Perpetual Credit Income Trust Announces Daily Net Tangible Asset Estimate of $1.098 per Unit as of 22 July 2026

Overview of Perpetual Credit Income Trust and Its Investment Approach

Perpetual Credit Income Trust is a managed investment trust within the Perpetual Group, one of Australia’s leading independent asset managers. The trust offers investors exposure to credit-based investment opportunities, with Perpetual Trust Services Limited serving as the responsible entity overseeing operations and regulatory compliance. Registered under ARSN 626 053 496 and operating under Australian Financial Services Licence 236 648, the trust provides units to eligible investors within a regulated framework.

Perpetual Investment Management Limited (PIML), authorised to manage the trust, brings extensive expertise in credit markets and portfolio management. PIML implements the trust’s investment strategy, manages credit asset portfolios, and calculates key metrics such as the daily NTA per unit. This structure enables investors to access diversified credit instruments with professional management and ongoing oversight from Perpetual Group’s experienced specialists.

Methodology and Reporting of Daily NTA Per Unit

Net tangible asset (NTA) per unit is a vital metric that reflects the trust’s underlying asset value, calculated as total tangible assets minus liabilities divided by units on issue. For Perpetual Credit Income Trust, the NTA is calculated daily and reported to provide timely updates on unit valuation. As of close of business on 22 July 2026, the NTA per unit was estimated at $1.098, representing an approximate value of each trust unit at that date.

The announcement emphasizes that all disclosed figures are unaudited and approximate, meaning they have not undergone a full financial audit and represent management’s best estimate based on current market data and portfolio valuations. Perpetual Investment Management Limited is the source of the NTA calculation, with Perpetual Trust Services Limited authorising the market release. Daily NTA disclosures are standard practice in managed investment trusts, enabling investors to consistently monitor their holdings’ value and performance.

Perpetual Trust Services Limited’s Role as Responsible Entity

Perpetual Trust Services Limited (PTSL) acts as the responsible entity for Perpetual Credit Income Trust, fulfilling significant regulatory duties under Australian financial services law. PTSL ensures the trust operates in compliance with its constitution, the Corporations Act, and relevant regulations. It safeguards unitholder interests and maintains governance and financial controls. Holding Australian Financial Services Licence 236 648, PTSL is authorised to manage registered managed investment schemes like PCI.

The division of responsibilities between PTSL as responsible entity and PIML as investment manager ensures independent oversight and clear accountability. While PTSL manages governance and regulatory compliance, PIML focuses on investment management and portfolio decisions. This structure enhances governance standards and ensures timely, accurate NTA disclosures and regulatory adherence.

Portfolio Management by Perpetual Investment Management Limited

Perpetual Investment Management Limited (PIML), with ABN 18 000 866 535 and Australian Financial Services Licence 234426, is appointed by the responsible entity to manage the trust’s investments. PIML executes the investment strategy, allocates assets, and selects credit investments aligned with the trust’s objectives. The manager continuously analyses credit markets, monitors holdings, and rebalances the portfolio as needed. PIML also calculates the daily NTA per unit by valuing all trust assets and liabilities accurately at each reporting date.

PIML’s appointment reflects the trust’s reliance on Perpetual Group’s professional expertise. The manager maintains robust systems to ensure consistent and accurate NTA calculations, despite figures being unaudited and approximate. Detailed valuation records are kept to support the responsible entity and regulators when required. The daily NTA reporting demands efficient consolidation of portfolio data and current market valuations to produce reliable unit valuations regularly.

NTA as a Vital Metric for Investors’ Performance Monitoring

The NTA per unit is a fundamental indicator for investors to evaluate trust performance and compare values over time. Monitoring NTA fluctuations helps assess the manager’s effectiveness and identify portfolio trends. Rising NTA may signal positive returns, while declines could indicate credit market challenges. Daily NTA disclosures empower investors to make informed decisions about adjusting their holdings and provide transparency on the unit’s underlying value.

For Perpetual Credit Income Trust, the $1.098 NTA per unit as of 22 July 2026 offers a valuation snapshot. Investors typically compare this figure to prior NTA estimates and purchase prices to assess value delivered. Regular NTA reporting supports market transparency and investor confidence by demonstrating ongoing, accurate asset value communication, which is especially important in credit investments where asset visibility is limited compared to equities or property.

Investor Considerations Regarding Unaudited and Approximate NTA Figures

The company update clearly states the NTA figure is unaudited and approximate, which is critical for investors’ interpretation. Unaudited figures lack independent verification through financial audits, which include detailed asset and liability testing and accounting methodology reviews. Approximate valuations reflect the judgment involved in pricing credit instruments without real-time market prices. This designation does not imply inaccuracy but represents management’s best estimate at the reporting date.

Investors should recognize that actual realised unit values may differ from estimated NTA, especially during volatile market conditions or valuation delays. The update includes disclaimers that the information is not financial advice and past performance does not predict future results. Investors are encouraged to consider NTA within their overall financial goals and consult financial advisers before making decisions based on this data.

Perpetual Group Background and Ownership Structure

Perpetual Credit Income Trust is part of the Perpetual Group, comprising Perpetual Limited (ABN 86 000 431 827) and its subsidiaries. As one of Australia’s largest independent asset managers, Perpetual Group offers extensive investment management and financial services expertise. Inclusion in this group assures investors of strong infrastructure, regulatory oversight, and institutional knowledge backing the trust.

The governance structure assigns Perpetual Trust Services Limited as responsible entity and Perpetual Investment Management Limited as manager, both within the Perpetual Group. This alignment fosters shared interests while maintaining independent governance. The disclaimer clarifies that neither PTSL, PIML, nor any Perpetual Group company guarantees trust performance or returns, highlighting market and credit risk exposure.

Credit Investment Risks and Investor Safeguards

Investing in credit-focused trusts like PCI involves credit risk—the possibility that borrowers or counterparties may default on payments. Credit instruments such as bonds and loans fluctuate in value based on issuer creditworthiness and interest rate changes, with rising rates typically reducing fixed-rate instrument values. The unaudited and approximate NTA reflects valuation estimates that may differ from realisable amounts if assets must be sold.

The trust benefits from regulatory oversight by the Australian Securities and Investments Commission (ASIC), ensuring compliance with managed investment scheme regulations. The responsible entity’s Australian Financial Services Licence and adherence to the Corporations Act provide investor protections and governance standards. Nonetheless, investors should not rely solely on NTA disclosures and must seek independent financial advice tailored to their circumstances. Regular NTA updates enhance transparency but do not replace comprehensive due diligence.

Contact Details and Additional Information

Perpetual Credit Income Trust is headquartered at Angel Place, Level 14, 123 Pitt Street, Sydney NSW 2000, Australia, where Perpetual Trust Services Limited operates as responsible entity. Investors seeking further details on the trust’s strategy, performance, or unit pricing can contact the trust management at this address or via Perpetual Group’s public channels. The NTA update is prepared by Perpetual Investment Management Limited and authorised by Perpetual Trust Services Limited, the appropriate contacts for investor inquiries.

The announcement emphasizes that the information is general and not tailored advice. It explicitly states it "does not constitute an offer, invitation, solicitation or recommendation regarding PCI units." The NTA disclosure serves as informational only, not marketing or investment advice. Prospective and current investors should consult financial advisers or trust management to determine suitability aligned with their investment goals.