Perpetual Limited — Interim / Quarterly Report 2021

Feb 17, 2021

==> picture [145 x 51] intentionally omitted <==

Perpetual Limited ABN 86 000 431 827

18 February 2021

ASX Limited ASX Market Announcements Office Exchange Centre 20 Bridge Street Sydney NSW 2000

Angel Place, Level 18, 123 Pitt Street Sydney NSW 2000 Australia

Phone +61 9229 9000 www.perpetual.com.au

Perpetual Half Year Financial Results

The following announcements to the market are provided:

Appendix 4D

1H21 ASX Announcement

 1H21 Results Briefing

Half Yearly Report and Accounts

Operating and Financial Review – 31 December 2020

Yours faithfully,

==> picture [110 x 35] intentionally omitted <==

Sylvie Dimarco Company Secretary (Authorising Officer)

Page 1

PERPETUAL LIMITED 1H21 RESULTS 6 months to 31 December 2020

18 February 2021

Trust is earned.

1H21 OVERVIEW

Rob Adams CEO and Managing Director

Trust is earned.

==> picture [114 x 41] intentionally omitted <==

==> picture [87 x 64] intentionally omitted <==

1H21 RESULTS

$280.6m $208.5m $52.6m $0.84 Operating revenue[1] Expenses UPAT[2] Interim DPS

• 11% on 1H20

• 10% on 1H20  22% on 1H20  11% on 1H20

• 19% on 2H20  16% on 2H20  33% on 2H20

• 20% on 1H20

• 68% on 2H20

▪ Results reflect implementation of two transformational acquisitions Trillium Asset Management (Trillium) and Barrow, Hanley, Mewhinney & Strauss (Barrow Hanley) since completed on 17 November 2020

Operating revenue up 10% on 1H20 driven by Trillium for the full period and Barrow Hanley since completion

▪ Expenses include operating expenses of Barrow Hanley and Trillium, continued investment in distribution and product development ▪ UPAT result driven by decline in average AUM in PAMA, partially offset by completed acquisitions of Barrow Hanley and Trillium as well as higher performance fees ▪ Interim dividend payout ratio of 90%

1. Operating revenue is presented net of distributions and expenses of the EMCF structured products. For statutory purposes revenue, distributions and expenses are adjusted to reflect the gross revenue and expenses of these products 2. Revised definition of UPAT - refer to Appendix B of the Operating and Financial Review (OFR) for the 6 months ended 31 December 2020 for the definition of UPAT and reconciliation to NPAT

3

PERPETUAL’S BUSINESS MODEL INCREASINGLY DIVERSIFIED AND GROWING SOURCES OF REVENUE

Operating revenue[1,4] $m

Underlying profit before tax[2,4] $m

==> picture [398 x 275] intentionally omitted <==

----- Start of picture text -----

PCT Managed Fund
Services
11%
Perpetual Asset
PCT Debt Market
29% Management Australia
Services
14%
24%
1H21
43%
Operating
revenue
contribution [1]
10%
Perpetual Private
Non-market
33%
14%
Perpetual Asset
Management International [3]
22%
Perpetual Private
Market
----- End of picture text -----

==> picture [249 x 243] intentionally omitted <==

----- Start of picture text -----

39%
41%
1H21
UPBT
contribution [2]
20%
----- End of picture text -----

Perpetual Asset Management Perpetual Private Perpetual Corporate Trust

• Continued growth across the Group’s non-market fiduciary and advisory operating revenue in Perpetual Private and Perpetual Corporate Trust

• ▪ Trillium (completed 30 June 2020) and Barrow Hanley (completed 17 November 2020) acquisitions now delivering further diversification in revenue by asset type, investor channel and geography, delivering scale and a broader range of attractive asset classes and strategies with significant capacity for growth

• • Perpetual Corporate Trust continuing to show sustained growth across all divisions, currently contributing 41% of UPBT[2]

• Operating revenue contribution excludes Perpetual Group services for the 6 months ended 31 December 2020. 1H21 Non-market revenue represented 35% of operating revenue and includes Perpetual Private non-market and Perpetual Corporate Trust revenues. 1H21 Market revenues represented 65% of revenue and includes Perpetual Asset Management and Perpetual Private market revenues

Perpetual Asset Management International figures reflect a full 6 months of Trillium and approximately 6 weeks of Barrow Hanley. Trillium date of acquisition 30 June 2020 refer to ASX announcement dated 1 July 2020. Barrow Hanley date of acquisition 17 November 2020 refer to ASX announcement dated 18 November 2020 Segment %’s are subject to rounding

1. Underlying profit before tax excludes Perpetual Group services for the 6 months ended 31 December 2020

4

PERPETUAL’S STRATEGY FOR LONG-TERM GROWTH DISCIPLINED EXECUTION OF FY21 STRATEGIC PRIORITIES

==> picture [57 x 54] intentionally omitted <==

==> picture [143 x 23] intentionally omitted <==

Exceptional products Outstanding service

• Leading positions in chosen markets

• Expanded range of investment capabilities

• Delivering contemporary solutions to our clients across the business

• Investing in innovative digital solutions to improve client connectivity & experience

==> picture [50 x 49] intentionally omitted <==

==> picture [126 x 23] intentionally omitted <==

Empowering our people to deliver high performance

• Investing in digital infrastructure and capability to build an agile operating platform

• Embedding global governance, accountability and risk frameworks

• Partnering with global vendors to deliver scalable platforms

• Designing future fit workplace with additional support for our people through COVID-19

==> picture [53 x 52] intentionally omitted <==

==> picture [172 x 23] intentionally omitted <==

New capabilities Global footprint

• Successful completion of Barrow Hanley acquisition on 17 November 2020

• Building global distribution channels

• New investment capabilities to drive deeper client relationships

• Identifying complementary inorganic opportunities that build scale and capability

ENABLERS

Brand Brand

Leadership Leadership

Innovation Innovation

5

PERPETUAL ASSET MANAGEMENT

DISTRIBUTION STRATEGY GAINING MOMENTUM WITH INCREASING DIVERSITY BY ASSET CLASS, CHANNEL AND GEOGRAPHY

Multiple world-class investment capabilities

Strengthened capability to support domestic institutional and retail clients

Continued international distribution build-out

• 31 new investment strategies through Barrow Hanley and Trillium acquisitions

• Growing interest and search activity for our broad capabilities

• New appointments in Australia to reshape domestic distribution strategy across all investment capabilities

• US build-out ahead of expectations

• Building and expanding our presence in the UK[1] , Europe and Asia

AUM by asset class[2]

AUM by channel[2]

AUM by account domicile[2]

==> picture [859 x 178] intentionally omitted <==

----- Start of picture text -----

Other Listed Investment Vehicles Retail EMEA (incl Bermuda)
1% Australian equities 1% 5% Asia 5%
15% 5%
Fixed income
23% Intermediary
20%
Australia
26%
United States
Global equities 61%
14% US equities
Institutional
47%
74% Canada
3%
----- End of picture text -----

Global distribution team of over 70 supporting in excess of A$89b[1] in AUM and client relationships across key regions

1. UK: pending transition and UK financial conduct authority approval

2. AUM translated as at 31 December 2020 with an exchange rate of AUD:USD of 0.77. Barrow Hanley AUM net of clients who have terminated or confirmed their intention to terminate

6

PERPETUAL ASSET MANAGEMENT RECENT SHIFT TO VALUE IMPROVES INVESTMENT PERFORMANCE

MSCI Large Cap Australia and Russell US 1000 Value vs Growth Rolling 5 year returns[1,2]

==> picture [875 x 239] intentionally omitted <==

----- Start of picture text -----

20.0%
15.0%
10.0%
5.0%
0.0%
-5.0%
-10.0%
-15.0%
-20.0%
Russell 1000 Value vs Growth MSCI Large Cap Australia Value vs Growth
----- End of picture text -----

MSCI Large Cap Australia Value vs Growth

• Positive shift to value stocks over the period

• Possible shift towards a more normalised ‘post COVID-19’ economy likely to assist a shift to value

• Improved investment performance during the half relative to benchmark across most investment strategies[3]

• Russell 1000 5 Year rolling returns Value vs Growth. Source Factset

• MSCI Large Cap Australia 5 Year rolling returns Value vs Growth. Source Factset

• PAMA and PAMI performance tables for more information on recent investment performance as at 31 December 2020

7

PERPETUAL ASSET MANAGEMENT AUSTRALIA BUILDING FOUNDATIONS FOR QUALITY SUSTAINABLE GROWTH

CLIENT FIRST Focused on delivering positive client outcomes with world-class investment capabilities

==> picture [288 x 97] intentionally omitted <==

----- Start of picture text -----

FUTURE FIT
A contemporary and efficient
operating platform
----- End of picture text -----

==> picture [288 x 97] intentionally omitted <==

----- Start of picture text -----

NEW HORIZONS
Bringing new capabilities and
client led solutions to market
----- End of picture text -----

Progress on FY21 strategy

• ✓ Delivered improved investment performance over the half, Australian equities in particular

• ✓ Consistent performance in fixed income and credit products

• ✓ Launched MyPerpetual , a new client portal for investors and financial advisers, delivering an improved client experience

• ✓ Reduced fees and simplified pricing structures on a range of products

• ✓ New structure , with Amanda Gillespie appointed as Group Executive - Perpetual Asset Management Australia

• ✓ State Street appointed as Perpetual's new custodian and administrator – a global and complementary partner for Perpetual

• ✓ Distribution specialist resources now in place and further supporting institutional clients and the listed channel

• ✓ Launched two new Trillium funds in Australia , and transitioned the management of the Perpetual Global Share Fund to Barrow Hanley

• ✓ Global Innovation Fund now over $100m in AUM, delivering returns 50% above benchmark over 1 year[1] and awarded its first research rating from Zenith

• ✓ Perpetual Diversified Real Return Fund received a Morningstar Analyst Rating™ of Bronze[2] and won the Multi Asset - Real Return Category at the 2020 Zenith Fund Awards[3]

One of Australia’s oldest and largest active investment managers – delivering world-class capabilities to investors supported by a trusted brand and industry leading distribution

1. Returns for the 12 months ended 31 December 2020 versus MSCI All Countries World Net Total Return Index (AUD) 2. Perpetual Diversified Real Return Fund received Morningstar Analyst Rating™ of Bronze as of 22/09/2020. See page 41 for full Disclaimer 3. The Zenith Fund Awards were issued 30 October 2020 by Zenith Investment Partners (ABN 27 130 132 672, AFSL 226872) and are determined using proprietary methodologies. See page 41 for full Disclaimer

8

PERPETUAL ASSET MANAGEMENT AUSTRALIA NET OUTFLOWS PARTIALLY OFFSET BY IMPROVING PERFORMANCE

==> picture [564 x 164] intentionally omitted <==

----- Start of picture text -----

7900 All Ordinaries Index [1]
7400
6900
6400
5900
5400 Average 1H21 vs 2H20: 4.5%
4900 Average 1H21 vs 1H20: -6.0%
4400
30 Sep 19 31 Dec 19 31 Mar 20 30 Jun 20 30 Sep 20 31 Dec 20
----- Average 1H20: 6780 ----- Average 2H20: 6098 ----- Average 1H21 : 6372
----- End of picture text -----

▪ Whilst the equity markets continued to rebound, the local market was still 6% lower compared to 1H20 average

▪ Improved investment performance across all capabilities, Australian equities in particular. Over 90% of funds delivered excess returns against their benchmark for the half[3]

AUM by channel $b[2] AUM by asset class $b[2]

==> picture [606 x 144] intentionally omitted <==

----- Start of picture text -----

26.3 26.3
0.8 22.8 22.7 0.9 22.8 22.7
7.0 0.8 0.9 0.8 0.8
8.7
6.3 5.4
8.4 7.7
1.3
1.1 1.2
13.8
11.7 12.1
15.4
12.6 13.0
4.7 4.0 4.3
1H20 2H20 1H21 1H20 2H20 1H21
Retail Intermediary Institutional Listed Investment Vehicles Australian equities Global equities Cash & Fixed Interest Other
----- End of picture text -----

• AUM decrease of 14% compared to 1H20 mainly driven by outflows primarily from a $1.7b enhanced cash mandate in Q2

• Lower average AUM of 2% compared to 2H20

• Source S&P ASX All ordinaries price index

• Closing AUM as at 31 December 2020

• Refer slide 10 for the performance period 6 months ending 31 December 2020

9

PERPETUAL ASSET MANAGEMENT AUSTRALIA STRONG PERFORMANCE ACROSS ASSET CLASSES DURING THE HALF

1

==> picture [4 x 5] intentionally omitted <==

----- Start of picture text -----

1
----- End of picture text -----

Source: Perpetual, RBC and FactSet as at 31 December 2020

1. Returns have been calculated using exit prices after taking into account all ongoing fees, and assuming reinvestment of distributions. No allowance has been made for entry fees, exit fees or where applicable taxation. Future returns may bear no relationship to the historical information displayed. The returns shown represent past returns only and are not indicative of future returns of a Fund. Returns on a Fund can be particularly volatile in the short term and in some periods may be negative. 3yr and 5yr returns are annualised

2. Perpetual acts as the appointed investment manager. Returns have been calculated on the growth of Net Tangible Assets (NTA) after taking into account all operating expenses (including management fees) and assuming reinvestment of dividends and excluding tax paid. Any provisions for deferred tax on unrealised gains and losses are excluded

3. From 9 September 2020 Barrow Hanley replaced Perpetual Investment Management Limited as the Manager of the Global Share Fund

4. Hight Grade Treasury Fund - Class R has recently changed its Marketing/Correspondence names to High Grade Floating Rate Fund - Class R

5. Investment returns, net of management costs have been calculated on the growth of Net Tangible Assets (NTA) after taking into account all operating expenses (including management costs) and assuming reinvestment of distributions on the ex-date

excess returns above benchmark 10 below benchmark returns

PERPETUAL ASSET MANAGEMENT INTERNATIONAL BUILDING WORLD-CLASS INVESTMENT AND DISTRIBUTION CAPABILITIES

CLIENT FIRST Compelling partnerships

FUTURE FIT New growth opportunities

NEW HORIZONS Scale through distribution

Progress on FY21 strategy

• ✓ Strong engagement with new global and institutional clients

• ✓ Supporting megatrends in ESG investing and wealth transfer to ESG focused younger generations

• ✓ Trillium named Top 100 Impact Companies Globally and Best ESG Investment Integration 2020[1]

• ✓ Trillium prominent with advocacy wins – 20 shareholder proposals[2]

• ✓ Management of the Perpetual Global Share Fund successfully transitioned to Barrow Hanley

• ✓ Confirmed appointment of David Lane, Group Executive, Perpetual Asset Management International

• ✓ Focus on distribution - the US team build-out on track

• ✓ Barrow Hanley and Trillium company rebranding completed for refreshed positioning, website and collateral

• ✓ Global governance and risk management framework now embedded following acquisition completions

• ✓ Barrow Hanley acquisition closed on 17 November 2020

• ✓ Commencement of global distribution presence with initial focus on UK [3] , EMEA and Asia

• ✓ 31 new strategies added through Trillium and Barrow Hanley across asset classes, geographies and asset type

• ✓ While the near-term focus is to embed the Barrow Hanley and Trillium acquisitions, we continue to look at other complementary acquisitions

Strong near-term investment performance, premium brands with significant capacity

1. See here for details https://real-leaders.com/trillium-asset-management/

2. See here for details https://www.trilliuminvest.com/leadership-corporate-engagement/trilliums-q3-q4-2020-shareholder-advocacy-highlights 3. Pending transition and UK Financial Conduct Authority approval

11

PERPETUAL ASSET MANAGEMENT INTERNATIONAL INVESTMENT IN MARKETING AND BRAND SUPPORTING DISTRIBUTION UPLIFT

==> picture [155 x 83] intentionally omitted <==

==> picture [206 x 76] intentionally omitted <==

==> picture [389 x 223] intentionally omitted <==

==> picture [387 x 218] intentionally omitted <==

==> picture [176 x 211] intentionally omitted <==

==> picture [161 x 197] intentionally omitted <==

12

PERPETUAL ASSET MANAGEMENT INTERNATIONAL

AUM GROWTH THROUGH TRANSFORMATIONAL ACQUISITION AND STRONG PERFORMANCE

==> picture [893 x 253] intentionally omitted <==

----- Start of picture text -----

AUM by channel $b (AUD) [2] AUM by asset class $b (AUD) [2]
66.5
66.5
13.1
11.2
61.0
42.2
5.6 5.6
1.4 1.6
4.2 5.4 4.0
2H20 1H21 2H20 1H21
Intermediary Institutional US equities Global equities Fixed income
----- End of picture text -----

==> picture [294 x 114] intentionally omitted <==

----- Start of picture text -----

88% of our strategies have exceeded their
benchmarks and delivered positive
performance [1]
----- End of picture text -----

Well positioned for global ESG with Trillium acquisition

Contemporary investment capabilities, covering key asset sectors, relevant across channels and geographies

1. Refer slides 14 and 15 for the performance period 6 months ending 31 December 2020

2. Closing AUM translated at 31 December 2020 with an exchange rate of AUD:USD of 0.77. Barrow Hanley AUM net of clients who have terminated or confirmed their intention to terminate. Figures subject to rounding

13

PERPETUAL ASSET MANAGEMENT INTERNATIONAL STRONG PERFORMANCE ACROSS ASSET CLASSES DURING THE HALF

1

==> picture [4 x 5] intentionally omitted <==

----- Start of picture text -----

1
----- End of picture text -----

==> picture [66 x 38] intentionally omitted <==

----- Start of picture text -----

excess returns
above benchmark
below benchmark
returns
----- End of picture text -----

Source: Barrow Hanley as at 31 December 2020

1.Reflects gross performance (unless otherwise stated) of 24 key investment strategies. Future returns may bear no relationship to the historical information displayed. The returns shown represent past returns only and are not indicative of future returns of a Strategy. Returns on a Strategy can be particularly volatile in the short term and in some periods may be negative. 3yr and 5yr returns are annualised

14

PERPETUAL ASSET MANAGEMENT INTERNATIONAL STRONG PERFORMANCE ACROSS ASSET CLASSES DURING THE HALF

==> picture [4 x 5] intentionally omitted <==

----- Start of picture text -----

1
----- End of picture text -----

==> picture [4 x 6] intentionally omitted <==

----- Start of picture text -----

1
----- End of picture text -----

==> picture [66 x 38] intentionally omitted <==

----- Start of picture text -----

excess returns
above benchmark
below benchmark
returns
----- End of picture text -----

Source: Trillium performance data as at 31 December 2020 1.Reflects preliminary gross composite performance (unless otherwise stated) of investment strategies and may change. Future returns may bear no relationship to the historical information displayed. The returns shown represent past returns only and are not indicative of future returns of a Strategy. Returns on a Strategy can be particularly volatile in the short term and in some periods may be negative. 3yr and 5yr returns are annualised. Not for distribution or release in United States

15

PERPETUAL PRIVATE STRONG FOUNDATIONS FOR GROWTH IN CHOSEN SEGMENTS

CLIENT FIRST Strong segment focus delivering to HNW, Not For Profit clients, Native Title and Medical clients

==> picture [288 x 97] intentionally omitted <==

----- Start of picture text -----

FUTURE FIT
Capitalise on industry disruption
and accelerate growth through
adviser acquisition
----- End of picture text -----

NEW HORIZONS Accelerate growth via pursuit of culturally and strategically aligned inorganic opportunities

Progress on FY21 strategy

• ✓ Focused segment growth strategy delivering 15 consecutive halves of positive net flows

• ✓ Advisor growth strategy has driven a further $266 million of net flows over the half

• ✓ Priority Life delivering strong cross referrals despite impacts from COVID-19

• ✓ Noongar Boodja Native Title Trust expected to commence April 2021. Estimated $1 billion in investment value over 12 years including significant real estate assets[1]

• ✓ Native Title and Community and Social Investments teams continued to work closely with clients to ensure support for communities during COVID-19

• ✓ Total net flows of $371 million over the half despite challenging market conditions

• ✓ Non-FUA revenue impacted by medical and business owner segments, particularly in the Victorian market due to COVID-19

• ✓ Exited non-core mySuper and inhouse Estate Planning services to allow greater focus on core segment offerings

• ✓ An additional five person team lift out commencing from March 2021, specialising in HNW family office

• ✓ Continuing to expand our Aged Care segment

• ✓ Pipeline of complementary bolt-on opportunities at various stages of development

A trusted brand with a proven advice model and a scalable platform

1. Refer to original Noongar media release on 27 June 2016 from the Government of Western Australia with funds expected to settle in April 2021

16

PERPETUAL PRIVATE

SUCCESSFUL EXECUTION OF ADVISER ACQUISITION STRATEGY CONTINUING TO DRIVE NET FLOWS

15 consecutive halves of positive net flows

Community and Social Investment segment providing meaningful contribution

Full range of proprietary multimanager investment solutions available for clients

Net flows $b

==> picture [113 x 13] intentionally omitted <==

----- Start of picture text -----

FUA by segment $b
----- End of picture text -----

==> picture [45 x 12] intentionally omitted <==

----- Start of picture text -----

AUM $b
----- End of picture text -----

==> picture [866 x 263] intentionally omitted <==

----- Start of picture text -----

Net flows $b FUA by segment $b AUM $b
6.8 6.9
6.4
15.2 15.5 0.6 0.6
14.3 0.6 0.6
0.7
0.7
3.0 3.3
2.9
10.1
9.9
8.9
0.5
0.4
3.1
2.9 2.9
4.6 4.7 4.8
0.1
1H20 2H20 1H21 1H20 2H20 1H21 1H20 2H20 1H21
CSI1 HNW2 Other3 Select Implemented Opportunities
----- End of picture text -----

1. Community and Social Investments (CSI) includes philanthropic, native title and not-for-profit clients

2. High Net Worth (HNW) includes business owners (Fordham referrals) and medical specialists clients

3. Other FUA includes Perpetual Plus and legacy products

17

PERPETUAL CORPORATE TRUST CONTINUED GROWTH AND INVESTMENT IN DIGITAL SOLUTIONS

CLIENT FIRST Exceptional products, delivered with service excellence

FUTURE FIT NEW HORIZONS Digitally transforming legacy Developing and launching new technology digital products

Progress on FY21 strategy across three businesses Debt Market Services (DMS), Managed Fund Services (MFS) and Data & Analytics Solutions (DAS)

• ✓ DMS client growth via the completion of 67 transactions of which 28 were new clients

• ✓ MFS strong client growth driven by completion of 91 transactions , including 43 new clients

• ✓ DMS revenue growth continues with 11% growth from Securitisation trustee, trust management, custody and agency products

• ✓ MFS revenue growth of 4% , demonstrates its continued momentum across custody and wholesale trustee products

• ✓ DMS digital transformation strategy of upgrading legacy payments and registry technology

• ✓ DAS growth continues from Data Services and Roundtables and new growth from Perpetual Business Intelligence digital platform

• ✓ Supporting productivity and engagement of our staff to empower our high performing team

• ✓ Developed and launched the Fiduciary Intelligence platform, a cloud-based solution streamlining our monitoring activities and information flow with service providers and clients, increasing transparency and reducing risk

• ✓ New Perpetual Business Intelligence solutions on track to be launched 2H21

• ✓ Active M&A pipeline of opportunities to add new adjacent products, enter new markets and increase scale in our core businesses

• ✓ Awarded trustee of the year for 5th consecutive year[1]

Unrivalled client relationships driven by product innovation and service excellence

18

1. Trustee of the Year as awarded by KangaNews. All copyrights reserved 2021

PERPETUAL CORPORATE TRUST - MFS GROWTH SUPPORTED BY NEW CLIENTS AND STABLE ASSET PRICES

MFS FUA $b

MFS – revenue contribution $m

==> picture [426 x 179] intentionally omitted <==

----- Start of picture text -----

307.9
285.8
274.1 36.7
34.6
32.7 32.2
28.9
30.7
75.1
64.3
63.5
147.1 158.1 163.9
1H20 2H20 1H21
----- End of picture text -----

Custody Wholesale Trustee Responsible Entity Singapore

==> picture [432 x 187] intentionally omitted <==

----- Start of picture text -----

28.8
27.6 28.0
4.1
4.0 4.2
5.1
5.0 5.2
7.4
7.0 7.1
11.6 11.5 12.3
1H20 2H20 1H21
Custody Wholesale Trustee Responsible Entity Singapore & other1
----- End of picture text -----

SIGNIFICANT TRANSACTIONS 1H21

==> picture [511 x 116] intentionally omitted <==

19

1. Singapore & other includes Investment Management and accounting revenues

PERPETUAL CORPORATE TRUST - DMS PRODUCT DEVELOPMENT AND SERVICE EXCELLENCE DRIVING REVENUE GROWTH

DMS FUA $b

DMS securitisation issuance $b

DMS revenue composition $m

==> picture [890 x 166] intentionally omitted <==

----- Start of picture text -----

656.1 628.3 36.7 36.9
18.1 18.5 35.3 38.3 33.2
498.4 33.9
41.9
15.5 131.3 122.439.5 8.9 9.5 8.5 14.3 15.5 14.7
43.0
121.4
16.3
16.1 15.7
464.8 448.0 21.2 22.1
18.9
318.5
10.4 12.4 9.6
1H20 2H20 1H21 1H20 2H20 1H21 1H20 2H20 1H21
Balance sheet RMBS (bank ADI & non bank)1 RMBS - bank (ADI)1 RMBS - non bank1 ABS & CMBS Securitisation DAS and other2
ABS & CMBS Corporate debt
----- End of picture text -----

SIGNIFICANT TRANSACTIONS 1H21

==> picture [56 x 34] intentionally omitted <==

$400m Residential Mortgages

==> picture [78 x 45] intentionally omitted <==

$300m Fintech Master Trust Series 2020-1

==> picture [97 x 93] intentionally omitted <==

----- Start of picture text -----

$2.8b
Residential Mortgages
Athena Home Loans
----- End of picture text -----

==> picture [56 x 53] intentionally omitted <==

==> picture [98 x 21] intentionally omitted <==

----- Start of picture text -----

$1b
Residential Mortgages
----- End of picture text -----

DMS - Trustee, Security Trustee, Sub-Trust Manager, Custodian and Accounting

DAS – RBA, Investor and Intermediary reporting

DMS - Trustee, Security Trustee, Sub-Trust Manager and Standby Servicer

DAS – New PBI products

DAS – New PBI Trust Management, Funding/Pool Optimisation and Portfolio Management & Compliance modules

DMS - Trustee, Security Trustee, Custodian and Standby Servicer

DAS - RBA, Investor and Intermediary reporting

1. Prior year RMBS – bank and RMBS – non bank FUA has been restated during 1H21 to correct a mis-classification of a number of RMBS – bank (ADI) and nonbank clients. The correction had no impact on the total Public Market Securitisation FUA or issuance

2. Data & Analytics Solutions (DAS) and other services includes roundtables, RBA, investor and intermediary reporting, document custody, standby servicing, trust management, accounting, agency & trustee

20

1H21 FINANCIALS

Chris Green

Chief Financial Officer

Trust is earned.

==> picture [114 x 41] intentionally omitted <==

FINANCIAL PERFORMANCE GROUP

For the period	1H21 $m	2H20 $m	1H20 $m	1H21 v 2H20	1H21 v 1H20
Operating revenue	280.6	236.5	254.1	19%	10%
Total expenses	(208.5)	(180.5)	(170.5)	(16%)	(22%)
Underlying profit before tax (UPBT)	72.1	56.0	83.6	29%	(14%)
Tax expense	(19.6)	(16.3)	(24.7)	(20%)	21%
Underlying profit after tax (UPAT)1	52.6	39.6	58.9	33%	(11%)
Significant items2	(23.4)	(9.2)	(7.4)	154%	217%
Net profit after tax (NPAT)	29.2	30.4	51.6	(4%)	(43%)
Diluted EPS on UPAT (cps)3	95.6	82.3	123.9	16%	(23%)
Diluted EPS on NPAT (cps)3	53.0	63.2	108.4	(16%)	(51%)
Dividends (cps)	84	50	105	68%	(20%)
Return on equity on UPAT (%)	13.5	12.0	19.8	(1.5pts)	6.3pts
Return on equity on NPAT (%)	7.5	9.2	15.6	(1.7pts)	(8.1pts)

Key movements

• Acquisitions of Barrow Hanley (17 November 2020) and Trillium (30 June 2020) have had a material impact on the Group’s results for the half

• Revenue growth of 10% primarily driven by newly formed Perpetual Asset Management International division through completed acquisitions of Barrow Hanley and Trillium, higher performance fees and continued growth within Perpetual Corporate Trust. This is partially offset by the impact of net outflows within Perpetual Asset Management Australia and lower equity markets that also impacted Perpetual Private

• Expense growth of 22% mainly driven by the acquisition of Barrow Hanley and Trillium, higher variable remuneration, partially offset by operating model benefits

• Significant items of $23.4 million mainly comprise of transaction and integration costs of the Barrow Hanley and Trillium acquisitions

• Underlying profit after tax (UPAT) Attributable to equity holders of Perpetual Limited. 2H20 and 1H20 UPAT has been restated based on the revised definition of UPAT (refer to Appendix A and Appendix B of the OFR for further details). 2. Significant items breakdown shown in Appendix A and Appendix B of the OFR and are shown net of tax

• Fully diluted using the weighted average number of ordinary shares and potential ordinary shares on issue (1H21: 55,016,449)

22

FINANCIAL PERFORMANCE 1H21 UPAT TO NPAT ANALYSIS – SIGNIFICANT ITEMS

Movement in Profit after tax ($m)

==> picture [29 x 12] intentionally omitted <==

----- Start of picture text -----

20.9
----- End of picture text -----

==> picture [346 x 43] intentionally omitted <==

----- Start of picture text -----

1H21 Transaction and Integration costs:
UPAT
Trillium Barrow Other
Hanley
----- End of picture text -----

==> picture [369 x 51] intentionally omitted <==

----- Start of picture text -----

Non-cash Unrealised Tax affected fair 1H21
amortisation of gains/losses on value NPAT
acquired financial assets movements [1]
intangibles
----- End of picture text -----

Key movement

• Total significant items of $23.4 million, mainly comprised of $20.9 million transaction and integration costs to acquire Trillium and Barrow Hanley

• Post completion of Barrow Hanley acquisition in November 2020, the definition of UPAT was revised to reflect changes to the Group’s operating cash flows from both existing and future opportunities.[2]

• Relates to fair value movements on the accrued incentive compensation liability. This liability reflects the 25% of employee owned units in Barrow Hanley 2. For more information refer to Appendix B of the 1H21 OFR

23

REVENUE AND EXPENSE ANALYSIS

Movement in revenue ($m)

Key revenue movements

• Higher Perpetual Corporate Trust revenue reflecting growth in both Managed Funds Services and Debt Market Services

• Lower Perpetual Private revenue reflecting lower non-market revenue and lower average equity markets, partially offset by increased net flows revenue from the Adviser Growth Strategy

• Lower Perpetual Asset Management Australia revenue impacted by net outflows, lower average equity markets and prior period distributions, partially offset by higher equity performance fees

==> picture [433 x 44] intentionally omitted <==

----- Start of picture text -----

1H20 Perpetual Perpetual Perpetual Perpetual Other income 1H21
Revenue Corporate Private Asset Asset Revenue
Trust Management Management
Australia International
----- End of picture text -----

• Perpetual Asset Management International revenue reflecting acquisitions of Trillium and Barrow Hanley

• Higher other income from distribution income received on investing in product and seed fund investments, partially offset by lower interest income

Movement in expenses ($m)

Key expense movements

• Target operating model benefits lower staff costs reflecting the new structure and discontinuation of other ongoing costs

• Organic and inorganic growth initiatives - operating costs for Barrow Hanley, Trillium, Priority Life, Adviser Growth Strategy, partially offset by lower M&A exploratory expenses

• Variable remuneration - performance driven variable remuneration, group wide short-term incentives and equity remuneration

==> picture [252 x 22] intentionally omitted <==

----- Start of picture text -----

1H20 Target operating Organic & Variable
Expenses model benefits inorganic growth remuneration
initiatives
----- End of picture text -----

==> picture [101 x 16] intentionally omitted <==

----- Start of picture text -----

Other 1H21
Expenses
----- End of picture text -----

• Other - increased new hires to support higher volumes, custodian and fund administration migration, fund expense recoveries, partially offset by lower discretionary expenditure including travel, entertainment and conferences

24

PERPETUAL ASSET MANAGEMENT AUSTRALIA LOWER REVENUE DUE TO NET OUTFLOWS & LOWER AVERAGE EQUITY MARKETS

For the period	1H21 $m	2H20 $m	1H20 $m	1H21 v 2H20	1H21 v 1H20
Revenue1	79.1	79.0	94.5	0%	(16%)
Operating expenses	(55.1)	(54.2)	(50.3)	(2%)	(10%)
EBITDA1	24.0	24.8	44.2	(3%)	(46%)
Depreciation & amortisation	(2.6)	(3.1)	(3.3)	17%	22%
Equity remuneration	(2.9)	(3.2)	(3.6)	11%	20%
Interest expense	(0.1)	(0.1)	(0.1)	6%	36%
Underlying profit before tax1	18.5	18.4	37.2	1%	(50%)
PBT Margin on revenue (%)	23	23	39	-	(16pts)
Closing AUM ($b)2	22.7	22.8	26.3	(1%)	(14%)
Average AUM ($b)2	23.4	23.8	26.3	(2%)	(11%)
Net flows ($b)	(2.5)	(1.1)	(1.5)	(126%)	(66%)
Average FUM revenue margin (bps)	68	66	72	2bps	(4bps)

Key movements

• 16% decrease in revenue compared with 1H20 mainly driven by lower average AUM due to the impact of net outflows, lower average equity markets and prior period distributions, partially offset by higher equity performance fees

• 1H21 revenue was flat compared with 2H20 driven by higher equity performance fees and higher average equity markets, partially offset by the impact of net outflows and prior period distributions

• 10% increase in expenses on 1H20 and 2% increase on 2H20 due to higher variable remuneration, partially offset by lower cost incurred in pursuing the Group’s inorganic strategy and operating model benefits

• 2H20 and 1H20 Revenue, EBITDA, Underlying profit before tax have been restated based on the revised definition of UPAT (refer to Appendix A and Appendix B of the OFR)

• 2H20 AUM was restated for Trillium, which is now reported under Perpetual Asset Management International AUM

25

PERPETUAL ASSET MANAGEMENT INTERNATIONAL BARROW HANLEY AND TRILLIUM ACQUISITIONS COMPLETED

For the period	1H21 $m	2H20 $m
Revenue	38.3	-
Operating expenses	(26.3)	-
EBITDA	11.9	-
Depreciation & amortisation	(0.8)	-
Equity remuneration	(0.6)	-
Interest expense	(0.1)	-
Underlying profit before tax	10.5	-
PBT Margin on revenue (%)	27	-
Closing AUM ($b)	66.5	5.6
Average AUM ($b)	21.0	-
Net flows ($b)	(0.7)	-
Average FUM revenue margin (bps)	36	-

Key movements

• The financial performance includes Trillium (completion date of 30 June 2020) and Barrow Hanley (completion date of 17 November 2020)

• In 1H21, Perpetual Asset Management International reported Underlying profit before tax of $10.5 million. 1H21 revenue was $38.3 million and 1H21 total expenses were $27.8 million

26

PERPETUAL PRIVATE

POSITIVE GROWTH IN ADVISER INFLOWS, NON-MARKET IMPACTED BY ECONOMIC SLOWDOWN

For the period	1H21 $m	2H20 $m	1H20 $m	1H21 v 2H20	1H21 v 1H20
Market related revenue	61.1	59.3	62.8	3%	(3%)
Non-market related revenue	28.1	30.1	30.7	(7%)	(9%)
Total revenues	89.2	89.5	93.5	(0%)	(5%)
Operating expenses	(66.3)	(68.5)	(66.8)	3%	1%
EBITDA	23.0	20.9	26.8	10%	(14%)
Depreciation & amortisation1	(5.5)	(4.9)	(5.8)	(13%)	6%
Equity remuneration	(1.7)	(2.0)	(1.4)	17%	(16%)
Interest expense	(0.5)	(0.5)	(0.5)	0%	3%
Underlying profit before tax1	15.3	13.6	19.0	13%	(19%)
PBT Margin on revenue (%)	17	15	20	2pts	(3pts)
Closing FUA ($b)	15.5	14.3	15.2	8%	2%
Average FUA ($b)	14.7	14.4	14.9	2%	(2%)
Net flows ($b)	0.4	0.5	0.1	(26%)	181%
Market related revenue margin (bps)	83	82	84	1bps	(2bps)

Key movements

• Market related revenue 3% lower than 1H20 due to lower average equity markets and fiduciary income fees, partially offset by positive net flows generated through the Adviser Growth Strategy. 3% increase compared to 2H20 due to higher average equity markets and positive net flows

• Non-market related revenue 9% lower than 1H20 and 7% lower than 2H20, mainly driven by the impact of lower interest rates. Impact of the economic slow-down on Fordham and transactional revenue compared to 1H20 was offset by Priority Life

• Expenses were 1% lower than 1H20 and 3% lower than 2H20 due to the impact of operating model benefits and lower remediation costs related to legacy matters, partially offset by continued investment in supporting future business growth

• Closing FUA was 2% higher than 1H20 and 8% higher than 2H20, primarily due to higher equity markets (closing) and by positive net flows, supported by the Adviser Growth Strategy

27

1. 2H20 and 1H20 Depreciation and amortisation and Underlying profit before tax have been restated based on the revised definition of UPAT (refer to Appendix A and Appendix B of the OFR for further details)

PERPETUAL CORPORATE TRUST SOLID GROWTH IN REVENUE AND PROFIT BEFORE TAX

For the period	1H21 $m	2H20 $m	1H20 $m	1H21 v 2H20	1H21 v 1H20
Debt Market Services revenue	36.9	36.7	33.2	0%	11%
Managed Fund Services revenue	28.8	28.0	27.6	3%	4%
Total revenues	65.6	64.7	60.8	1%	8%
Operating expenses1	(29.3)	(31.3)	(26.9)	6%	(9%)
EBITDA1	36.3	33.4	33.9	9%	7%
Depreciation & amortisation	(4.4)	(3.1)	(4.0)	(40%)	(10%)
Equity remuneration	(0.5)	(0.6)	(0.4)	22%	(9%)
Interest expense	(0.2)	(0.2)	(0.3)	4%	20%
Underlying profit before tax	31.2	29.4	29.2	6%	7%
PBT Margin on revenue (%)	48	45	48	3pts	-
Closing FUA ($b) – Debt Market Services	628.3	656.1	498.4	(4%)	26%
Closing FUA ($b) – Managed Funds Services	307.9	285.8	274.1	7%	12%

Key movements

• Debt Markets Services revenue growth of 11% compared to 1H20 driven by underlying growth in securitisation revenue particularly from RMBS non-bank clients and in lower margin RMBS repos due to bank clients’ access to the RBA’s term funding facility

• Revenue flat compared to 2H20 due to growth from securitisation partially offset by lower transactional revenue in Data & Analytics Solutions

• Managed Funds Services revenue growth of 4% compared to 1H20 and 3% compared to 2H20 driven by growth from both local and overseas clients for custodian services

• 9% increase in expenses on 1H20 due to costs supporting new service offerings and increased client volumes

• 6% reduction in expenses compared to 2H20 mainly due to timing of operating expenses related to the digital transformation of core trustee operating systems

28

1. 2H20 and 1H20 Depreciation and amortisation and Underlying profit before tax have been restated based on the revised definition of UPAT (refer to Appendix A and Appendix B of the OFR for further details)

BALANCE SHEET MAINTAINING FINANCIAL FLEXIBILITY

For the period ended	1H21 $m	2H20 $m	1H20 $m	1H21 v 2H20	1H21 v 1H20
Cash	172.1	164.1	261.7	5%	(34%)
Liquid investments (FVTPL)	133.7	80.7	79.1	66%	69%
Goodwill & other intangibles	870.3	444.5	373.4	96%	133%
Other	489.2	479.8	490.9	2%	0%
Total assets	1,665.3	1,169.1	1,205.1	42%	38%
Borrowings (net of costs)	219.4	-	87.0	-	152%
Other liabilities	539.8	514.8	454.2	5%	19%
Total liabilities	759.2	514.8	541.2	47%	40%
Net assets	906.1	654.3	663.9	38%	37%
Net Tangible Assets (NTA) per share	$0.42	$3.95	$5.97	(87%)	(92%)

Key movements

• 34% decrease in Cash predominantly reflects the acquisition of Trillium

• 69% increase in Liquid investments reflects an increase in seed fund investments relating to Barrow Hanley and Trillium

• 133% increase in Goodwill and other intangibles predominantly due to the acquisitions of Barrow Hanley and Trillium

• The increase in Borrowings reflects the draw down of $224.6 million debt to fund the acquisition of Barrow Hanley, partially offset with $5.2 million of capitalised debt costs

29

FINANCIAL INDICATORS

==> picture [894 x 355] intentionally omitted <==

----- Start of picture text -----

EPS [1] cps ROE [2 ] % NTA [3] per share DPS cps
123.9 5.97 105
19.8
95.6 84
82.3
3.95
13.5
12.0
50
0.42
1H20 2H20 1H21 1H20 2H20 1H21 1H20 2H20 1H21 1H20 2H20 1H21
$0.84 90% 26 March 2021
Fully franked final dividend Payout ratio [4] Dividend payable
----- End of picture text -----

1. Diluted EPS on UPAT is calculated using the weighted average number of ordinary shares and potential ordinary shares on issue of 55,016,449 for 1H21 (2H20: 48,149,280 and 1H20: 47,576,451 shares)

2. ROE is calculated using UPAT attributable to equity holders of Perpetual Limited for the period, divided by average equity attributable to equity holders of Perpetual Limited, multiplied by the number of such periods in a calendar year in order to arrive at an annualized ROE

3. Material decrease in NTA due to goodwill recognised on acquisitions of Trillium and Barrow Hanley

4. Dividends payable as a proportion of UPAT on ordinary fully paid shares at the end of each reporting period

30

FY21 GUIDANCE CONTINUED INVESTMENT IN KEY GROWTH INITIATIVES

==> picture [44 x 43] intentionally omitted <==

Targeted investment

▪ Responding to improving market dynamics to accelerate investment in key capabilities to further improve growth and performance

▪ EPS growth of over 20% on an annualised basis from the completion date of the Barrow Hanley acquisition

• DPS growth of over 10% versus FY20

Underlying expenses

▪ Underlying expenses expected to be 1-3 % higher than FY20

• Revised guidance recognises continued operating model benefits offset by acceleration of investment in distribution to take earlier advantage of improving market conditions as well as higher remuneration costs

Revised accounting treatment

▪ Revised accounting guidance has led to the 25% employee owned units in Barrow Hanley to be treated as an employee incentive scheme rather than a Non-Controlling Interest (NCI).

▪ Profit sharing distributions on these units are now accrued on the balance sheet and the expense taken through staff related costs

Expense base of acquired businesses

▪ The Trillium and Barrow Hanley costs, the continued build out of the distribution team and the revised accounting treatment of the employee owned units in Barrow Hanley are together expected to add a further 28-30% to the cost base in FY21

▪ Significant items[1] range has been lowered to $50-$55 million post tax due to improved exchange rate, lower transaction costs and timing of bolt-on acquisitions

31

1. This reflects transaction costs, integration costs and amortisation of acquired intangibles

1H21 RESULTS PRESENTATION

Rob Adams CEO and Managing Director

Trust is earned.

==> picture [114 x 41] intentionally omitted <==

BUILDING A SUSTAINABLE FUTURE FOR OUR CLIENTS, PEOPLE, COMMUNITIES AND THE ENVIRONMENT

CLIENTS PEOPLE

COMMUNITIES ENVIRONMENT

• ✓ Supporting clients and advisers through COVID-19 with webinars attended by over 3,400 clients and advisers[1]

• ✓ Recognised as providing exceptional level of support to advisers during COVID-19[2]

• ✓ Automating trust management and portfolio funding for clients - launch of Treasury and Finance Intelligence module on our Business Intelligence platform

• ✓ Our Native Title and Community and Social Investments teams continued to work closely with clients to ensure ongoing support for communities in response to COVID-19

• ✓ ‘ Future Fit Workplace’ strategy to support employees to work where they work best

• ✓ Awarded the WGEA[3] Employer of Choice for Gender Equality for three consecutive years

• ✓ Supporting Perpetual’s gender diversity through Women in Banking & Finance, Champions of Change Coalition, and Future Impact programs

• ✓ Continuation of seven year partnership with Jawun through virtual secondments in 2020

• ✓ People response to COVID-19 – wellbeing strategy and support

• ✓ 500 Perpetual employees participated in the Heart Foundation’s

• MyMarathon Challenge . Employee fundraising was matched by Perpetual, resulting in $180,000 donation to the Heart Foundation

• ✓ Launched 2021 – 2023 Stretch Reconciliation Action Plan, which outlines the commitments we will make over the next three years towards deepening our understanding of Australia’s First Peoples, recognising the Traditional Owners of this land and helping Aboriginal and Torres Strait Islander people achieve financial independence

• ✓ CDP climate score improved to a ‘B-’ in 2020 from a ‘D’ in 2019[4]

• ✓ Launched two Trillium products in Australia , the Trillium ESG Global Equity Fund and the Trillium Global Sustainable Opportunities Fund

• ✓ Developing a new sustainability strategy for Perpetual during 2021 calendar year

• ✓ Published climate change position statement for Perpetual

• ✓ As Trustee, PCT supported Brighte Capital Pty Limited to issue Australia’s first 100% green ABS debt issuance facility . Proceeds from the bond issuance will be used to finance solar and battery payment plans and loans

• ✓ On behalf of Native American clients, Trillium shareholder advocacy team drives change for the name and logo of the Washington NFL Team

Our purpose: enduring prosperity

33

1. Between July-Dec 2020 across the business 2. NMG Market Volatility Pulse Study 2020 3. Recognised by the Workplace Gender Equity Agency (WEGA) 4. CDP, formerly Carbon Disclosure Project, is a not-for-profit charity that runs a global disclosure platform for environmental impacts

CONTINUED POSITIVE MOMENTUM WELL POSITIONED FOR FUTURE GROWTH

==> picture [894 x 260] intentionally omitted <==

----- Start of picture text -----

Disciplined
A diversified strategy Targeting quality
business execution growth
▪ Benefits of diversification highlighted during ▪ Execution of strategy across all divisions, ▪ Each division well positioned for future growth
periods of investment market volatility despite challenging environment
----- End of picture text -----

▪ Each division well positioned for future growth ▪ Strong focus on new product, service and channel development ▪ Significant capacity across all acquired investment capabilities ▪ Solid M&A pipeline

• Transformational acquisitions further diversifying Perpetual by geography, asset sector and client channels

▪ Asset management acquisitions and development of global distributions are truly transformational

▪ Providing further opportunities for quality growth

34

Q&A

==> picture [960 x 259] intentionally omitted <==

----- Start of picture text -----

Trust is earned.
----- End of picture text -----

THANK YOU

Trust is earned.

==> picture [151 x 57] intentionally omitted <==

APPENDIX

==> picture [960 x 259] intentionally omitted <==

----- Start of picture text -----

Trust is earned.
----- End of picture text -----

PERPETUAL OVERVIEW: OUR BUSINESS TODAY DIVERSIFIED AND GROWING SOURCES OF REVENUE ACROSS FOUR DIVISIONS

==> picture [113 x 372] intentionally omitted <==

Perpetual Asset Management Australia (PAMA)

• Highly regarded and award winning investments business across Australian equities, multi-asset, Australian credit and fixed income to drive sustained growth

Perpetual Asset Management International (PAMI)

• New division includes all asset management operations outside of Australia

• Includes our distribution presence in the US, UK[1] and Asia

==> picture [113 x 372] intentionally omitted <==

Perpetual Corporate Trust (PCT)

• Leader in securitisation and managed fund services and delivering growth in data analytics solutions

Perpetual Private (PP)

• Clear High Net Worth segmentation strategy and professional services model, capitalising on industry disruption

• UK: pending transition and UK financial conduct authority approval

38

OUR STRATEGY

OUR PURPOSE Enduring prosperity

CLIENTS

Trusted brand and enduring relationships

OUR VISION Most trusted in financial services

PEOPLE

Attract, develop and inspire the best people

OUR VALUES Excellence, integrity, partnership

SHAREHOLDERS

Delivering sustainable quality growth

STRATEGIC IMPERATIVES

CLIENT FIRST

==> picture [47 x 45] intentionally omitted <==

Exceptional products Outstanding service

• Exceed client needs with products and services

• Improve client connectivity and delivery through innovative digital solutions

• Set industry leading standards in all that we do

==> picture [49 x 49] intentionally omitted <==

FUTURE FIT

Empowering our people to deliver high performance

• Agile, efficient and scalable operating platform to manage growth

• A strong culture where people are positively challenged and empowered within our stated risk appetite

==> picture [53 x 51] intentionally omitted <==

NEW HORIZONS

New capabilities Global footprint

• Buy or build global investment distribution capabilities

• Improve and diversify our growth potential both organically and via an active M&A agenda across our businesses

• ▪ Deliver contemporary solutions to our clients

• Contemporary technology platform

ENABLERS

Brand

Leadership

Innovation

39

CONTACTS

Emma Rumble

==> picture [157 x 56] intentionally omitted <==

General Manager, Corporate Affairs & Investor Relations

emma.rumble@perpetual.com.au +612 9229 3998

Marisa Zammit Head of Investor Relations

marisa.zammit@perpetual.com.au +61 425 282 805

Head Office

Level 18, Angel Place, 123 Pitt Street SYDNEY NSW 2000 AUSTRALIA

About Perpetual

Perpetual Limited (ASX:PPT) is an ASX-listed, diversified financial services company, which has been serving clients since 1886. Across our four businesses: Perpetual Asset Management Australia, Perpetual Asset Management International, Perpetual Corporate Trust and Perpetual Private, we protect and grow our clients’ wealth, knowing that by doing so we can make a difference in their lives.

We have been earning the trust of our clients for more than 130 years and pride ourselves on our long-standing client relationships – Trust is earned, every day . For further information, go to www.perpetual.com.au

Connect with us at:

www.perpetual.com.au

Perpetual’s Head Office is located in Sydney New South Wales with offices in Australian Capital Territory, Victoria, South Australia, Western Australia and Queensland. Perpetual’s International offices based in Singapore, Boston, San Francisco, Portland, Dallas and Hong Kong.

www.barrowhanley.com

www.trillium.com

https://www.linkedin.com/company/perpetual-limited/ https://twitter.com/perpetual_ltd

40

DISCLAIMER

==> picture [157 x 56] intentionally omitted <==

Important information

This presentation has been prepared by Perpetual Limited ABN 86 000 431 827 (Perpetual). It is general information on Perpetual and its subsidiaries (Perpetual Group) current as at 18 February 2021. It is in summary form and is not necessarily complete. It should be read together with the company’s consolidated financial statements lodged with the ASX on 18 February 2021. The information in this presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account your financial objectives, situation or needs. Investors should obtain their own professional advice in connection with any investment decision.

The information in this presentation may include information contributed by third parties. The Perpetual Group does not warrant the accuracy or completeness of any information contributed by a third party. No representation or warranty is made as to the accuracy, adequacy or reliability of any statements, estimates, opinions or other information contained in the presentation (any of which may change without notice). To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this presentation. Past performance is not indicative of future performance.

This presentation contains forward looking statements, including statements regarding Perpetual’s intent, objective, belief or current expectation relating to Perpetual’s businesses and operations, market conditions or results of operations and financial condition, including any statements related to or affected by the ongoing impact of the COVID-19 pandemic. These are based on Perpetual’s current expectations about future events and is subject to risks and uncertainties which may be beyond the control of the Perpetual Group. Actual events may differ materially from those contemplated in such forward looking statements. Forward looking statements are not representations about future performance and should not be relied upon as such. Perpetual does not undertake to update any forward-looking statement to reflect events or circumstances after the date of this presentation, subject to its regulatory and disclosure requirements.

Underlying profit after tax (UPAT) attributable to equity holders of Perpetual Limited reflects an assessment of the result for the ongoing business of the Group as determined by the Board and management. UPAT has been calculated with regard to ASIC's Regulatory Guide 230 Disclosing non-IFRS financial information. UPAT attributable to equity holders of Perpetual Limited has not been reviewed or audited by the Group’s external auditors, however the adjustments to NPAT attributable to equity holders of Perpetual Limited have been extracted from the books and records that have been reviewed by the external auditor. UPAT is disclosed as it is useful for investors to gain a better understanding of Perpetual’s financial results from normal operating activities.

Nothing in this presentation should be construed as either an offer to sell or solicitation of an offer to buy or sell Perpetual Limited securities or units in any fund referred to in this presentation in any jurisdiction. The Product Disclosure Statement (PDS) for these funds are issued by Perpetual Investment Management Limited. The applicable PDS should be considered before deciding whether to acquire or hold units in a fund and can be obtained by calling 1800 022 033 or visiting our website www.perpetual.com.au

All references to currency in this presentation are to Australian currency, unless otherwise stated.

Certain figures may be subject to rounding differences.

Note:

1H21 refers to the financial reporting period for the six months ended 31 December 2020 with similar abbreviations for previous and subsequent periods. 2H20 refers to the financial reporting period for the six months ended 30 June 2020 with similar abbreviations for previous and subsequent periods. 1H20 refers to the financial reporting period for the six months ended 31 December 2019 with similar abbreviations for previous and subsequent periods.

.

DISCLAIMER © 2021 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. Any general advice or ‘class service’ have been prepared by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or Morningstar Research Ltd, subsidiaries of Morningstar, Inc, without reference to your objectives, financial situation or needs. Refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser.

DISCLAIMER The Zenith Fund Awards were issued 30 October 2020 by Zenith Investment Partners (ABN 27 130 132 672, AFSL 226872) and are determined using proprietary methodologies. The Fund Awards are solely statements of opinion and do not represent recommendations to purchase, hold or sell any securities or make any other investment decisions. To the extent that the Fund Awards constitutes advice, it is General Advice for Wholesale clients only without taking into consideration the objectives, financial situation or needs of any specific person. Investors should seek their own independent financial advice before making any investment decision and should consider the appropriateness of any advice. Investors should obtain a copy of and consider any relevant PDS or offer document before making any investment decisions. Past performance is not an indication of future performance. Fund Awards are current for 12 months from the date awarded and are subject to change at any time. Fund Awards for previous years are referenced for historical purposes only

41