PE1 Target Distribution Increase, Capital Management Update

• Target distribution yield increased to at least 6% p.a.
• Quarterly distributions starting December 2026
• On-market buybacks to be used more opportunistically
• Focus on performance and increased communication on holdings

Pengana Private Equity Trust (ASX: PE1) has announced an increase in its target cash distribution yield to at least 6% per annum, with distributions moving to a quarterly payment cycle. The December 2026 distribution will be 3%, followed by quarterly distributions of no less than 1.5% through to no earlier than June 2028. The Trust will also use its on-market buybacks more opportunistically, taking into account the prevailing discount to NAV, the Trust's liquidity position, expected realisations, existing and anticipated commitments, and the availability of attractive new investment opportunities. The increased distribution target is intended to balance returning capital after periods of strong realisations and keeping the portfolio fully committed to support long-term NAV growth.

Target distribution yield increased to at least 6% p.a.

Pengana Private Equity Trust expects the strong income, focus on performance, and increased communication on underlying holdings to improve its attractiveness as a listed private equity allocation in investor portfolios.