Perpetual: Finding the hidden investment gems amid the fog of COVID, Stimulus, inflation & war!

Finding the hidden investment gems amid the fog of COVID, stimulus, inflation & war! August 2022 Confidential

Important note

PIML is the issuer of units in the Barrow Hanley Global Share Fund (Managed Fund) (ASX: GLOB) (“GLOB”), which is subject to ASX and regulatory approval. A product disclosure statement (PDS) will be issued by PIML for GLOB and should be considered before deciding whether to acquire or hold units in GLOB. The PDS is expected to be available in late May 2022 and can be obtained by calling 1800 022 033 or visiting our website perpetual.com.au.A description of the target market is provided in the Target Market Determination that can be obtained by calling 1800 022 033 or visiting our website perpetual.com.au .

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. PIML cautions against relying on any forward-looking statements, particularly due to the geopolitical uncertainty and volatility in the market and ongoing disruption caused by COVID-19.

This presentation has been prepared by Perpetual Investment Management Limited (PIML) ABN 18 000 866 535, AFSL 234426, as the investment manager of each of the Perpetual Equity Investment Company LimitedACN 601 406 419 (PIC) and Perpetual Credit Income Trust (Trust) and issuer of units in each of the Perpetual Ethical SRI Fund (Managed Fund) and Perpetual Global Innovation Share Fund (Managed Fund) (collectively the “ETMFs”). It is general information only and is not intended to provide you with financial advice or take into account your objectives, 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 Thisinformation.presentation is in summary form and is not necessarily complete. It should be read together with other announcements for PIC lodged with the Australian Securities Exchange, which are available at www.asx.com.au. A product disclosure statement (PDS) for the Trust, issued by Perpetual Trust Services LimitedABN 48 000 142 049, AFSL 236648, and the Trust’s other periodic and continuous disclosure announcements lodged with the ASX which are available at perpetualincome.com.au should be considered before deciding whether to acquire or hold units in the Trust. The PDS for the ETMFs, issued by PIML, and each of the ETMF’s other periodic and continuous disclosure announcements lodged with the ASX should be considered before deciding whether to acquire or hold units in any of the ETMFs. The ETMFs’ PDS and each Target Market Determination can be obtained by calling 1800 022 033 or visiting our website perpetual.com.au.

The information is believed to be accurate at the time of compilation and is provided in good faith. This document may containinformation contributed by third parties. PIML does not warrant the accuracy or completeness of any information contributed by a third party. Any views expressed in this document are opinions of the author at the time of writing and do not constitute a recommendation to act.

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

The Zenith Fund Awards were issued on 15 October 2021 by Zenith Investment Partners (ABN 27 130 132 672,AFSL 226872) and are determined using proprietary methodologies. The Fund Awards are solely statements of opinion and do not represent recommendations to purchase, hold or sell any securities or make any other investment decisions. To the extent that the Fund Awards constitutes advice, it is GeneralAdvice for Wholesale clients only without taking into consideration the objectives, financial situation or needs of any specific person. Investors should seek their own independent financial advice before making any investment decision and should consider the appropriateness of any advice. Investors should obtain a copy of and consider any relevant PDS or offer document before making any investment decisions. Fund Awards are current for 12 months from the date awarded and are subject to change at any time. Fund Awards for previous years are referenced for historical purposes only. Past performance is not an indication of future performance

Important note cont.

References to securities in this presentation are for illustrative purposes only and are not recommendations, and the securities may or maynot be currently held by PIC or any of the other funds referred to in this presentation. Past performance is not an indication of future Neitherperformance.PIML, PTSL, PIC nor any other company in the Perpetual Group (Perpetual Limited ABN 86 000 431 827 and its subsidiaries) guarantees the performance of any fund, other product or the return of an investor’s capital.

Content Confidential │ Market rotation │ Valuations are still turning │ Rate hikes have only just begun │ Megatrend: Inflation │ How do we navigate them to get the best investment outcomes

5Source: FactSet % Return

MSCI Australia Large Value minus Large Growth, rolling 3 year returns

Australian value rotation underway

stocks* December

rotation

Tech. Bubble

The has only just begun globally

6 -23.9-20-40-60020406080 MSCI World Value MSCI World Growth Value GrowthOutperformsOutperforms

Combined weight of the five largest S&P 500 31,

1990 – June 30, 2022 % Return % Return Source: FactSet. Barrow Hanley

MSCI

world value vs. Growth rolling 10-year cumulative excess return December 31, 1984 June 30, 2022 18.2% 19.4%25%20%15%10% '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 *Apple, Microsoft, Amazon, Google, Tesla. Ending weight of 19.4% as of June 30, 2022. Sources: FactSet; Strategas Research Partners.

Australia Large Cap Value - PE - NTM MSCI Australia Large Cap Growth - PE - NTM P/E Ratio

7

Have growth stocks normalised? Where will valuations finish?

Perpetual Investment Management Limited, FactSet 302520151050 35 Jun-94 Jun-96 Jun-98 Jun-00 Jun-02 Jun-04 Jun-06 Jun-08 Jun-10 Jun-12 Jun-14 Jun-16 Jun-18 Jun-20 Jun-22 Australian

Source: P/E Ratios: Value vs

Growth

MSCI

Australian 10 Year Treasury YieldYield

Bond sell-off has helped trigger:

• Large sell off in tech

© 2022 Perpetual Limited. All Rights Reserved. 3.52.51.50.501234 4.5Aug-125 Feb-13 Aug-13 Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Aug-20 Feb-21 Aug-21 Feb-22 Aug-22

%

8 Source: Perpetual Investment Management Limited, FactSet

That escalated quickly: Bond yields surging

• Large sell off in fixed income

© 2022 Perpetual Limited. All Rights Reserved. Central banks have a long way to go 9 Source: ASX / FactSet 43210 5 Aug-9276 Aug-97 Aug-02 Aug-07 Aug-12 Aug-17 Aug-22 US Federal Funds target rate - Yield% Return RBA on track for 4% cash rate Fed nears 15 year highs in Target Rate

go 10 Source: ASX / FactSet 43210 5 Aug-9276 Aug-97 Aug-02 Aug-07 Aug-12 Aug-17 Aug-22 US Federal Funds target rate - Yield% Return RBA on track for 3%+ cash rate Fed nears 15 year highs in Target Rate

Central a long way to

banks have

© 2022 Perpetual Limited. All Rights Reserved. -2 0 1412108642 16 Jul-52 Jul-55 Jul-58 Jul-61 Jul-64 Jul-67 Jul-70 Jul-73 Jul-76 Jul-79 Jul-82 Jul-85 Jul-88 Jul-91 Jul-94 Jul-97 Jul-00 Jul-03 Jul-06 Jul-09 Jul-12 Jul-15 Jul-18 Jul-21 CPI-U, US City Average, 1982-1984=100, SA, Index - United States US CPI: The Great Inflations 11 Source: Perpetual Investment Management Limited, FactSet Time 1. LBJs war on poverty2.shock3.stimulusNixonFirstoilprice1973 4. Second oil price shock 1978 % Annual CPI

6. De-carbonisation, if pursued, will raise the cost of many products, eg cement.

3. Follow-on inflation: rent of shelter, in particular, yet to be fully reflected in CPI

7. Inflation expectations and wages: If this starts to change then inflation becomes the new normal

• But also many stocks and sectors to avoid in a changed environment

• Lots of opportunities in markets long overlooked

Some inflation may be transitory: temporary disruptions transport, freight

Significant investment implications:

1. Trade war is reversing 30 years of globalisation

2. Covid stimulus (colloquially “Peoples QE” or “Helicopter money”) was so efficacious is may become addictive

Megatrend: Where to now for inflation?

4. Geopolitics crashes the global economy: Ukraine & war change the landscape. “Dangerous decade”

5. Demographics, costs of ageing and healthcare on the system, lower savings and higher bond yields

But more and more inflationary pressure looks structural:

8. Stagflation risks rising as economies falter but structural price pressures remain

Source: Perpetual Investment Management Limited

12

when bond yields rise Sectors outperformthatwhen bond yields rise Stoxx Europe 600 Index

years Percentage Return

13Source: Goldman Sachs Global Investment Research. -0.50 -0.40 -0.30 -0.20 -0.10 0.00 0.10 0.20 0.30 0.40 0.50 IndustrialBasicAutosCyclicalsBanksValue&PartsInsuranceResourcesEnergyGds&Svs Construction & Mats Travel & PersConsumerFinancialChemicalsLeisureRetailersServicesMediaTelecomTechnologyPrd&SvsCare,D&GStoresUtilitiesHealthCareFood,Bev.&TobaccoGrowthDefensivesRealEstate US 10-year bond yield German 10-year bond yield

A higher rates tend to favour value

Sectors underperformthat past ten

© 2022 Perpetual Limited. All Rights Reserved. GICs sectors are mostly value. But value is complex 14Source: Perpetual Investment Management Limited The value benchmark includes cyclical value and defensive value. A true traditional value strategy that includes both offense and defense can provide a smoother ride than the boom-bust nature of other value strategies. Sector weighting difference (%) as of June 30, 2022 -12.9% -4.7%4.2% 0.3%1.1%1.1%1.5%1.8%2.1%2.7%3.5% 7.5% -15% -10% -5% 0% 5% 10% 15% Information Technology Consumer Discretionary Communication Services - ExTelecommunicationsIndustrialsTelecomsMaterialsRealEstateConsumerStaplesHealthCareUtilitiesEnergyFinancials Cyclical Defensive

- Food & Energy inflation likely to persist (STO, IPL)

- Founder Led Businesses (PMV),

• Stocks of interest

- Green Metals still attractive (OZL, ILU, JRV)

- Business models with interest rates as tailwind (IAG)

- Looking for inflating cost and no pricing power (ANN)

- Concept Stocks Continue to Sell off (Z1P)

Stock references are for illustrative purposes only. Past performance is not indicative of future performance.

- Spend on Experiences (QAN, EVT)

- Supply chain beneficiaries (J B Hunt)

15

- Vulnerable to rising rates (CSL, TCL)

- Floating rate credit is also an attractive theme

- Global Businesses with pricing power (Danone)

• Stocks of less interest

- Expensive FAANG stocks

Market Outlook

• Ethical SRI

• Pure Credit Alpha

• Diversified Growth

• Perpetual Equity Investment Company Limited (ASX:PIC)

Multi Asset

• Ethical SRI Credit

• Concentrated Equity

• Pure Microcap

• Australian Shares

• Trillium ESG Global Equity

• SHARE-PLUS Long-Short

Credit & Fixed Income

Access the true pioneers in Australian credit via our extensive range of cash, credit and fixed income solutions:

• Dynamic Fixed Income

• Industrial Shares

• Active Fixed Intertest

• Balanced Growth

• Conservative Growth

• Ethical SRI

Access the worlds best companies and best ideas via a range of global share solutions:

• Cash Management Trust

Underpinned by our long-standing and market leading Australian equities capability, Perpetual Asset Management Australia offers an extensive, contemporary range of investment solutions.

• Global Innovation

• Geared Australian Shares

Access to our one of Australia’ largest teams offering long only, long/short, absolute return and concentrated strategies:

Global Equities

• Trillium OpportunitiesSustainableGlobal

• Split Growth

• Diversified Real Return Class W2

• Smaller Companies

• Pure Equity Alpha

• Pure Value Share

• Barrow Hanley Global Share

• Perpetual Credit Income Trust (ASX:PCI)

• ESG Real Return

Sustainable Investing

• Trillium Global Sustainable Opportunities

Perpetual Asset Management Australia

Contemporary, multi-asset investment capabilities

• Trillium ESG Global Equity

• Diversified Income

Access to a range of environmental, social and governance (ESG) strategies:

• ESG Real Return

• Ethical SRI Credit

Access our award-winning real return fund or traditional multi sector strategies:

• High Grade Floating Rate

• Diversified Real Return – Class Z3

Australian Equities

• Exact Market Return

16

Corporate overview

17

Note: Perpetual US Service Co. has staff in both Trillium’s Boston Office and Barrow Hanley’s Dallas office

Perpetual’s Head Office is located in Sydney, Australia with offices in Singapore, Boston, San Francisco, Portland, Dallas, Chicago, Hong Kong, Amsterdam, London & Edinburgh

Perpetual offices – global footprint

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