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Perpetual Limited ABN 86 000 431 827

9 December 2021

ASX Limited

Angel Place, Level 18, 123 Pitt Street Sydney NSW 2000 Australia Phone +61 9229 9000 www.perpetual.com.au

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

Via electronic lodgment

Investor Day Presentation

Attached is Perpetual Limited’s (the Company) investor presentation to be delivered by the Company today. A copy of the presentation will also be available on the Company’s website.

Yours faithfully

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Sylvie Dimarco

Company Secretary (Authorising Officer)

About Perpetual

Perpetual is an independent financial services group operating in funds management, financial advisory and trustee services. Our origin as a trustee company, coupled with our strong track record of investment performance, has created our reputation as one of the strongest brands in financial services in Australia. For further information, go to www.perpetual.com.

Page 1

9 December 2021

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Agenda
			Page
Welcome & Introduction	Susie Reinhardt	Head of Investor Relations
Strategy Update	Rob Adams	CEO & Managing Director	3
Perpetual Corporate Trust	Richard McCarthy	Group Executive, PCT	15
Perpetual Private	Mark Smith	Group Executive, PP	34
Perpetual Asset Management Australia	Amanda Gillespie	Group Executive, PAMA	44
Perpetual Asset Management International	David Lane	Group Executive, PAMI	53
Global Distribution	Adam Quaife Chuck Thompson	Executive General Manager, Distribution Head of Distribution & Corporate Strategy, Americas	61
Conclusion	Rob Adams	CEO & Managing Director	76
Q&A	Facilitated bySusie	Reinhardt, Head of Investor Relations	79

Rob Adams Chief Executive Officer & Managing Director

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A high-quality business investing in future growth Execution of strategy delivering new opportunities

Strategy to build a global asset management business, adding new investment and distribution capabilities, is being executed and delivering results

Growing contribution from transformational acquisitions, strong relative investment performance and solid organic growth

All divisions executing positively on strategy, providing further avenues for future growth

Strong balance sheet with significant capacity

Confidence and positive momentum across all divisions

Unique combination of businesses Acquisitions delivering diversified revenue and broader array of growth opportunities

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FY19 Operating Revenue [1] FY21 Operating Revenue [1,2]
$514m $641m
PCT Managed Funds Services PCT Managed Funds Services
10% 10% Perpetual Asset Management
Australia
PCT Debt Markets Services PCT Debt Markets Services 27%
12% 22% 12% 22%
41% Perpetual Asset Management
41% Australia
49%
Perpetual Private 9%
Perpetual Private Non-market
Non-market 13%
29%
37% Perpetual Asset Management
22% International
Perpetual Private 20%
Perpetual Private 24% Market
Market
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Perpetual Asset Management Perpetual Private Perpetual Corporate Trust

FY21 UPAT[3] FY21 NPAT $124.1m $74.9m 26% vs FY20  9% vs FY20

FY21 ROE[4] 15.8% 80pbs vs FY20

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. Operating revenue breakdown across business units excludes Perpetual Group services for the 12 months ended 30 June 2019 and 30 June 2021. FY21 Non-market revenue represented 31% of operating revenue and includes Perpetual Private non-market and Perpetual Corporate Trust revenues. FY21 Market revenues represented 69% of revenue and includes Perpetual Asset Management and Perpetual Private market revenues 2. Perpetual Asset Management International figures reflect 12 months of Trillium and approximately 7 months 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 3. 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. Refer Appendix A and Appendix B of the OFR for further details 4. 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 over the period in order to arrive at an annualised ROE. The change on FY20 is shown in basis points

Strong system growth across our core financial services markets

Global AUM[1] and ESG AUM[2 ] (US$tr) (2020 – 2025F)

$1m+ Australian wealth segment v financial adviser #’s[3] (2018 – 2026F)

Australian Managed Funds[4] and Housing market[5] (2016 – 2021)

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$136tr
$3,000 25 $9.1tr
c.6%
$103tr $2,500 CAGR 20
$53tr $2,000 $6.0tr
15
$35tr $1,500 $4.3tr
c.6%
CAGR $1,000 10 $2.8tr
c.9% c.9%
CAGR $500 5 c.9% CAGR
CAGR
$0 0
2020 2025F 2020 2025F 2018 2020 2022F 2024F 2026F 2016 2021 2016 2021
Global AUM ESG Investable assets $bn (LHS) Adviser numbers #000's (RHS) Managed Funds (FUM $tr) Housing Market ($tr)
 
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$1m+ segment in Australia expected to grow at c.6% vs 4% total system growth
Global asset management industry in a position of strength with $103tr AUM - US and Europe representing c.70% of the total market
- Strong growth across key drivers for corporate trustees business
- c.$4.3tr FUM in Managed Funds at June 2021[4]
Growing wealth will increase demand for advice conversely declining number of advisers will create a widening advice gap
Strong system growth expected across all regions
Australian residential real estate surpassed $9tr at September 2021[5]
ESG growth expected to outpace total system growth targeting c.$53tr by 2025 – this will represent over a third of global AUM
Greatest intergenerational wealth transfer approaching
Australian real estate and the capital flows into real-estate bouncing back after COVID-19 impact

Source: 1. Boston Consulting Group, Global Asset Management 2021, “The $100 Trillion Machine”, July 2021, 2. Bloomberg Intelligence, “ESG assets may hit $53 trillion by 2025, a third of global AUM”, Feb 2021 3. NMG Advice Model 4. Managed Funds, Australia, ABS Data June16 – June21; 5. Core Logic “Australian housing market surpasses $9 trillion valuation” Sept 16 – Sept 21

A strategy delivering sustained growth

OUR STRATEGY OUR PURPOSE OUR VISION OUR VALUES Enduring prosperity Most trusted in financial services Excellence, integrity, partnership Clients People Shareholders Trusted brand and Attract, develop and inspire Delivering sustainable enduring relationships the best people quality growth

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STRATEGIC IMPERATIVES
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Client first Future fit New horizons Exceptional products Empowering our people New capabilities Outstanding service to deliver high performance Global footprint • Agile, efficient and scalable operating platform • to manage growth •

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Exceed client needs with products and services
Build global investment distribution capabilities
Improve and diversify our growth potential both organically and via an active M&A agenda across our businesses
Improve client connectivity and delivery through innovative digital solutions
A strong culture where people are positively challenged and empowered within our stated risk appetite
Set industry leading standards in all that we do
Deliver contemporary solutions to our clients
Contemporary technology platform

ENABLERS

Brand

Leadership Innovation

Strong progress against our strategic priorities

$75b growth in assets under management, $3.6b growth in funds under advice and $185b growth in funds under administration[1]

2019: What we said we would do[2]

Deepen our client relationships and improve our client experiences

Promote a culture of innovation and empowerment to be nimble and increase productivity

Embed digital solutions in how we work together and interact with our clients

Identify and execute the right inorganic opportunities to deliver quality growth

What we have done

Established global distribution presence with initial focus on US, UK and Europe
Diversity and Inclusion Strategy launched
Globalising our risk management and governance framework
Delivering contemporary client solutions ~35 new strategies through Trillium and Barrow Hanley
Designing future fit workplace with
Trillium and Barrow Hanley additional support for our people
Consistently high client advocacy through COVID-19 with overall Net Promoter Score  Recognised ESG capabilities +45 FY20 and +44 FY21 [3]
Recognised ESG capabilities embedded in all divisions
Reduced fees and simplified pricing structures on a range of products

What we have done

Partnering with global vendors to deliver scalable platforms
Launched MyPerpetual, a new client portal for investors and financial advisers
Developed and launched the Fiduciary Intelligence platform
Creation of Perpetual Digital, bringing together PCT’s digital assets

What we have done

Global Asset Management capability via acquisitions of Trillium and Barrow Hanley
Bolstered Perpetual Private proposition and reach via acquisitions of Priority Life and Jacaranda [4]
Completion of RFIAnalytics and Laminar Capital[5] acquisitions uplifting our Perpetual Digital capability
Active M&A pipeline to add new adjacent products, enter new markets and increase scale
Difference as at 30 September 2019 and 30 September 2021. Subject to rounding 2. 2019 Investor Presentation, Perpetuals strategic priorities, foundations for growth; 3. NPS is a measure of advocacy, or the extent to which our clients are willing to recommend us to their friends, family and colleagues. It is driven largely by the quality of the experience clients have in dealing with us. More than 2,000 clients completed the survey in May 2021. 4. Priority Life was acquired by Perpetual in November 2019, Jacaranda was acquired by Perpetual in August 2021. 5. RFI was completed in December 2018, Laminar Capital was acquired by Perpetual in September 2021.

Execution of strategy delivering positive momentum

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$101b Assets Under Management[1]

+44 NPS Strong client advocacy[2]

No. 1 6 40+ Zenith Fund Transformational New product Manager of the acquisitions delivering capabilities and Year[3] new capabilities, scale services[5] and growth[4]

Perpetual Asset Management International AUM $76b Comprising of Trillium and Barrow Hanley acquisitions[1]

Perpetual Asset Management Australia

96%

Funds outperformed their relative benchmarks over 1 year[6]

Perpetual Private

FUA $18.5b

Jacaranda brings A$0.9 billion in FUA to Perpetual Private[7]

Perpetual Corporate Trust CAGR 10%UPBT Consistent growth over the past 10 years[8]

Total AUM translated at AUD:USD 0.72 as at 30 September 2021 2. NPS is a measure of advocacy and is conducted annually by Perpetual. More than 2000 clients completed the survey in May 2021 3.The Zenith Fund Awards were issued on 15 October 2021 by Zenith Investment Partners (ABN 27 130 132 672, AFSL 226872) and are determined using proprietary methodologies. See Appendix for full disclaimer. 4.Acquisitions since strategy was launched in 2019. 5. Includes new capabilities in PAMI and PAMA as well as new services in PP and PCT. 6. As at 30 September 2021. Note: Past performance is not an indicator of future performance See www.perpetual.com.au for relevant performance. The product disclosure statements (PDS) of any of the capabilities or funds 9 should be considered before deciding whether to acquire or hold units in any fund. PAMA funds not for distribution or release in the United States. 7. Total FUA as at 30 September 2021 – subject to rounding. 8. 10 year CAGR to 30 June 2021

Trillium and Barrow Hanley well positioned for growth Investment performance and improved distribution focus delivering results

Number of strategies outperforming Quarterly Net Flows[3] (US$m) benchmark[1,2]

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169
156 144
100%
83%
40
50%
(19)
Q1 Q2 Q3 Q4 Q1
1Yr 3Yrs 5Yrs FY21 FY22
Equities
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93% 92% 91% 85% 83% (227)
77% (544)
(839)
(1,949)
Q2 Q3 Q4 Q1
1Yr 3Yrs 5Yrs 1Yr 3Yrs 5Yrs
FY21 FY22
Equities Fixed income
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Development of global product framework to open up new channels across key regions

Performance as at 30 September 2021 2. Past performance is not an indicator of future performance See www.barrowhanley.com and www.trilliuminvest.com for relevant performance. The product disclosure statements (PDS) of any of the capabilities or funds should be considered before deciding whether to acquire or hold units in any fund. These strategies are available to US investors only. 3. Trillium includes US Equities and Global Equities, Barrow Hanley includes US Equities, Global Equities and Fixed Income.

Expansion of capabilities creating significant capacity for future growth

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Perpetual AUM Capacity [1] (A$b)
AUM [2] Total Capacity
c.$410
c.$120
c.$70
$101 [2]
$98
(as at 30 Sep 21)
$27 $28
FY19 FY20 FY21 FY22+
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Leading domestic asset management player
Capability focused on Australian equities, Australian credit & fixed income and multi-asset
Capacity constraints in domestic sectors
Acquisition of Trillium delivering leading ESG capability and significant capacity uplift across Global and US equities
Acquisition of Barrow Hanley providing significant capacity uplift across Global and US equities, US fixed income and Global emerging markets equities
Continuing to seek to add new investment capabilities across relevant global sectors, including alternatives
Planning a suite of new products including UCITS[3] , Mutual Funds and CLOs[4]
Expanding listed range with the intended launch of a suit of Active ETFs
Capacity is indicative only and subject to adjustment based on market movements and trading conditions; 2. Closing AUM at 30 June 2019, 2020, 2021, FY22 relates to closing AUM as at 30 September 2021, AUM subject to rounding; Exchange rate of AUD:USD FY19 N/A, FY20 0.69, FY21 0.75 and FY22 0.72 3. 1.Undertaking for the Collective Investments in Transferrable Securities and subject to regulatory approval 4.Collateralised Loan Obligations.

Leveraging ESG strengths to build further scale Acquisitions building deeper capability and growing proportion of specialist ESG AUM

Perpetual Asset Management International

Trillium unrivalled 39 years of impact driven investing now delivering record net flows in FY21 with AUM growth of 56% in USD since acquisition.[1]
Launched Trillium ESG Global High Conviction Strategy managed out of Edinburgh.
Barrow Hanley has more than a 35-year track record in managing socially responsible mandates with proprietary ESG score applied to every security.

Perpetual Asset Management Australia

Ethical SRI Fund celebrating 20-year anniversary; best performing fund in its peer group over 1 year.[2]
Ethical SRI Credit Fund 3-year track record[4] ; available on 7 platforms.
Multi Asset ESG Real Return Fund has seen strong institutional support.
Proprietary ESG Workbook for equities and ESG risk score for credit.

Perpetual Private

Providing ESG advice and insights across all channels.
Increased advocacy role including for delay of WA Cultural Heritage Bill and support for the Uluru Statement.

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AUM [5] by capability approach [6]
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<1%
16%
84%
Specialist & Integrated ESG and/or Ethical Other
Proprietary ESG analytics
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Perpetual Corporate Trust

A fiduciary for 6 client transactions in FY21 across a range of ESG focused outcomes.
Supported Brighte Capital issuing Australia’s first 100% Green Certified asset-backed security issuance conforming to the Climate Bond Standard.
Added ESG scoring capability through the acquisition of Laminar.

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Trillium AUM was US$3.8b (A$5.6b) on acquisition date 30 June 2020. Total Trillium AUM and flows are from all sources, across all regions 2. Mercer Investment Performance Survey of Australian Shares (RI) Sub Universe (Actual Ranking) See full disclosure on slide 54 4. As at 30 June 2021. Past performance is not indicative of future performance. See www.perpetual.com.au The product disclosure statements (PDS) of any of the capabilities or funds should be considered before deciding whether to acquire or hold units in any fund. PAMA funds not for distribution or release in the United States 5. As at 30 September 2021. Covers AUM within Perpetual Asset Management Australia and Perpetual Asset Management International but excludes AUM where ESG filters can not be applied due to the asset class and/or fund structure. 6. Specialist & Integrated ESG and/or Ethical includes AUM that has a specialist ESG label or mandates that have ethical screening, Proprietary ESG includes AUM where ESG factors 12 are included in the risk assessment as part of the investment process, Other includes AUM where ESG factors can not be applied such as quantitative funds.

Enduring prosperity for our clients, people, communities and environment Corporate sustainability strategy to be launched in 2022

Clients

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People

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Communities

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Environment

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+44

Net Promoter Score[1] in FY21, demonstrating strong advocacy from clients

Trustee of the Year

Awarded to PCT for the sixth consecutive year[2]

Fund Manager of the Year Awarded to PAMA by Zenith 2021 Fund Awards[3]

Client Advocacy team

Continues to improve client complaint process and response time

Diversity and Inclusion Strategy launched to continue to build an inclusive workplace

Employer of choice for gender equality Recognised by WGEA each year since 2018[4]

Wellbeing support

Headspace Wellbeing app
Additional carers leave for employees impacted by long-term lockdowns
COVID-19 vaccination leave for all staff in Australia and Singapore

$612,000

Net Zero Asset Managers Initiative

Raised in FY21 for a range of charities through employee fundraising and company donations across our global businesses

joined by Trillium , pledging to align portfolios with the goal of net zero greenhouse gas emissions by 2050 or sooner

Stretch Reconciliation Action Plan launched for 2021-2023

50%

Reduction in paper usage

$103 million

34%

Philanthropic funds distributed in FY21 on behalf of more than 100 clients

Reduction in Scope 1 and Scope 2 carbon emissions from direct operations between FY18-FY21 [6]

Modern Slavery Framework

C

now in place and a new Sustainability and Modern Slavery Manager score for CDP in 2021 (formerly Carbon appointed Disclosure Project[5] )

NPS is a measure of advocacy, or the extent to which our clients are willing to recommend us to their friends, family and colleagues. It is driven largely by the quality of the experience clients have in dealing with us. More than 2,000 clients completed the survey in May 2021. 2. Trustee of the Year awarded by KangaNews 3. The Zenith Fund Awards were issued on 15 October 2021 by Zenith Investment Partners (ABN 27 130 132 672, AFSL 226872) and are determined using proprietary methodologies. See Appendix for full disclaimer 4. Recognised by the Workplace Gender Equality Agency (WGEA) 5. CDP is a not for profit charity that runs a global disclosure platform for environmental impacts 6. Our approach to electricity emissions accounting was updated in FY21 to be more in line with best practice. This updated methodology estimates Scope 2 emissions associated with purchased electricity consumption using statespecific electricity factors as provided under the National Greenhouse and Energy Reporting (Measurement) Determination and the National Greenhouse Accounts Factors. The previous approach, including the approach that was used in FY18, was based on the greenhouse gas emissions estimated by electricity retailers. In FY21, Trillium Scope 1 and 2 emissions in properties were estimated due to lack of data availability but is not considered to material. Barrow Hanley emissions included post acquisition from November 2020.

Continued execution of our strategy in FY22

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Client first Future fit New horizons Exceptional products Empowering our people New capabilities Outstanding service to deliver high performance Global footprint

Continue to build-out our global distribution team and global product framework across US, UK, Europe and Asia

Continue to drive improvement in net flows across key business lines, regions and channels

Further strengthening of our leading ESG capabilities

Broaden capabilities across asset class, channels, geographies

Active pipeline of high quality, strategic acquisition opportunities across all businesses

Richard McCarthy Group Executive, Perpetual Corporate Trust

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Perpetual Corporate Trust

Vision to be the most trusted fiduciary and the leading digital solutions provider to the financial services industry

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$63.8m 10% CAGR
Underlying profit before Consistent growth in
tax for FY21 UPBT over the past 10
years [3]
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$964b +58 NPS 20+
in funds Strong client advocacy Years investing and
under administration [1] Top 20 clients with developing digital
PCT for over 10 years [2] solutions
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Perpetual Corporate Trust FUA as at 30 September 2021 2. NPS is a measure of advocacy, or the extent to which our clients are willing to recommend us to their friends, family and colleagues. It is driven largely by the quality of the experience clients have in dealing with us. 3. 10 year CAGR to 30 June 2021

Market leading and scalable services

PCT provides the critical infrastructure across the financial services ecosystem…

…with broad service offering supporting significant volume

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Regulators 1,200,000
# payments processed annually
Institutional Capital
Clients Markets
Money $387b
Value of annual payments processed
Banks / Non-Banks Banks / 3,888
Investment Banks
Bank accounts managed for clients
Data
PCT 833,714
Fintechs
Investors # customer mortgage contract
~$500b
Docs
In loans reported to regulators,
Asset Managers investors and intermediaries
and Corporates
Funding the Real Economy ~ $2.8t
Portfolio insights and benchmarking
of retail loans across all asset classes
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As at 30 September2021

Building a future fit business to support new service offerings Continuing to innovate to enable clients’ success

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Managed Funds Solutions

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Debt Market Solutions

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Digital Solutions

FUA $359b[1]

FUA $605b[1]

AUA $3.6t[1]

Delivering fiduciary, agency, custody and management solutions for funds, with unique cross border capabilities via Singapore.

Supporting a diverse client base ranging from domestic and global banks, nonbanks and fintechs on debt market solutions.

Enabling the financial services market to become more effective, efficient and scalable, while reducing cyber risk through innovation and provision of digital solutions.

Services include:

Responsible Entity for managed investment schemes or listed vehicles
o Wholesale trustee o Custody
Trust accounting
Investment management
o Agency o Escrow

Services include:

Trustee and security trustee
Trust management
o Document custody o Accounting
Escrow
Standby servicing
o Issuing and paying agent
Facility agent and security trustee for syndicated debt

Services include:

Australian Data Warehouse (Securitisation)
Perpetual Intelligence, cloudbased Platform-asa-Service (PaaS)
o Treasury Direct innovative, cloudbased investment management platform
Perpetual Roundtables o providing portfolio insights and benchmarking

The leading fiduciary to the debt capital markets and managed funds industry

As at 30 September 2021

A high-quality business that continues to deliver strong earnings Service excellence, product innovation and M&A driving profitable growth

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Revenue Profile ($m) [1,2] UPBT Profile ($m) [3]
$160
$70
$140
$60
$120 c.12%
c.15%
$50
$100
$80 $40
$60 $30
$40 $20
$20 $10
$0 $0
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
DMS MFS Perpetual Digital
TrustCo. Acquisition
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Consistent and sustainable year on year profitable growth across its core service
Continue strengthening our client relationships through service excellence and new products.
Perpetual Digital and acquisition of Laminar Capital providing new capabilities and channels for growth.
A trusted brand, with an effective, efficient and scalable business.
Excludes discontinued operations. The Trust Company (Superannuation) Limited (RSE) and Perpetual Lenders Mortgage Services; 2. Managed Funds Services includes: Responsible Entity Services, Custody, Wholesale Trustee, MIT Investment Management, Accounting and Singapore. 3. FY20 Underlying profit before tax have been re-presented based on the revised definition of UPAT.

Managed Funds Solutions[1 ] (MFS) Growing, high-quality client base with long tenure

Key statistics

Funds Under Administration Clients A$359b[2] 350+ FY21 Revenue Trusts $59.8m 716+

Drivers of growth

Industrial, Logistics and Infrastructure assets attracting offshore capital.

YoY revenue growth ($m)[3]

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$70
$60
23%
$50 CAGR
$40
$30
$20
$10
$-
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
TrustCo. Acquisition
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Singapore Listed REIT market opening up – significant client pipeline and mandates.
Australian listed markets also looking good with increased mandates for listed investment trusts and Active ETFs.

FUA by service ($b) (FY21)

Large existing book of existing offshore clients looking to deploy capital via their structures with Perpetual Corporate Trust.
Domestic custody clients growing FUA via acquisition and valuations.

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173.4 79.4 48.2 38.9
Custody Wholesale Trustee Responsible Entity Singapore
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Managed Funds Services includes: Responsible Entity Services, Custody, Wholesale Trustee, MIT Investment Management, Accounting and Singapore 2. FUA as at 30 September 2021 3. Chart time horizon aligns with the transformational acquisition of TrustCo.

Managed Funds Solutions High tenure of quality clients and a growing client base

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Managed Funds Solutions comprise of wholesale trustee, custody and responsible entity services, plus product extensions Investment Management, Accounting and Fordham Accounting

Debt Markets Solutions (DMS) Trustee for >$580b providing a broad range of debt markets solutions for our clients

Key statistics

Funds Under Administration Clients A$605b[1] 257[3] FY21 Revenue Trusts $75m[2] 570[4]

Drivers of growth

YoY revenue growth ($m)

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$80
$70 7%
$60 CAGR
$50
$40
$30
$20
$10
$-
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
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Australian housing market has surpassed $9 trillion, with increasing growth in other assets such as payday and auto lending.
Non-bank sector increasing market share, now accounting for 7% of all debt financing.
DMS broad product offering enabling all sectors of the market to be successful.
Longstanding client relationships with an average tenure across our top 20 clients of 18 years.
Leveraging large and diverse client base to cross-sell Perpetual Digital products, including 4 client mandates for our new Treasury and Finance Intelligence being launched in 2H22.

FUA by asset class ($b) (FY21)

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331.4 72.9 63.9 56.9 39.518.3
RMBS - repos Covered bonds
RMBS - non bank RMBS bank
ABS and CMBS Corp and Structured Finance
22
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As at 30 September 2021. 2. Revenue from Perpetual Digital is reported under Debt Market Solutions. 3. Includes securitisation, agency and trustee clients; 4. Includes Securitisation trusts only

Debt Markets Solutions and Data & Analytics Solutions Strong activity in non-bank sector driving growth

Bank

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Two transactions One transaction One transaction One transaction One transaction
$2b $1b $300m $1b $1b
Non-Bank
Three transactions One transaction One transaction Two transactions Four transactions One transaction Five transactions One transaction
$1.95b $190m $500m $975m $2.7b $300m $6.1b $450m
Two transactions Two transactions Seven transactions Two transactions Two transactions Two transactions Five transactions Two transactions
$510m $1.75b $4.35b $600m $1b $950m $5.5b $800m
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Securitisation services include trustee, security trustee, document custody, custody services Perpetual Data and Analytics Solutions include Data Services and Perpetual Intelligence platform-as-a-service

The transactions shown on this slide are a representation of public deals that Perpetual Corporate Trust was involved in during FY21

Significant technology challenges in financial services industry Perpetual Digital is the solution to these challenges

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Replacing legacy technology

Legacy technology requires grown cost, resources and time to manage and support while preventing businesses from transforming to become more effective.
Data heavy processes, ideally suited to automation, are especially challenging as they require foundation level changes to core systems and data architecture.

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Increasing regulatory & cyber risk

The cost of meeting new regulatory requirements continues to grow and, in most instances, does not produce a competitive advantage.
Cyber security, regulatory risk and compliance continues to be a challenge for the entire industry.

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Solutions for “Big Data”

Businesses are looking for solutions that help them manage and process both internal and external market data, which is a significant challenge for traditional internal technologies.
The integrity of critical processes covering financial, operational and investor processes are at risk without robust systems and controls.

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Improving efficiency and scalability

Manual processes are error prone, and cannot be scaled to support growth. Specialist, key resources are required to run manual, bespoke operations against set deadlines.
Often spreadsheets become a component of core operating systems with significant data manipulation required.

Our digital journey

Continued innovation and acquisitions provide a unique opportunity to become a leading digital solutions provider

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Launched
Treasury & Finance
Intelligence
Industry
Launched Investor benchmarkinginsights & Launched ESMA
& Market Intelligence Reporting
Launched RBA & Risk Intelligence Developed Credit and Finance IntelligenceDeveloped Treasury
(Regulatory) reporting
(credit stress testing)
Developed Perpetual
Treasury
Business Intelligence Direct
Platform Launched
Credit and Risk
Intelligence
Appointed by majority
of issuers to support RBA
Launched (Regulatory) reporting
ABSPerpetual
Project Atom – RBA
Appointed data (Investor) website Developed RBA lead research into
collection agent Data Warehouse CBDC using DLT for
for CRAs Developed Data Developed European syndicated loan market
(Intermediary) and Analytics Regulatory (ESMA) reporting
Basic Investor (CPR)
reporting Developed Data Developed IFRS
Warehouse 9 Reporting
Development of capabilities
Investor reporting
technology Perpetual Digital, PCT’s innovation company
• Perpetual Digital created Acquired
Data Services created • Acquired Roundtables Intelligence Platform (PaaS) Laminar Capital
RegTech - RBA Reporting • Development of Perpetual Credit and Risk Intelligence Treasury & Finance
Trustee reporting Australian Data Warehouse Analytics Intelligence Intelligence
2000 2003 2006 2012 2015 2016 2017 2018 2019 2020 2021
& capabilities
offerings
of
Evolution
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Product innovation and acquisitions delivering double digit revenue growth for Digital Solutions

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Perpetual Data Services Perpetual Roundtables

Perpetual Intelligence

YoY Revenue Growth ($m)

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$14
$12
$10
$8
$6
$4
$2
$-
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21
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Laminar Capital

New product launches Roundtables Laminar acquisition DMS Trustee & Australian Data Warehouse Acquisition + Credit Risk + Treasury & Investor reporting Regulatory (RBA) Reporting Intelligence product launch Finance Intelligence launch (PaaS) product launch

Perpetual Digital

Provides a unique suite of digital solutions to enable clients manage their technology challenges

Perpetual Perpetual Perpetual Laminar Data Services Roundtables Intelligence Capital >$500b[1] AUA $2.8t[2] AUA $320b[3] AUA $21b[4] AUA Australian Data Warehouse Benchmarking and Insights Platform-as-a-Service (PaaS) PaaS & Services absperpetual.com o Regulatory reporting (RBA and o Portfolio insights and benchmarking of o Investor and Market Intelligence o Advisory retail loans across all asset classes o Credit and Risk Intelligence o Debt capital markets ESMA) o Treasury and Finance Intelligence o Treasury solutions o Investor reporting o Industry discussion forums and private o Investment management reports o Fiduciary Intelligence o Trust management o Intermediary reporting o Payments and Registry Intelligence o Broking / Trading o Specialising in credit and risk o Custody Intelligence management

1 >$500b of assets under administration reported monthly 2. Risk Management Roundtables provide analysis on $2.80 trillion of assets under administration across Australia and New Zealand as at 30 September 2021 3. Perpetual Intelligence's advanced credit modelling leverages a unique dataset from over 50 lenders, over 20 years and $320bn in mortgages 4. Treasury Direct - $21bn of assets under administration and $8bn of Funds Under Management and/or Advice

Perpetual Roundtables – peer-to-peer forums

Enable strategic decision making by senior managers in banking and financial services

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Commercial lending
Credit cards
~$2.8t
Mortgages
of balance sheet asset
data from Australia & NZ
Personal loans
Auto finance
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Total Loan Outstandings ($b) Benchmarked by Country
$2,900
$2,700
$2,500 $436 $451 $488
$2,300
$2,100
$1,900 $2,202 $2,239 $2,315
$1,700
$1,500
Sep-2019 Sep-2020 Sep-2021
Australia New Zealand
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Industry leader

The contributing members of the Roundtable programmes represent substantial market share in most markets we benchmark.

15 programs

Risk analytics and benchmarking programs across Australia & New Zealand covering Mortgage, Credit Card, Personal Loans, Auto Finance, SME and Commercial lending.

20 years

Years of business providing credit risk portfolio analytics and industry benchmarking.

Industry led

Working with industry we aim to develop optimal performance metrics with common definitions and data standards.

On-hand executive

reporting

The data, analysis and insights are tailored for use in executive and Board level presentations and reports, and for interrogation in response to specific questions.

Online analysis platform

The secure analytics platform is the hub for uploading data, calculating benchmarks, generating and distributing reports, and providing a value add analysis.

Risk Management Roundtables provide analysis on 2.80 trillion of assets under administration across Australia and New Zealand as at 30 September 2021

Treasury and Finance Intelligence (TFI)

Digitally enabling the automation of trust management, funding optimisation and improving the investor experience

Trust management cashflow / waterfall

Funding optimisation RBA reporting / pool selection analytics

IFRS 9 loss provisioning

Workflow driven processes to improve efficiency and simplify tasks.
Purpose built; A/NZ Treasury and Finance operations platform.
Designed to meet Australian and international regulations  Automated data feed from core and standards. systems and third party sources – for zero manual handling.
Fully digital, controlled & governed process in platform  to mitigate errors.
Solution designed from the ground up to support Australia’s largest independent trust manager with unparalleled local expertise.
Deliver increased business unparalleled local expertise.
scalability by reusing key, skilled resources on new initiatives  Continuous enhancement and delivering real business value. development supports ongoing client agility to pursue new business opportunities.

Streamlines portfolio monitoring, securitisation and trust management operations Digitise and automate core treasury and finance processes

Treasury and Finance Intelligence – demonstration video

https://www.youtube.com/watch?v=kl06MEmUwqA

Early adopters of Perpetual Intelligence

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Investor and Market Intelligence

Unique data set $320b mortgages Automate deal analysis & support credit risk assessments.

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Investor and Market Intelligence

Unique data set $320b mortgages Automate deal analysis, support credit risk assessments & ongoing portfolio monitoring.

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Perpetual Investment Management Limited Investor and Market Intelligence

Unique data set $320b mortgages Automate deal analysis & support credit risk assessments.

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Credit and Risk Intelligence

Digitise stress testing processes to improve portfolio decisions & increase regulatory response.

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Treasury and Finance Intelligence

Automated funding optimisation, pool selection, portfolio benchmarking and investor reporting.

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Treasury and Finance Intelligence Investor and Market Intelligence Deal analysis, portfolio & covenant monitoring. Regulatory reporting.

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Treasury and Finance Intelligence

Automated end-to-end portfolio funding and pool selection process. Improved investor experience.

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Treasury and Finance Intelligence

Automated end-to-end portfolio funding and pool selection process. Improved investor experience.

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Treasury and Finance Intelligence

Automated end-to-end portfolio funding and pool selection process. Improved investor experience.

Laminar Capital Portfolio management and investment made simple

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Simple yet powerful online investment management software

Transact, manage and report on investment portfolios easily with Treasury Direct

Treasury Direct Digital Platform and Services

Fixed income broking, domestic and offshore
Debt origination and structuring
Securitisation structuring
Custody
Asset and mortgage backed securities
Structured credit
Subordinated debt
Wholesale term deposits
Settlement services
Proprietary ESG scoring solution is integrated in Treasury Direct to further deliver value to clients, both issuers and investors.
Solution is aimed at solving two issues:
Provides easily accessible framework (via Treasury Direct) for our investor clients, and:
Provides an ESG and carbon risk score for the public and Mutual Bank sector to enable future access to funding as investors embrace ESG factors

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Perpetual Corporate Trust: Summary and future focus

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High-quality and market leading business

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Strong client advocacy and trusted brand

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Positive growth across all aspects of the business

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Investing in new digital capabilities

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Actively Pipeline of developing M&A new products opportunities

Mark Smith Group Executive, Perpetual Private

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Perpetual Private

One of Australia’s most respected advisory services business focused on the comprehensive needs of families, businesses and communities

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$183.8m $18.5b $35m 8 FY21 revenue Funds FY21 underlying Consecutive years under advice[1] profit before tax of net inflows

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$3.6b Specialisation

One of Australia’s 80 Advisers largest managers 113 Accountants of philanthropic funds[2] 19 Investment Specialists 4 Family Office Specialists

Perpetual & FactSet as at 30 September 2021, 2. Funds under advice for charitable trusts and endowment funds as at 30 June 2021

Specialised Segment Model that provides services across a client’s endto-end wealth journey

Business Owners HNW Families Private Client Families Ultra High Net Worth

Not for Profit

Native Title

Compensation

Professionals

Channels:

Accounting Alliance Partners
• Law Firm Alliance Partners • Fordham
Direct
Existing Clients
• Trust Managers – Beneficiaries • The Private Practice
Jacaranda

Services:

Holistic Financial Advice
• Specialist Risk Advisory • Philanthropy • Family Office • Lifestyle Assist • Trustee Services • Financial Management • Fundraising Reviews • IPAP Funding Round • NFP Analytics & Insights • Investment Governance & Policy
• Financial Education • Tax, Accounting and Business Advisory 36 36

Trusted partner in community and social segment

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Not for Profit

Not for Profit Philanthropy Native Title $354 billion[1] 68%[2] 121[4] In assets held by charities Australians donate money Charitable trusts $166 billion[1] $11.2 billion[1] $1.2-1.6 billion[4] Combined charities total Donated in FY19 Estimated funds in trust revenue 22%[3] 232[5] ~$30 billion Non-committed donors Prescribed Body Pool of accommodation consider regular donations Corporates

In assets held by charities

~$30 billion Pool of accommodation deposits in aged care

900 clients $3.6b Supporting the not-for-profit sector through our Philanthropic funds under advice partnership with Stanford University[6] FY21: $102m distributed to the not-for-profit sector[6]

$556m FUA Working with 35 Aboriginal community clients across Australia[6]

2019 ACNC Charity Report, 2. Good2Give CAF Australia Giving Report 2019, 3. Philanthropy: Giving Australia Report 2016, 4. Native Title: AIATSIS Registered Native Title Bodies Corporate Summary March 2017, 5. nativetitile.org.au as at 21 October 2021. Registered Native Title Bodies Corporate Summary March 2017, 6. Numbers as at 30 June 2021

Specialisation results in a differentiated client experience – client video

https://www.youtube.com/watch?v=zRdDp5gC2Z0

Strategy focused on the fastest growing wealth segments

Growth in household wealth supported by rising super balances and intergenerational wealth transfer.

The $500k - $1m sector of households are shifting rapidly into the $1m + sector as a result of business succession, intergenerational wealth transfer and higher focus on savings.

$1m + sector currently growing at the fastest rate by number of households and investable wealth. The growth in this segment combined with the highest propensity to seek advice (58%) make it an attractive market[1] .

Number of households by wealth segment[1] , m, %

Household investable wealth by wealth segment[1] , $b, %

Baby boomers retiring will drive growth in retirement funds and assets

Gen X and Millennials are set to inherit ~$1 trillion by 2030[3]

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Forecast assets in pension phase [2] Forecast inheritance in Australia [2]
+1.6% +3.8% Annual Cumulative
2020-26F
+1.8% +4.7%
10.4 10.7 CAGR 5,210 5,580 Billions Billions
9%9.4 10%9.8 11%10.1 12% 13% $1m+ 5.4% 4,077 4,466 4,838 2020-26FCAGR 10% $100 $1,000$900
16% 17% 18% 18% 19% $500k 3.5% 42% 44% 46% 48% 49% $1m+ 5.7% $1,515bn $80 $800
- $1m $700
$60 $600
$500k
27% 27% 26% 26% 26% - $1m 3.6% $951bn $500
$40 $400
75% 73% 71% 70% 68% < $500k 0.5% $567bn $300
32% 29% 28% 26% 25% < $500k 0.8% $20 $200
$100
2018 2020 2022F 2024F 2026F 2018 2020 2022F 2024F 2026F $0 $0
2015 2020e 2025e 2015 2020 2025 2030
Yearly Inheritance
Cumulative Inheritance
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Key PP focus: $1m+ sector

Source: 1. ABS, NMG Australian Advice Gap Paper 27 August 2021, 2. NMG Consulting, Environmental Factbase 2018, 3. Beneficiaries: Henry Tax Review, 2017

Significant supply gap is forming which plays to our growth strategy

Whilst the growing wealth of households will increase the demand for advice, the declining number of advisers is creating a significant supply gap.
The total number of advisers is expected to continue to decrease over the next six years – decreasing the supply of advice even further. This creates a widening supply gap over the forecast years.
Perpetual’s Professional Services Model and Adviser Growth Strategy has enabled us to attract 21 new Advisers and $0.9 billion in growth in FUA (since inception in FY20).

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Number of advisers (Supply) [1] , 000’s Households seeking advice (Demand) [1] , m, % Investable wealth of households seeking
advice (Demand) [1] , $b, %
-12.6% +1.6%
19.1 +1.8% 10.7 2020-26F CAGR 2020-26F CAGR
9.8 10.1 10.4 +3.8%
-30.5% 9.4
16.7 +4.7% 5,580
5,210
4,838
4,466
12.3 12.2 Not 4,077 Not
11.6 (69%)6.5 (74%)7.2 (73%)7.4 (73%)7.6 (72%)7.8 seeking advice 1.2% 2,083 (57%)2,546 (56%)2,720 (56%)2,897 (55%)3,068 seeking advice 3.2%
(51%)
(31%)2.9 (26%)2.6 (27%)2.7 (27%)2.8 (28%)3.0 Seeking advice 2.6% (49%)1,994 (43%)1,920 (44%)2,118 (44%)2,313 (45%)2,512 Seeking advice 4.6%
2018 2020 2022F 2024F 2026F 2018 2020 2022F 2024F 2026F 2018 2020 2022F 2024F 2026F
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ABS, NMG Advice Model

Our strategy continues to deliver growth

8 consecutive years of positive flows

Focused segment growth driving record FUA

NPS reiterating our focus on client

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Net flows, $b
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Funds under advice, $b

Private Clients NPS growth through Professional Service Program

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0.8 18.5
17.0 62
14.8
0.6 14.1 14.3 51 52
13.5
12.7 45
0.4 0.4 36
0.3 0.3 24
0.2
0.1
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY16 FY17 FY18 FY19 FY20 FY21 Sep-21 FY16 FY17 FY18 FY19 FY20 FY21
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Professional Services Model and Adviser Growth Strategy has supported an increase in new Advisers and delivered c.$900m since inception (FY20).
Medical Clients increased by 1,800 through acquisition of Priority Life.
Strong NPS results driven by our Professional Services Model bringing the best of Perpetual to the client.
Noongar Boodja Trust commenced April 2021. Estimated $1b in investment value over 12 years.
98% of Perpetual Private clients are happy with the quality of their financial advice.[1]
Growth from $17b to $18.5b in Q1 FY22 partially driven by the Jacaranda acquisition.

Perpetual Net Promoter Score Survey – research conducted by Woolcott Research June 2021

Jacaranda acquisition integration on track

Enabling Perpetual Private to deliver new capabilities to markets and segments

Acquired by Perpetual Now exceeds $1 billion in August 2021 with $932 funds under advice[1] million funds under advice

Significant demand for Successfully completed East coast expansion services (connection licensee conversion on 1 calendar year 2022 strategy targeting December 2021 pre-retiree market)

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What is Jacaranda?

Jacaranda Financial Planning (Jacaranda) is a leading boutique financial planning practice offering services to NSW and Victoria
• Achieved consistent, strong organic growth during 2020 and into 2021 in a COVID impacted environment

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Successful segment focus • Jacaranda is the financial planning voice on Eastern Seaboard radio
• Radio programs act as a lead generator for seminar program run in Sydney (monthly) and Melbourne attract middle Australian market with investible assets over $500k

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Growth strategy New opportunities • Leverage existing PP infrastructure • Opportunity to address the growing in other regions demand in the market for high to roll out Jacaranda sales and quality advice, positioning PP to marketing strategy and attract benefit from the industry dislocation new clients now and in the coming years
• Increase PP’s overall share of • Opportunity to offer a broader suite the high-net-worth market on of financial services, such as MDAs Australia’s Eastern seaboard or execution only services to Jacaranda clients
• Opportunity for PP to provide tailored products that meet high net worth client needs
As at October 2021.

Perpetual Private: Summary and future focus

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High-quality and market leading business

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Strong segment focus and development of capabilities

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Continuing to invest in expanding segmentation specialisation in family office and pre-retirees

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Consistent Active pipeline growth and of M&A positive opportunities momentum

Amanda Gillespie Group Executive, Perpetual Asset Management Australia

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Perpetual Asset Management Australia One of Australia’s most respected and longstanding active managers with over 50 years experience

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$25.5b $42.2m No. 1 50+ ASX:GIVE 25+
Assets Under FY21 Underlying Zenith Fund Years of Newly launched Specialist
Management [1] profit before tax [2] Manager of the asset management exchange traded investment
funds with more to
Year [3] experience strategies
come
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Perpetual AUM as at 30 September 2021, 2. UPBT FY21 ending 30 June 2021; 3.The Zenith Fund Awards were issued on 15 October 2021 by Zenith Investment Partners (ABN 27 130 132 672, AFSL 226872) and are determined using proprietary methodologies. See Appendix for full disclaimer.

Delivering world-class capabilities to investors Supported by a trusted brand and industry leading distribution

Australian Credit and Fixed Global Multi Asset
Equities Income Innovation Fund
• • • • One of Australia’s largest Investing across a diverse Offering a range of cash, Hand-picked portfolio of and most experienced range of investment credit and fixed income companies that are share investors opportunities, which can solutions and are benefiting from
• include domestic and specialists in investing in technological change and Proven investment process that has been refined global shares, credit and quality debt innovation. fixed income, cash, • •
through more than 50 years Highly active approach to Experienced Portfolio property, infrastructure
of experience buying and selling credit Manager and investment
- Hand-picked portfolio of companies that are benefiting from technological change and innovation.
- Experienced Portfolio Manager and investment team with strong global relationships, using a unique network of information.
Highly active approach to buying and selling credit and fixed income securities
• Actively manage the asset Stable and experienced allocation to reduce risk
team and capture rewards of
• Managing long only, being invested in the right
long/short, absolute return place at the right time
and concentrated • Investment philosophy
strategies
Focus on delivering predictable outcomes - capital stability, regular income, and liquidity
A high conviction portfolio – which means we build a concentrated portfolio of our best ideas.
Investment philosophy focused on quality and value

Solid performance across majority of funds Delivering strong performance and outcomes for clients

AUM as at 30 September 2021 ($b)

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$0.9
$8.8
$14.0
$1.7
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Australian Equities Global Equities Cash & Fixed Income Other

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Perpetual Diversified Real Return Fund winner at the 2021 Zenith Fund Awards[3]

Perpetual Share Plus Long Short Fund winner at the 2021 Zenith Fund Awards[3]

96%

92%

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[[2]]
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Multi Asset[1] ESG Specialist Investing[[2]] $3.6bAUM $2.0bAUM

Funds outperforming over 1 year[4]

Funds 1st or 2nd quartile over 1 year[4, 5]

1 Multi Asset AUM is not separately reported in AUM statements but represents an aggregated view of AUM reported in AEQ, GEQ and Cash and Fixed income as at 30 September 2021 2. ESG AUM is not separately reported in FUM statements but represents an aggregated view of FUM reported in AEQ, GEQ and Cash and Fixed income as at 30 September 2021 3. The Zenith Fund Awards were issued on 15 October 2021 by Zenith Investment Partners (ABN 27 130 132 672, AFSL 226872) and are determined using proprietary methodologies. See Appendix for full disclaimer 4. Outperformance is as at 30 September 2021. Past performance is not an indicator of future performance See www.perpetual.com.au for relevant performance. The product disclosure statements (PDS) of any of the capabilities or funds should be considered before deciding whether to acquire or hold units in any fund. PAMA funds not for distribution or release in the United States. 5. Mercer Wholesale & Institutional Surveys. Diversified Income and Dynamic Fixed Income are estimated based on net returns against the Mercer Wholesale Fixed Income - Global - Income Universe. Perpetual Global Innovation is estimated based on net returns against the Mercer Wholesale – Equity – Global – Large Cap Universe. Cash funds have been excluded.

Contemporary investment solutions Client led solutions which leverage our investment expertise

Focused on developing solutions which meet client needs across multiple channels
Tapping into secular demand around income, retirement & ESG and desire for easy access to investment capabilities
Building on strong investment foundations and leveraging our team's expertise
Launched Perpetual Ethical SRI Fund (Managed Fund) (ASX: GIVE)
•
Active Contemporary solutions, simple and convenient to access via the ASX •
ETFs Planning for further active ETFs to be launched next year • Multi Asset ESG Real Return fund seeded in June 2021 •
Real Institutional client onboarded with investments totaling $1.0b •
Return Diversified Real Return strategy: $930m AUM[1] , rolling 1yr net flows of +$210m to 30 September 2021
• Established specialist credit offerings already in market – Pure Credit Alpha,
Specialist Perpetual Credit Income Trust (ASX:PCI) Credit • Considering future private debt offerings

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48
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Source: Assets Under Management as at 30/09/2021.

Industry-leading brand and capabilities Renewed investment in our brand and core capabilities

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Perpetual Diversified Income Fund

Focused on showcasing our specialist credit capability and in particular, the Perpetual Diversified Income Fund – in market earlier this year.

Contributing to +$360m 1yr rolling net flows

Highlighted our highly regarded investment team, active and nimble approach to portfolio management, measured approach to risk and the fund’s protection against rising rates.

Australian Equities

Currently in market with renewed campaign around our Australian Equities capability.

Leveraging strong performance across funds, depth, experience and unique insights of the team and renewed interest in value investing.

Generating +1300 opportunities in first 2 months[2]

Source: 1. Flows for the year to 30 September 2021. 2. As at 30 November 2021.

Global equities

Bringing a diverse global equities offering to the Australian market

Global acquisitions have added unique global equities capabilities
Now coming to market with a diverse global equities offering across global innovation, value and ESG
Renewed interest and flows from clients in global equities

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Perpetual Global Innovation Share Fund

Barrow Hanley Global Share Fund

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Trillium ESG Global Equity Fund and Global Sustainable Opportunities Fund

Global companies benefiting from technological change and innovation
Strong performance since inception, 23.4% pa and 10.6% pa above benchmark[1]
FUM grown to $130m[2] organically
Pioneering manager, world leading reputation in impact and ESG investing
Global value investing strategy, large experienced team
1 year performance of 38.8%, outperforming benchmark by 11.0%[1,2]
Trillium Global Sustainable Opportunities Fund, outperforming benchmark by 5.7% over 1 year[1,2]
Rebranded as Barrow Hanley Global Share Fund in November[3] • Trillium ESG Global Equity Fund outperforming benchmark by 4.5% over 1 year[1,2]

Positioned well for growth

1.Past performance is not indicative of future performance. See www.perpetual.com.au, for relevant performance. Note that relevant benchmarks are provided in the Appendix of this presentation. The product disclosure statements (PDS) of any of the capabilities or funds should be considered before deciding whether to acquire or hold units in any fund. PAMA funds not for distribution or release in the United States. 2. As at 30 September 2021. 3. Rebranded from the Perpetual Wholesale Global Share Fund.

Accelerating the development of our ESG capability Building on our longstanding commitment to ESG with solutions across asset classes

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2002 2009 2013 2018 2020 2021
Launch of the Signatory to the Annual disclosure Launch of the Launch of the Trillium Launch of the Multi
Perpetual Ethical United Nations of Perpetual Perpetual Ethical ESG Global Equity Fund Asset ESG Real Return
SRI Fund supported Principles Investments Voting SRI Credit Fund and Global Sustainable Fund
for Responsible Record begins Opportunities Fund in
Investment (PRI) Australia
• Implemented carbon
footprint analysis for
2017 Australian Equities
2010
Published our • Launch of the inaugural
Perpetual joins
as a member of the Investor Principles of Internal PAMA ESG Report
Governance and
Group on Climate Change
Asset Stewardship
document detailing our
Implementation
of the Perpetual stewardship practices • PAMA Responsible investments team expanded with
Responsible Investment dedicated analyst joining
Policy • Launch of the Portfolio Impact Measurement Report
for the Perpetual Ethical SRI Fund
• ESG risk scoring process implemented for analysis of material
ESG risks in Credit & Fixed Income
• New proprietary ESG Workbook launched to provide an
advanced ESG integration and engagement tool for Australian
Equities
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Perpetual Asset Management Australia: Summary and future focus Delivering world-class capabilities to investors supported by a trusted brand and industry leading distribution

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Delivering strong Renewed investment Contemporary clientNew capabilities Accelerating our performance and in brand and core led investment being brought to longstanding outcomes for clients capabilities solutions market commitment to ESG

David Lane Group Executive, Perpetual Asset Management International

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Perpetual Asset Management International A global asset management business growing in all key financial regions

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$75.5b $40.7m $330b+ 40+ 35+ 81+
Assets Under FY21 Underlying total AUM capacity Years of Specialist Growing global
Management [1] profit before tax [2] across Trillium and asset management investment distribution team
Barrow Hanley [3] experience across strategies across US,
each business Europe, UK, Asia
and Australia
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Source: Perpetual & FactSet.

Perpetual AUM in $AUD as at 30 September 2021, AUM translated at AUD:USD 0.72 as at 30 September 2021, 2. UPBT FY21 ending 30 June 20212. Includes a part-year contribution from Barrow Hanley; 3. Capacity in AUD as at 30 June 2021, capacity is indicative and subject to adjustment based on market movements and trading conditions;

Barrow Hanley and Trillium Investment bringing transformational opportunities and strong growth horizons

Where we are going

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Limited sales capability
Distribution largely driven by the high net worth advice team and client referrals
• Limited investment in marketing
Domestic focus with global aspirations

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Barrow Hanley US distribution team of 31
Limited and declining overseas distribution support
No branded mutual funds

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Where we are today

The Barrow Hanley distribution team has been repointed to Head of Distribution & Strategy - Americas
Combined US distribution team has expanded to 44 people[1]

• Establishment of a UK distribution business to service institutional clients in the UK and the Middle East

• Establishing a European presence in Amsterdam with appointment of Jan Hein Alfrink, Director of Institutional Business for Europe

Establishment of the Trillium ESG Global Conviction strategy managed out of Edinburgh
Relevant product structures across all key regions
Supported by expansion of our global distribution team as required
Adding new organic and inorganic investment capabilities
Focus on being a solutions-based global asset management firm
Opening up new distribution channels across key regions
Building truly global asset management businesses

Pre-FY21

FY21 - FY22

FY22 and beyond

Distribution team size as at November 2021.

A growing business with strong ESG and value-focused strategies Delivering growth and strong performance

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AUM Composition [2]
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Performance
(to 30 Sep 21) [6]
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AUM at 30 Sep 21

US$6.0b[1]

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US
Global 100%
Equities Equities 83%
Strong performance and $4.1
$1.8
Growth since
increasing investor demand for 50%
authentic ESG capabilities has 30 June 2020 acquisition
delivered marked growth in AUM
since acquisition. + 56% [3] 1Yr 3Yrs 5Yrs
Equities
93%
AUM at 30 Sep 21 92% 91%
Fixed Global
Income Equities
US$49.6b [4] $8.7 $8.9
Strong long-term performance
1Yr 3Yrs 5Yrs
in equities and continued build Growth since
out of global distribution team 17 November 2020 acquisition Fixed Income
driving growth in AUM. US 85% 83%
Equities 85%77%
+ 10% [5]
$31.1
1Yr 3Yrs 5Yrs
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1.Total Trillium AUM and flows for the year are from all sources, across all regions 2. Does not include Trillium and Barrow Hanley funds in PAMA 3. Trillium AUM was A$5.6b (US$3.9b) on acquisition date 30 June 2020. See ASX announcement dated 30 June 2020. 4. Total Barrow Hanley AUM and flows for the year are from all sources, across all regions 5. Barrow Hanley AUM was $A61.9b (US$ 45.0b) at exchange rate of AUD:USD 0.73 on acquisition date 17 November 2020. Refer to the ASX announcement dated 18 November 2021. 6. Number of strategies outperforming benchmark over the periods specified to 30 September 2021.

ESG capability that continues to grow Responsible investing and shareholder advocacy driving meaningful results

2009 2018 2016 Trillium’s advocacy Barrow Hanley representation on PRI 1982 1984 1995 2007 results in SEC Barrow Hanley committees focusing on oil and gas reversal in policy becomes signatory to transition and implementation of SDGs in Trillium is Founded US SIF (Social Trillium is the first Trillium becomes which restores the PRI. active ownership. by Joan Bavaria, Investment Forum) investment manager signatory of UN PRI shareholder rights Integrates ESG first dedicated SRI Advisor. cofounded by Trillium founder to file a shareholder resolution calling for (United Nations Principles for to file resolutions asking companies research & scores and screen into proxy 2019 Joan Bavaria. Equality Principles Responsible to discuss ESG voting. Barrow Hanley develops ESG integration & at Johnson & Investment). issues. Begins required ESG engagement guidelines and incorporates ESG Johnson. training for all scoring into analyst performance evaluations. investment Becomes Sustainability Accounting Standards professionals Board Alliance member. 1999 2008 2015 Inception of the Trillium is the 4th Trillium signs 2021 1983 Trillium Global financial firm to Montreal Carbon Barrow Hanley Equity Strategy receive a certified Pledge. 2017 Trillium is recognised as “Best begins managing Socially Responsible (fossil fuel free). B Corp recognition. Barrow Hanley forms responsible Trillium’s release of first proprietary impact reports. for World Overall” Honouree for ninth consecutive year[1] . Investing portfolios 1989 investing committee First Barrow Hanley ESGSignatory of Net Zero for clients. and develops focused strategy launched. Asset managers Initiative Ceres a non-profit organisation mobilising businesses and investor leadership on ESG policy Became signatory to the Investor 2020 environment issues is cofounded by Stewardship Group. Trillium’s historical advocacy win Trillium founder Joan Bavaria. Finalised proprietary Composite which changed the name, mascot Ceres launches Global Reporting Initiative. ESG score. and logo of Washington NFL team.

The B Corporation. a non-profit organization helping companies manage corporate social responsibility, recognizes businesses that have earned an overall score in the top 5% of approximately 4,000 Certified B Corporations in one of the impact areas assessed: community, customers, environment, governance, and workers. The latest B Corporation ‘Best for World Overall’ Honouree was awarded in July 2021.

Product development a client-centric process

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USA EMEA [3]
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UCITS[4] establishment of a European umbrella fund underway with the first three funds expected to launch in early 2022.
Establishment of Registered Investment Adviser completed in November 2021 and two new funds expected to be launched by end of December 2021.
Launched Trillium ESG High Conviction strategy in June 21. The strategy has outperformed its benchmark by 3% since inception[5] , as at 30 November 2021.
Engaged SEI[1] to support launch of mutual funds and other contemporary products as part of larger intermediary strategy.

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Asia Pacific
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Launched a suite of new and contemporary products into Australia.
UCITS capability provides future opportunities for distribution into Asia.
Equity raise under way to issue first Barrow Hanley CLO[2] in 2H22.
SEI Investments Company is a global provider technology-driven wealth and investment management solutions, 2. Collateralised Loan Obligation. 3. Europe, the Middle East and Africa 4. Undertaking for the Collective Investments in Transferrable Securities and subject to regulatory approval.. 5. Inception was 30 June 2021.

Barrow Hanley and Trillium Investment Team - video

https://www.youtube.com/watch?v=5JixzXPO29g

Perpetual Asset Management International: Summary and future focus Building world-class investment and distribution capabilities

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Maintaining investment autonomy while enhancing processes to meet clients’ evolving needs

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New capabilities Implementing within existing product plan globally boutiques – US Mutual Funds and UCITS[1] in Europe

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Seeking out Continue to grow acquisitions with a global distribution focus on alternatives team and ESG

UCITS is defined as Undertakings for The Collective Investment of Transferable Securities.

Adam Quaife Executive General Manager, Distribution

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Global distribution A growing presence in all key regions

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81+ Focused sales Strengthened
Multiple world- 12,000+
class investment Growing global team capability Active advisers in
distribution team to support domestic Australia
capabilities driving material
across US, opportunities institutional and
Europe, UK, Asia retail clients
and Australia
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Global distribution

Diversifying the business by investment capability, geography, client type and channel

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AUM by asset class [1] AUM by channel [1] AUM by client geography [1]
Retail
Other 1% Australian Listed investment vehicles 5% EMEA (incl Bermuda), 6%
Fixed equities 1% Asia
income 14% 6%
21% Intermediary
19%
Australia
25%
United
Global States
equities 61%
15%
US equities Institutional
49% 75% Canada
2%
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PAMA and PAMI AUM combined as at 30 June 2021. Translated with an exchange rate of AUD:USD 0.75

Addressable market growing across all key regions Global AUM exceeded $100 trillion in 2020[1]

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Global AUM ($b) North America Europe Japan and Australia
12%
7% 48.6
43.2 10%
11% 6%
11%
7% 22.1 23.5 25.7 6%
13.5
103.1 7.7 8.5
4.3
92.7
2009 2019 2020 2009 2019 2020 2009 2019 2020
Latin America Middle East and Africa Asia
45.6
9% 4% 12% 16% 11%
13%
12.6 14
2009 2019 2020 0.5 1.6 1.8 0.9 1.3 1.4 2.9
2009 2019 2020 2009 2019 2020 2009 2019 2020
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Annual growth, 2009-2019 Annual growth, 2019-2020

*Excluding Japan and Australia

Source: 1. Boston Consulting Group, Global Asset Management 2021, “The $100 Trillion Machine”, July 2021

Megatrends that are shaping our distribution strategy

Continued flows into Asset Management

The rise of ESG

Global AUM ($US)

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(2020 – 2025e) [1] • Global asset management industry
$136tr in a position of strength with $103tr
AUM - US and Europe representing
$103tr c.70% of the total market.
c.6%
CAGR
2020 2025F
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ESG AUM ($US) • 75% of global investors use active funds
(2020 – 2025e)[2] to integrate ESG issues.[3]

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$53tr
• Expect higher level of conviction in Europe
to diffuse to other areas of the world. US
$35tr
catching up amid increased policy making
c.9% CAGR and regulatory focus. [3]
2020 2025F
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Solutions led approach to client needs

Continued rise of the professional investor

Responding to contemporary needs of domestic and global investors.
Active ETFs in Australia.
Cross border UCITS in Europe, UK, Latin America and Asia.
Pension Funds, Sovereign Wealth Funds, Central Bank & Insurance continue to get bigger.
Intermediaries are larger and more sophisticated than ever.
Remaining relevant through strategic partnerships is key.
Mutual Funds in United States.
Boston Consulting Group, Global Asset Management 2021, “The $100 Trillion Machine”, July 2021,; 2. Bloomberg Intelligence, “ESG assets may hit $53 trillion by 2025, a third of global AUM”, Feb 2021 3. Capital Group ESG Global Study 2021

Barrow Hanley and Trillium – Focus for growth

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Current focus

Hired institutional business development and client portfolio management to develop consultant channel
Strengthened marketing to support distribution in new regions
Building capabilities that enhance opportunities with global institutional investors
Delivering scale through targeting intermediary segment and new vehicle delivery
Team repointed to Head of Distribution & Strategy – Americas
Delivering scale through targeting intermediary segment

Where we are heading

Business case for US intermediary market approved and implementation underway
Targeted product development to support growth in new markets underpinned by growing distribution focus
Establishing presence in Europe, UK, Singapore and Hong Kong
Expanding distribution coverage across Europe, Latin America, Canada, Asia Pacific, US

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Underpinned by client centric support function

66 66

Investment in world-class distribution leadership[1]

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USA Chuck Thompson

Head of Distribution and Strategy Americas Joined 2019

USA

Ann-Therese O’Neil (Barrow Hanley) Head of Institutional-Americas Barrow Hanley Joined 2021

USA Robert Kenyon Head of Intermediary and Business Management Joined 2020

USA

Tanya Svidler (Trillium) Head of Institutional Business, Trillium Joined 2021

Europe

Jan Hein Alfrink (Perpetual) Head of Institutional Business, Europe Joined Amsterdam office in 2021

United Kingdom/Middle East/Africa Richard Souri (Perpetual) Director Institutional Business Development Joined London office in 2020

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Asia

Donghoon Ryoo (Barrow Hanley to Perpetual) Director, Global Distribution Joins Hong Kong office in 2022.

Australia

Belinda Nicholas (Perpetual) CAO Global Distribution Joined Sydney office in 2021

Australia

Nicole Aubrey (Perpetual) Sales Manager, Wholesale Joined Sydney office in 2021

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Australia

Ben Daly (Perpetual) Director, Institutional Joined Sydney office in 2021

As at 30 November 2021

Global distribution: summary and future focus World-class distribution leadership now in place to drive growth in FY22

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Continue to build out the global distribution platform whilst expanding our home base

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Drive flows into contemporary solutions

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Client first: global It’s all about approach, with local partnerships capabilities

Chuck Thompson Head of Distribution & Corporate Strategy - Americas

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Building a world-class distribution capability in North America

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Expand

Deliver client and flow diversification, improving market share by channels, strategies and vehicles.

Scale

Focus resources, financial and human, to increase scale for existing strategies and vehicles driving higher net flows and revenue growth.

Prioritise key strategies

Identify and prioritise investment strategies with the greatest demand potential.

Drive efficiencies Outsource and centralise retail operations platforms to support all our affiliate product needs, streamline processes and drive cost savings and efficiencies.

Americas foundation and distribution leadership in place

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Chicago
Boston
Portland
Established in 1982
San Francisco
Established in 1979
Honolulu
Established in the Dallas
US in 2021
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Overview of US market Distribution channel breakdown

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Distribution Channel, AUM US$b
0 4,000 8,000
Direct/Institutional
Active
Broker/Dealer
RIA
ETFs
Online
Wirehouse
Passive
Private Bank
Bank
Trust Co.
Other Intermediary
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Targeting high value channels as part of our distribution plan for both Trillium and Barrow Hanley

Source: Broadridge Global Market Intelligence Fundflash US, September 2021

Outlook and future opportunity Well positioned in high demand channels

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Exchange-traded funds (ETFs) 77% 8% 15%
Institutional separate accounts 75% 20% 5%
Open-end mutual funds 64% 36%
UCITS 63% 32% 5%
Model-delivered separate accounts 50% 50%
Funds of funds and/or multimanager funds 46% 31% 23%
Collective investment trusts (CITs) 45% 41% 14%
Manager-traded retail separate accounts 27% 60% 13%
Mutual fund subadvisory 22% 56% 22%
Limited partnerships (LP) 19% 56% 25%
Limited liability company (LLC) 15% 69% 15%
Interval funds 13% 63% 25%
Closed-end mutual funds 9% 27% 64%
Variable insurance trust (VIT) 8% 92%
Variable insurance subadvisory 50% 50%
0% 20% 40% 60% 80% 100%
Large opportunity Medium opportunity Small opportunity
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Source: Cerulli Associates, as of 2020

Analyst Note: Institutional separate accounts were defined as having higher minimum investments, typically greater than $50 million. "Large opportunity" equals major firm focus and high demand, "Medium opportunity" equals secondary firm focus and marginal demand, and "Small opportunity" equals little to no focus and minimal demand. Structured products, business development company funds (BDCs), and non-traded REITs are excluded from this analysis because they are offered by fewer than 15% of managers in the survey sample. Percentages may not sum to 100% due to rounding.

The opportunity in International Equities – a case study

The market opportunity (Non-US equities) Institutional Assets Under Management (US$b)[1]

Our capabilities in International Equities (Non-US equities)[2]

Barrow Hanley International Equities Funds – Performance relative to benchmarks (%)[3,4]

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40.0 %
$25,000 37 36
35.0
31
$20,000
30.0
$1,925 26
25.0
$15,000
$5,444
$1,862 20.0
$10,000 $3,501 15.0 13 12
$6,792
$5,000 $4,562 10.0 10 8 8 7 8 9 8 6 9
5 4 4
$4,969 5.0 3 2
$3,236
$0 0.0
Q1 2020 Q3 2021 YTD 1 Year 3 Year 5 Year Since Inception
Active U.S. Equity Active Non-U.S. Equity
Barrow Hanley Non-USV (GOF)5 Barrow Hanley Non-USV (NOF)5 MSCI EM Value MSCI EM
Passive U.S. Equity Passive Non-U.S. Equity
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Depth of experience along with exceptional capability in Barrow Hanley places us in a strong position to grow and build new product capability

eVestment Traditional Asset Flows Report Q3 2021. 2. Please see further notes in the Appendix. These accounts are not available to Australian investors. 3. As at 30 September 2021. 4. Sourced from APX. Note that returns are annualised for periods of more than one year. Returns represent an asset-weighted composite of all fully discretionary portfolios managed in the Non-U.S. Value Equity style. Index returns are shown before transaction costs, management fees, and other expenses. Performance is expressed in USD currency. Net-of-fee returns are calculated using a model fee. The model fee uses the highest tier of our standard fee schedule. Past performance is not indicative of future results. 5. GOF stands for gross of fees, NOF stands for net of fees.

Summary and future focus

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Strong performance Best-in-class in Core ESG Equity, distribution senior performance of leadership team in value rebounding place

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Strong results in net flows for ESG and reversing outflows on value equities

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Investing in new channels and distribution intelligence and technology capabilities

Rob Adams Chief Executive Officer & Managing Director

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Focused on future growth across all divisions

Perpetual Asset Management International

Accelerate the build-out of global distribution team
Open up new channels and geographies as required
Ensure major markets have appropriate investment in product structures
Continue to broaden investment capabilities to drive full solution-based approach

Perpetual Asset Management Australia

Expand range of listed vehicles and other contemporary channels
Stronger focus on brand build, including direct to consumers
Drive growth in Australia for PAMI capabilities across all channels
Seek to add new investment capabilities
Perpetual Continue to deepen client relationships via Corporate launch of new products and services -
Trust Focus on driving growth for Perpetual Digital services across DMS client base
- Leverage unique market position as essential financial services provider
- Seek to broaden product and geographic reach via acquisition.

Perpetual Private

Selectively continue to execute Adviser Growth Strategy
- Expand channel focus to Aged Care and to lower balance high net worth clients
Expand and leverage proprietary product range
- Continue to build through selective acquisitions

Supported by a centralised, global operating platform and capabilities

Why invest in Perpetual

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Unique Trusted brand Experienced Disciplined Strong Clear strategy portfolio of and strong management investment in balance sheet for growth businesses heritage and executive quality growth and financial team opportunities flexibility

Questions

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Thank you.

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Contacts

Emma Rumble

General Manager, Corporate Affairs & Investor Relations

[email protected] +612 9229 3998

Head Office

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

Susie Reinhardt

Head of Investor Relations

[email protected] +61 401 399 781

Connect with us at:

perpetual.com.au barrowhanley.com trilliuminvest.com

linkedin.com/company/perpetual-limited/ twitter.com/perpetual_ltd

Edinburgh. Barrow Hanley Offices in Hong Kong and Dallas.81

Disclaimer

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 9 December 2021, unless stated otherwise. It is in summary form and is not necessarily complete. It should be read together with the company’s consolidated financial statements and ASX announcements lodged with the ASX. 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.

Asset Management or Barrow Hanley Global Investors, should be considered before deciding whether to acquire or hold units in a fund or strategy. The applicable PDS, and Target Market Determination, can be obtained by calling 1800 022 033 or visiting our website www.perpetual.com.au. Past performance is not indicative of future performance.

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

Certain figures may be subject to rounding differences.

Note:

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 reflects an assessment of the result for the ongoing business of the Perpetual Group as determined by Perpetual’s 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 has not been reviewed or audited by the Perpetual Group’s external auditors, however the adjustments to NPAT attributable to equity holders of Perpetual 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.

FY21 refers to the financial reporting period for the twelve months ended 30 June 2021 with similar abbreviations for previous and subsequent periods.
FY20 refers to the financial reporting period for the twelve months ended 30 June 2020 with similar abbreviations for previous and subsequent periods.
FY19 refers to the financial reporting period for the twelve months ended 30 June 2019 with similar abbreviations for previous and subsequent periods.

Disclaimer: The Zenith Fund Awards were issued on 15 October 2021 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.

Nothing in this presentation should be construed as either an offer to sell or solicitation of an offer to buy or sell Perpetual securities or units in any fund or strategy referred to in this presentation in any jurisdiction. The Product Disclosure Statement (PDS) for the Perpetual Asset Management Australia funds are issued by Perpetual Investment Management Limited. The applicable PDS, or offer document for a strategy offered by either Trillium

Appendix

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Perpetual Executive Committee Complementary skillsets focused on execution of growth strategy

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Amanda Gazal

Chief Operating Officer Joined: 2020

Richard McCarthy Group Executive, Perpetual Corporate Trust Joined: 2007

Rob Adams Managing Director and Chief Executive Officer Joined: 2018

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Amanda Gillespie Group Executive, Perpetual Asset Management Australia Joined: 2018

Sam Mosse Chief Risk Officer Joined: 2019

Chris Green Chief Financial Officer Joined: 2006

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David Lane Group Executive, Perpetual Asset Management International Joined: 2017

Mark Smith Group Executive, Perpetual Private Joined: 2012

Excess returns above benchmark Below benchmark returns

PAMA performance against benchmark

	Fund Benchmark	Fund Benchmark	1 yr 2 yr 3 yr 5 yr 7 yr 10 yr Annualised net performance 30 September 2021 (%)1
	Perpetual W Australian Share S&P/ASX 300 Accum.		40.5 12.0 9.6 8.9 7.8 10.2
	Perpetual W Concentrated Equity S&P/ASX 300 Accum.		41.3 7.7 7.2 8.6 7.2 10.3
	Perpetual W Ethical SRI S&P/ASX 300 Accum.		41.2 14.4 10.2 8.3 9.3 13.3
ties	Perpetual W Geared Australian Share S&P/ASX 300 Accum.		103.6 11.3 9.9 12.0 9.7 15.8
qui	Perpetual W Industrial Share S&P/ASX 300 Industrials Accum.		38.8 8.9 8.7 8.0 7.4 11.1
n E	Perpetual W SHARE-PLUS Long-Short S&P/ASX 300 Accum.		42.1 11.3 9.7 9.8 8.7 12.5
alia	Perpetual W Smaller Companies S&P/ASX Small Ordinaries Accum.		37.4 17.8 13.8 11.4 11.5 12.7
str	Perpetual Pure EquityAlpha - Class A RBA Cash Rate Index		18.2 11.3 7.7 6.9 6.3 -
Au	Perpetual Pure Microcap- Class A S&P/ASX Small Ordinaries Accum.		58.8 16.4 12.6 11.9 17.9 -
	Perpetual Pure Value S&P/ASX 300 Accum.		42.0 17.9 9.4 9.2 9.8 12.0
	Perpetual W Income Share S&P/ASX 200 Accum.		33.1 6.8 7.3 6.7 8.5 11.2
	Perpetual EquityInvestment Company (ASX:PIC)2 S&P/ASX 300 Accum.		42.4 21.4 15.2 13.8 - -

l s	Barrow HanleyGlobal Share - Class A3	MSCI World Net Accum Index AUD$ Unhedged	38.8 14.9 12.9 14.6 12.9 -
oba itie	4 Perpetual Global Innovation Share - Class A	MSCI AC World NR $A (unhedged)	21.3 36.0 25.9 - - -
Gl Equ	Trillium ESG Global Equity - Class A	~~4~~ MSCI AC World NR $A(unhedged)	30.9 - - - - -
	Trillium Global Sustainable Opportunities - Class AMSCI World Net Accum Index AUD$ Unhedged		33.5 - - - - -

t	Perpetual W Balanced Grow th Balanced Grow th Index		23.6 9.1 8.4 8.1 7.3 9.4
sse	Perpetual W Conservative Grow th Conservative Grow th Index		10.0 4.7 5.6 5.1 4.9 6.3
ti A	Perpetual W Diversified Grow th Moderate Grow th Index		16.3 6.8 7.0 6.6 6.1 7.9
Mul	Perpetual W Split Grow th S&P/ASX300 Accum. & MSCI World ex Australi 32.9 9.7 9.5 10.6 9.6 12.6
	Perpetual Diversified Real Return Australian CPI 11.1 5.8 5.5 5.3 5.0 6.8

d	Perpetual W Diversified Income BloombergAusBond Bank Bill Index 4.5 2.9 3.0 3.4 3.4 4.3
ixe	Perpetual Active Fixed Interest BloombergAusBond Composite Index (0.3) 1.3 4.6 3.6 4.5 5.3
d F me	Perpetual Pure Credit Alpha - Class W RBA Cash Rate Index 6.3 3.2 3.7 4.3 4.5 -
an co	Perpetual W Dynamic Fixed Income Blended BloombergAusBond Bank Bill and Bloo 2.8 2.5 3.6 3.5 3.6 4.5
edit in	Perpetual High Grade FloatingRate - Class R BloombergAusBond Bank Bill Index 1.8 1.7 2.2 2.5 2.6 3.4
Cr	Perpetual Credit Income Trust(ASX:PCI)4 RBA Cash Rate Index 7.1 4.1 - - - -
	Perpetual Ethical SRI Credit - Class A Bloomberg AusBond Bank Bill Index 4.5 2.7 2.9 - - -

==> picture [78 x 27] intentionally omitted <==

	Excess returns above benchmark	Excess returns above benchmark	Excess returns above benchmark	Excess returns above benchmark	Excess returns above benchmark	Excess returns above benchmark
		30 September 2021				(%)1
1	yr	2 yr	3 yr	5	yr	7 yr 10	yr
	9.7	3.4	(0.2)		(1.7)	(1.5)	(0.5)
	10.4	(0.8)	(2.6)		(1.9)	(2.0)	(0.5)
	10.3	5.8	0.3		(2.3)	0.1	2.6
	72.8 5.0 11.2 7.0 18.1 28.4	2.7 0.1 2.7 5.5 11.0 4.1	0.0 (1.6) (0.2) 4.3 7.1 3.1		1.4 (1.8) (0.8) 1.3 5.9 1.7	0.5 (2.3) (0.5) 1.1 5.0 7.6	5.0 (1.7) 1.7 5.0
	11.2	9.4	(0.5)		(1.3)	0.6	1.2
	2.5	(1.5)	(2.4)		(3.7)	(0.6)	0.4
	11.6	12.9	5.3		3.2
	11.0 (5.2) 4.5 5.7	(0.4) 21.4	(0.3) 13.3		(0.5)	(0.7)
	4.3 2.7 3.2 2.4 7.3	0.6 0.7 0.5 (3.4) 4.1	(0.6) (0.2) (0.5) (2.8) 3.8		(1.3) (0.4) (0.9) (2.5) 3.5	(1.4) (0.7) (1.2) (2.6) 3.4	(0.4) 0.0 (0.3) (2.5) 5.0
	4.4 1.2 6.2 3.5 1.8 7.0 4.5	2.6 0.5 2.9 1.9 1.4 3.8 2.4	2.2 0.5 3.0 1.1 1.4 0 2.1		2.2 0.6 3.3 1.3 1.3 0 0	1.8 0.5 3.2 0.8 1.1 0 0	2.2 0.8 0 1.2 1.4 0 0

Source: Source: Perpetual, State Street and FactSet as at 30 September 2021. Excludes cash funds.. Past performance is not indicative of future performance. See www.perpetual.com.au for relevant performance. The product disclosure statements (PDS) of any of the capabilities or funds should be considered before deciding whether to acquire or hold units in any fund. PAMA funds not for distribution or release in the United States. 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. 2. Returns have been calculated on the growth of Net Tangible Assets (NTA) after taking into account all operating expenses 85 (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. 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 Below benchmark returns

PAMI performance against benchmark

Annualised performance Excess returns above benchmark 30 September 2021 (%) Period ended 30 September 2021 (%)

Barrow Hanley 30 September 2021 Performance against benchmark

arro	30 September 2021 (%) Period ended 30 September 2021 (%) w aney epemer erormance agans encmar
	Benchmark AUM 3 mth 1 yr 3 yr 5 yr 3 mth 1 yr 3 yr 5 yr
	Global Value Equity MSCI World Index Value - Net Return 6.1 B (2.1) 41.3 10.4 13.5 (1.2) 9.6 3.7 4.9
	Diversified Large Cap Value Russell 1000 Value - Total Return 6.0 B (1.7) 46.5 11.9 13.4 (0.9) 11.4 1.8 2.4
	Large Cap Value Russell 1000 Value - Total Return 4.7 B (1.8) 39.0 10.6 12.5 (1.1) 4.0 0.5 1.6
	Non-U.S. Value MSCI EAFE Value - Net Return 2.3 B (1.2) 36.6 8.2 9.3 (0.2) 6.0 5.2 3.3
	Dividend Focused Value Russell 1000 Value - Total Return 1.3 B (0.7) 39.8 7.3 9.7 0.1 4.8 (2.8) (1.2)
s	Small Cap Value Russell 2000 Value - Total Return 1.2 B (3.5) 54.6 10.1 13.9 (0.6) (9.3) 1.5 2.8
itie	Mid Cap Value Russell Midcap Value - Total Return 0.5 B (1.8) 51.5 12.6 11.9 (0.7) 9.1 2.3 1.3
qu	Emerging Markets MSCI EM (Emerging Markets) Value - Net Return 0.2 B (2.0) 37.3 8.9 9.4 3.1 8.9 4.1 2.5
E	Concentrated U.S. Opportunities Russell 1000 Value - Total Return 0.1 B (1.0) 52.6 (0.2) 17.5
	Diversified Small Cap Value Russell 2000 Value - Total Return 0.0 B (1.5) 82.9 10.1 11.9 1.5 18.9 1.5 0.9
	U.S. ESG Value Russell 1000 Value - Total Return 0.0 B (0.7) 44.8 12.3 0.1 9.7 2.2
	Concentrated Emerging Markets MSCI EM (Emerging Markets) Value - Net Return 0.0 B (1.2) 36.8 13.4 3.9 8.3 8.6
	ACWI Ex-US Value MSCI AC World ex USA Value - Net Return 0.0 B (0.0) 35.6 9.3 8.1 2.3 4.2 5.5 1.6
	US Opportunistic Value Equity Russell 3000 Value - Total Return 0.0 B (2.1) 47.3 11.9 12.9 (1.2) 10.6 1.9 1.9
	Long Credit Fixed Income Bloomberg US Aggregate Credit - Long 2.6 B (0.4) 2.2 11.4 6.8 (0.2) 0.0 1.2 0.7
	Core Fixed Income Bloomberg US Aggregate 2.1 B (0.1) (0.7) 5.9 3.3 (0.1) 0.2 0.6 0.4
	Intermediate Credit Fixed Income Bloomberg US Aggregate Credit - Intermediate 1.0 B 0.0 0.9 5.9 3.7 (0.1) (0.2) 0.4 0.2
	Short Maturity Fixed Income Bloomberg US Aggregate Government & Credit (1-3 Y 0.9 B 0.1 1.0 3.4 2.3 0.0 0.7 0.5 0.4
me	Core Plus Fixed Income Bloomberg US Aggregate 0.7 B 0.1 0.5 6.5 3.8 0.0 1.4 1.1 0.9
co	Enhanced Intermediate Credit Fixed Inc Bloomberg US Aggregate Credit - Intermediate 0.3 B 0.2 2.2 6.4 4.2 0.1 1.2 0.8 0.7
In	Extended Duration Fixed Income Bloomberg US Treasury Strips (20+ Y) 0.3 B 0.2 (13.6) 11.9 4.1 (0.5) (0.1) (0.2) (0.0)
xed	Intermediate Fixed Income Bloomberg US Intermediate Aggregate 0.2 B 0.1 1.4 5.8 3.5 0.0 1.8 1.4 1.0
Fi	High Yield Fixed Income ICE BofA US High Yield (BB-B) (USD Unhedged) 0.1 B 1.1 12.4 9.0 7.4 0.2 2.5 2.0 1.2
	Bank Loans Credit Suisse Leveraged Loan Index - Gross Return 0.1 B 1.2 8.9 4.8 0.1 0.4 0.7
	Long Govt/Credit Fixed Income Bloomberg US Aggregate Government & Credit - Long 0.1 B (0.3) (0.5) 11.9 6.3 (0.3) 2.5 1.8 1.1
	Investment Grade Credit Fixed Income Bloomberg US Corporate Investment Grade 0.1 B (0.1) 1.5 7.9 5.0 (0.1) (0.2) 0.5 0.3
	TIPS Fixed Income Bloomberg US Treasury Inflation Protected Notes (TIP 0.0 B 2.0 5.3 7.2 4.2 0.2 0.1 (0.2) (0.1)
Strategy Benchmark 3 mth 1 yr 3 yr 5 yr 3 mth 1 yr 3 yr 5 yr Annualised performance 30 September 2021 (%) Excess returns above benchmark Period ended 30 September 2021 (%) Trillium 30 September 2021 Performance against benchmark
Fossil Fuel Free S&P 1500 1.3 B 1.7 31.3 17.0 17.1 1.3 (0.1) 1.5 0.5
All Cap Core S&P 1500 1.0 B 1.7 31.2 16.0 16.3 1.4 (0.2) 0.5 (0.2) m
Large Cap Core S&P 500 1.0 B 1.9 33.1 18.3 17.8 1.3 3.1 2.3 0.9 iu
ESG Global Equities MSCI ACWI NR USD 1.0 B 0.8 34.2 18.5 17.6 1.9 6.8 5.9 4.4 Trill
Sustainable Opportunities S&P 1500 0.8 B 0.1 36.1 20.6 19.8 (0.3) 4.7 5.1 3.2
Small Mid Cap Core S&P 1000 0.5 B (1.6) 44.0 12.2 14.2 0.5 (3.7) 1.6 1.0

Source: Barrow Hanley and Trillium as at 30 September 2021.

1.Reflects gross performance (unless otherwise stated) of 25 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. Not for distribution or release in the United States.

G I P S[®] C O M P O S I T E R E P O R T

B A R R O W H A N L E Y Non-U.S. Value Equity Composite

Barrow Hanley Global Investors ("BH") claims compliance with the Global Investment Performance Standards (GIPS[®] ) and has prepared and presented this report in compliance with the GIPS standards. BH has been independently verified for the periods January 1, 1993 through December 31, 2020.

A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm's policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. The Non-U.S. Value Equity Composite has had a performance examination for the periods August 1, 2006 through December 31, 2020. The verification and performance examination reports are available upon request.

Description: This composite includes all discretionary, non-U.S. value equity accounts measured against the MSCI EAFE Index. These accounts are not available to Australian investors The composite may be compared to other appropriate indices, as requested. Portfolios are diversified among large and mid capitalization stocks. BH utilizes a value-oriented, bottom-up stock selection process, based on fundamental research, and seeks to achieve returns that are superior to the returns of its benchmarks over complete market cycles, while taking below-average risks.

Notes:

1.BH is an investment advisor registered with the SEC. Perpetual Limited (“Perpetual”) (ASX:PPT), an Australian financial services company, holds a 75% interest in BH. Barrow, Hanley, Mewhinney & Strauss, LLC has rebranded to Barrow Hanley Global Investors. A complete list and description of BH’s composites and limited distribution pooled funds, a complete list of broad distribution pooled funds and additional information regarding policies for valuing investments, calculating performance, and preparing GIPS Reports are available upon request.
2.This composite was created on August 1, 2006. The composite inception date is August 1, 2006.
3.Performance is expressed in U.S. Currency. The returns include the reinvestment of all income. Composite performance is presented net of foreign non-reclaimable withholding tax on dividends using withholding tax rates applicable to U.S. investors. Withholding taxes may vary according to the investor’s country of domicile. Reclaimable withholding taxes are reflected as income if and when received. The MSCI Indices use the maximum withholding tax rate of the company’s country of incorporation applicable to institutional investors. All returns include the effect of foreign currency exchange rates.
4.Gross-of-fees performance results are presented before investment management fees and custodial fees. Net-of-fees performance returns are calculated by deducting the actual fees from the accounts. The assets in the Non-U.S. Value Equity Composite consisted entirely of assets seeded by our parent company prior to September 2007. Fees on the assets seeded by our parent company are waived; therefore, net-of-fee returns are the same as gross-of-fee returns for the periods prior to September 2007. BH Non-U.S. Value Equity Fee Schedule: 0.75% on first $25 million; 0.70% on next $25 million; 0.60% on next $50 million; 0.50% on next $200 million; 0.45% on next $200 million; 0.40% on assets over $500 million. Actual investment advisory fees incurred by clients may vary.
5.Dispersion of annual returns is calculated for the accounts in the composite for the entire year by an asset-weighted standard deviation calculation method. Where composite dispersion is N.A., the information is not statistically meaningful due to an insufficient number of portfolios for the entire year. Where the three-year ex-post annualized standard deviation is N.A., it is not presented due to there being less than 36 months of performance for this composite. Three-year ex-post annualized standard deviation and composite dispersion are calculated using gross-of-fees returns.
6.BH has added portfolio managers and analysts to support and enhance its research capabilities and asset growth. However, no alterations of composites, as presented herein, have occurred due to changes in personnel. Past performance is not indicative of future results.
7.The MSCI Inc. (“MSCI”) information may only be used for your internal use, may not be reproduced or re-disseminated in any form and may not be used to create any financial instruments or products or any indices. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages.
8.GIPS[®] is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

8 7

AI assistant

Perpetual Limited — Investor Presentation 2021

10538_rns_2021-12-08_abd9311b-1771-44a3-a470-e6acb9985c81.pdf

ASX Limited

Investor Day Presentation

Yours faithfully

About Perpetual

9 December 2021

Rob Adams Chief Executive Officer & Managing Director

Unique combination of businesses Acquisitions delivering diversified revenue and broader array of growth opportunities

Strong system growth across our core financial services markets

A strategy delivering sustained growth

ENABLERS

Strong progress against our strategic priorities

2019: What we said we would do[2]

What we have done

What we have done

What we have done

What we have done

Execution of strategy delivering positive momentum

Development of global product framework to open up new channels across key regions

Expansion of capabilities creating significant capacity for future growth

Leveraging ESG strengths to build further scale Acquisitions building deeper capability and growing proportion of specialist ESG AUM

Perpetual Asset Management International

Perpetual Asset Management Australia

Perpetual Private

Perpetual Corporate Trust

+44

Trustee of the Year

Client Advocacy team

Wellbeing support

$612,000

Net Zero Asset Managers Initiative

Stretch Reconciliation Action Plan launched for 2021-2023

50%

$103 million

34%

Modern Slavery Framework

C

Continued execution of our strategy in FY22

Richard McCarthy Group Executive, Perpetual Corporate Trust

Perpetual Corporate Trust

Market leading and scalable services

PCT provides the critical infrastructure across the financial services ecosystem…

Digital Solutions

FUA $359b[1]

FUA $605b[1]

AUA $3.6t[1]

Services include:

Services include:

Services include:

A high-quality business that continues to deliver strong earnings Service excellence, product innovation and M&A driving profitable growth

Managed Funds Solutions[1 ] (MFS) Growing, high-quality client base with long tenure

Key statistics

Drivers of growth

YoY revenue growth ($m)[3]

FUA by service ($b) (FY21)

Key statistics

Drivers of growth

YoY revenue growth ($m)

FUA by asset class ($b) (FY21)

Bank

Significant technology challenges in financial services industry Perpetual Digital is the solution to these challenges

Replacing legacy technology

Increasing regulatory & cyber risk

Solutions for “Big Data”

Improving efficiency and scalability

Our digital journey

Continued innovation and acquisitions provide a unique opportunity to become a leading digital solutions provider

Product innovation and acquisitions delivering double digit revenue growth for Digital Solutions

YoY Revenue Growth ($m)

Perpetual Digital

Perpetual Roundtables – peer-to-peer forums

Enable strategic decision making by senior managers in banking and financial services

Industry leader

15 programs

20 years

Industry led

On-hand executive

reporting

Perpetual Limited Investor Presentation 2021