PIA announces another fully franked quarterly dividend

Dear Shareholder,

It is my pleasure to advise that the Board of Pengana International Equities Limited (ASX: PIA) has declared the interim fully franked dividend for the quarter ending 31 March 2022.

In line with the annual target announced in August 2021, a 1.35 cents per share dividend, fully franked at a tax rate of 30%, will be paid on 15 June 2022 to shareholders on the PIA register on 1 June 2022.

At the current share price of $1.09 (as at close of business 19 April 2022), an annual dividend of 5.4 cents per share equates to a 5.0% yield on a cash basis or a 7.1% yield when grossed-up for franking credits (at a tax rate of 30%).

PIA currently has sufficient profit reserves and franking account balance to ensure the dividend annual target of 5.4 cents per share, fully franked, can be sustained through to FY2024, even if no further tax is paid by the company.

Yours faithfully,

1. At the current share price of $1.09 (as at close of business 19 April 2022).