Perpetual Credit Income Trust Announces Net Tangible Asset Value of $1.098 per Unit as of July 20, 2026

Overview of Perpetual Credit Income Trust’s Investment Framework and Management

Listed on the ASX under ticker PCI, Perpetual Credit Income Trust offers investors exposure to credit-focused investment strategies. The trust follows a dual governance model where Perpetual Trust Services Limited serves as the responsible entity and issuer of trust units, holding the Australian Financial Services Licence (AFSL 236648). Meanwhile, Perpetual Investment Management Limited, holding AFSL 234426, manages the trust’s portfolio and investment decisions, leveraging specialized expertise in credit markets and portfolio construction.

Headquartered in Sydney at Angel Place, Pitt Street, the trust is part of the broader Perpetual Group, which includes Perpetual Limited and its subsidiaries. This structure ensures investors benefit from professional credit market knowledge while maintaining a clear separation between the responsible entity and investment management roles. The trust’s formation responds to increasing investor demand for structured credit income strategies that complement traditional equity and fixed-income portfolios.

Methodology Behind Net Tangible Asset Valuation and Reporting

The Net Tangible Asset per unit value is calculated by dividing the trust’s net tangible assets by the number of units issued. The reported NTA of $1.098 per unit as at 20 July 2026 offers investors a timely snapshot of the unit’s underlying value. Daily NTA estimates are provided to enhance transparency and enable investors to monitor their holdings or potential investments in near real-time.

Perpetual Investment Management Limited supplies these unaudited and approximate figures, underscoring that while prepared with professional diligence, they have not undergone formal external audit. Daily NTA reporting is a common practice in the managed funds sector, offering investors ongoing visibility into unit valuations, which is critical for credit securities where values fluctuate due to credit spreads, interest rates, and credit quality.

Perpetual Credit Income Trust’s Position in the Credit Investment Landscape

Operating within Australia’s managed funds industry, Perpetual Credit Income Trust targets investors seeking credit exposure. The trust’s credit-focused strategy includes investments in corporate bonds, bank loans, securitized assets, and other debt instruments. This approach provides investors with yield opportunities alongside professional credit risk management and portfolio oversight.

In an environment where traditional fixed-income returns may be limited, credit-focused trusts like PCI offer yield enhancement options. They compete with other managed funds, direct corporate bond investments, and hybrid securities. The trust’s daily NTA disclosures enhance marketability by demonstrating operational transparency and providing investors with clear unit valuation data to support informed investment decisions.

Governance and Regulatory Compliance Framework

Perpetual Credit Income Trust operates under ASIC regulation and Australian Financial Services laws. Perpetual Trust Services Limited, as the responsible entity, holds AFSL 236648 and ensures compliance with the Corporations Act, trust deed, and regulatory requirements. Perpetual Investment Management Limited manages day-to-day portfolio activities under its AFSL 234426, while the responsible entity retains ultimate accountability for trust governance and investor protection.

Both entities adhere to operational risk management, financial reporting, and disclosure standards. The daily NTA release is part of this disclosure framework, offering investors timely and accurate investment information. This dual-role governance model balances investment flexibility with investor protection, a standard in Australia’s managed funds industry.

Importance of Daily Net Tangible Asset Reporting for Investors

Daily NTA reporting plays a vital role in investor communications. The release on 21 July 2026, reflecting 20 July 2026’s close of business valuation, underscores the trust’s dedication to consistent transparency. Daily updates allow investors to track investment value closely, facilitating timely decisions on purchases or redemptions.

While these figures are unaudited and approximate, they provide a practical balance between real-time valuation and less frequent formal reporting. Full audited statements and detailed performance reports are typically issued quarterly or annually. Daily NTA disclosures help build investor confidence and support active portfolio monitoring and entry point assessment.

Credit Market Conditions and Their Impact on PCI’s Investment Environment

The trust operates amid credit market dynamics influenced by interest rates, credit spreads, and economic factors. As of mid-July 2026, the Australian credit market reflected prevailing monetary policies, inflation trends, and corporate credit conditions. Attractive credit spreads relative to risk-free rates benefit trusts like PCI by enhancing yield and potential capital gains, while adverse credit conditions can pressure valuations and income.

The $1.098 NTA per unit reflects the trust’s credit portfolio performance, distributions, and market movements. Investors typically seek a blend of regular income from credit securities and capital preservation. Perpetual Investment Management Limited manages credit selection, duration risk, and portfolio positioning to balance income generation with capital stability.

Risk Disclosures and Investor Guidance in the Trust’s Announcement

The announcement includes essential disclaimers noting that it provides general information only, not personalized financial advice. Neither Perpetual Trust Services Limited nor Perpetual Investment Management Limited guarantees trust performance or specific returns. Investors are encouraged to consult financial advisers to evaluate suitability based on individual circumstances.

These disclaimers highlight the inherent risks in credit investments, including credit, duration, and liquidity risks. Past performance is not indicative of future results, emphasizing the need for careful consideration before investing in credit-focused trusts.

Perpetual Group’s Role in Australian Funds Management and Trust Services

Perpetual Credit Income Trust is part of Perpetual Limited’s extensive investment management and trust services portfolio. Perpetual Limited (ABN 86 000 431 827) is a leading Australian funds manager with expertise across equities, fixed income, credit, and diversified strategies. The group’s structure separates trust management (Perpetual Trust Services Limited) from investment management (Perpetual Investment Management Limited), leveraging scale and expertise.

Perpetual’s focus on credit investments meets growing market demand for credit products. Through the ASX-listed PCI, retail investors gain access to credit strategies typically accessible only to institutional investors, democratizing credit market opportunities.

Future Reporting and Investor Engagement for Perpetual Credit Income Trust

The trust will continue issuing daily NTA estimates to maintain transparency and support investor communication. These reports, reflecting prior day valuations, help investors monitor performance and assess alignment with investment goals. Significant NTA fluctuations may indicate portfolio changes, market shifts, or distributions.

Additionally, quarterly and annual reports will provide audited financial statements, detailed portfolio analyses, and management commentary on market conditions and trust positioning. This comprehensive reporting framework equips investors with the insights needed to make informed decisions regarding their credit investment exposure through PCI.