PACIFIC CURRENT GROUP LIMITED ANNUAL

Operating and Financial Review

OPERATING AND FINANCIAL REVIEW REVIEW OF OPERATIONS Investment activities during the year Disposal of investments Victory Park Capital Advisors, LLC (“VPC”) and Victory Park Capital GP Holdco, L.P. (“VPC-Holdco”) On 22 September 2025, the Group sold a portion of its interest — specifically 2.0% equity interest in VPC and 0.8% interest in VPC-Holdco future carried interest entitlements — to CNO Financial Group, Inc (NYSE: CNO) (“CNO”) for a consideration of (excluding transaction costs) USD5,500,000 ($8,115,000). Following the transaction, the Group retained 9.2% equity interest in VPC, 18.6% interest in VPC-Holdco’s future carried interest entitlements and 24.9% carried interest entitlements in VPC-Holdco’s existing funds. On 1 October 2025, the Group received the proceeds of USD5,218,000 ($7,700,000) net of transaction costs. VPC is focused on private debt strategies-direct lending to financial service companies (Specialty Finance) with some investments in private equity. Janus Henderson Group (NYSE: JHG) (“JHG”) In November 2025, the Group sold its equity holdings in JHG. Total proceeds from the sale amounted to USD9,447,000 ($13,939,000). Abacus Global Management, Inc. (NYSE: ABX) (“Abacus”) From January to June 2026, the Group sold a total 900,000 common stock in Abacus. Total proceeds from the sale amounted to USD7,733,000 ($11,411,000). Aether Investment Partners, LLC (“Aether”) and Aether General Partners On 18 June 2026, the Group sold its entire revenue share interest (30% revenue share on existing funds under management from 1 January 2025 to 30 June 2027 and 10% thereafter) in Aether and its 25% equity interests in Aether General Partners for USD1,750,000 ($2,582,000). The sale of Aether General Partners resulted in a loss of $872,000. Collection of Deferred Consideration On 12 May 2026, the Group collected the final installment of USD15,191,000 ($22,415,000) which pertained to the partial sale of the investment in Pennybacker to Goldman Sachs Asset Management’s Petershill program on 9 May 2024. Conclusion of Management Agreement with GQG Partners Inc. (“GQG”) On 17 May 2026, the investment management agreement with an affiliate of GQG, entered into in May 2024, has concluded in accordance with its terms. 3 ylno esu lanosrep roF PACIFIC CURRENT GROUP LIMITED (ABN 39 006 708 792) DIRECTORS’ REPORT Other Investment Activities Loan Facilities On 21 D