Perpetual Limited — AGM Information 2004

Oct 18, 2004

Perpetual

Annual General Meeting 2004

Address to Shareholders Charles Curran AO - Chairman

Ladies and gentlemen

On behalf of the board, I am pleased to welcome you to the 2004 Annual General Meeting of Perpetual Trustees Australia Limited, marking our 41st year as a publicly listed company, and our 118th year of operations.

One year ago, Perpetual reported a 16 percent increase in net profit, which followed strong earnings growth over the previous five years. This year, net profit has increased by 29 percent. Our 2004 annual report details the strategy for further growth which has been developed by the management team led by our new Managing Director, David Deverall, and subsequently approved by the Board.

Lwill comment on the results to 30 June 2004 and on the position of the company as reported in our 2004 annual report. I will also outline a number of significant developments since the report was issued to shareholders in August and I will comment on the group's strategic development. David will address these issues in detail, in his presentation.

Strong profit performance

The annual report recorded a profit after tax and before gains on sale of investments of $88.2 million for the year, compared to $68.2 million last year. The board views this increase of 29 percent over last year as an excellent result for the group and one that reflects the underlying strength of our core businesses in wealth management and corporate trust.

Our net realised gain on sale of investments was $2.2 million, compared to $10.0 million last year. Thus, after including investment gains, our profit after tax was $90.4 million, an increase of 16 percent over last year's net profit of $78.2 million.

Developments in our chosen market segments will continue to support the attractiveness of Perpetual's businesses, with retirement savings in Australia continuing to record attractive growth rates and with robust economic conditions supporting good growth in securitisation volumes in our corporate trust business. Investment markets remain positive and this, combined with improving investor confidence, has increased the volume of funds under management. Our brand and investment performance remain persuasive attractions for clients.

The strategy, outlined in the annual report, aims to strengthen these businesses, further build our market share, realise business synergies and position the group to effectively manage industry challenges, while creating long-term, sustainable value for shareholders.

Dividende

Perpetual has consistently increased its dividend payments year on year, by increasing interim and final dividend payments, in addition to the payment of special fully franked dividends when possible.

Shareholders received three dividends, fully franked at 30 percent, in respect of the year to 30 June 2004; one interimdividend of 70 cents per share paid in March 2004, a special dividend of 50 cents per share paid in June 2004 and a third and final dividend of 80 cents per share which was paid in September. This brings total dividends declared in respect of the 2004 financial year to $2.00 per share, compared to last year's $1.80 per share, an increase of 11 percent.

Dividend policy

The board has determined that Perpetual's dividend policy in the future should be set at a 90 percent payout ratio of Perpetual's underlying profit, which is our net profit after tax before goodwill amortisation and before gains or losses on sale of investments. The hoard helieves this dividend ratio can be maintained, while still funding capital requirements for organic growth.

Current management projections indicate that Perpetual will generate sufficient franking credits to fully frank projected dividend payments for the foreseeable future.

Capital management

During the year, Perpetual completed an extensive review of its capital management policy to ensure that shareholder value is maximised through a return of excess capital.

The 2004 annual report recorded the group's strong financial position, with cash holdings of $163.4 million and an investment portfolio carried at cost of $60.1 million at year end, compared to its market value of $109.5 million, whilst borrowings equated to only 14 percent of equity. Cash holdings and the market value of our investment portfolio equates to approximately $7.18 per issued share.

Our strong financial position was accompanied by an accumulated franking credit balance of $64.9 million at 30 June 2004.

In September 2004, Perpetual returned excess capital of $76.5 million to shareholders by way of a fully franked special dividend of $2.00 per share. The board believes this approach provides the greatest benefit for all shareholders and is the most efficient and equitable means of distributing surplus franking credits. This approach allows the company to distribute up to the full amount of accumulated retained earnings and certain reserves, including capital profits reserves.

Remuneration

As detailed in the annual report, during the year we implemented a new performance and remuneration system for our people. The redesigned system is innovative and is designed to encourage an ownership mindset amongst our team by keeping fixed remuneration competitive and providing 'at-risk' incentive payments as a greater component of overall remuneration. We believe this creates a 'direct line of sight' between shareholders' objectives and our people's day to day work and appropriately rewards and recognises them when good results are achieved for shareholders.

David Deverall's service agreement, which was entered into at the time of his joining Perpetual, anticipated change to our remuneration arrangements, with a lower base salary and a greater 'at-risk' component. As a consequence of the implementation of the new remuneration system and the annual market review of his remuneration, it is necessary for there to be some change to his service agreement, to ensure it remains consistent with the new system and in line with the market. Changes to his remaneration and incentives are set out in detail in Resolution 7 in the Explanatory Memorandum accompanying the Notice of Meeting.

The board views the remuneration arrangements for our managing director as appropriate and in the best interests of shareholders. The package is very performance focused, with an incentive component based on performance hurdles. The board believes the approach is reflective of good corporate governance practice, as it provides transparency in terms of the required performance targets and directly aligns the managing director's performance and reward with the results achieved for shareholders.

It is also proposed that directors' fees be increased to enable Perpetual to continue to attract and retain directors of the highest calibre. The proposed increase in the maximum aggregate remuneration available to directors makes allowance for growth in board remuneration to reflect market rates and anticipates the need over the next two years to pay increased base fees to new non-executive directors who will not receive retirement benefits.

The proposed level of fees payable to individual directors for the 2005 financial year has regard to the recommendations of independent remuneration consultants, Egan Associates, and is supported by an analysis of fees paid to directors of companies in the financial services industry.

Non-executive directors appointed prior to 1 July 2003 are entitled to retirement benefits under a scheme approved by shareholders in 1990, and revised and approved at the 2001 Annual General Meeting. The board has discontinued this retirement scheme for new non-executive directors appointed on or after 1 July 2003 who receive increased board fees as well as having superannuation quarantee contributions made on their behalf, but do not receive the retirement allowance. During the course of this year, the board will revisit the issue of the continuation of the retirement benefits scheme for directors appointed prior to 1 July 2003.

Corporate Governance

Perpetual's board remains committed to the highest standards of corporate governance and believes our practices have been at the forefront of best practice in recent years. The emphasis on corporate governance remains an important focus for our business, both in our role as a shareholder in a wide range of Australian companies through our funds management business, and in our own right as a listed entity. We continually review our policies to ensure they serve the interests of our shareholders, the market and the wider community.

In accordance with the nine year rule for board service, Mr Stephen Chapman and Mr John Curtis will retire following this meeting. Mr Chapman was appointed a director in May 1995 and Mr Curtis was appointed a director in April 1995. Both directors have made a significant contribution to Perpetual during their time on the board. Mr Chapman has served on a number of committees including the Investment Committee and the Nominations Committee and has been Deputy Chairman since 2001. Mr Curtis has also served on a number of committees and was Chairman of the Audit, Risk and Compliance Committee and more recently Chairman of the Human Resources and Remuneration Committee, in which role he participated closely in the implementation of the new remuneration arrangements for our people.

I thank Mr Chapman and Mr Curtis for their significant contribution and I invite shareholders to acknowledge this contribution by acclamation.

As part of our Board succession arrangements, during the year Mr Paul McClintock and Ms Sandra McPhee were appointed to the Board. Details of their background and experience are set out in the annual report and in the Explanatory Memorandum accompanying the Notice of Meeting; already they are making a significant contribution to the Board. Later in this meeting, shareholders will be asked to confirm their re-election as directors.

Shareholders may recall at last year's Annual General Meeting that a number of shareholders and interest groups raised the issue of Perpetual Investments' holdings in Gunns Limited, which currently total 11.2 million shares, or 13.7 percent of its issued capital. I take this opportunity to describe the rationale behind our holding in this company.

Perpetual has been a major shareholder in Gunns Limited in the period to December 1996 and since September 2001 and we continue to hold the stock based on its strong financial performance and the returns it generates for our investors. As a fund manager, our commitment and legal obligation to our investors is to generate the best possible return on their investment. The investment returns from Gunns Limited have been very strong over the past 10 years, ranging from 19.7 percent per annum over the past 12 months, to 67.8 percent per annum over the past five years. Over the past seven years the investment return has been 32.0 percent per annum, against a market return of 7.7 percent.

During the time we have held this stock, we have remained informed on the debates taking place within the community and in the political arena, noting the views of environmental groups, as well as Gunns Limited management and forestry regulators. Perpetual believes the issue of logging and forestry practice. remains a political one to be determined by elected State and Federal governments. As such, we remain committed to our mandate of providing the best possible returns for investors and we will maintain our investment in Gunns Limited, subject to continued strong financial performance and any relevant legislative developments.

I refer you to the section in our annual report detailing our approach to Corporate Responsibility, which sets out the commitment of our board and management in this most important area. In particular, it sets out the group's commitment to the integrity of our financial reports, risk management and oversight and our commitment to shareholders, our people and the community.

Corporate Values

As detailed in the annual report, over the past several months we have refreshed our corporate values to support our corporate strategy, discerning from our people the essence of what drives our success - our trastworthiness, consistency and desire to succeed together. Our corporate values act as a reference point for all members of our team and form the basis of our daily approach to the way we do business. Part of our corporate identity is our commitment to philanthropy and to making a contribution to the community in which we live and work. During the year, the company contributed $250,000 to the Perpetual Foundation, which provides support to many community organisations.

The board and wider Perpetual team view the contributions we make through the Staff Giving Program launched in October 2003, to be in keeping with our corporate values of trustworthiness and succeeding together. This program provides an opportunity for Perpetual to support its people who express a desire to give back to the community. To reinforce

our commitment to this worthwhile project, the Perpetual Foundation matches the contributions made by our people. The program has been received very positively by employees and we believe it furthers one of our three key strategic objectives, namely, of engaging and motivating our people.

Strategic Development

While we continue to grow profits year on year, the board's key objective is to build long-term, sustainable value for shareholders, with a growth strategy which is firmly based on our core competitive strengths. We occupy strong positions in Wealth Management and Corporate Trust and our goal is to fully realise our potential, by building on those established businesses in areas that complement our core capabilities, our brand strength and our heritage of trust.

While maintaining our strong position in our core businesses of Australian equities and securitisation, we are moving to better balance our activities to reduce exposure to market fluctuations. in any particular business. Recent initiatives include the recruitment of a team of credit specialists and the recruitment of an international equities team, based in Dublin. These initiatives serve to reduce our exposure, diversify our portfolioand build new growth engines for the future. During the next 12 months we will continue to implement a range of initiatives to further execute our strategy. David Deverall will report further on these important initiatives.

Profit outlook

With increased fund inflows as markets remain positive and continued careful management of operating expenses, I ampleased to advise that the operating profit, which is the profit before gains on investment sales and significant items, for the first quarter of this year is well ahead of the same period last year. Therefore, subject to market conditions, we are more confident of achieving an increase in operating profit after tax in excess of 10 percent for the year to June 2005, which we indicated when releasing our results in August. Profit performance will be further reported in our half-year announcement in February 2005.

In closing, I thank my board colleagues, our executives and the entire Perpetual team for the excellent result achieved for shareholders. I again express appreciation to our departing board members. Stephen Chapman and John Curtis for their most valuable contribution to the group over the past nine years.

I now call upon Perpetual's managing director, David Deverall, to address the meeting.

harles Cuman

Charles Curran AO Chairman

19 October 2004

Address to Shareholders David Deverall - Managing Director

Thank you Charles and good morning ladies and gentlemen.

I am pleased to report to you the group's performance for 2004, my first full year as managing director of Perpetual. Today I will provide a brief overview of Perpetual's business activities together with a summary of the key operational highlights of the past year, describe Perpetual's strategy and provide detail on some of the main steps we have taken to execute that strategy.

Review of business activities in 2004

Perpetual Trustees Australia Limited is an independent, diversified financial services group established over 118 years ago. Our origins as a trust company have created our unique status as one of the most trusted providers of financial services in Australia. Our operations are divided into two main areas -Wealth Management and Corporate Trust.

The group's operating profit after tax before realised gains on sale of investments was $88.2 million compared to $68.2 million last year, an increase of 29 percent. This result was underpinned by stronger financial markets, improved investor confidence, the strength of our core businesses in wealth management and corporate trust and the improved profitability of ASX Perpetual Registrars Limited.

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 26 percent from $113.6 million to $143.6 million. EBITDA as a percentage of revenues rose from 41 percent last year to 47 percent at 30 June 2004, based on the continued strong growth in core revenues and careful management of operating expenses.

I will now provide an update on our operations across the group.

Wealth Management

Perpetual is one of Australia's leading independent providers of wealth management products and services. Our asset management team is responsible for producing investment returns; our wealth management team is responsible for creating a suite of wealth management products, providing the marketing, sales and sales support, technology solutions and customer service for these products as well as financial planning advice. By working as a fully integrated unit the asset management and wealth management teams deliver wealth management products and services to our clients through Perpetual Investments, Perpetual Private Clients and Wilson Dilwodh.

During the year, the Wealth Management division generated revenues of $245.8 million and EBITDA of $115.4 million. This compares to revenues of $223.6 million and EBITDA of $91.6 million in the year ending 30 June 2003. This significant increase in profitability was a result of strong net inflows, favourable investment returns and cost management initiatives. Perpetual Investments had another outstanding year with continued top quartile investment performance and a range of new products launched during the period. Total funds under management (FUM) increased from $17.4 billion to $21.7 billion at 30 June 2004 and revenues increased 12 percent to $177.3 million.

Our investment team was again recognised on many occasions during the year for the returns it generated for our clients. Significantly, Perpetual Investments was awarded the Money Management/ASSIRT Research overall Fund Manager of the Year 2004 and the overall Morninostar Fund Manager of the Year 2003. This is the first time a fund manager has been recognised as both the Morningstar and Money Management/ASSIRT Fund Manager of the Year in the same year and is testament to the talent and professionalism of our investment team. Further recognitions awarded to the asset management team during the year are outlined in detail in our 2004 annual report.

Perpetual Private Clients' revenues for the year to 30 June 2004 were $54.5 million, an increase of 5 percent over the prior year. During the year funds under advice and administration increased from $4.7 billion at 30 June 2003 to $5.5 billion at 30 June 2004. This result reflected increased activity across all parts of the Perpetual Private Clients business.

Wilson Dilworth revenues for the year to 30 June 2004 were $14.0 million compared to $13.6 million at 30 June 2003. Funds under advice increased from $1.0 billion last year to $1.1billion at 30 June 2004.

Corporate Trust

Perpetual's Corporate Trust business is the pre-eminent provider of trust and administration services to corporates and institutions in the funds management and debt capital markets. Corporate Trust offers investor protection through a range of products and services that are underpinned by our independence, rigorous processes and proven track record. Corporate Trust comprises two areas of operation, Debt Markets and Fund Services.

Corporate Trust had another year of good growth, with revenues of $49.4 million, up from $44.2 million, an increase of 12 percent. Profit continued to grow steadily due to the very strong growth in securitisation volumes, offset by a reduction in Corporate and Structured Finance volumes and an investment in the development of new services to position us for future growth. The division's EBITDA before unallocated and corporate support costs was $25.9 million, up from $23.6 million in the year to 30 June 2003.

In our Debt Markets business, securitisation bonds on issue increased from $71.2 billion at 30 June 2003 to $86.3 billion at 30 June 2004. In addition, we administer $26.1 billion in preliminary funding arrangements and security trusteeships for our clients. This brings total securitisation funds under administration to $112.4 billion at 30 June 2004.

In our Fund Services business, our responsible entity and trustee services provider to the funds management industry, Fund Governance Solutions, continues to win new clients from the increasing number of new entrants to the Australian financial services market.

ASX Perpetual Registrars Limited

ASX Perpetual Registrars Limited is a 50/50 joint venture with The Australian Stock Exchange and is Australia's second largest share registrar. It provides a full range of registry management services to more than 300 listed entities.

During the year, ASX Perpetual Registrars Limited saw increased levels of corporate actions which resulted in a 10 percent increase in revenues to $53.6 million. ASX Perpetual Registrars enjoyed strong EBITDA growth during the year to $15.3 million, an increase of 26 percent. EBITDA as a percentage of revenue increased from 25 percent to 29 percent during the same period. On the back of this strong revenue growth and improved performance, the net result after tax for the year was a profit of $1.3 million (Perpetual's share: $0.7 million), which was a turnaround of $2.6 million on the prior corresponding period. Cashflow generation for the business remains strong and resulted in a $6 million reduction in borrowings to $23 million.

Strategy and strategy execution

I am pleased to take this opportunity to provide an overview of Perpetual's corporate strategy, outlined in full in the 2004 annual report. In summary we have three major strategic objectives:

1. Develop a more balanced portfolio

Perpetual has earnings that are directly influenced by fluctuations in the Australian share market. Depending on market conditions, this creates variability in our earnings profile. Therefore, a priority for Perpetual is to provide more balance to our earnings profile in order to provide more stable returns. For example:

Firstly, in January 2004, we integrated the operations, product development, marketing and client service areas of our Personal Financial Services and Perpetual Investments businesses to create the Wealth Management division. While realising cost efficiencies at the annual rate of $5 million, other benefits of the integration include improved efficiency for clients, better delivery of products and services, more effective use of our systems and better career opportunities for our people. Since this time we have continued to identify further efficiencies and value creating opportunities and these will be reported progressively.

Secondly, in early 2004, we also undertook an extensive review of our advice business with the objective of delivering increased profit over the coming years. As a result, we have restructured our business to maximise efficiency and improve client service, focused on client retention by removing administrative burdens for our client relationship people and further invested in marketing to improve brand awareness, enhance research programs and focus on client acquisition and loyalty.

Thirdly, we are also actively broadening the range of products and services we offer to advisers, investors and clients. For example, we have developed or are developing a range of new products including a term allocated pension, managed discretionary accounts for our private clients, an equity fund with capital protection, a diversified property income fund, and a diversified high yield income fund.

Finally, we are focussed on maintaining our position as the preeminent trustee in Australia. We will continue to pursue organic growth by extending the range of products and services we offer and we will consider acquisitions should the right opportunities arise for Perpetual to participate in ongoing trustee industry consolidation.

2. Develop new growth engines

Perpetual has a proven track record of successfully delivering strong growth for shareholders and we are committed to ensuring this continues. A critical imperative for Perpetual is to identify and develop new business 'growth engines' for the future. Our two main areas of focus include building capabilities in new asset classes in Wealth Management and expanding our range of Corporate Trust services. For example:

Firstly, a few weeks ago we announced that we had recruited a world renowned team of global equity specialists and will establish a global equities business based in Dublin, Ireland.

They will be the lead asset managers of our new global equities business. They have an average of 22 years experience in funds management and, as a team, they have worked together for 10 years and managed in excess of A$75 billion in global equities. We are delighted to have secured the commitment of such a high calibre group of individuals who possess a sound investment philosophy and a long term track record of strong investment performance.

The global equities team in Dublin will be supported by research, sales and client service professionals and we expect will comprise 16 members within the first two months of operation. Two senior Perpetual executives will relocate to Dublin from Sydney to be involved in managing and developing the operations for our newly established global equities business.

The global equities business will offer a range of active global equity products to clients in the retail, masterfund and institutional market in Australia. Significantly, it will also offer a range of products to the global institutional market. These products will provide clients with access to the global equities market based upon an investment style and philosophy that is remarkably consistent with our highly successful domestic equities approach. The synergies between the two businesses mean we can leverage the joint investment expertise of both our global and domestic teams to generate strong performance for our investors.

Gaining direct access to the expanding global equities market is a logical and important move for Perpetual and we are committed to fully developing this business. We believe the global equities market presents a significant opportunity for Perpetual for two reasons. Firstly, the global equities market is huge. It is many, many times larger than the Australian funds management market which has historically been Perpetual's sole focus. Secondly, it has high growth potential, investors, whether they are in Australia. Europe. North America, or Asia, will continue to diversify their investment portfolios by taking advantage of investment opportunities outside their home market. For example, it is estimated that each year an additional one percent of Australians' investment portfolios will be invested offshore.

Secondly, as announced in July, we have hired a highly regarded team of credit specialists to allow us to offer a broader range of high quality incorne-based products, a segment which we believe will grow strongly in the years ahead. The expertise and experience of this team will complement our existing asset management skill set and builds upon our past successes of adding new asset management capabilities in quantitative investments in 2001, property securities in 2002, and infrastructure in 2003.

Finally, our Corporate Trust business continues to develop its revenue base through the development of value adding services to the lending and securitisation market. Our vision is to provide an end-to-end service supporting our clients and allowing themto choose the package of services to suit their business. As the lending market continues to evolve and fragment, there are many growth opportunities resulting from both new and existing players seeking support to access capital markets.

3. Fully engage our people to deliver on our strategy

At Perpetual we are focused on fostering a work environment where our people are connected to and engaged with the corporate strategy. To achieve this, our people need to:

• 38 Fully understand what the strategy is trying to achieve;
• 88 Understand their individual contribution to the overall success of Perpetual;
• Possess a deep sense of accountability for their actions as 嫁。 well as their team: and
• 38 Be fully aligned to shareholder outcomes.

To support these objectives, we have completed a number of initiatives including:

Firstly, we have refreshed the corporate values to support our strategy and reflect the essence of who we are and how we are going about doing business. Charles referred to these values in his address.

Secondly, we have introduced a new performance and remuneration system designed to foster the entrepreneurial spirit of our people, more closely align the interests of our team and shareholders and maintain a competitive pay structure to attract and retain talented professionals.

Thirdly, we have formed the Senior Leadership Team which comprises approximately 10 percent of Perpetual's employees. The Senior Leadership Team supports Perpetual's executive committee in the execution of our business strategy and assists with the further development of a culture that drives towards 'team-based excellence.'

Fourthly, we have made a number of senior appointments to contribute to Perpetual's future growth and success. We appointed Mr John Nesbitt as Chief Financial Officer, Mr Ivan Holyman as Chief Risk Officer, Mr Eric Wang as General Manager Group Strategy, Ms Fiona Dunn as General Manager Wholesale - Wealth Management and Ms Amanda Tibbett as General Manager Marketing - Wealth Management.

Finally, we have announced that we will be relocating our Sydney head office into single premises in Angel Place, located at 123 Pitt Street, Sydney. We believe there will be significant benefits for Perpetual's clients, shareholders and people resulting from occupying contiguous floors in a single building. Clients will enjoy the convenience of a centralised location, shareholders will benefit from the cost efficiencies associated with occupying a single building and our people will benefit from an improved work environment. We believe this will result in increased productivity, improved communication and further development of our team-based culture.

As a result of leasing space in Angel Place, Perpetual will incura number of one-off costs that will be charged to profit in the 30 June 2005 financial year. The precise amount is not known at this time but as set out in the 2004 annual report, the one-off cost is unlikely to exceed $5 million after tax. We expect to move into our new premises in late 2005.

As a consequence of this move, a project has commenced to sell the 39 Hunter Street building which currently has a book value of $20.2 million. Any gain on the sale of the Hunter Street building will offset the above one-off costs associated with the move.

Conclusion

Perpetual is committed to executing its strategy in a measured way by ensuring that our competitive strengths create the foundation for any strategic initiatives. In our view, we possess four sources of competitive advantage that have underpinned, and will continue to underpin, Perpetual's strategic development. These are:

• 28 The management of funds management teams, philosophies and processes;
• * Strong relationships with the financial planning community;
• 28 A trusted brand; and
• & A long history as a leading provider of fiduciary services to individuals and cornorates.

The Perpetual team is working hard to identify and implement further initiatives to deliver on our strategic objectives, and we will provide you with further updates as these develop.

I thank the board and the entire Perpetual team for their contribution to a strong result for 2004 and I look forward to reporting an increased interim profit to shareholders in February 2005.

David Deverall Managing Director

19 October 2004

Comparative financial performance Financial years 2000-2004

Performance measures	Units	2000	2001%	2002*	2003 34	2004	GrowthRate ®
Revenue from trading operations	$m	238.9	290.0	248.2	267.8	295.2	5.4%
Net investment income	$m	6.3	9.2	8.4	11.0	10.8	14.4%
Total revenue	$m	245.2	300.1	256.6	278.8	306.0	5.7%
EBITDA	$m	71.4	82.0	100.7	113.6	143.6	19.1%
Profit from trading ® before tax	$m	43.1	48.7	75.3	85.1	115.2	27.9%
Profit margin from trading	%	18.0	16.7	30.3	31.8	39.0
Operating profit before tax excludingrealised gains on investment safes	$m	49.4	57.9	83.7	96.1	126.0	26.4%
Operating profit after tax excludingrealised gains on investment sales	$m	30.7	40.7	58.7	68.2	88.2	30.2%
Profit after tax	$m	40.3	54.9	75.6	78.2	90.4	22.4%
Earnings per share	cents	110.1	147.4	199.9	207.1	237.8	21.2%
Return on average shareholders' equity	%	22.9	25.4	30.8	28.7	30.0
Dividend paid, declared or provided for 38	$m	23.9	31.8	60.7	68.0	76.4	33.7%
Total shareholders' equity	$m	198.5	234.2	256.6	287.4	315.4	12.3%
Capital expenditure	$m	11.4	26.2	12.7	7.5	5.7
Share price at 30 June	$	25.97	40.91	42.90	30.70	46.99	16.0%
Share price range for year	$low	18.60	25.60	33.00	25.10	29.90
	$high	26.10	41.00	48.60	43.40	48.20

1. Compound annual growth rate.

2. Profit from trading excludes investment income and realised gains on investment sales.

3. Includes special dividends paid or provided for. For 2004, the special dividend of 200 cents per share announced as part of the capital

management policy has been excluded.

1. Adjusted to reflect revenue re-classification effective in 2004.

Australian Capital Territory

$1 \text{ and } 4$ 10 Rudd Street Canberra ACT 2601 02 6248 7977

New South Wales

39 Hunter Street Sydney NSW 2000 02 9229 9000

Queensland

Level 10 Riverside Centre 123 Eagle Street Brisbane QLD 4000 07 3834 5656

South Australia

Perpetual House 89 King William Street Adelaide SA 5000 08 8239 4400

Victoria

Level 28 360 Collins Street Melbourne VIC 3000 03 8628 0400

87 High Street Kew VIC 3101 03 9853 3355

Western Australia

Level 29 Exchange Plaza 2 The Esplanade Perth WA 6000 08 9224 4400

ASX Perpetual Registrars

Limited Level 8 580 George Street Sydney NSW 2000 02 8280 7100

Level 4 333 Collins Street Melbourne VIC 3000 03 9205 4800

Website

www.perpetual.com.au