Perpetual Limited — Board/Management Information 2004

Mar 31, 2004

MEDIA RELEASE

1 April 2004

Perpetual Board Appointments

Chairman of Perpetual Trustees Australia, Mr Charles Curran AO, today announced the appointment of two new non-executive directors – Mr Paul McClintock and Ms Sandra McPhee.

Mr McClintock is Director of investment banking firm McClintock Associates, a role he has held since 1985, apart from the period between July 2000 and March 2003 where he was Secretary to the Cabinet and Head of the Cabinet Policy Unit in the Australian Government. As Head of the Cabinet Policy Unit, Mr McClintock was the Prime Minister's senior personal adviser on strategic directions in policy formulation.

Mr McClintock is currently the Chairman of Affinity Health Limited, a non-executive director of ADI Limited and a Commissioner of the Health Insurance Commission. He is a past Chairman of Ashton Mining and a past director of Homestake Mining.

Mr Curran said, "Mr McClintock's business and legal background, together with his experience in Government, will prove particularly valuable to Perpetual"

Ms McPhee has extensive business experience, through several company directorships and having held senior executive positions with Oantas for the past 10 years. Most recently, Ms McPhee was Group General Manager Alliances, with responsibility for the strategic direction of the alliances of the airline.

Ms McPhee currently serves as a non-executive director of Coles Myer, Primelife Corporation and Australia Post.

Mr Curran said "Ms McPhee will bring to Perpetual considerable experience in the management of consumer facing organisations."

Mr McClintock and Ms McPhee's appointments are effective from 1 April, 2004.

For more information:

Joanne Hawkins Company Secretary Perpetual Trustees Australia 02 9229 3162 0422 106 414