Perpetual Equity Investment : PIC Investor Presentation - April 2022

Perpetual Equity Investment Company ASX:PIC

Investor Presentation April 2022

Important note

This information was prepared by Perpetual Investment Management Limited (PIML) ABN 18 000 866 535, AFSL 234426. PIML is the Manager for the Perpetual Equity Investment Company Limited (Company) (ASX: PIC) ACN 601 406 419. This presentation is in summary form and is not necessarily complete. It should be read together with other announcements for the Company lodged with the Australian Securities Exchange, which are available atwww.asx.com.au.

The presentation is general information only and is not intended to provide you with financial advice or take into account your objectives, taxation situation, financial situation or needs. You should consider, with a financial adviser, whether the information is suitable for your circumstances. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information.

References to securities in this presentation are for illustrative purposes only and are not recommendations, and the securities may or may not be currently held by the Company. Past performance is not indicative of future performance.

This presentation may contain information that is based on projected and/or estimated expectations, assumptions or outcomes. These forward-looking statements are subject to a range of risk factors. The Company and PIML caution against relying on any forward-looking statements, particularly due to uncertainty and volatility in the market and ongoing disruption caused by COVID-19.

While PIML has prepared this information based on its current knowledge and understanding and in good faith, there are risks and uncertainties involved which could cause results to differ from the forward-looking statements. Neither the Company or PIML will be liable for the correctness and/or accuracy of the information, nor any differences between the information provided and actual outcomes, and reserves the right to change its projections or other forward-looking statements from time to time. Neither the Company nor PIML undertake to update any forward-looking statement to reflect events or circumstances after the date of this presentation, subject to disclosure obligations under the applicable law and ASX listing rules.

Neither the Company, PIML nor any company in the Perpetual Group guarantees the performance of, or any return on an investment made in, the Company. Perpetual Group means Perpetual Limited ABN 86 000 431 827 and its subsidiaries.

Perpetual Equity Investment Company Limited (ASX: PIC)

Core to our investment philosophy is the focus on value and quality

Investment Objective

• • Deliver an income stream

• • Provide long-term capital growth

• • Exceed the S&P/ASX 300 Accumulation Index over minimum 5 year investment periods

Investment Guidelines Typically 20 - 40 listed securities 50% - 100% Australian securities 0% - 35% Global securities 0% - 25% Cash

Investment Process

1. Quality Filters

• • Quality business

• • Conservative debt

• • Sound Management

• • Recurring earnings

• 2. Analysts Rank the Stocks

• 3. Portfolio Manager builds the

Portfolio

Supported by a large and experienced investment team of portfolio managers and analysts

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PIC aims to deliver consistent fully franked income stream

4.3%1 annual dividend yield or 6.2%1 grossed-up

We believe PIC's dividend yield is favourable in the current market environment

28.9 cps2 profit reserve

This provides confidence in our capital management

5.2 years2 dividend coverage

We believe this strengthens the Company's ability to deliver a sustainable income stream

Source: Perpetual Equity Investment Company Limited (PIC) as at 31 December 2021.

• 1 Yield is calculated based on total dividends of 5.6 cents per share and the closing share price of $1.30 as at 31 December 2021. Grossed up yield takes into account franking credits at a tax rate of 30%.

• 2 Profit Reserve of $108.4 million as at 31 December 2021, equating to 28.9 cents per share. This represents 5.2 years dividend coverage based on a total dividend payment of 5.6 cents per share per annum. This does not take into account the payment of the interim dividend, any changes to share capital or options exercised in the future.

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Investment Performance

Delivering long-term capital growth in excess of the benchmark

As at 28 February 2022 1 month 3 months 6 months 1 year 2 years p.a. 3 years p.a. 5 years p.a. 7 years p.a. Since Inception p.a.
PIC Investment Portfolio1 Net of fees, expenses and before tax paid 1.5% 4.0%	0.5%	19.2% 23.6% 16.0%	12.6%	11.3% 11.2%
S&P/ASX 300 Accumulation Index 2.1% -2.0% -4.2% 10.2% 8.6% 8.7% 8.6% 6.9% 8.8%

Excess Returns

-0.6%

6.0%

4.7%

8.9%

15.0%

7.3%

3.9%

4.3%

2.4%

Source: Perpetual Equity Investment Company Limited

1Returns have been calculated on the growth of Net Tangible Assets (NTA) after taking into account all operating expenses (including management fees) and assuming reinvestment of dividends and excluding tax paid. Any provisions for deferred tax on unrealised gains and losses are excluded. Past performance is not indicative of future performance. Inception date is 18 December 2014. Portfolio and Index return may not sum to Excess Return due to rounding.

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