Perpetual Limited — AGM Information 2003

Oct 19, 2003

Perpetual Trustees Australia Limited

Annual General Meeting 2003

$\triangleright$ To receive and consider the financial report of the Company for the year ended 30 June 2003 and the reports of the Directors and Auditors

Solid financial position

• $\triangleright$ Net assets: $287.4m
• $\triangleright$ Investments: $102.1m at market value
• $\triangleright$ Net cash holdings: $113.2m
• $\triangleright$ Borrowings equate to 16.7% of equity
• $\triangleright$ Franking credits: $54.8m

Perpetual Investments

• Revenues up 10.3% to $146.5m ➤
• $\triangleright$ Excellent researcher ratings and fund performance for Australian equities
• Mortgage fund grew strongly to $2.4b $\blacktriangleright$
• International fund performance improving ➤
• $\triangleright$ New funds launched

Personal Financial Services

• $\triangleright$ Revenues $65.6m in line with 2002
• $\triangleright$ Market values affected revenues and earnings
• But gross inflows were solid $760m $\blacktriangleright$
• $\triangleright$ Overall cost base improved for 2004
• $\triangleright$ Total funds managed $5.1b

Corporate Trust

• $\triangleright$ Revenues up 14.5% to $41.9m
• $\triangleright$ Securitisation assets up 36% to $71b
• $\triangleright$ New clients won: SG, Merrill Lynch, Investec, Firstmac, MacLaughlins, Macarthur Cook, James Fielding
• $\triangleright$ Fund governance solutions unit winning new Responsible Entity mandates

ASX Perpetual Registrars

• $\triangleright$ Revenues up 12% to $48.9m, despite subdued markets
• $\triangleright$ EBITDA up 42% to $12.1m
• Major new clients: Brambles, Fairfax, ➤ Australian Agricultural Co, BHP Steel, Investa, David Jones and Westpac
• $\triangleright$ Well positioned for upturn in corporate actions and IPOs

New MD & CEO - David Deverall

• $\triangleright$ Formerly with Macquarie Bank
• $\triangleright$ Strong background in wealth management industry
• $\triangleright$ Experience in product development/innovation and geographic expansion
• $\triangleright$ Combination of strategic ability and commercial drive

Commitment to Corporate Governance

• $\triangleright$ Welcome the ASX Corporate Governance Guidelines
• $\triangleright$ Corporate Responsibility Statement in annual report expanded
• $\triangleright$ Corporate governance changes:
  • Definition of independence adopted
  • Nominations Committee established
  • Discontinued retirement benefits for new directors
  • Strengthened performance hurdles for executive remuneration

$\triangleright$ To receive and consider the financial report of the Company for the year ended 30 June 2003 and the reports of the Directors and Auditors

$\triangleright$ To Elect a Director -Mr Stephen Chapman retires in accordance with article 15.3 (b) of the Company's constitution and being eligible, offers himself for re-election

$\triangleright$ To Elect a Director -Mr John Curtis retires in accordance with article 15.3 (b) of the Company's constitution and being eligible, offers himself for re-election

$\triangleright$ 'For the purpose of the Australian Stock Exchange Limited Listing Rule 10.14, that approval be given for the issue of ordinary shares in the Company and options to subscribe for ordinary shares in the Company for three years after the date of this meeting to, or on behalf of, Mr David Deverall, the Company's Managing Director, in accordance with the provisions of the Company's Executive Share Plan and Executive Option Plan as summarised in the explanatory memorandum accompanying the notice convening this meeting.'

$\triangleright$ 'That the Company's constitution be altered by inserting a new article 9.7 and new schedule 2 relating to proportional takeover bids on the same terms as article 9.7 and schedule 2 of the constitution which applied until 17 October 2003, subject to all references in that article and schedule to 'Law' being replaced with 'Corporations Act 2001.'