Perpetual Limited — AGM Information 2004

Oct 18, 2004

Perpetual Trustees Australia Limited Annual General Meeting 19 October 2004

Mr. Charles Curran AO Chairman

Track record of continued profit growth

Operating Profit After Tax

*Calculated using operating profit after tax (excluding gains on investment)

Track record of dividend growth

Dividend per share

Future dividend policy.

• Strong cash generation

• Low capital expenditure

• Substantial franking credits

High dividend pay-out ratio

Future dividend policy

Ordinary dividends of 90% of NPAT before goodwill amortisation and gains / losses on investments, fully franked

Perpetua

Additional \$2.00 special dividend in 2004

Jun 00 Jun 01 Jun 02 Jun 03 Jun 04 Sep 04 Perpetual

Mr. David Deverall Managing Director

A good result in 2004

Operating Profit after Tax* EXECUTE \$100M-\$150M 143.6 $88.2$ $80₁$ 113.6 $68.2$ $100₁$ $60₁$ $40^°$ 50. $20₁$ $\Theta$ $\Theta$ Jun 03 Jun 04 Jun 03 Jun 04 Perpetual *Calculated using operating profit after tax (excluding gains on investment)

Strong growth in Wealth Management

Pérodual Invéstiments: Hunds under management up 25%

FUM Balance (\$B)

Performance well recognised by the

INGNKOL

Australian Fund Managers Aware

ThvestorWeb Research

• Fund Manager of the Year 2004
• Australian Equities Fund Manager of the Year 2004
• Fund Manager of the Year 2003
• Australian Equities Fund Manager of the Year 2003
• Australian Multi-Sector Fund Manager of the Year 2003
• Fund Manager of the Year 2004
• Australian Share Fund of the Year 2004
• Best Rated Australian Share Fund
• Best Rated Balanced Fund
• Golden Bull Award for Fund Manager of the Year 2003
• Australian Equity Fund Manager of the Year 2003

2004 Six Star Award for Perpetual Investments' Mortgage Funds Perpetu

Funds Under Advice growing

Private Clients

Funds Under Advice

Wilson Dilworth

Funds Under Advice

Perpetual

Steady growth in Corporate Trust

Corporate Trust Funds under administration Growing

Funds Under Administration

Strong growth in ASX Pérpétual Régistrars Ltd

Our new Strategy

Focus on our 4 sources of competitive advantage

I. Develop a more balanced portfolio Inggrisht kommunist g kovrtelig til 182

Perpetual

III. Fully engage the staff to deliver our strategy

It Develop a more balanced portfolio

Integrated PFS and PI businesses to create the Wealth Management division

Full potential from Advice businesses

Broaden range of funds management products

Trust industry opportunities

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TI. Develop néw growth engines

$\bullet$

Build capability in new investment skill sets

-Global equities business based in Dublin

Global equities presents a significant Opportunity for Perpetual

II. Dévelop new growth engines

Build capability in new investment $\bullet$ . skill sets

-Global equities business based in Dublin

-Credit specialists in Australia

Expand range of Corporate Trust

$\bullet$ .

III. Fully engage the staff to deliver our SURE LEGY

Refreshed Corporate Values

New remuneration policy

Senior leadership team developed

Senior appointments made

Single premises - Angel Place

Four sources of competitive advantage UACGTOIA OUT SUGLICEY

1. The management of funds management teams, philosophies, and processes

2. Relationship management with financial planning community

3. A trusted brand

4. A long history as a leading provider of fiduciary services to individuals and

corporates

Special thanks to the entire Perpetual team for delivering a strong result in 2004