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The Pengana Private Equity Trust (ASX: PE1) is increasing its target annual distribution yield from 4% to at least 6% of NAV, with distributions moving to quarterly payments. At the current unit price, this represents an indicative annual distribution yield of approximately 7.7% for new investors*. Seven years after listing, the portfolio is increasingly mature, with more investments realising value and returning cash to the Trust. SpaceX is a standout example, having generated substantial gains, with PE1 now progressively realising part of its investment at prices above the IPO price. Against this backdrop, we have enhanced PE1's distribution and capital management approach, providing investors with increased income alongside the potential for long-term capital growth. We have also clarified the Trust's long-term objective of achieving NAV returns of 10-14% per annum, after fees and costs. PE1 remains focused on delivering returns through a diversified global private equity portfolio of more than 600 companies, managed by GCM Grosvenor. We thank investors for their continued support. More on PE1 and our latest report: https://lnkd.in/gUepud63/?utm_campaign=Boost_Post_BrandAwareness_Oct26,2026&utm_source=linkedin&utm_medium=paid&utm_id=1238074396&hsa_acc=504652563&hsa_cam=1238074396&hsa_grp=917793276&hsa_ad=1659372376&hsa_net=linkedin&hsa_ver=3 ---------------- * Based on PE1's closing unit price of $1.46 on 22 October 2026 and its last reported NAV of $1.867 as at 30 September 2026. The indicative annual distribution yield of approximately 7.7% assumes distributions equal to 6% of NAV. Distributions are not guaranteed. Pengana Investment Management Limited (ABN 69 063 081 612, AFSL 219 462) (“Pengana”) is the issuer of units in the Pengana Private Equity Trust (ARSN 630 923 643) (“PE1”). This information was prepared by Pengana and does not contain any investment recommendation or investment advice. None of Pengana, Grosvenor Capital Management, L.P., nor any of their related entities, directors, partners or officers guarantees the performance of, or the repayment of capital, or income invested in PE1. An investment in PE1 is subject to investment risk including a possible loss of income and principal invested. Past performance is not a reliable indicator of future performance, the value of investments can go up and down.

Recent stress in Australian private credit is raising real questions for investors. How you access the asset class matters, and we believe global diversification is key.

Private credit has rarely been more topical. As allocations have grown, so too have questions around concentration, credit losses, liquidity, and how the asset class should fit within client portfolios. Join us on Monday, 9 November (12:00 pm AEDT) for a practical discussion that moves beyond the question of whether private credit is simply "good" or "bad", and focuses instead on the decisions that really matter for advisers and their clients.

It’s likely that many of today’s leading private AI companies will, in time, become accessible through listed markets and find their way into our investment portfolios. AIX offers the potential to gain exposure earlier, ahead of a possible transition to public markets and at a stage when valuations may be more attractive.

Private AI companies have traditionally been hard to reach for investors. AIX was established to help bridge that gap. Listed on the ASX, the fund gives investors access to a diversified portfolio of leading private AI companies, providing exposure earlier in their growth and ahead of any future transition to public markets.

Many of the companies leading the AI revolution are staying private for longer than ever. AIX was built to help bridge that gap. Portfolios invested solely in public market equities may risk missing a key growth opportunity. AIX gives investors a way to access the global private AI ecosystem before these companies reach public markets.