Perpetual Limited — AGM Information 2005

Oct 17, 2005

2005 Annual General Meeting

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Managing Director's Address to Shareholders

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18 October 2005

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Urani matsay

Wealth Management - growth in EBITDA or cash earnings

Maria B

Wealth Management - continued healthy asset growth

Award winning investment teams

Money Magazine 'Best of the Best 2005' Awards

Personal Investor 2005 Awards for Excellence in Financial Services

Morningstar Awards

Australian Fund Managers Awards

Standard and Poors

• Best Rated Growth Fund
• Best Fund Manager ▓
• Reader's Choice Award for Best Fund Manager
• Australian Share Fund of the Year ▓
• Balanced Superannuation Fund of the Year ▓
• Fund Manager of the Year 2004 ▓
• Australian Equities Fund Manager of the Year 2004
• Multi Sector Fund Manager of the Year 2004 ▓
• Golden Bull Award for Fund Manager of the Year 2004
• Australian Equity Fund Manager of the Year 2004 ▓
• Best Rated Australian Equities Fund 2004 Best Rated Balanced-Dynamic Fund 2004 ▓

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Corporate Trust - growth in EBITDA or cash earnings

	/!!!!	1004	Change.
Corporate Trust	$\Omega$ $^{\circ}$	45.Y

Ø 1999

Corporate Trust - continued healthy asset growth Perpetual Corporate Trust

Funds under administration up 28 per cent $50B -$ 144.3 112.4 $100 -$ 87.1 52.3 $50 42.2$ $\overline{0}$ Jun Jun Jun Jun Jun $01$ 02 03 04 05 Perpetual

h

Our strategic priorities

• 1. Develop a more balanced portfolio
• 1. Develop new growth engines

B

1. Fully engage our people to deliver our strategy

Our four sources of competitive advantage

• 1. The management of fund management teams, philosophies and processes
• 1. Strong relationships with the financial planning community
• 1. A trusted brand

n

1. A long history of providing fiduciary services to corporates and individuals

$Perpetual$

Strategic overview in 2005 Credit funds management

Late 2004 $\begin{array}{c} \hbox{mmm} \ \hbox{mmm} \end{array}$

Hiring of experienced credit team and launched a range of credit funds

To June 2005 $\begin{array}{c} \hbox{mmm} \ \hbox{mmm} \end{array}$

Strong net inflows of over $700 million in year

Since June 2005

Funds under management increased by a further $700 million to $1.4 billion

П

Strategic overview in 2005 Global equities funds management

• Established Dublin-based global equities business with hiring of ▓ experienced team
• Granted regulatory licence transfer of $1.8 billion funds under ▓ management to PIIML
• Opened London office ▓

B

• Initial clients include Irish Life plc, van Eyk strong ratings from asset ▓ consultants, researchers and dealer groups
• In October 2005, received approval from the SEC to act as an investment ▓ adviser to the institutional market in the United States

Perpetual

Strategic overview in 2005 Property funds management

• Entry into the direct property funds management market with moonsMillims the recruitment of a highly experienced direct property team
• Provision of wholesale and retail direct unlisted property MANAGER products
• Acquisition of additional 50 per cent interest in Perpetual anana:Anana: James Fielding

Strategic overview in 2005 Perpetual Private Clients

$\sim$ $\sim$ 11

• Wilson Dilworth merged into Perpetual Private Clients $\begin{array}{c} \hbox{mmm} \ \hbox{mmm} \ \hbox{mmm} \end{array}$
• Completed implementation of a more efficient business model for namanAliman Perpetual Private Clients

Strategic overview in 2005 Corporate Trust

• New international marketing arrangement with Citigroup MANAGER
• Investment in underlying infrastructure to enable a more effective annongAnnong service delivery to market

Group

Supplier cost management program implemented to achieve the anananAnanana best quality and cost outcomes for Perpetual

Perpetual,

Strategic overview in 2005 People engagement

• New remuneration policy (Chairman of the Human Resources annonsAnnons and Remuneration Committee to describe)
• Integration of Sydney headquarters into single premises at TOOL Angel Place

Strategic overview 2005 Sale of non-core assets

• December 2004 WWW. Symetry
• March 2005 $\begin{array}{c} \hbox{mmm} \ \hbox{mmm} \end{array}$ 39 Hunter Street building
• August 2005 numur:Hillian: ASX Perpetual Registrars

Looking ahead to 2006

• Our core businesses are growing well; WANG SANG
• We have taken and continue to take a proactive, long-term and strategic approach to managing the future well being of our organisation; and
• We have delivered a strong result while also managing to fund moonsMilione growth through strategic initiatives