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PENGANA INVESTMENT MANAGEMENT LIMITED
ABN 69 063 081 612
AFSL 219462

Level 12, 167 Macquarie Street, Sydney, NSW 2000
T: + 61 2 8524 9900
E: clientservice@pengana.com

PENGANA.COM

1 Sources: S&P Capital IQ (utilising certain information obtained from its database) for public and private company data as of 2 January 2020. Includes all private companies with revenues ≥ US$15 million. S&P Capital IQ has not provided consent to the inclusion of references to its databases and publications or material drawn from the databases and publications.

2 Source: The Burgiss Group (“Burgiss”); MSCI; S&P. The Burgiss data is based on published 3Q 2019 benchmark data as of January 2020. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. S&P and their third-party information providers do not accept liability for the information and the context from which it is drawn. Burgiss, MSCI and S&P have not provided consent to the inclusion of statements utilising their data. No assurance can be given that any investment will achieve its objectives or avoid losses. Past performance is not necessarily a guide to future performance. There are a number of risks associated with investing in private markets which is outlined in the PDS for the Secondary Offer.

3 Provided that a valid “Entitlement and Acceptance Form” and sufficient application monies is received on or before the closing date.

4 The targeted distributions are only targets and may not be achieved. Investors should review the summary of risks which is outlined in the PDS for the Secondary Offer.

5 Pengana reserves the right to scale back the size of the facility in its absolute discretion. There is no guarantee that you will receive any additional new units under a shortfall facility.

6 The Lonsec Rating (assigned August 2019) presented in this document is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445. The Rating is limited to “General Advice” (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial product(s). Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold Pengana Capital product(s), and you should seek independent financial advice before investing in this product(s). The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document(s) following publication. Lonsec receives a fee from the Fund Manager for researching the product(s) using comprehensive and objective criteria.

7 Source: The Burgiss Group (“Burgiss”); MSCI; S&P. The Burgiss data is based on published 3Q 2019 benchmark data as of January 2020. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. S&P and their third-party information providers do not accept liability for the information and the context from which it is drawn. Burgiss, MSCI and S&P have not provided consent to the inclusion of statements utilising their data. No assurance can be given that any investment will achieve its objectives or avoid losses. Past performance is not necessarily a guide to future performance. There are a number of risks associated with investing in private markets which will be outlined in the Offer Booklet for the Entitlement Offer.

8 The offer price will be set at $1.25, which is the net asset value (NAV) per unit of $1.2606 as at the end of May 2020 less the upcoming distribution of $0.0125 per unit (rounded to comply with ASX requirements).

a Pengana reserves the right to scale back the size of the facility in its absolute discretion. There is no guarantee that you will receive any additional new units under a shortfall facility.

b Source: The Burgiss Group (“Burgiss”); MSCI; S&P. The Burgiss data is based on published 4Q 2019 benchmark data as of May 2020. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. S&P and their third-party information providers do not accept liability for the information and the context from which it is drawn. Burgiss, MSCI and S&P have not provided consent to the inclusion of statements utilising their data. No assurance can be given that any investment will achieve its objectives or avoid losses. Past performance is not necessarily a guide to future performance. There are a number of risks associated with investing in private markets which will be outlined in the Offer Booklet for the Entitlement Offer.

None of Pengana Private Equity Trust (“PE1”), Pengana Investment Management Limited (ABN 69 063 081 612, AFSL 219 462) (“Responsible Entity”), Grosvenor Capital Management, L.P., nor any of their related entities guarantees the repayment of capital or any particular rate of return from PE1. Past performance is not a reliable indicator of future performance, the value of investments can go up and down. This document has been prepared by the Responsible Entity and does not take into account a reader’s investment objectives, particular needs or financial situation. It is general information only and should not be considered investment advice and should not be relied on as an investment recommendation

Pengana Investment Management Limited (Pengana) (ABN 69 063 081 612, AFSL 219 462) is the issuer of units in the Pengana Private Equity Trust (ARSN 630 923 643) (the Trust). Before acting on any information contained within this report a person should consider the appropriateness of the information, having regard to their objectives, financial situation and needs. None of Pengana, Grosvenor Capital Management, L.P. (Grosvenor), or their related entities, directors, partners or officers guarantees the performance of, or the repayment of capital, or income invested in the Trust. An investment in the Trust is subject to investment risk including a possible delay in repayment and loss of income and principal invested.