Perpetual Limited — Board/Management Information 2004

Jan 26, 2004

Perpetual

MEDIA RELEASE

Review leads to efficiency and service gains in wealth management

Following a review of Perpetual's wealth management activities, a new division called Wealth Management has been formed. This division will combine the Perpetual Investments division (excluding asset management) and Personal Financial Services division under a single management structure.

Mr Gerard Doherty, currently Group Executive – Perpetual Investments, has been appointed Group Executive – Wealth Management. In this role Mr Doherty will assume responsibility for the Personal Financial Services division in addition to his previous management responsibilities for Perpetual Investments.

Perpetual Investments' asset management team is unaffected by this restructure, and continues to report to Perpetual's Chief Investment Officer, Mr Emilio Gonzalez.

Mr David Deverall, Managing Director of Perpetual said, "Our decision is a logical restructuring to combine the strengths of the Perpetual Investments and Personal Financial Services teams to achieve efficiency and service gains. The Perpetual Investments and Perpetual Private Clients brands and businesses will continue to be run separately," he said.

This move will enhance the range of products and services Perpetual offers to clients as well as reduce operating costs. It is expected to result in a net reduction of 25 positions and the achievement of pre-tax cost savings for the 2005 financial year of approximately $5 million.

Mr Gerard Doherty, Group Executive - Wealth Management said that the benefits of the review include improved efficiencies for clients, potential product and service synergies, better use of systems, and a client service and administration team with the scale and capabilities to provide enhanced career opportunities for our staff.

"With improved efficiency and service gains, Perpetual is well positioned to manage further growth in the wealth management market," Mr Doherty said.

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For further information, please contact:

Mr David Deverall $\alpha$ Managing Director Perpetual Trustees Australia Limited Ph: (02) 9229 9087

Hayley Morris Corporate Communications Manager Perpetual Trustees Australia Limited Ph: $(02)$ 9229 3936

JANUARY 2004

Mr Gerard Doherty Group Executive Wealth Management Ph: (02) 9229 9898