Perpetual Limited — Board/Management Information 2005

Aug 17, 2005

Perpetual

MEDIA RELEASE

18 August 2005

Perpetual announces new Chairman

Mr Charles Curran AO today announced his forthcoming retirement as the Chairman and a director of Perpetual Trustees Australia Limited (Perpetual) as detailed in the 2005 Annual Report, which has been released today. The retirement will take effect from the conclusion of the group's Annual General Meeting on 18 October, when Mr Curran will be succeeded as Chairman by Mr Robert Savage.

Mr Curran joined the board of the Perpetual Trustee Company Limited, which was the operating company for Perpetual in New South Wales, in 1987 and the board of Perpetual Trustees Australia Limited in 1990. He became Deputy Chairman in January 1995 and Chairman in October 2001.

Perpetual's Managing Director, Mr David Deverall, said that Mr Curran had made a tremendous contribution to the organisation during his time on the board, particularly in his time as Chairman.

"Mr Curran has participated in the transformation of a traditional trustee group to a more broadly-based financial services group, which has enabled the Perpetual team to significantly increase operating profits from \$8.5 million in 1987 to \$111.6 million in 2005," he said. "On behalf of the board and staff of Perpetual, I would like to thank Mr Curran for the role he has played in Perpetual's success over so many years."

Mr Savage has served as a director of Perpetual for more than four years. He is the former Chairman and Managing Director of IBM Australia and New Zealand and currently the Chairman of David Jones Limited and Mincom Limited. He is also a director of Smorgon Steel Group Limited.

Mr Deverall said that Mr Savage had an excellent range and diversity of board and senior management experience in Australia and overseas.

"In particular, his experience as the Chairman of publicly listed companies will be a great asset to the Perpetual board."

Please click here for a full copy of Perpetual's 2005 Annual Report.

For further information, please contact:

Susan Morey Head of Corporate Communications and Investor Relations Perpetual Trustees Australia Limited Direct: 02 9229 3936 Mobile: 0409 746 385

Background

Mr Charles Curran AO

Mr Curran has an extensive career in Australian business and public life. He began his career as a solicitor and later became a stockbroker and Vice Chairman of the Sydney Stock Exchange from 1973 to 1976.

He was appointed to the Board of the NSW-based Perpetual Trustee Company Limited in 1987 and to the Board of Perpetual Trustees Australia Limited in 1990. He became Deputy Chairman in January 1995 and Chairman in October 2001.

As Chairman of Perpetual, he has been closely involved in the implementation of programmes for management succession and Board renewal, with the recruitment of a number of highly experienced Directors who will assist the restructured management team in further developing the business of the group.

Mr Curran is also Chairman of the Capital Investment Group, an international advisor to Goldman Sachs JB Were, a member of the Financial Sector Advisory Council reporting to the Federal Treasurer and a member of the Council of the National Gallery of Australia. In the area of community service, he serves as Chairman of the Australian Ireland Fund and Chairman of Trustees of the Curran Foundation at St Vincent's Hospital in Sydney.

He was awarded Officer of the Order of Australia in 1987.

Mr Curran holds a Bachelor of Law (LL.B) from the University of Sydney and is a graduate of the Executive Program at Stanford University in the United States of He is a Fellow of the Australian Society of Certified Practicing America. Accountants.

Mr Robert Savage

Mr Savage held a number of executive positions for IBM in the United States. Hong Kong, Japan and Australia. He retired as Chairman and Managing Director of IBM Australia and New Zealand in 1999.

During his career, he established the IBM Greater China Group which was one of the first organisations to combine China, Hong Kong and Taiwan into a single integrated business unit.

He is currently the Chairman of David Jones Limited and Mincom Limited, and a Director of Smorgon Steel Group Limited.

Mr Savage holds degrees in Accounting and Marketing from the Perth Institute of Technology. He is a Fellow of the Australian Society of Accountants and the Australian Institute of Management, and a Member of the Australian Institute of Company Directors and the Australian Institute of Sales and Marketing.