Perpetual Credit Income Trust Reports Net Tangible Asset Estimate of $1.098 per Unit

Understanding Perpetual Credit Income Trust and Its Investment Strategy

Perpetual Credit Income Trust is a managed investment trust that operates within the Perpetual Group, one of Australia’s largest independent asset managers. The trust is structured to provide investors with exposure to credit-based investment opportunities, with Perpetual Trust Services Limited acting as the responsible entity tasked with overseeing the trust’s operations and ensuring compliance with financial services regulations. The trust carries Australian Registered Scheme Number (ARSN) 626 053 496 and operates under Australian Financial Services Licence 236 648, enabling it to offer units to eligible investors within a regulated framework.

Perpetual Investment Management Limited (PIML), which is authorised to manage the trust, brings deep expertise in credit markets and portfolio management. As manager of the trust, PIML is responsible for implementing the investment strategy, managing the portfolio of credit assets, and calculating key performance metrics such as the daily NTA per unit. The trust’s structure allows investors to gain diversified exposure to credit instruments while benefiting from professional management and ongoing oversight by experienced investment specialists within the Perpetual Group ecosystem.

Daily NTA Per Unit Valuation Methodology and Update Process

Net tangible asset (NTA) per unit is a key metric used by managed investment trusts to communicate the underlying value of the trust’s assets to investors on a regular basis. The NTA represents the total value of the trust’s tangible assets minus liabilities, divided by the number of units on issue. For Perpetual Credit Income Trust, this figure is calculated daily and reported to provide investors with regular updates on unit valuation. The company update confirms that as at close of business on 22 July 2026, the NTA per unit was estimated at $1.098, representing the approximate value of each unit held in the trust at that point in time.

The announcement clearly indicates that all figures disclosed are unaudited and approximate in nature. This designation is important for investors to understand, as it means the NTA figure has not undergone the rigorous verification process of a full financial audit and represents management’s best estimate based on available market data and portfolio valuations at the reporting date. Perpetual Investment Management Limited is cited as the source of the NTA calculation, with the responsible entity Perpetual Trust Services Limited authorising the release of this information to the market. The provision of daily NTA estimates is standard practice within the managed investment trust sector and enables investors to monitor the performance and value of their holdings on an ongoing basis.

The Role of Perpetual Trust Services Limited as Responsible Entity

Perpetual Trust Services Limited (PTSL) acts as the responsible entity of Perpetual Credit Income Trust, a role that carries significant regulatory responsibilities under Australian financial services law. As responsible entity, PTSL is required to ensure that the trust operates in accordance with its constitution, the Corporations Act, and all applicable regulatory requirements. The responsible entity is also tasked with protecting the interests of unitholders and ensuring that the trust’s operations are conducted with appropriate governance standards and financial controls. PTSL holds Australian Financial Services Licence 236 648, which authorises it to provide financial services and manage registered managed investment schemes such as Perpetual Credit Income Trust.

The separation of roles between the responsible entity and the investment manager allows for a clear allocation of responsibilities and independent oversight. While Perpetual Trust Services Limited handles the regulatory and governance aspects of the trust, Perpetual Investment Management Limited focuses on the day-to-day investment management and portfolio decisions. This structure provides a layer of independence and accountability within the trust’s management framework. The responsible entity remains accountable to investors and regulators for the overall stewardship of the trust, including the accuracy and timeliness of NTA disclosures and compliance with all relevant legislation.

Perpetual Investment Management Limited’s Portfolio Management Responsibilities

Perpetual Investment Management Limited (PIML), which holds Australian Business Number 18 000 866 535 and Australian Financial Services Licence 234426, has been appointed by the responsible entity to manage the investment activities of Perpetual Credit Income Trust. As the appointed manager, PIML is responsible for implementing the trust’s investment strategy, making portfolio allocation decisions, and selecting credit-based investments that align with the trust’s objectives. The manager must conduct ongoing analysis of credit market opportunities, monitor the performance of holdings, and rebalance the portfolio as necessary to maintain alignment with the trust’s investment mandate. PIML’s role includes calculating the daily NTA per unit, which requires accurate valuation of all trust assets and liabilities as at the relevant reporting date.

The appointment of PIML as manager reflects the trust’s reliance on professional expertise within the Perpetual Group. PIML has developed processes and systems to ensure that NTA calculations are conducted with appropriate accuracy and consistency, even though the figures released are noted as unaudited and approximate. The manager must maintain robust records of all valuations and be prepared to provide detailed supporting information to the responsible entity and, when necessary, to regulators or auditors. The daily frequency of NTA reporting requires PIML to have efficient systems in place that can consolidate portfolio information, obtain current market valuations for credit instruments, and produce reliable unit valuations on a regular basis.

NTA as a Key Performance and Monitoring Metric for Trust Investors

The NTA per unit figure serves as a fundamental metric for investors in managed investment trusts, enabling them to assess whether their investment is performing in line with expectations and to compare the trust’s value over time. Investors typically monitor NTA movements to evaluate the effectiveness of the manager’s investment decisions and to identify trends in the trust’s asset base. When NTA increases, it may indicate that the portfolio’s investments are performing well and generating positive returns; conversely, declining NTA may suggest headwinds in the credit markets or portfolio challenges. The provision of daily NTA estimates allows investors to make informed decisions about whether to increase, reduce, or maintain their holdings in the trust, and provides transparency about the underlying value supporting each unit.

For Perpetual Credit Income Trust specifically, the NTA of $1.098 per unit as at 22 July 2026 provides investors with a snapshot of unit valuation at that particular date. Investors monitoring the trust’s performance would typically compare this figure to previous NTA estimates and to the unit price at which they purchased their holdings, to assess whether the trust has delivered value. The regular disclosure of NTA figures also supports the trust’s market transparency and helps maintain investor confidence by demonstrating that the trust’s management is providing regular and honest reporting of asset values. This ongoing communication is particularly important in the credit investment space, where the underlying assets may be less visible to individual investors than, for example, listed equities or property holdings.

Unaudited and Approximate Nature of NTA Figures: Investor Considerations

The company update explicitly states that the NTA figure disclosed is unaudited and approximate, a designation that carries important implications for how investors should interpret and use this information. Unaudited NTA figures have not undergone the formal verification process of an independent financial audit, which would typically involve detailed testing of valuations, reconciliation of assets and liabilities, and assessment of the appropriateness of accounting methodologies. Approximate figures acknowledge that the valuation of certain assets, particularly credit instruments that may not have real-time market pricing, requires judgment and estimation by the investment manager. This does not necessarily indicate that the figure is inaccurate, but rather that it represents management’s best estimate based on available information at the reporting date.

Investors relying on NTA figures to make investment decisions should be aware that the actual realised value of units could differ from the estimated NTA, particularly if market conditions change rapidly or if there are delays in obtaining current valuations for portfolio holdings. The company update includes a clear disclaimer stating that the information does not constitute financial advice and should not be relied upon without consultation with a financial adviser. The statement that “past performance is not indicative of future performance” reinforces that historical NTA movements should not be used as a basis for predicting future trust performance. Investors are encouraged to consider the NTA figure in the context of their broader investment objectives and financial situation, and to seek professional advice before making investment decisions based on this information.

Perpetual Group Context and Ownership Structure

Perpetual Credit Income Trust operates within the broader Perpetual Group, which is defined in the announcement as Perpetual Limited (ABN 86 000 431 827) and its subsidiaries. The Perpetual Group is one of Australia’s largest independent asset managers, with a long history of managing investment portfolios and providing financial services to Australian and international investors. The inclusion of Perpetual Credit Income Trust within this larger group provides investors with the reassurance that the trust benefits from the infrastructure, expertise, and regulatory oversight of a substantial and established financial services company. Perpetual Limited’s position as the parent entity of the group means that investors in the trust are ultimately supported by a broader organisation with significant resources and institutional knowledge.

The structure whereby Perpetual Trust Services Limited operates as the responsible entity and Perpetual Investment Management Limited operates as the manager ensures that both entities operate within the same corporate family, potentially creating alignment of interests. However, the separation of the responsible entity and manager roles maintains appropriate governance checks. The fact that neither PTSL, PIML, nor any company in the Perpetual Group guarantees the performance of or any return on the investment in the trust is clearly stated in the disclaimer, emphasising that while these entities are reputable and experienced, investment returns are not assured and are subject to market and credit risks.

Risk Factors and Investor Protections in Credit-Based Trusts

Investing in a credit-focused managed investment trust such as Perpetual Credit Income Trust involves exposure to credit risk, which is the risk that borrowers or counterparties will fail to meet their payment obligations. Credit instruments held by the trust, such as bonds, loans, or other fixed-income securities, may experience changes in value as the creditworthiness of issuers is reassessed by the market. Interest rate movements can also affect the value of credit holdings, with rising rates typically placing downward pressure on the value of fixed-rate instruments. The unaudited and approximate nature of the NTA means that valuations of less liquid credit assets may involve a degree of estimation, and actual realisable values could differ from estimated values if the trust needed to sell holdings.

The trust benefits from regulatory protections including the oversight by the Australian Securities and Investments Commission (ASIC), which regulates managed investment schemes and financial services providers. The responsible entity’s obligation to hold an Australian Financial Services Licence and comply with the Corporations Act provides a framework for investor protection and conduct standards. However, the disclaimer makes clear that investors should not rely solely on the NTA information provided and should seek independent financial advice tailored to their individual circumstances before making investment decisions. The company updates and regular NTA disclosures are intended to provide transparency, but they are not a substitute for comprehensive due diligence and professional financial advice.

Contact Information and Where to Obtain Further Details

Perpetual Credit Income Trust is based at Angel Place, Level 14, 123 Pitt Street, Sydney NSW 2000, Australia, where Perpetual Trust Services Limited operates as the responsible entity. Investors seeking additional information about the trust, its investment strategy, performance history, or unit pricing should be able to contact the trust management through this address or through the Perpetual Group’s public contact channels. The company update, which discloses the daily NTA per unit, is prepared by Perpetual Investment Management Limited and authorised for release by Perpetual Trust Services Limited, indicating that these are the appropriate entities for investor enquiries relating to the trust’s management and performance.

Investors should be aware that the information disclosed in the company update is general in nature and not tailored to individual circumstances. The explicit statement that the announcement “does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of PCI’s units” emphasises that the NTA disclosure is intended purely as an informational update rather than as marketing or investment advice. Potential investors or current unitholders seeking to understand whether the trust remains suitable for their investment objectives should engage with a financial adviser or contact the trust’s management directly to discuss their specific circumstances and obtain personalised advice.