Perpetual Limited — Interim / Quarterly Report 2017

Feb 22, 2017

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Perpetual Limited
ABN 86 000 431 827
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FINANCIAL
STATEMENTS
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For the 6 months
ended 31 December 2016
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Title of Document goes here_1

PERPETUAL LIMITED AND ITS CONTROLLED ENTITIES

Table of Contents

Table of contents Page No.
Directors’ Report…………………………………………………………………………………………………………...…....3
Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001 ................................... 8
Primary statements
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income ......................................... 9
Condensed Consolidated Statement of Financial Position ........................................................................................ 10
Condensed Consolidated Statement of Changes in Equity ....................................................................................... 11
Condensed Consolidated Statement of Cash Flows .................................................................................................. 12
Section 1
Group performance ..................................................................................................................................................... 13
1-1 Operating segments ............................................................................................................................................. 13
1-2 Revenue ............................................................................................................................................................... 15
1-3 Expenses .............................................................................................................................................................. 15
1-4 Income taxes ........................................................................................................................................................ 16
1-5 Earnings per share ............................................................................................................................................... 17
1-6 Dividends .............................................................................................................................................................. 18
Section 2
Operating assets and liabilities ................................................................................................................................... 19
2-1 Provisions ............................................................................................................................................................. 19
Section 3
Capital management and financing ............................................................................................................................ 20
3-1 Cash and cash equivalents .................................................................................................................................. 20
3-2 Borrowings ............................................................................................................................................................ 20
3-3 Contributed equity ................................................................................................................................................ 21
3-4 Contingencies ....................................................................................................................................................... 21
Section 4
Other disclosures ........................................................................................................................................................ 23
4-1 Structured products assets and liabilities ............................................................................................................. 23
4-2 Financial instruments ............................................................................................................................................ 24
4-3 Events subsequent to balance date ..................................................................................................................... 25
Section 5
Basis of preparation .................................................................................................................................................... 26
5-1 Reporting entity .................................................................................................................................................... 26
5-2 Significant accounting policies ............................................................................................................................. 26
Directors' Declaration .................................................................................................................................................. 27
Independent auditor’s review report to the members of Perpetual Limited ................................................................ 28

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PERPETUAL LIMITED ABN 86 000 431 827 AND ITS CONTROLLED ENTITIES

DIRECTORS’ REPORT

The Directors present their report together with the condensed consolidated financial statements of Perpetual Limited, ("Perpetual" or the "Company") and its controlled entities (the "consolidated entity"), for the half-year ended 31 December 2016 and the independent auditor's review report thereon.

Directors

The Directors of the Company at any time during or since the end of the half-year are:

Peter B Scott, Chairman and Independent Director BE (Hons) MEngSc (Age 62)

Appointed Director in July 2005 and Chairman on 26 October 2010. Mr Scott was formerly the Chief Executive Officer of MLC, an Executive General Manager of National Australia Bank and held a number of senior positions with Lend Lease. He is Chairman of Perpetual Equity Investment Company Limited and a Non-executive Director of Transurban Group. Mr Scott is also an advisory board member of Igniting Change, a member of the Prime Minister’s Community Business Partnership and a Fellow of the Senate of the University of Sydney. He is Chairman of Perpetual's Nominations Committee.

Mr Scott has more than 20 years of senior business experience in publicly listed companies and extensive knowledge of the wealth management industry.

Listed company directorships held during the past three financial years:

• Stockland Corporation Limited (from August 2005 to the August 2016)

• Perpetual Equity Investment Company Limited (from August 2014 to present)

• Transurban Group (from March 2016 to present)

Tony D’Aloisio AM, Chairman-elect and Independent Director BA LLB (Hons) (Age 67)

Appointed Director and Chairman-elect in December 2016. Mr D’Aloisio was formerly Commissioner for the Australian Securities and Investments Commission (ASIC) in 2006 and Chairman in 2007 for a four-year term. He was Chairman of the (International) Joint Forum of the Basel Committee on banking supervision from 2009-2011. Prior to joining ASIC he was CEO and MD at the Australian Securities Exchange from 2004-2006. He is currently Chairman of IRESS Limited, a Board member of PPB Advisory and of Aikenhead Centre for Medical Discovery Ltd and President of the European Capital Markets Cooperative Research Centre.

Mr D’Aloisio has close to 40 years’ experience in both executive and non-executive roles in commercial and Government enterprises. He has held numerous senior positions in both local and international bodies, and has extensive knowledge of the financial markets sector.

• Listed company directorships held during the past three financial years: - IRESS Limited (from June 2012 to present)

Philip Bullock, Independent Director BA MBA GAICD Dip Ed (Age 63)

Appointed Director in June 2010. Mr Bullock was formerly Vice President, Systems and Technology Group, IBM Asia Pacific, Shanghai, China. Prior to that he was Chief Executive Officer and Managing Director of IBM Australia and New Zealand. His career with IBM spanned almost 30 years in the Asia Pacific region. Mr Bullock is a Nonexecutive Director of Hills Limited and formerly of Healthscope Limited and CSG Limited. He also provided advice to the Federal Government, through a number of organisations, most notably as Chair of Skills Australia. He is a member of Perpetual's Audit, Risk and Compliance Committee and People and Remuneration Committee.

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PERPETUAL LIMITED ABN 86 000 431 827 AND ITS CONTROLLED ENTITIES

DIRECTORS' REPORT (continued)

Directors (continued)

Philip Bullock, Independent Director BA MBA GAICD Dip Ed (Age 63) (continued)

Mr Bullock brings to the Board extensive management experience in Australia and Asia in technology, client relationships, marketing, talent development and government.

Listed company directorships held during the past three financial years:

• CSG Limited (from August 2009 to November 2015)

• Hills Limited (from June 2014 to the present)

Sylvia Falzon, Independent Director MIR (Hons) BBus GAICD SF Fin (Age 52)

Appointed Director in November 2012. Ms Falzon has worked in the financial services industry for over 27 years and during that time has held senior executive positions responsible for institutional and retail funds management businesses, both domestically and internationally. Her roles have included Head of Business Development at Aviva Investors Australia, an equity partner at Alpha Investment Management and Chief Manager International Sales & Service at National Mutual Funds Management/AXA. Ms Falzon is currently a Non-executive Director of Regis Healthcare Limited, Cabrini Health Ltd and the Museums Board of Victoria. She is Chairman of Perpetual’s People and Remuneration Committee and a member of Perpetual’s Investment Committee and Nominations Committee.

Ms Falzon brings to the Board her extensive knowledge and insight in the development of asset management businesses with a particular focus on marketing, sales/distribution, client service and operations including risk and compliance.

Listed company directorships held during the past three financial years:

• SAI Global Limited (from October 2013 to December 2016 due to acquisition of the company by Private Equity)

• Regis Healthcare Limited (from September 2014 to present)

Nancy Fox, Independent Director BA JD (Law) FAICD (Age 60)

Appointed Director in September 2015. Ms Fox has more than 30 years’ experience in financial services, securitisation and risk management gained in Australia, the US and across Asia. A lawyer by training, she was Managing Director for Ambac Assurance Corporation from 2001 to 2011 and previously Managing Director of ABN Amro Australia from 1997 to 2001. She is currently a director of HCF Life and Kinetic Superannuation Ltd and also sits on the Boards of the Taronga Conservation Society Australia and the Australian Theatre for Young People. She is a member of Perpetual’s Audit, Risk and Compliance Committee and People and Remuneration Committee.

Ms Fox brings to the Board a deep knowledge of developing and leading successful financial services businesses and extensive experience with securitisation, regulatory frameworks, risk management and governance.

Ian Hammond, Independent Director BA (Hons) FCA FCPA GAICD (Age 58)

Appointed Director in March 2015. Mr Hammond was a partner at PricewaterhouseCoopers for 26 years and during that time held a range of senior management positions including lead partner for several major financial institutions. He has previously been a member of the Australian Accounting Standards Board and represented Australia on the International Accounting Standards Board. Mr Hammond is a Non-executive Director of Citibank Australia and Stadium Australia Group and a board member of a number of not-for-profit organisations including Mission Australia and Chris O'Brien Lifehouse. He is Chairman of Perpetual's Audit Risk and Compliance Committee and a member of Perpetual’s Investment Committee and Nominations Committee.

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PERPETUAL LIMITED ABN 86 000 431 827 AND ITS CONTROLLED ENTITIES

DIRECTORS' REPORT (continued)

Directors (continued)

Ian Hammond, Independent Director BA (Hons) FCA FCPA GAICD (Age 58) (continued)

Mr Hammond has deep knowledge of the financial services industry and brings to the Board expertise in financial reporting and risk management.

P Craig Ueland, Independent Director BA (Hons and Distinction) MBA (Hons) CFA (Age 58)

Appointed Director in September 2012. Mr Ueland was formerly President and Chief Executive Officer of Russell Investments, a global leader in multi-manager investing. He previously served as Russell’s Chief Operating Officer, Chief Financial Officer, and Managing Director of International Operations, which he led from both London and the firm’s headquarters in the US. Earlier in his career he opened and headed Russell’s first office in Australia. Mr Ueland chairs the Endowment Investment Committee for The Benevolent Society, is a member of the board of the Stanford Australia Foundation and the Supervisory Board of OneVentures Innovation and Growth Fund II. He is Chairman of Perpetual’s Investment Committee and a member of Perpetual’s Audit, Risk and Compliance Committee and Nominations Committee.

Mr Ueland brings to the Board detailed knowledge of global financial markets and the investment management industry, gleaned from more than 20 years as a senior executive of a major investment firm, along with a strong commitment to leadership development and corporate strategy development and execution.

Geoff Lloyd

Chief Executive Officer and Managing Director Barrister at Law LLM (Distinction) (UTS) Adv Mgt Program (Harvard) (Age 48)

Mr Lloyd joined Perpetual in August 2010 and was appointed CEO and Managing Director in February 2012. In 2012, Mr Lloyd and his senior leadership team rolled out Perpetual’s Transformation 2015 strategy designed to simplify, refocus and grow Perpetual. Growth initiatives put in place as part of this strategy include the successful acquisition of The Trust Company in December 2013 and the launch of a new Global Equity capability in September 2014.

Before being appointed CEO and Managing Director, Mr Lloyd was Group Executive of Private Wealth at Perpetual, where he led the development and implementation of the growth strategy for this business. He took on the additional responsibility of head of retail distribution in September 2011.

Before commencing at Perpetual, Mr Lloyd held a number of senior roles at BT Financial Group and St. George's Wealth Management business including General Manager, Advice and Private Banking and Group Executive Wealth Management.

Mr Lloyd was appointed Chair of the Financial Services Council (FSC) in July 2016. Prior to this appointment, he held a number of positions in the FSC including Co-Deputy Chairman, Deputy Chairman of the FSC’s Administration & Risk Board Committee, Deputy Chairman of the FSC’s Nominations Board Committee and CoChairman of the FSC’s Advice Board Committee.

Mr Lloyd is an advisory board member of The Big Issue, and the Patron of the Financial Industry Community Aid Program. He is a patron of the Emerge Foundation and is also Chairman of the University of Technology Sydney Law School Advisory Board.

Mr Lloyd has a Masters of Law (Distinction) from the University of Technology, Sydney and has completed the Harvard University Advanced Management Program.

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PERPETUAL LIMITED ABN 86 000 431 827 AND ITS CONTROLLED ENTITIES

DIRECTORS' REPORT (continued)

Company secretaries (continued)

Joanne Hawkins

BCom LLB Grad Dip CSP FGIA GAICD GAIST

Appointed Company Secretary in June 2003. Ms Hawkins is head of Perpetual's Legal, Compliance and Company Secretariat teams.

Prior to joining Perpetual, Ms Hawkins was Assistant Company Secretary of Macquarie Bank and Ord Minnett and was Company Secretary, National Bank of the Solomon Islands. Ms Hawkins has also worked as a solicitor and legal adviser in New Zealand.

Glenda Charles

Grad Dip Corp Gov ASX Listed Entities GIA (Cert)

Joined Perpetual in August 1994. Ms Charles was appointed Assistant Company Secretary of Perpetual in 1999 and Deputy Company Secretary in 2009. She has over 20 years’ experience in company secretarial practice and administration and has worked in the financial services industry for over 30 years.

Review of operations

A review of operations is included in the Operating and Financial Review (OFR).

For the half-year ended 31 December 2016, Perpetual reported a net profit after tax attributable to equity holders of Perpetual Limited of $66.0 million compared to the net profit after tax attributable to equity holders of Perpetual Limited for the half-year ended 31 December 2015 of $64.4 million.

For the half-year ended 31 December 2016, Perpetual reported an underlying profit after tax attributable to equity holders of Perpetual Limited of $65.7 million compared to the underlying profit after tax attributable to equity holders of Perpetual Limited for the half-year ended 31 December 2015 of $63.6 million.

Underlying profit after tax attributable to equity holders of Perpetual Limited excludes certain items, that are either significant by virtue of their size and impact on net profit after tax attributable to equity holders of Perpetual Limited, or are deemed to be outside normal operating activities. Underlying profit after tax attributable to equity holders of Perpetual Limited is disclosed as it is useful for investors to gain a better understanding of Perpetual's financial results from normal operating activities.

The reconciliation of net profit after tax attributable to equity holders of Perpetual Limited to underlying profit after tax attributable to equity holders of Perpetual Limited for the half-year ended 31 December 2016 is as follows:

	6 months ended
	$'000 31 Dec 2016	$'000 31 Dec 2015
Significant items after tax: Recoveries Net profit after tax attributable to equity holders of Perpetual Limited Gain on sale of business	- 66,035 (371)	(682) 64,386 (153)
Underlying profit after tax attributable to equity holders of Perpetual Limited	65,664	63,551

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PERPETUAL LIMITED ABN 86 000 431 827 AND ITS CONTROLLED ENTITIES

DIRECTORS' REPORT (continued)

Review of operations (continued)

Underlying profit after tax (UPAT) attributable to equity holders of Perpetual Limited reflects an assessment of the result for the ongoing business of the consolidated entity as determined by the Board and management. UPAT has been calculated in accordance with the AICD/Finsia principles for reporting underlying profit and ASIC's Regulatory Guide 230 - Disclosing non-IFRS financial information. UPAT attributable to equity holders of Perpetual Limited has not been reviewed by our external auditors, however the adjustments to net profit after tax attributable to equity holders of Perpetual Limited have been extracted from the books and records that have been reviewed.

During the last financial year, a change in the classification of realised gains or losses resulting from the disposal of Perpetual’s seed fund investments has been made. These activities form a part of the group’s operating model and the disposal of investments occurs on a regular basis. As such, it was determined that it was more appropriate to reflect these gains (or losses) as a part of UPAT rather than as significant items. Comparatives have been restated.

Dividends

On 23 February 2017, the Directors resolved to pay a fully franked interim dividend of $1.30 per share (2016: $1.25 per share).

State of affairs

There were no significant changes in the state of affairs of the consolidated entity during the financial period.

Events subsequent to reporting date

The Directors are not aware of any other event or circumstance since the end of the financial period not otherwise dealt with in this report that has or may significantly affect the operations of the consolidated entity, the results of those operations or the state of affairs of the consolidated entity in subsequent financial periods.

Lead Auditor's Independence Declaration Under Section 307C of the Corporations Act 2001

The Lead Auditor's Independence Declaration is set out on page 8 and forms part of the Directors' report for the half-year ended 31 December 2016.

Rounding off

The Company is of a kind referred to in ASIC Corporations Instruments 2016/191 dated 1 April 2016 and in accordance with that Class Order, amounts in the condensed consolidated half-year financial statements and Directors' report have been rounded off to the nearest thousand dollars, unless otherwise stated.

Signed on behalf and in accordance with a resolution of the Directors:

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Peter Scott Chairman

Geoff Lloyd Managing Director

Dated at Sydney this 23[rd] day of February 2017.

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Lead Auditor’s Independence Declaration under Section 307C of the Corporations Act 2001

To the Directors of Perpetual Limited

I declare that, to the best of my knowledge and belief, in relation to the review for the half-year ended 31 December 2016 there have been:

• (i) no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the review; and

• (ii) no contraventions of any applicable code of professional conduct in relation to the review.

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KPMG

Martin McGrath Partner

Sydney

23 February 2017

8

KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.

Liability limited by a scheme approved under Professional Standards Legislation.

PERPETUAL LIMITED AND ITS CONTROLLED ENTITIES Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income for the half-year ended 31 December 2016

	Section	31 Dec 2016	31 Dec 2015
		$'000	$'000
Revenue	1-2	255,472	244,008
Expenses	1-3	(161,835)	(153,868)
Financing costs		(1,547)	(1,409)
Net profit before tax		92,090	88,731
Income tax expense	1-4	(26,055)	(24,345)
Net profit after tax		66,035	64,386
Other comprehensive income
Items that are or may be reclassified subsequently to profit or loss:
Foreign currency translation differences - foreign operations		(3)	(7)
Available-for-sale financial assets - net change in fair value		1,924	(1,546)
Available-for-sale financial assets - impairment reclassified to
profit or loss		-	111
Available-for-sale financial assets - reclassified to profit or loss on disposal		(142)	-
Income tax on items that may be reclassified to profit or loss		(535)	431
Other comprehensive income, net of income tax		1,244	(1,011)
Total comprehensive income		67,279	63,375
Total comprehensive income attributable to:
Equity holders of Perpetual Limited		67,279	63,375
Earnings per share
Basic earnings per share – cents per share		144.5	142.5
Diluted earnings per share–cents per share		141.5	139.1

The Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income is to be read in conjunction with the 'Notes to and forming part of the Condensed Consolidated Financial Statements' set out on pages 13 to 26.

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PERPETUAL LIMITED AND ITS CONTROLLED ENTITIES Condensed Consolidated Statement of Financial Position as at 31 December 2016

	Section	31 Dec 2016	30 Jun 2016
		$'000	$'000
Assets
Cash and cash equivalents	3-1	256,514	278,230
Receivables		97,374	88,156
Structured products - EMCF assets	4-1	271,022	299,694
Prepayments		20,032	12,129
Total current assets		644,942	678,209
Other financial assets		76,120	75,493
Property, plant and equipment		25,446	24,832
Intangibles		334,469	339,324
Deferred tax assets		25,312	30,384
Prepayments		4,326	5,067
Total non-current assets		465,673	475,100
Total assets		1,110,615	1,153,309
Liabilities
Payables		46,291	38,523
Structured products - EMCF liabilities	4-1	270,788	299,971
Current tax liabilities		6,809	21,863
Employee benefits		29,937	49,871
Provisions	2-1	1,709	1,570
Total current liabilities		355,534	411,798
Payables		3,676	3,568
Borrowings	3-2	87,000	87,000
Deferred tax liabilities		18,581	20,125
Employee benefits		8,813	6,860
Provisions	2-1	18,712	18,439
Total non-current liabilities		136,782	135,992
Total liabilities		492,316	547,790
Net assets		618,299	605,519
Equity
Contributed equity	3-3	501,167	493,465
Reserves		15,897	17,165
Retained earnings		101,235	94,889
Total equity attributable to holders of Perpetual Limited		618,299	605,519
Total equity		618,299	605,519

The Condensed Consolidated Statement of Financial Position is to be read in conjunction with the 'Notes to and forming part of the Condensed Consolidated Financial Statements' set out on pages 13 to 26.

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PERPETUAL LIMITED AND ITS CONTROLLED ENTITIES

Condensed Consolidated Statement of Changes in Equity for the half-year ended 31 December 2016

	Gross	Treasury	Equity
$000	contributed	share	compensation	Other	Retained	Equity holders	Total
	equity	reserve	reserve	reserves	earnings	of Perpetual
Balance at 1 July 2016	552,755	(59,290)	13,637	3,528	94,889	605,519	605,519
Total comprehensive income	-	-	-	1,244	66,035	67,279	67,279
Movement on treasury shares	(2,194)	9,896	(8,560)	-	858	-	-
Equity remuneration expense	-	-	6,048	-	-	6,048	6,048
Dividends paid to shareholders	-	-	-	-	(60,547)	(60,547)	(60,547)
Balance at 31 December 2016	550,561	(49,394)	11,125	4,772	101,235	618,299	618,299

	Gross	Treasury	Equity
$000	contributed	share	compensation	Other	Retained	Equity holders	Total
	equity	reserve	reserve	reserves	earnings	of Perpetual
Balance at 1 July 2015	551,926	(70,038)	14,865	8,617	78,324	583,694	583,694
				-
Total comprehensive income/(expense)	-	-	-	(1,011)	64,386	63,375	63,375
				-
Movement on treasury shares	916	10,416	(11,777)	-	445	-	-
Equity remuneration expense	-	-	6,521	-	-	6,521	6,521
Dividends paid to shareholders	-	-	-	-	(58,218)	(58,218)	(58,218)
Balance at 31 December 2015	552,842	(59,622)	9,609	7,606	84,937	595,372	595,372

The Condensed Consolidated Statement of Changes in Equity is to be read in conjunction with the 'Notes to and forming part of the Condensed Consolidated Financial Statements' set out on pages 13 to 26.

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PERPETUAL LIMITED AND ITS CONTROLLED ENTITIES Condensed Consolidated Statement of Cash Flows for the half-year ended 31 December 2016

31 Dec 2016 31 Dec 2015 Section $'000 $'000	31 Dec 2016 31 Dec 2015 Section $'000 $'000
Cash flows from operating activities Cash receipts in the course of operations Cash payments in the course of operations Dividends received Interest received Interest paid Income taxes paid Net cash from by operating activities Cash flows from investing activities Payments for property, plant, equipment and software Payments for investments Payment for acquisition of business Proceeds from sale of business Proceeds from the sale of investments	264,876 260,582 (185,612) (186,124) 45 58 2,620 3,481 (1,476) (1,409) (38,158) (35,012)
	42,295 41,576
	(8,335) (4,912) (10,258) (27,125) - (5,831) 371 153 14,758 5,212
Net cash used in investing activities Cash flows from financing activities Dividends paid 1-6 Net cash used in financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at 31 December Cash and cash equivalents at 1 July	(3,464) (32,503)
	(60,547) (58,218)
	(60,547) (58,218)
	(21,716) (49,145) 278,230 289,356
	256,514 240,211

The Condensed Consolidated Statement of Cash Flows is to be read in conjunction with 'Notes to and forming part of the Condensed Consolidated Financial Statements' set out on pages 13 to 26.

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PERPETUAL LIMITED AND ITS CONTROLLED ENTITIES Notes to and forming part of the condensed consolidated financial statements for the half-year ended 31 December 2016

Section 1 Group performance

This section focuses on the results and performance of Perpetual as a consolidated entity. On the following pages you will find disclosures explaining Perpetual's results for the period, segmental information, taxation, earnings per share and dividend information.

1-1 Operating segments

An operating segment is a component of the consolidated entity that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the consolidated entity's other components and for which discrete financial information is available. All operating segments' operating results are regularly reviewed by the consolidated entity's CEO to make decisions about resources to be allocated to the segment and assess their performance.

Segment results that are reported to the CEO include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly corporate assets, head office expenses, income tax expenses, assets and liabilities.

The following summary describes the operations in each of the reportable segments:

i. Services provided

The consolidated entity operates in the financial services industry in Australia and Singapore and provides wealth management and corporate trust services. The major services from which the reportable segments derive revenue are:

Perpetual Investments	Manufacturer of financial products, management and investment of
	monies on behalf of private, corporate, superannuation and
	institutional clients.
Perpetual Private	Perpetual Private provides a wide range of investment and non-
	investment products and services. These include a comprehensive
	advisory service, portfolio management, philanthropic, executorial
	and trustee services to high net worth and emerging high net worth
	Australians. Perpetual Private also provides many of these services
	to charities, not for profit and other philanthropic organisations.
Perpetual Corporate Trust	Perpetual Corporate Trust provides fiduciary services incorporating
	safe-keeping and recording of assets and transactions as custodian,
	responsible entity services, trustee services for securitisation, unit
	trusts, REITS and debt securities, data warehouse and investor
	reporting and registrar, or agent for corporate and financial services
	clients.

ii. Geographical information

The consolidated entity operates in Australia and Singapore. The majority of the consolidated entity's revenue and assets relate to operations in Australia. The Singapore operation is not material.

iii. Major customer

The consolidated entity does not rely on any major customer.

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PERPETUAL LIMITED AND ITS CONTROLLED ENTITIES

Notes to and forming part of the condensed consolidated financial statements (continued) for the half-year ended 31 December 2016

1-1 Operating segments (continued)

1 Operating segments (continued)		Private Wealth
	Perpetual Investments1 $’000	Perpetual Private $’000	Perpetual Corporate Trust $’000	Total $’000
31 December 2016 External revenues Interest revenue Total revenue for reportable segment Reportable segment net profit before tax Reportable segment assets 31 December 2015 External revenues Interest revenue Total revenue for reportable segment Reportable segment net profit before tax Reportable segment assets 30 June 2016 Reportable segment assets Depreciation and amortisation Depreciation and amortisation	116,280 86,569 44,490 247,339 201 56 51 308
	116,481 86,625 44,541 247,647 (1,348) (5,042) (3,048) (9,438) 58,814 18,709 16,773 94,296 322,236 210,891 187,461 720,588 112,655 82,254 42,398 237,307 399 96 15 510
	113,054 82,350 42,413 237,817 (931) (4,674) (2,349) (7,954) 57,162 17,228 16,621 91,011 344,163 214,003 192,296 750,462 341,093 212,319 185,529 738,941

1Segment information for Perpetual Investments includes the Exact Market Cash Funds, refer to section 4-1(i).

	31 Dec 2016 31 Dec 2015 $'000 $'000
Reconciliations of reportable segment revenues, net profit before tax, total assets
Revenues Total revenue for reportable segments _Add:_Group and Support Services revenue	247,647 237,817 6,824 6,017
Net gain on sale of investments	630 21
Total revenue from continuing operations	255,101 243,855
Net profit before tax
Total net profit before tax for reportable segments	94,296 91,011
Financing costs Gain on sale of business Recoveries Group and Support Services expense	(1,547) (1,409) 371 153 - 682 (1,030) (1,706)
Net profit before tax	92,090 88,731

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PERPETUAL LIMITED AND ITS CONTROLLED ENTITIES Notes to and forming part of the condensed consolidated financial statements (continued) for the half-year ended 31 December 2016

		31 Dec 2016 30 Jun 2016 $'000 $'000
1-1 Operating segments (continued)
Total assets for reportable segments Group and Support Services assets		720,588 738,941 390,027 414,368
Total assets		1,110,615 1,153,309
		31 Dec 2016 31 Dec 2015 $'000 $'000
1-2 Revenue
Revenue from the provision of services Income from structured products Dividends Interest and unit trust distributions		243,408 233,163 3,997 4,152 40 50 7,026 6,469
Net gain on sale of investments		630 21
Revenue from continuing operations		255,101 243,855
Gain on sale of business		371 153
		255,472 244,008
1-3 Expenses		89,563 82,367 9,072 8,896 45,157 45,388 2,695 3,171 5,743 5,869 9,605 8,066 - 111 161,835 153,868
Staff related expenses excluding equity remuneration expense Occupancy expenses Administrative and general expenses Distributions and expenses relating to structured products Equity remuneration expense Depreciation and amortisation expense Impairment of assets

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PERPETUAL LIMITED AND ITS CONTROLLED ENTITIES Notes to and forming part of the condensed consolidated financial statements (continued) for the half-year ended 31 December 2016

		31 Dec 2016 31 Dec 2015 $'000 $'000 24,149 17,237 (728) (450) (359) (1,061) 23,062 15,726 2,993 8,619 26,055 24,345
1-4 Income taxes
Current period tax expense Current period tax expense Adjustment for prior periods Research and development tax incentives from prior periods Total current tax expense impacting income taxes payable Deferred tax expense Temporary differences Total income tax expenses
Profit before tax for the period Prima facie income tax expense calculated at 30% (2015: 30%) on profit for the period – Accounting gains on disposal of investment and businesses – Accounting impairment on assets – Acquisition/disposal costs – Prior period adjustments – Other non-taxable income/expenses and tax credits Total Income taxes payable at the beginning of the year Income taxes payable for the financial year Add/Less: reclassification to deferred tax liabilities Less: tax paid during the period Other Income taxes payable at the end of the period Represented in the Statement of Financial Position by: Current tax liabilities Effective tax rate (ETR)
		92,090 88,731 27,627 26,619 (189) (6) - 33 (111) (46) (1,087) (1,511) (185) (744)
		26,055 24,345
		31 Dec 2016 30 Jun 2016 $'000 $'000
		21,863 27,491 23,062 53,881 - (4,594) (38,097) (54,951) (19) 36
		6,809 21,863
		6,809 21,863 28% 28%

16

PERPETUAL LIMITED AND ITS CONTROLLED ENTITIES Notes to and forming part of the condensed consolidated financial statements (continued) for the half-year ended 31 December 2016

1-4 Income taxes (continued)

Bases of calculation of ETR

The ETR is calculated as income tax expense divided by profit before tax for the period.

The consolidated entity operates in Australia and Singapore. The Singapore operation is not material to the consolidated entity and has no material impact on the calculation of the ETR.

Capital tax (gains)/losses calculated at 30% tax in Australia

The total tax benefits of realised capital losses are $33,241,000 (30 June 2016: $32,336,000), comprising $2,862,000 (30 June 2016: $2,709,000) recognised in deferred tax assets and $30,379,000 (30 June 2016: $29,627,000) not recognised in deferred tax assets. These are net of realised tax capital gains and losses incurred in the current and/or prior year and are available to be utilised by the Australian income tax consolidated group in future years.

	31 Dec 2016 31 Dec 2015 Centsper share
1-5 Earnings per share
Basic earnings per share	144.5 142.5
Diluted earnings per share Net profit after tax attributable to equity holders of Perpetual Limited	141.5 139.1 $'000 $'000 66,035 64,386

1-5 Earnings per share

	31 Dec 2016 31 Dec 2015
	Number of shares
Weighted average number of ordinary shares (basic)	45,708,204 45,196,176
Effect of dilutive potential ordinary shares (including those subject to performance rights)	955,523 1,098,778
Weighted average number of ordinary shares (diluted)	46,663,727 46,294,954

17

PERPETUAL LIMITED AND ITS CONTROLLED ENTITIES Notes to and forming part of the condensed consolidated financial statements (continued) for the half-year ended 31 December 2016

1-6 Dividends

1-6 Dividends
		Total
	Cents per	amount	**Franked / **	Date of
	share	$'000	Unfranked	payment
31 December 2016
Final 2016 ordinary	130	60,547	Franked 28 Sept 2016
Total amount	130	60,547
31 December 2015
Final 2015 ordinary	125	58,218	Franked 25 Sept 2015
Total amount	125	58,218

All franked dividends declared or paid during the period were franked at a tax rate of 30 per cent and paid out of retained earnings.

The Company introduced a Dividend Reinvestment Plan (DRP) in May 2009. The DRP is optional and offers ordinary shareholders in Australia and New Zealand the opportunity to acquire fully paid ordinary shares, without transaction costs. Shareholders can elect to participate in or terminate their involvement in the DRP at any time.

Since the end of the financial period, the Directors declared the following dividend. The dividend has not been provided for and there are no tax consequences.

				Total
			Cents per	**amount1 **	Franked /	Date of
			share	$'000	Unfranked	payment
Interim	2017	ordinary	130	60,547	Franked	24 Mar 2017

1Calculation based on the ordinary shares on issue as at 31 December 2016.

The financial effect of this dividend has not been brought to account in the financial statements for the half-year ended 31 December 2016 and will be recognised in subsequent financial reports.

Dividend franking account
	31 Dec 2016 31 Dec 2015 $'000 $'000
Amount of franking credits available to shareholders for subsequent financial periods	43,250 37,116

The above available amounts are based on the balance of the dividend franking account at 31 December 2016 adjusted for franking credits that will arise from the payment of the current tax liabilities, and franking credits that will arise from the receipt of dividends recognised as receivables by the tax consolidated group at the half-year end.

18

PERPETUAL LIMITED AND ITS CONTROLLED ENTITIES Notes to and forming part of the condensed consolidated financial statements (continued) for the half-year ended 31 December 2016

Section 2 Operating assets and liabilities

This section shows the assets used to generate Perpetual's trading performance and the liabilities incurred as a result. Liabilities relating to the Group’s financing activities are addressed in Section 3.

	31 Dec 2016 30 Jun 2016 $'000 $'000
2-1 Provisions
Current Insurance and legal provision Operational process review provision Lease expense provision Other provisions Non-current Lease expense provision	446 563 567 449 660 522 36 36
	1,709 1,570
	18,712 18,439
	18,712 18,439

2-1 Provisions

19

PERPETUAL LIMITED AND ITS CONTROLLED ENTITIES Notes to and forming part of the condensed consolidated financial statements (continued) for the half-year ended 31 December 2016

Section 3 Capital management and financing

This section outlines how Perpetual manages its capital structure and related financing costs, including its balance sheet liquidity and access to capital markets. Perpetual's objectives when managing capital are to safeguard its ability to continue as a going concern, to continue to provide returns to shareholders and benefits to other stakeholders, and to reduce the cost of capital.

31	Dec	2016	30	Jun	2016
		$'000			$'000

3-1 Cash and cash equivalents

Bank balances	241,314 263,030
Short-term deposits	15,200 15,200
	256,514 278,230

Short-term deposits represent rolling term deposits.

In accordance with the consolidated entity’s treasury policy, the consolidated entity mainly holds cash and cash equivalents to support its regulatory capital requirements of $160.9 million as at 31 December 2016 ($160 million as at 30 June 2016).

31	Dec	2016	30	Jun	2016
		$'000			$'000

3-2 Borrowings

The consolidated entity has access to the following line of credit:

Total facility used Facility unused Total facility	87,000 87,000
	43,000 43,000
	130,000 130,000

The $43 million unused bank facility may be drawn at any time at the discretion of the consolidated entity. The floating rate bank bill facility is unsecured and had a floating interest rate of 3.08 per cent at 31 December 2016, inclusive of the undrawn line fee (30 June 2016: 3.21 per cent). Repayment of the existing facility of $87 million is due on 31 October 2018.

The consolidated entity has agreed to various debt covenants including shareholders' funds as a specified percentage of total assets, a minimum amount of shareholders' funds, a maximum ratio of gross debt to EBITDA, a minimum interest cover and a maximum amount of structured product liabilities. The consolidated entity is in compliance with the covenants at 31 December 2016. Should the consolidated entity not satisfy any of these covenants, the outstanding balance of the loans may become due and payable.

The consolidated entity's bank facility is subject to annual review and management intends to refinance the existing facility for a further period prior to the due date.

20

PERPETUAL LIMITED AND ITS CONTROLLED ENTITIES Notes to and forming part of the condensed consolidated financial statements (continued) for the half-year ended 31 December 2016

		31 Dec 2016 30 Jun 2016 $'000 $'000
3-3 Contributed equity
Fully paid ordinary shares 46,574,426 (30 June 2016: 46,574,426) 550,561 552,755 Treasury shares 759,100 (30 June 2016: 981,300) (49,394) (59,290) 501,167 493,465 Number of shares $'000 Number of shares $'000 Movements in share capital Balance at beginning of period/year 45,593,126 493,465 45,096,803 481,888 Shares issued: 31 Dec 2016 30 Jun 2016		550,561 552,755 (49,394) (59,290)
		501,167 493,465
	Number of shares $'000 Number of shares $'000 31 Dec 2016 30 Jun 2016
	45,593,126 493,465 45,096,803 481,888
- Movement on treasury shares	222,200 7,702 496,323 11,577
Balance at end of period/year	45,815,326 501,167 45,593,126 493,465

3-3 Contributed equity

The Company does not have authorised capital or par value in respect of its issued shares.

Terms and conditions

Holders of ordinary shares are entitled to receive dividends as declared from time to time and entitled to one vote per share at shareholders' meetings.

In the event of winding up of the Company, ordinary shareholders rank after creditors and are fully entitled to any surplus capital.

	31 Dec 2016 30 Jun 2016 $'000 $'000
3-4 Contingencies
Bank guarantee in favour of the ASX Settlement and Transfer Corporation Pty Limited with respect to trading activities	1,000 1,000
Bank guarantee in favour of the Australian Securities and Investments Commission in relation to the provision of responsible entity services and custodial services	10,000 10,000
Bank guarantee issued in respect of the lease of premises of The Trust Company Limited	1,796 1,796
Bank guarantee issued in respect of the lease of premises of Perpetual Limited	846 1,289
	13,642 14,085

3-4 Contingencies

21

PERPETUAL LIMITED AND ITS CONTROLLED ENTITIES Notes to and forming part of the condensed consolidated financial statements (continued) for the half-year ended 31 December 2016

3-4 Contingencies (continued)

In the ordinary course of business, contingent liabilities exist in respect of claims and potential claims against entities in the consolidated entity. The consolidated entity does not consider that the outcomes of any such claims known to exist at the date of this report, either individually or in aggregate, are likely to have a material effect on its operations or financial position.

Banksia

In December 2012, a class action commenced for damages against The Trust Company (Nominees) Limited (TrustCo) in its capacity as trustee for the debentures issued by Banksia Securities Limited (Banksia) and other defendants including Banksia Securities Limited, Cherry Fund Limited, RSD Chartered Accountants and the directors of both Banksia Securities Limited and Cherry Fund Limited. Liquidator’s proceedings commenced in May 2015 against TrustCo. TrustCo is strongly defending the actions.

No further information has been disclosed as any additional disclosure could prejudice the position of TrustCo in relation to this action.

22

PERPETUAL LIMITED AND ITS CONTROLLED ENTITIES Notes to and forming part of the condensed consolidated financial statements (continued) for the half-year ended 31 December 2016

Section 4 Other disclosures

This section contains other miscellaneous disclosures that are required by accounting standards.

31	Dec	2016	30	Jun	2016
		$'000			$'000

4-1 Structured products assets and liabilities

i. Exact Market Cash Funds

Current assets Perpetual Exact Market Cash Fund Perpetual Exact Market Cash Fund No. 2 Current liabilities Perpetual Exact Market Cash Fund Perpetual Exact Market Cash Fund No. 2	174,574 199,006 96,448 100,688
	271,022 299,694
	174,403 199,106 96,385 100,865
	270,788 299,971

The Exact Market Cash Funds' current asset balances reflect the fair value of the net assets held by the funds. The current liabilities balances represent the consolidated entity's obligation to the funds' investors. The difference between the current assets and current liabilities balance has been recorded in equity in the available-for-salereserve.

The Perpetual Exact Market Cash Fund (EMCF 1) was established with the purpose of providing an exact return that matched the UBS Bank Bill rate (the benchmark index), or a variant thereon, to investors. The fund's ability to pay the benchmark return to the investors is guaranteed by the consolidated entity. The National Australia Bank has provided the EMCF 1 product with a guarantee to the value of $3 million (30 June 2016: $3 million) to be called upon in the event that the consolidated entity is unable to meet its obligations. Due to the guaranteed benchmark return to investors, the consolidated entity is exposed to the risk that the return of the EMCF 1 differs from that of the benchmark. The return of the EMCF 1 is affected by risks to the underlying investments in the EMCF 1 portfolio, which are market, liquidity and credit risks.

The underlying investments of the fund are valued on a hold to maturity basis for unit pricing purposes, which is consistent with the way in which Perpetual manages the portfolio.

The Perpetual Exact Market Cash Fund No.2 (EMCF 2) was established to provide an exact return that matches the benchmark index to investors in the fund. It has a similar structure to EMCF 1, but in addition, there are specific rules that govern the withdrawal of funds. The investments held by EMCF 2 are recorded at fair value within the fund, and in the consolidated entity's financial statements. National Australia Bank has provided the fund with a guarantee to the value of $1.5 million (30 June 2016: $1.5 million) to be called upon in the event that Perpetual does not meet its obligations.

23

PERPETUAL LIMITED AND ITS CONTROLLED ENTITIES Notes to and forming part of the condensed consolidated financial statements (continued) for the half-year ended 31 December 2016

4-2 Financial instruments

Fair value

The following tables present the consolidated entity's assets and liabilities measured and recognised at fair value, by valuation method, at 31 December 2016. The different levels have been defined as follows:

Level 1: Quoted prices in active markets for identical assets and liabilities; Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

Level 3: Inputs for the asset or liability that are not based on observable market data.

Consolidated

	Level 1 $'000	Level 2 $'000	Level 3 $'000	Total $'000
At 31 December 2016 Financial assets
Available-for-sale listed equity securities	2,336 2,336 - -
Available-for-sale unlisted unit trusts Structured products - EMCF assets	73,329 271,022 - 73,329 - 28,202 242,820 -
At 30 June 2016 Financial assets Available-for-sale listed equity securities Available-for-sale unlisted unit trusts	30,538 316,149 - 346,687
	2,083 2,083 - - - 72,965 - 72,965
Structured products - EMCF assets	251,298 48,396 - 299,694
	50,479 324,263 - 374,742

The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading and available-for-sale securities) is based on quoted market prices at the reporting date. The quoted market price used for financial assets held by the consolidated entity is the last traded price. Marketable shares included in other financial assets are traded in an organised financial market and their fair value is the current quoted last traded price for an asset. The carrying amounts of bank term deposits and receivables approximate fair value. The fair value of investments in unlisted shares in other corporations is determined by reference to the underlying net assets and an assessment of future maintainable earnings and cash flows of the respective corporations.

The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques. The estimates of fair value where valuation techniques are applied are subjective and involve the exercise of judgement. Changing one or more of the assumptions applied in valuation techniques to reasonably possible alternative assumptions may impact on the amounts disclosed.

24

PERPETUAL LIMITED AND ITS CONTROLLED ENTITIES Notes to and forming part of the condensed consolidated financial statements (continued) for the half-year ended 31 December 2016

4-2 Financial instruments (continued)

The carrying amount of financial assets and financial liabilities, less any impairment, approximates their fair value, except for those outlined in the table below, which are stated at amortised cost.

	31	Dec	2016	30	Jun	2016
	Carrying		Fair	Carrying		Fair
	amount		Value	amount		Value
	$'000		$'000	$'000		$'000
Current
Structured products – EMCF liabilities	270,788		271,022	299,971		299,694

4-3 Events subsequent to balance date

The Directors are not aware of any other event or circumstance since the end of the financial period not otherwise dealt with in this report that has affected or may significantly affect the operations of the consolidated entity, the results of those operations or the state of affairs of the consolidated entity in subsequent financial periods.

25

PERPETUAL LIMITED AND ITS CONTROLLED ENTITIES Notes to and forming part of the condensed consolidated financial statements (continued) for the half-year ended 31 December 2016

Section 5 Basis of preparation

5-1 Reporting entity

Perpetual Limited ("the Company") is a company domiciled in Australia. The condensed consolidated half-year financial statements of the Company as at and for the half-year ended 31 December 2016 comprise the Company and its controlled entities (together referred to as the "consolidated entity") and the consolidated entity’s interests in associates.

The Company is a for-profit entity and primarily involved in funds management, portfolio management, financial planning, trustee, responsible entity and compliance services, executor services, investment administration and custody services.

The consolidated annual financial statements for the consolidated entity as at and for the year ended 30 June 2016 are available at www.perpetual.com.au.

a. Statement of compliance

The condensed consolidated half-year financial statements are a general purpose financial report which has been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001 , and with IAS 34 Interim Financial Reporting .

The condensed consolidated half-year financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated annual financial statements of the consolidated entity for the year ended 30 June 2016.

The condensed consolidated half-year financial statements were authorised for issue by the Board of Directors on 23 February 2017.

The Company is of a kind referred to in ASIC Corporations Instrument 2016/191 dated 1 April 2016 and in accordance with the Class Order, amounts in the consolidated financial statements have been rounded off to the nearest thousand dollars, unless otherwise stated.

b. Use of judgements and estimates

The preparation of the half-year financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Significant areas of estimation, uncertainty and critical judgements in applying accounting policies were the same as those that applied to and are described in the consolidated financial statements as at and for the year ended 30 June 2016.

5-2 Significant accounting policies

The accounting policies applied by the consolidated entity in these half-year financial statements are the same as those applied by the consolidated entity in its annual financial statements as at and for the year ended 30 June 2016.

26

PERPETUAL LIMITED AND ITS CONTROLLED ENTITIES

Directors' Declaration

In the opinion of the Directors of Perpetual Limited ("the Company"):

1. the condensed consolidated financial statements and notes set out on pages 13 to 26 are in accordance with the Corporations Act 2001 , including:

2. (a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2016 and of its performance for the half-year ended on that date; and

3. (b) complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 ; and

4. there are reasonable grounds to believe that Perpetual Limited will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of the Directors:

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Peter Scott Chairman

Geoff Lloyd

Managing Director

Dated at Sydney this 23[rd] day of February 2017.

27

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Independent Auditor’s Review Report

To the members of Perpetual Limited

Report on the Half-year Financial Report

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the Half-year Financial Report of Perpetual Limited (the Company) and its controlled entities (the Consolidated Entity) is not in accordance with the Corporations Act 2001 , including:

• i) giving a true and fair view of the Consolidated Entity’s financial position as at 31 December 2016 and of its performance for the half-year ended on that date; and

• ii) complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.

We have reviewed the accompanying Half-year Financial Report of the Consolidated Entity.

The Half-year Financial Report comprises:

• [the condensed consolidated statement of financial ] position as at 31 December 2016;

• [condensed consolidated statement of profit or ] loss and other comprehensive income, condensed consolidated statement of changes in equity and condensed consolidated statement of cash flows for the half-year ended on that date;

• [notes (sections 1 to 5) comprising a summary of ] significant accounting policies and other explanatory information; and

• [the Directors’ Declaration. ]

The Consolidated Entity comprises the Company and the entities it controlled at the half year’s end or from time to time during the half-year.

Responsibilities of the Directors for the Half-year Financial Report

The Directors of the Company are responsible for:

• the preparation of the Half-year Financial Report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 ; and

• for such internal control as the Directors determine is necessary to enable the preparation of the Half-year Financial Report that is free from material misstatement, whether due to fraud or error.

28

KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.

Liability limited by a scheme approved under Profession Standards Legislation.

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Auditor’s responsibility for the review of the Half-year Financial Report

Our responsibility is to express a conclusion on the Half-year Financial Report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the Half-year Financial Report is not in accordance with the Corporations Act 2001 including:

• giving a true and fair view of the Consolidated Entity’s financial position as at 31 December 2016 and its performance for the half-year ended on that date; and

• complying with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 . As auditor of Perpetual Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001 .

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KPMG

Martin McGrath Partner Sydney 23 February 2017

29

SECTION HEAD TAB GOES HERE

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TERRITORY
Level 4, 10 Rudd Street
Canberra ACT 2601
VICTORIA
Rialto South Tower
Level 35, 525 Collins Street
Melbourne VIC 3000
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SOUTH AUSTRALIA
Level 11, 101 Grenfell Street
Adelaide SA 5000
WESTERN AUSTRALIA
Exchange Plaza
Level 29, 2 The Esplanade
Perth WA 6000
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QUEENSLAND
Level 6, 260 Queen Street
Brisbane QLD 4000
www.perpetual.com.au
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Title of Document goes here_5