Pinnacle Investment Management Group Limited · ASX:PNI
Pinnacle Investment Management — Shareholder Meeting (October 2025)
93 slides from Pinnacle Investment Management's shareholder meeting presentation, Oct 31, 2025
Slide 1: Market update – ahead of 2025 Annual General Meeting
For personal use only PINNACLE INVESTMENT MANAGEMENT GROUP LIMITED (PNI) Market update – ahead of 2025 Annual General Meeting 22 nd October, 2025
Slide 2: Agenda
Agenda 2 For personal use only 01 Formal Business 4 02 Managing Director's Address 18 FY25 Themes 20 FY25 Financial Results 24 Latest Update – Q1 FY26 32 Introducing Pinnacle’s newest Horizon 3 Affiliate – Advantage 41 Partners Growth Agenda 49 Corporate Sustainability 54 03 Q&A 62 04 Additional Inf
Slide 3: Formal Business
For personal use only 01 Formal Business
Slide 4: Formal Business
Formal Business 4 For personal use only • Item 1 – Tabling of FY25 financial statements • Item 2 – Adoption of Remuneration Report • Item 3 – Re-election of Directors • Item 4 – Issue of Shares to Andrew Chambers under the Omnibus Incentive Plan • Item 5 – Issue of securities to Christa Lenard in li
Slide 5: How to ask a question (for shareholders joining online)
How to ask a question (for shareholders joining online) 5 For personal use only • 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
Slide 6: How to vote (for shareholders joining online)
How to vote (for shareholders joining online) 6 For personal use only • 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"
Slide 7: Item 1 – Tabling of FY25 financial statements
Item 1 – Tabling of FY25 financial statements 7 For personal use only
Slide 8: Item 2 – Adoption of Remuneration Report
Item 2 – Adoption of Remuneration Report 8 For personal use only • To consider and, if thought fit, pass the following as an ordinary resolution: “To adopt the Remuneration Report for the financial year ended 30 June 2025”
Slide 9: Item 2 – Adoption of Remuneration Report
Item 2 – Adoption of Remuneration Report 9 RESOLUTION 2 For personal use only Resolution by proxy Adoption of Remuneration Report % of eligible proxies in favour 99.59 Total number votes cast For 140,390,760 Against 445,082 Open usable 135,131 Excluded votes 19,330,592 Abstain 27,447
Slide 10: Item 3(a) – Re-election of Mr Alan Watson as non-executive Director
Item 3(a) – Re-election of Mr Alan Watson as non-executive Director 10 For personal use only • To consider and, if thought fit, pass the following as an ordinary resolution: “That Alan Watson who retires from the office of Director by rotation and, being eligible, offers himself for re-election, be
Slide 11: Item 3(a) – Re-election of Mr Alan Watson as non-executive Director
Item 3(a) – Re-election of Mr Alan Watson as non-executive Director 11 RESOLUTION 3(a) For personal use only Resolution by proxy Re-election of Alan Watson % of eligible proxies in favour 94.03 Total number votes cast For 150,739,333 Against 9,427,060 Open usable 135,133 Excluded votes - Abstain 27,
Slide 12: Item 3(b) – Re-election of Ms Lorraine Berends as non-executive Director
Item 3(b) – Re-election of Ms Lorraine Berends as non-executive Director 12 For personal use only • To consider and, if thought fit, pass the following as an ordinary resolution: “That Lorraine Berends who retires from the office of Director by rotation and, being eligible, offers herself for re-ele
Slide 13: Item 3(b) – Re-election of Ms Lorraine Berends as non-executive Director
Item 3(b) – Re-election of Ms Lorraine Berends as non-executive Director 13 RESOLUTION 3(b) For personal use only Resolution by proxy Re-election of Lorraine Berends % of eligible proxies in favour 99.31 Total number votes cast For 159,161,771 Against 977,129 Open usable 135,133 Excluded votes 0 Abs
Slide 14: Item 4 – Issue of Shares to Andrew Chambers under the Omnibus Incentive Plan
Item 4 – Issue of Shares to Andrew Chambers under the Omnibus Incentive Plan 14 For personal use only • To consider and, if thought fit, pass the following as an ordinary resolution: “That, for the purposes of Listing Rule 10.14 and for all other purposes, approval is given for the issue of Shares t
Slide 15: Item 4 – Issue of Shares to Andrew Chambers under the Omnibus Incentive Plan
Item 4 – Issue of Shares to Andrew Chambers under the Omnibus Incentive Plan 15 RESOLUTION 4 For personal use only Resolution by proxy Issue of shares to Andrew Chambers % of eligible proxies in favour 99.81 Total number votes cast For 141,311,281 Against 130,983 Open usable 135,131 Excluded votes 1
Slide 16: Item 5 – Issue of securities to Christa Lenard in lieu of director fees
Item 5 – Issue of securities to Christa Lenard in lieu of director fees under the Omnibus Incentive Plan 16 For personal use only • To consider and, if thought fit, pass the following as an ordinary resolution: “That, for the purposes of Listing Rule 10.14 and for all other purposes, approval is giv
Slide 17: Item 5 – Issue of securities to Christa Lenard in lieu of director fees
Item 5 – Issue of securities to Christa Lenard in lieu of director fees under the Omnibus Incentive Plan 17 RESOLUTION 5 For personal use only Resolution by proxy Issue of securities to Christa Lenard in lieu of director fees % of eligible proxies in favour 99.63 Total number votes cast For 141,058,
Slide 18: Managing Director's Address
For personal use only 02 Managing Director’s Address
Slide 19: Managing Director's Address
Managing Director’s Address 19 • FY25 Themes For personal use only • FY25 Results • Financial Results • Performance Fees • Funds Under Management • Latest Update – Q1 FY26 • FUM & Flows • Performance • New Horizon 3 Affiliate – Advantage Partners • Growth Agenda • Three Horizons of Growth • Horizon
Slide 20: FY25 Themes
FY25 Themes 20 Strong core growth, expanding Affiliate profitability and a robust platform driving scalable, diversified earnings into FY26 For personal use only 1. Strong growth in core earnings and FUM, resulting from growing Pinnacle platform 2. Continuing execution of ‘3 Horizons’ strategy, addi
Slide 21: FY25 Themes
FY25 Themes 21 Strong core growth, expanding Affiliate profitability and a robust platform driving scalable, diversified earnings into FY26 For personal use only 1. Significant growth in core earnings and FUM, resulting from growing Pinnacle platform • Pinnacle NPAT up 49% on FY24, representing a 37
Slide 22: FY25 Themes
FY25 Themes 22 Strong core growth, expanding Affiliate profitability and a robust platform driving scalable, diversified earnings into FY26 For personal use only 3. Strong performance fee outcome for the financial year, albeit low in 2H. Long-term Affiliate performance continues to be robust, with k
Slide 23: FY25 Themes
FY25 Themes 23 Strong core growth, expanding Affiliate profitability and a robust platform driving scalable, diversified earnings into FY26 For personal use only 5. Entering FY26, all Affiliates are at or exceeding run-rate profitability • Horizon 2 cost, within Pinnacle and Affiliates, trended down
Slide 24: FY25 financial highlights
FY25 financial highlights 24 Diversified platform providing resilience in volatile market conditions. Investments made to support earnings growth in the future For personal use only A f f i l i a te F U M / R e v e n u e ( 1 0 0 % ) C a s h / I n v e s tm e n ts Affiliate FUM (100%) 30 Jun 25 30 Jun
Slide 25: Track record of earnings growth through market cycles
Track record of earnings growth through market cycles 25 The strength and diversity of our platform generates material earnings growth for our shareholders through cycles and over the long-term For personal use only NPAT growth: 2016 – 2025 Diluted EPS growth: 2016 - 2025 CAGR (five years to 30 June
Slide 26: Horizon & diversification enables platform to deliver earnings growth through market cycles
Horizon 2 & 3 diversification enables platform to deliver earnings growth through market cycles 26 • Pinnacle has pursued a deliberate strategy of diversification, incubating new Affiliates and strategies, For personal use only enhanced by careful acquisitive growth into new asset classes and market
Slide 27: Performance fees
Performance fees 27 Pinnacle Affiliates continue to outperform benchmarks, resulting in continued FUM growth and performance fee generation For personal use only Closing FUM & number of strategies subject to performance fees • It remains a key strategy of Pinnacle and Affiliates to grow FUM that has
Slide 28: Evolution & Growth | FUM & Flows
Evolution & Growth | FUM & Flows 28 FUM ($bn)1 • FUM has grown at a CAGR of 27.3% p.a. over the last ten years (24.2% For personal use only 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 ‘acqu
Slide 29: Evolution of FUM by client type
Evolution of FUM by client type 29 Horizon 2 build out of Wholesale & Retail and International distribution functions has led to a greatly expanded and diversified client base For personal use only 30 Jun 2025 - $179.4bn 30 Jun 16 - $19.8bn 39.7 0.5 2.6 Domestic Institutional 88.3 International Reta
Slide 30: Evolution of FUM | private markets & international
Evolution of FUM | private markets & international 30 Private Markets Asset Growth1 • FUM in private markets asset classes was $28.7bn at 30 June 2025 For personal use only • 16% of total FUM • Up from $1.5bn / 6% of total FUM as at 30 June 2016 • 40% CAGR since 2016 • Pinnacle has been a distributo
Slide 31: Evolution of international platform
Evolution of international platform 31 Cumulative International Flows by Affiliate • Pinnacle has deliberately globalized its platform, investing across all 3 For personal use only Horizons: • Organic growth of existing Affiliates and strategies into international markets • New Affiliate ‘start-ups’
Slide 32: Latest Update – Q1 FY26 – FUM and flows
Latest Update – Q1 FY26 – FUM and flows 32 For personal use only • Total Affiliate FUM (at 100%) at 30 September 2025 of $197.4 billion – up $18.0 billion or 10% from $179.4 billion at 30 June 2025 • Total Affiliate Retail FUM (at 100%) at 30 September 2025 of $44.4 billion – up $4.7 billion or 12%
Slide 33: Latest Update – Q1 FY26 – FUM and flows
Latest Update – Q1 FY26 – FUM and flows 33 For personal use only • Strong aggregate net inflows for the quarter, across all three channels • Notable Australian wholesale/retail inflows, particularly into public equities and alternative fixed income • Domestic institutional flows robust in aggregate,
Slide 34: Continuing strong investment performance of Affiliates to 30 September 2025
34 Incepti on 5Y (p.a.) 10Y (p.a.) Incepti on date Continuing strong investment (p.a.) Pinnacle Investment Management Hyperion Asset Management - Gross Performance performance of Affiliates to 30 For personal use only Hyperion Australian Growth Companies Fund 9.43% 12.16% 12.27% 01/10/2002 Outperfor
Slide 35: Continuing strong investment performance of Affiliates to 30 September 2025
35 Inception 5Y (p.a.) 10Y (p.a.) Inception date Continuing strong investment Pinnacle Investment Management (p.a.) performance of Affiliates to 30 Palisade Investment Partners - Gross Performance For personal use only Palisade Diversified Infrastructure Fund 11.20% 11.60% 7.70% 15/12/2004 September
Slide 36: Continuing strong investment performance of Affiliates to 30 September 2025
36 Inception 5Y (p.a.) 10Y (p.a.) Inception date Continuing strong investment (p.a.) Pinnacle Investment Management performance of Affiliates to 30 For personal use only Metrics Credit Partners - Gross Performance MCP Diversified Australian Senior Loan Fund 7.03% 5.97% 5.98% 04/06/2013 September 202
Slide 37: Performance of Affiliates to 30 September 2025
37 Incepti on Incepti on 1Y 3Y ( p.a .) 5Y ( p.a .) 10Y ( p.a .) ( p.a .) da te Performance of Affiliates to 30 Pinnacle Investment Management Hype r io n Asse t M an age m e n t - Gr o ss Pe r fo r m an c e For personal use only Hyperion Australian Growth Companies Fund 0.66% 17.29% 9.43% 12.16% 12
Slide 38: Performance of Affiliates to 30 September 2025
38 Incepti on Incepti on 1Y 3Y ( p.a.) 5Y ( p.a.) 10Y ( p.a.) ( p.a.) date Performance of Affiliates to 30 Pinnacle Investment Management Palisade In ve stm e n t Par tn e r s - Gr oss Pe r for m an c e For personal use only September 2025 Palisade Diversified Infrastructure Fund Palisade Australian
Slide 39: Performance of Affiliates to 30 September 2025
39 Incepti on Incepti on 1Y 3Y ( p.a .) 5Y ( p.a .) 10Y ( p.a .) ( p.a .) da te Performance of Affiliates to 30 Pinnacle Investment Management M e t r ic s C r e dit Par t n e r s - Gr o ss Pe r fo r m an c e For personal use only September 2025 MCP Diversified Australian Senior Loan Fund 8.24% 8.88
Slide 40: Pinnacle Affiliates continue to win major industry awards
Pinnacle Affiliates continue to win major industry awards 40 2025 Zenith Fund Awards: • Pinnacle – Distributor of the Year 2025 Momentum Media Australian Wealth Management Awards: For personal use only • Antipodes – International Equities Global Small Caps Winner • Metrics – Fund Manager Private Cre
Slide 41: Introducing – Advantage Partners, a new Horizon 3 Affiliate
Introducing – Advantage Partners, a new Horizon 3 Affiliate 41 • Pinnacle has agreed to acquire up to 13% of Advantage Partners over a 3-year period, via an initial 5% stake for A$92m and a 3- For personal use only year option over a further 8% on the same terms • Advantage Partners is the largest i
Slide 42: Introducing – Advantage Partners, a new Horizon 3 Affiliate
Introducing – Advantage Partners, a new Horizon 3 Affiliate 42 For personal use only • Advantage Partners is unique, as the only locally-grown diversified private markets platform in Japan. The partnership provides Pinnacle with a leading private markets investment platform and substantial LP footpr
Slide 43: Unique private markets platform
Unique private markets platform 43 The only diversified alternative asset management platform in Japan with multiple strategies Japan Buyout Asia Buyout Private Solutions Renewables & Sustainability For personal use only (“JBO”) (“Asia Fund” or “AF”) (“Japan PS”) (“R&S”) Cumulative Capital • JPY700b
Slide 44: A broader platform than other mid market Japan buyout firms
A broader platform than other mid market Japan buyout firms 44 Top Independent Private Equity Platforms in Japan Cumulative Capital Raised (US$ bn) For personal use only 6.5¹ 4.5 4.2 3.3 2.3 2.3 1.9 1.6 1.4 ADVANTAGE Unison JIP INTEGRAL Longreach POLARIS SUNRISE NSSK J-STAR Advantage partners has th
Slide 45: Long tenured, visionary and globally diverse team
Long tenured, visionary and globally diverse team 45 For personal use only Deep talent bench led by seasoned leadership with 20+ years of industry experience Taisuke Sasanuma Richard Folsom Co-Founder, Representative Partner Co-Founder, Representative Partner • 30+ years of industry experience • 30+
Slide 46: Japan Buyout (JBO) - Strong and differentiated returns drive fundraising momentum
Japan Buyout (JBO) - Strong and differentiated returns drive fundraising momentum and appeal to global LPs 46 • Recent JBO funds have produced 4–5x gross MOIC with strong realizations For personal use only • 2.7x / 3.8x (overall since inception / excluding TSB1) Gross Realized MOIC across all JBO Fu
Slide 47: Japan Inc Reform drives strong supply of private equity investment opportunities
Japan Inc Reform drives strong supply of private equity investment opportunities 47 High fragmentation, low corporate ROEs and regulatory reform drive increased M&A and activism leading to heightened supply of buyout and listed small cap opportunities ripe for the Advantage Partners PE value add pla
Slide 48: Japan savings reform drives increased demand for growth/equity solutions
Japan savings reform drives increased demand for growth/equity solutions for investors 48 Re-emergence of inflation together with tax reforms (Nippon Individual Savings Account) and government push for “savings to investments” are driving a move from cash holdings to wealth-building products = good
Slide 49: Growth Agenda
For personal use only Growth Agenda
Slide 50: Horizons of growth
3 Horizons of growth 50 Prepared for, and seeking, further expansion opportunities – committed to taking advantage of the significant opportunity to evolve into a global multi-affiliate by ‘exporting our model’ – but maintaining discipline on quality and valuation For personal use only • Continue to
Slide 51: Future growth drivers
Future growth drivers 51 An excellent platform in place to move ahead with sustained growth For personal use only Distribution Robust, Flexible Start-Up Affiliate Existing Affiliate Acquisitive Platform Expansion Operating Platform Enablement Expansion Growth • Investment in (and • Robust, flexible
Slide 52: Horizon 2 | highly valuable accelerator for new Affiliates and new strategies
Horizon 2 | highly valuable accelerator for new Affiliates and new strategies 52 For personal use only • The aggregate net cost to Pinnacle of these initiatives, within Pinnacle and Affiliates, again held steady in 2H FY25 at approximately $4.5m (Pinnacle share, after tax), which was broadly the sam
Slide 53: Horizon 2 and 3 updates – Life Cycle, Pacific Asset Management and VSS
Horizon 2 and 3 updates – Life Cycle, Pacific Asset Management and VSS 53 Pinnacle raised equity to fund UK and US acquisitions: • In November 2024, Pinnacle undertook an equity raise ($400m institutional placement and $50.5m share purchase plan) to finance investments For personal use only in New Y
Slide 54: Corporate Responsibility
For personal use only Corporate Responsibility
Slide 55: Our Sustainability Strategy
Our Sustainability Strategy 55 We are committed to building a sustainable, inclusive and resilient firm For personal use only This means fostering a work environment that recruits, retains and supports exceptional people with diverse experience, aligning firm growth with our climate ambitions, expan
Slide 56: PNI Foundation
PNI Foundation 56 • Pinnacle is passionate about enabling better lives through investment excellence. This is strongly reflected in Pinnacle’s For personal use only commitment – together with Affiliates – to the PNI Foundation • The Foundation’s focus is on growing the reach, sustainability and impa
Slide 57: PNI Group 2025 Aggregate Giving
PNI Group 2025 Aggregate Giving 57 For personal use only
Slide 58: PNI Foundation – Partnerships
PNI Foundation – Partnerships Multiple partnerships with 17 NFPs are driving long-term sustainable impact across six core focus areas: For personal use only MENTAL HEALTH AND WELLBEING Offering support through community connection, prevention and early intervention strategies SEXUAL, DOMESTIC AND FA
Slide 59: Conclusion
For personal use only Conclusion
Slide 60: Pinnacle differentiation
Pinnacle differentiation 60 Australia’s leading ‘multi-affiliate’ investment firm For personal use only 1. Distinguished from competitors 2. High quality, experienced, 3. All the advantages, benefits and by comprising the highest dedicated, passionate superior conditions of a quality investment mana
Slide 61: Summary
Summary 61 Pinnacle’s diverse Affiliate stable and extensive distribution channels foster resilience and growth For personal use only Fundamentals in • Highly regarded Affiliates with strong local and international investment consultant and research house ratings place for organic • Diverse stable o
Slide 62: Q&A
For personal use only 02 Q&A
Slide 63: Additional Information
For personal use only 03 Additional Information
Slide 64: FY25 in review
For personal use only FY25 in review
Slide 65: FY25 financial results
FY25 financial results 65 FY25 ($M) FY24 ($M) % Change • NPAT attributable to shareholders of $134.4m For personal use only PINNACLE • 49% increase on FY24 (37% increase in diluted EPS) Revenue1 65.5 49.0 34% Expenses2,3 (50.7) (49.4) 3% • Performance fees earned by Pinnacle Affiliates, post-tax, co
Slide 66: FY25 financial results – balance sheet
FY25 financial results 66 30 Jun 2025 ($M) 30 Jun 2024 ($M) Change • Cash and PI of $463.5m For personal use only CURRENT ASSETS • Includes $423.2m invested in strategies managed by Pinnacle Affiliates, including Cash and cash equivalents 26.6 32.6 (18%) additional funds raised in the November insti
Slide 67: Investment Performance
Investment Performance 67 Our industry leading portfolio of high performing Affiliates continues to outperform benchmarks and provides an engine for continued FUM growth and performance fee generation For personal use only Affiliate strategies outperformance over benchmarks (alpha) – over 5-year per
Slide 68: Growth, strategic expansion and strong performance across Pinnacle's global platform
Growth, strategic expansion and strong performance across Pinnacle’s global platform 68 Seed FUM and Middle office and Technology and other FY25 Highlights: For personal use only working capital fund administration firm infrastructure Distribution and RE, compliance, Interface for • Antipodes conclu
Slide 69: Revenue and margin performance and key drivers
Revenue and margin performance and key drivers 69 Strong revenue growth, with notable contribution from newer Affiliates; deliberate Horizon 2 investment in growth initiatives moderates profits in the short-term, but drives strategic growth over the medium- to long-term For personal use only Affilia
Slide 70: Diversification & resilience of core earnings
Diversification resilience of core earnings 70 A broadly diversified platform in place to move ahead with sustained growth For personal use only FY25 FUM 2 by Affiliate (%) 1 Ch an ge in FUM 2 by Asset Class (%) 30 Jun 25 1.6% 0.5% 0.4% 0.5% Metrics 2.5% 30 Jun 16 1.0% 0.1% Australian Equities 1
Slide 71: Continued industry awards
Continued industry awards 71 For personal use only 2025 Money Management 2025 Morningstar Awards 2024 Momentum Media Annual Fund Manager of for Investing Excellence in 2024 Zenith Fund Awards: Australian Wealth the Year Awards, Australia: Management Awards: partnering with Lonsec: • Hyperion – Overa
Slide 72: FY25 Market Update – Institutional & International
For personal use only FY25 Market Update – Institutional & International
Slide 73: Institutional & International: Market Update
Institutional & International: Market Update 73 Diverse, multi-asset, multi-channel platform to drive ongoing growth Institutional (Australia): FY25 International: FY25 For personal use only • $11.4bn net inflows in FY25 • $4.8bn net inflows in FY25 • $88bn+ of Australian institutional FUM • $1.9bn
Slide 74: FY25 Market Update – Wholesale & Retail
For personal use only FY25 Market Update – Wholesale & Retail
Slide 75: Wholesale & Retail (Australia): Market Update
Wholesale & Retail (Australia): Market Update 75 As of 30 Ju n e 2025 $6.9bn net inflows into Wholesale and Retail in FY25 • $3.7bn in net inflows in 1H FY25 For personal use only Wholesale and Ret ail flows (Net ) • $3.2bn in net inflows in 2H FY25 $6.9bn Wholesale and Retail net inflows across div
Slide 76: Affiliate spotlight
For personal use only Affiliate spotlight
Slide 77: Horizon 2 | Metrics | building a leading diversified private markets platform
Horizon 2 | Metrics | building a leading diversified private markets fund management platform 77 • Metrics is recognized as a pioneer in Australian private credit, initially focused on corporate and institutional For personal use only lending. It has evolved into a diversified private markets platfo
Slide 78: Horizon 2 | Metrics | understanding FY25 financial outcome
Horizon 2 | Metrics | understanding FY25 financial outcome 78 Column1 'Core' Horizon 2 Net outcome ABF (Navalo) Metrics - Metrics initiatives - core reported • Net ‘Horizon 2’ investment in FY25 of $24.4m, For personal use only Metrics after tax, at 100% (approximately ~$8m impact on Pinnacle’s prof
Slide 79: Horizon 2 | Metrics | understanding FY25 financial outcome
Horizon 2 | Metrics | understanding FY25 financial outcome 79 Growth in Metrics AUM since Acquisition NPBT & Revenues (ex. Performance Fees) since Acquisition 30,000 40 200 For personal use only CAGR since acquisition: 33.3% 180 35 25,000 160 30 140 20,000 25 120 AUM ($m) (A$m) 15,000 20 100 80 15 1
Slide 80: Horizon 2 | Metrics | market opportunity
Horizon 2 | Metrics | market opportunity 80 Australian lending market - by sector ($bn) For personal use only 2,500 Metrics - <1% 2,000 1,500 Metrics - 3% 1,000 Metrics - <1% Metrics - 2% 500 0 Corporate and Institutional Real Estate Debt Consumer lending / SME Residential Mortgages Lending Metrics
Slide 81: Affiliate summaries
For personal use only Affiliate summaries
Slide 82: FY25 funds under management
FY25 funds under management 82 For personal use only
Slide 83: Five-year progress and outcomes
Five-year progress and outcomes 83 For personal use only 5yr Compound Growth FY 20 FY 25 rate (%) FUM ($bn) 58.7 179.4 25.0% Public Markets ($bn) 48.3 135.5 22.9% Private Markets ($bn) 6.7 28.7 33.8% Alternative Fixed Income ($bn) 3.7 15.2 32.7% Int Domiciled ($bn) 0.002 47.7 650.8% Int Sourced ($bn
Slide 84: Affiliate commitment to ESG
Affiliate commitment to ESG 84 All Pinnacle Affiliates embed ESG principles into their investment decision making process: For personal use only Incorporate ESG into Investment Affiliate Signatory to PRI Have an ESG policy process Yes Aikya Yes Yes (Certified B Corporation) Antipodes Yes Yes Yes Coo
Slide 85: Pinnacle Affiliates
Pinnacle Affiliates 85 Global Emerging Market Equities For personal use only • 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 Austr
Slide 86: Pinnacle Affiliates
Pinnacle Affiliates 86 High conviction Australian and Global Equities For personal use only • Deep fundamental research approach consistently applied for 15+ years • Australian, Global, Small Companies and Long-Short equities • No enduring style bias. Building concentrated portfolios of best growth
Slide 87: Pinnacle Affiliates
Pinnacle Affiliates 87 Global and Canadian Small Cap Equities For personal use only • 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 lon
Slide 88: Pinnacle Affiliates
Pinnacle Affiliates 88 For personal use only Private Debt and 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 st
Slide 89: Pinnacle Affiliates
Pinnacle Affiliates 89 Private Infrastructure, Impact & Real Assets • Mid-market focus results in attractive acquisition multiples and portfolio yield Actively involved in operational management and governance of assets; unlocks embedded value For personal use only • • Owns core infrastructure asset
Slide 90: Pinnacle Affiliates
Pinnacle Affiliates 90 Private Agriculture, Food & Water For personal use only • Specialist water, agriculture and food investment firm providing capital solutions to the agriculture sector • Participation throughout the value chain investing in assets that are critical to the production of essentia
Slide 91: Pinnacle Affiliates
Pinnacle Affiliates 91 Private Structured Capital For personal use only • 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
Slide 92: Disclaimer
Pinnacle Investment Management Group Limited (PNI) 92 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 21 October 2025. For personal use only PNI has prepared this presentation based on
Slide 93: Disclaimer
Disclaimer 93 For personal use only 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
Pinnacle Investment Management Group — Shareholder Meeting (October 2025) on 6ix