Perpetual Equity Investment Company Announces Net Tangible Asset Backing of $1.18 Per Share as of 27 July 2026

Overview of Perpetual Equity Investment Company's Structure and Business Model

Perpetual Equity Investment Company Limited is a closed-end listed investment company providing Australian investors access to a professionally managed equity portfolio. Managed by Perpetual Investment Management Limited, which holds an Australian Financial Services Licence (AFSL 234426) and operates under Australian Prudential Regulation Authority oversight, PIC pools shareholder capital to invest in a diversified equity portfolio aimed at long-term capital growth and potential distributions. The company is incorporated in Australia with its registered office at Level 14, 123 Pitt Street, Sydney NSW 2000, situated in Sydney’s key financial district.

Unlike open-ended managed funds, PIC’s closed-end structure raises capital through periodic share issues rather than daily applications and redemptions. This approach enables the investment manager to maintain a stable capital base and implement a consistent long-term strategy without holding excess cash for redemptions. Perpetual Investment Management Limited, part of the Perpetual Group—which includes Perpetual Limited and subsidiaries—is a major Australian wealth management and investment administration entity operating across multiple financial services sectors.

NTA Backing as of 27 July 2026: Reported Figures and Tax Considerations

As at 27 July 2026, PIC reported an NTA backing per ordinary share of $1.179 before tax and $1.184 after tax. The difference reflects deferred tax provisions on unrealised gains and losses within the investment portfolio. This distinction is crucial for investors to understand potential future tax liabilities affecting net asset value. The after-tax NTA of $1.184 offers a conservative estimate of the company’s intrinsic value, accounting for theoretical tax payable if all unrealised gains were realised.

The company notes that these NTA figures are unaudited and approximate, representing management’s valuation based on portfolio holdings at the reporting date. The update was authorised by Sylvie Dimarco, Company Secretary, and prepared by Perpetual Investment Management Limited on 28 July 2026. Market changes or portfolio adjustments after 27 July 2026 are not reflected, so actual current NTA may vary.

Deferred Tax Impact on PIC’s After-Tax NTA and Unrealised Investment Gains and Losses

The after-tax NTA figure incorporates deferred tax adjustments, reflecting potential tax liabilities on unrealised portfolio gains under Australian tax law, where capital gains tax is payable upon realisation. This provides investors with a more accurate view of share value if all gains were realised and taxed.

In cases of unrealised losses, the after-tax NTA may include tax benefits that offset future tax liabilities. The after-tax NTA of $1.184 exceeding the before-tax NTA of $1.179 suggests net unrealised gains are either neutral or slightly beneficial after tax. This tax treatment helps investors assess the long-term wealth creation potential of their investment.

Perpetual Investment Management Limited’s Role as Manager and Adviser

Perpetual Investment Management Limited (PIML), managing PIC’s portfolio and preparing this update, is a subsidiary of Perpetual Limited, one of Australia’s largest financial services firms. Holding AFSL 234426 and an Australian Credit License, PIML is authorized to manage investments for institutional and retail clients. This professional management ensures expert portfolio construction, security selection, and risk management supported by extensive research and market infrastructure. The closed-end structure allows investors access to a diversified, professionally managed equity portfolio.

The Perpetual Group operates across wealth management, superannuation, financial advisory, and investment management, providing PIC with integrated operational support, compliance, and technology. The group’s resources enable robust research and risk management. The update clarifies that neither PIC, PIML, nor the Perpetual Group guarantees investment performance or returns, consistent with financial disclosure standards.

Investor Insights: Using NTA to Evaluate Share Price Valuation and Discounts or Premiums

Investors commonly use PIC’s reported NTA backing per share to determine whether the ASX-traded share price reflects a discount or premium to underlying net assets. Shares trading below NTA indicate a discount, potentially allowing acquisition of assets below stated value. Conversely, a premium may reflect confidence in the manager’s stock selection, expected outperformance, or market demand. NTA serves as a fundamental valuation benchmark for investors.

Regular NTA reporting enables investors to monitor portfolio performance, market trends, and corporate actions over time. Comparing changes in NTA per share, adjusted for distributions, helps evaluate capital growth and returns. As figures are unaudited, minor adjustments may occur upon release of formal audited accounts.

Australian Listing and Market Access for Perpetual Equity Investment Company

Listed on the Australian Securities Exchange (ASX) under ticker PIC, Perpetual Equity Investment Company offers Australian retail and institutional investors direct share ownership with liquidity, price discovery, and transparency through continuous trading. This listing provides accessible exposure to a professionally managed equity portfolio without large minimum investments typical of alternative vehicles. The company complies with ASX listing rules and ASIC regulations, ensuring investor protections and governance.

Regular NTA disclosures and listing compliance support investor confidence. PIC must promptly announce material information, maintaining transparency. The company’s Sydney CBD registered office and professional management highlight its institutional standing. The listed structure also offers tax-efficient capital gain and dividend income streams, subject to individual tax circumstances.

Risks and Limitations of the NTA Figures and Company Update

Investors should consider that the NTA figures are unaudited and approximate, subject to revision upon audited accounts release. Valuation of illiquid securities, transaction costs, and tax provisions involve estimates that may affect reported NTA. Market volatility between 27 July 2026 and dissemination of this information may cause actual NTA to differ.

The update includes a disclaimer that information is general and not financial advice, with no guarantees on investment returns. Past performance does not indicate future results. The portfolio is exposed to market risks including equity volatility, sector risks, and economic cycles. The after-tax NTA depends on assumptions about tax rates, timing of gains realisation, and tax law applicability, which may vary. Investors should consult financial advisers before making decisions based on this information.

Regulatory and Governance Framework Supporting PIC’s Operations

Perpetual Equity Investment Company operates under ASX listing rules requiring continuous disclosure, financial controls, and corporate governance. PIML holds an AFSL and operates under ASIC and Australian Prudential Regulation Authority oversight, ensuring compliance with the Corporations Act 2001 (Cth). Company Secretary Sylvie Dimarco authorised the update, reflecting governance accountability.

The update complies with regulatory standards for transparent shareholder communication. The Perpetual Group’s compliance infrastructure supports PIC’s regulatory adherence. Investors can expect ongoing NTA updates, audited annual accounts, and disclosures per ASX and ASIC requirements, promoting transparency and market integrity.

Future Considerations for Investors in Perpetual Equity Investment Company

Investors should regularly monitor PIC’s monthly or periodic NTA updates, comparing NTA per share to ASX share price to track discount or premium changes. Reviewing fund manager commentary on portfolio positioning and market outlook is essential. Changes in NTA indicate portfolio performance, market conditions, or impairments. Monitoring announcements on strategy, distributions, or capital management initiatives is also important.

The audited annual report will provide detailed portfolio, performance, fees, and management insights. Investors should watch for special dividends, capital returns, or buybacks addressing valuation gaps. Changes in management or investment mandates may affect future performance. Active oversight of disclosures and market activity enables informed investment decisions aligned with financial goals.