Perpetual Limited — Earnings Release 2011

Feb 22, 2011

Perpetual Limited ABN 86 000 431 827

23 February 2011

The Manager Company Announcements Australian Securities Exchange Limited 20 Bridge Street Sydney NSW 2000

Angel Place Level 12, 123 Pitt Street Sydney NSW 2000 Australia

GPO Box 4172 Sydney NSW 2001 Australia

Telephone 02 9229 9000 Facsimile 02 9232 8936 www.perpetual.com.au

Dear Sir / Madam

Perpetual Limited – Preliminary Final Report (Appendix 4D) for the period ended 31 December 2010.

The Directors of Perpetual Limited (the “Company”) announce the results of the consolidated group for the half year ended 31 December 2010, which have been subject to review by our auditors, as follows:

Results for announcement to the market

Extracted from 31 December 2010 Half YearFinancial Report	% change	A$000s
Revenue from ordinary activities excludes income fromstructured investments1	Up 12%	224,866
Underlying profit after tax before gain on sale ofinvestments, private equity proposal response costs,impairment of intangible assets and Exact Market CashFund gains	Up 13%	40,987
Net profit after tax for the half year attributable to equityholders of Perpetual Limited	Down 29%	34,984

1 Structured investments revenue totalled $37,640,000 (31 December 2009: $41,283,000).

Dividends for the current year

Dividends	Amount per security	Franked amount persecurity
Interim 2011 dividend:Payable 30thMarch 2011	95 cents	95 cents

Interim 2011 dividend details

Ex-dividend Date

The ex-dividend date is 3[rd] March 2011

Record Date

The dividend will be paid to all holders of Perpetual ordinary shares who are registered on the share register as at the record date, 5:00pm on 9[th] March 2011 in Sydney, Australian Eastern Standard Time.

Dividend Reinvestment Plan (DRP)

The Perpetual Board has determined that in relation to the 2011 interim dividend the DRP will operate as follows:

• The Allocation Price at which shares are issued under the DRP will include a discount of 2.5%;

• • The pricing period for setting the Average Market Price will be the 10 trading days commencing 10[th] March 2011 and ending 23[rd] March 2011; and

• Shares newly issued under the DRP will, from the date of Allocation, rank equally in all respects with existing Shares.

The DRP discount and other terms are reviewed prior to each dividend payment and the DRP terms that will apply to future dividends will be announced to the ASX at the relevant times.

The DRP terms that apply to the dividend, and a copy of the DRP Rules, can be found within the Shareholder Centre section of Perpetual’s website at http://shareholders.perpetual.com.au and select Shareholder services.

Last Election Date for Participation in the 2011 Interim Dividend DRP

If shareholders wish to participate in the DRP for the upcoming dividend, or to change their level of participation, they must complete a DRP Participation Notice and return it to Perpetual’s share registry, Link Market Services, by no later than 5:00pm, Australian Eastern Standard Time, on 9[th] March 2011.

The remainder of the information requiring disclosure to comply with listing rule 4.2A is contained in the attached statutory financial report, media release and the additional information tabled below.

Additional Information

Net tangible assets per share: 456 cents (31 December 2009: 446 cents)

Further information regarding Perpetual and its business activities can be obtained by visiting the company’s website at www.perpetual.com.au.

Yours faithfully

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Roger Burrows Chief Financial Officer