REGAL PARTNERS PRIVATE FUND Sub-strategy allocations as at 31 August 2026 Jun 2019 $0.7bn Fund launch 30 Sep 2026 FUM REGAL INVESTMENT FUND (ASX:RF1)1 16.5% p.a. Dec 2023 $0.7bn Fund launch 30 Sep 2026 FUM REGAL PARTNERS PRIVATE FUND (unlisted)1 15.4% p.a. Return since inception Apr 2026 $41m Seeded 30 Sep 2026 FUM REGAL PARTNERS MULTI-STRATEGY INCOME (unlisted)1,2 Sep 20263 Fund launch INVESTMENT GOVERNANCE • Regal Investment Committee will oversee investment performance and governance across strategies, and capital allocation within multi-strategy products • Structure reflects the scale and maturity of Regal's investment platform, and increasing client demand for multi-strategy products Return since inception
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Multi-Strategy Income - A single platform that draws on the full breadth of Regal’s income-generating capabilities 10 Diversified Portfolio Diversified and strategically allocated portfolio of private and public investments - leveraging the full capability and performance track record of Regal's entire Australian credit and royalties platform $7.6bn CREDIT & ROYALTIES PLATFORM Monthly Income Regular, consistent cash income, targeting RBA Cash Rate + 3.50%, paid monthly 8.10% p.a. CLASS A T ARGET INCOME YIELD3 Capital Buffer Requirement Strong alignment with investors and focus on mitigating downside risk, supported by an initial 10% capital buffer from Regal Partners balance sheet 10%4 FIRST LOSS CAPIT AL BUFFER Strategy Fund (as at 30 June 2026)1 Inception Since inception p.a.2 Hard Asset Credit Merricks Capital Partners Fund 2017 9.6% Corporate & Structured Credit Regal Private Credit Opportunities Fund 2022 9.8% Farmland Credit Merricks Capital Agriculture Credit Fund 2021 9.9% Public Credit PM Capital Enhanced Yield Fund 2002 5.1% Water Kilter Water Fund 2014 11.3% Royalties Regal Resources Royalties Fund 2019 24.4% 1. These funds are standalone Regal Group funds that operate strategies broadly similar to the underlying strategies to be deplo yed by this strategy. These funds have different management and performance fee structures, and may also differ in other respect s. Their track records are shown for illustrative purposes only, are not indicative of the performance of this strategy, and should not be relied upon as a guide to future returns. 2. Net portfolio return since inception. Past performance is not a reliable indicator of future performance and should not be relied upon. 3. Target income yield based on RBA Cash Rate of 4.60%. 4. Until Funds Under Management within the strategy are $1bn, then first loss equity buffer will reduce to 7.5%.
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2H26 Priorities 11 Maintain strong FUM momentum — $0.7bn in net inflows in September 2026 quarter, including $0.4bn ASX:PGF capital raise and part funding of a $0.2bn commitment from a sovereign fund in Credit New products, strategies, or vehicles — Regal Partners Multi-Strategy Income Fund launched in September 2026. Strong further pipeline Capitalise on expanded distribution footprint — Strong pipeline of offshore clients One RPL approach — Further integration of platforms and processes to deliver operational efficiency and resilience Disciplined approach to capital management — Grow fully franked dividends, seed organic opportunities. Remain active but disciplined in pursuing accretive M&A