Perpetual Limited — Investor Presentation 2021

Aug 30, 2021

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Perpetual Limited ABN 86 000 431 827

31 August 2021

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

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

ASX CEO Connect Conference Presentation

Perpetual Limited advises that it has released the investor presentation to be delivered by the Company at the ASX CEO Connect via webcast today. A copy of the presentation will also be available on the Company’s website.

If shareholders or other interested parties have any queries regarding the update, they can contact:

Investors : Media : Marisa Zammit Jon Snowball Head of Investor Relations Domestique Perpetual Limited +61 477 946 068 Tel: +61 425 282 805 jon@domestiqueconsulting.com.au Marisa.zammit@perpetul.com.au

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.au

Page 1

Tuesday 31 August 2021

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Overview of Perpetual

A high quality financial services firm investing in future growth

Highlights

High quality business complemented by transformational acquisitions

• Unique business combination delivering results across all divisions:

• Perpetual Asset Management International (PAMI)

• Perpetual Asset Management Australia (PAMA)

• Perpetual Corporate Trust (PCT)

• Perpetual Private (PP)

• Investments in substantial growth opportunities delivering scale and capability

• Transformational acquisitions and growing global distribution

• Well positioned to take advantage of key global growth trends in ESG and value investing

Key statistics

• Growth in Assets Under Management of 246% YoY to A$98.3b[1]

• 100% of PAMA funds, 92% equity strategies and 77% of fixed income strategies in PAMI performing above benchmark​ over 1 year[2]

• High client satisfaction with overall NPS of +44[3]

• Now operating in 6 countries, across 16 offices

Revenue ($m)

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640.6
533.7
515.4 514.1
490.5
FY17 FY18 FY19 FY20 FY21
Perpetual Asset Management International Perpetual Group Support Services
Perpetual Asset Management Australia Perpetual Private
Perpetual Corporate Trust
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• 1166 employees (FTE) worldwide

• Total AUM translated at AUD:USD 0.75 as at 30 June 2021. PAMA and PAMI AUM is combined. 2. As at 30 June 2021. Past performance is not indicative of future performance. See www.perpetual.com.au, 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 funds. PAMA funds not for distribution in the US. 3. NPS is a measure of advocacy and is conducted annually by Perpetual. More than 2000 clients completed the survey in May 2021

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FY21 overview

Investing for growth and delivering results

$640.6m Operating revenue[1]

• 31% on FY20

$124.1m UPAT[2]

• 26% on FY20

$74.9m NPAT

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 9% on FY20
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15.8% ROE[3]

• 80bps on FY20

$1.80

Total dividend

 16% on FY20

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640.6 124.1 82.0
74.9
490.5 98.6
FY20 FY21 FY20 FY21 FY20 FY21
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1.80
15.8
1.55
15.0
FY20 FY21 FY20 FY21
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• Results reflect two completed transformational acquisitions[4] with total AUM growth of 246% YoY to A$98.3b

• Operating revenue growth of 31% driven by contributions of Trillium (12 months) and Barrow Hanley (7 months), higher performance fees and strong performance in PCT

• UPAT growth driven by acquisitions and higher performance fees, continued growth in PCT and PP, partially offset by a decline in AUM in PAMA

• NPAT lower due to the one-off costs associated with the acquisitions

• Final fully franked ordinary dividend for 2H21 of $0.96 cents per share with payout ratio of 76%. Total FY21 dividend for the year of $1.80

• Solid ROE growth driven by accretive acquisitions

• Operating revenue is presented net of distributions and expenses of the EMCF structured products. For statutory purposes, revenue, distributions and expenses are adjusted to reflect the gross revenue and expenses of these products 2. 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 to slide 52 of this presentation for UPAT revised definition and Appendix A and Appendix B of the OFR for further details 3. 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 4.Trillium (completion date of 30 June 2020) and Barrow Hanley (completion date of 17 November 2020). Barrow Hanley acquisition was funded through a new debt facility of $195m USD and available cash. Weighted average number of shares for the period on issue of 56,226,656 for FY21 (FY20: 47,797,356 shares)

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Key highlights Execution of strategy driving sustainable growth

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Strategy to build a global asset management business, adding world-class investment and distribution capabilities, is well underway and delivering strong results

FY21 financial performance reflects growing contribution of transformational acquisitions and solid organic contribution

A unique business combination with all divisions executing positively on strategy

Entering FY22 with renewed confidence and positive momentum across all operating divisions

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

Perpetual Private

Perpetual Asset Management Australia

100% $17bFUA Funds outperformed their relative 8[th] consecutive year of net inflows benchmarks for the year[2] FUA 19% vs FY20

100%

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

1. Closing AUM translated at 30 June 2021 with an exchange rate of AUD:USD of 0.75 2. As at 30 June 2021. 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

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Momentum building across each division

Perpetual Asset Management

Perpetual Private

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AUM ($b) [1] FUA ($b)
246% 19%
98.3 vs FY20 vs FY20
17.0
28.4
27.2
14.8
14.3
FY19 FY20 FY21 FY19 FY20 FY21
AUM/FUA/FUA $b
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76% flat
vs FY20 186.1 183.0 183.8 vs FY20
304.8
205.0
173.5
PAMI Non-Market
FY19 FY20 FY21 FY19 FY20 FY21
PAMA Market
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• Perpetual Asset Management comprising of PAMA and PAMI , bolstered by the acquisitions of Barrow Hanley and Trillium, now diversified by geography, asset class and client channels

• Growth in adviser numbers through Adviser Growth Strategy, adding dedicated Family Office capability, delivering record FUA levels

Perpetual Corporate Trust

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FUA ($b)
 2%
941.9 922.8
vs FY20
764.5
FY19 FY20 FY21
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 7%
vs FY20
134.9
112.9 125.5
DMS [2]
FY19 FY20 FY21
MFS [2]
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• Delivered another record year of revenue growth with high client advocacy

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1. Closing AUM translated at 30 June 2021 with an exchange rate of AUD:USD of 0.75 2. DMS = Debt Markets Services, MFS = Managed Funds Services

A unique combination of businesses

High quality capabilities across asset management, corporate trust and private wealth

Operating revenue[1,2]

Underlying profit before tax[3,4]

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PCT Managed Funds Services
10%
Perpetual Asset Management
Australia
PCT Debt Markets Services 27%
12% 22%
49%
Perpetual Private 9%
Non-market
29%
22% Perpetual Asset Management
20% International [3]
Perpetual Private
Market
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Perpetual Asset Management Perpetual Private Perpetual Corporate Trust

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35%
45%
19%
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Perpetual Asset Management Perpetual Private Perpetual Corporate Trust

1. Operating revenue contribution excludes Perpetual Group services for the 12 months ended 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. Underlying profit before tax excludes Perpetual Group services for the 12 months ended 30 June 2021 4. Segment percentages are subject to rounding

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Evolution to a truly global asset management firm well underway

Where we are going

Where we were

Where are we today

• Global presence, diversified by geography, distribution channel and asset class

  • A successful, growing global asset manager and financial services provider

  • Leveraging ESG strengths to build further scale across all businesses

• 32 new world-class investment

• capabilities with substantial capacity for

• • Diversified and primarily focused future growth

• financial services business

• Growing global distribution presence

• • Traditional product suite servicing already adding value

• domestic clients

• Continuing to add capabilities to build

• • Strong and trusted brand scale and growth

• Deep insights and expertise

• Recognised ESG capabilities embedded in all divisions

• The leading advice provider to UHNW, HNW, Aged Care, Philanthropic and Native Title segments

• Extending our corporate trust business through unique digital solutions

• Streamlined global operations and technology delivering scale benefits and operational leverage

• Investing in technology to drive efficiency and scalability

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FY21-FY22
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FY23 and beyond

Pre FY21

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International expansion driving scale and growth A$98.3b[1] AUM across multiple asset classes, channels and regions

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AUM by asset class [1] AUM by channel [1] AUM by account domicile [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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A global asset management division with significant capacity for future growth across all capabilities

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1. PAMA and PAMI AUM combined as at 30 June 2021. Translated with an exchange rate of AUD:USD 0.75

Expanding our global footprint 75% of AUM managed offshore supported by growing presence in key regions

UK, Europe

The Americas

• Head of European Distribution recently appointed and building a team of four initially

• • Planning underway to launch a UCITS[1] range of funds

• • Offices in London, Edinburgh and Amsterdam

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2
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• Distribution team of 38 reporting to Head of Distribution and Strategy, Americas

• • Adding resources to increase channel focus • Evaluating intermediary channel • Offices in Boston, Chicago, Dallas, Portland and San Francisco

Asia Pacific

• Re-focused Australian team, improving channel specialisation

• • Team of 35 covering the region • Will benefit from UCITS[1] structure • Offices across Australia, Singapore and Hong Kong

Growing global distribution team across key regions

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1. Undertakings for the Collective Investments in Transferrable Securities and subject to relevant regulatory approvals 2. Barrow Hanley has team member in this location outside of US

ESG is now mainstream Foundations of ESG throughout Perpetual's 135 year history

Trillium

• Unrivalled 39 years of impact driven investing

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• Record net flows in FY21 with AUM growth of 50% in USD since acquisition[1]

• Global Equities now 5 Star-rated by Morningstar in the US[2]

• Launched Trillium ESG Global High Conviction Strategy based in Edinburgh with a proven investment team

Barrow Hanley

• More than a 35-year track record in managing socially responsible mandates

• Proprietary ESG score applied to every security

Perpetual Asset Management Australia

• Ethical SRI Fund approaching its 20th year anniversary; best performing fund in its peer group over 1 year[3]

• Ethical SRI Credit Fund 3-year track record reached[4] ; available on 7 platforms

• Newly launched Multi Asset ESG Real Return Fund has seen strong institutional support

• Dedicated ESG team supporting all asset classes

Perpetual Private

• Growing allocations to ESG - 64% increase in funds invested in responsible investments

• Providing ESG advice and insights across all channels

Perpetual Corporate Trust

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• 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

• Partnership with ASF to produce a comprehensive study on the emergence of sustainability in securitisation[5]

1. 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. In the Morningstar World Large Stock category, PORIX (Trillium ESG Global Equity Fund Institutional) received an overall rating of 5 stars based on risk-adjusted returns, 3 year rating of 5 stars out of 282 funds, 5 year rating of 5 stars out of 239 funds, 10 year rating of 5 stars out of 144 funds as of 30 June 2021 3. Mercer Investment Performance Survey of Australian Shares (RI) Sub Universe (Actual Ranking) See full disclosure on slide 42 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. Report due for release in September 2021

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Building a sustainable future Active year across Environment, Social and Governance

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Environment
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CDP climate score improved to a ‘B-’ in 2020 from a ‘D’ in 2019[1]

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Social
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Support c.100 NFP clients with more than $103m through philanthropic distributions

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

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Governance
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PAMA launched Principles for PP assisted philanthropists to Responsible Investment (PRI) distribute $7m more to NFPs 2020 assessment report than their mandatory levels

Trillium: signed up to Net Zero Asset Managers Alliance

On track to launch Perpetual’s corporate sustainability strategy in FY22

PAMA: 2020 ESG Report consolidated actions to address ESG issues from an investment perspective

As Trustee, PCT supported humm group’s 7th transaction with green bond tranches. Green notes meet Climate Bonds Standard Certification

Refreshed Diversity & Inclusion council, strategy and pillars

Awarded the WGEA[2] Employer of Choice for Gender Equality for four consecutive years

Established LGBTIQ+ group wide network

Developed Modern Slavery Framework and published first statement

First wealth manager to develop Reconciliation Action Plan in 2013 and launched new 2021 - 2023 Stretch Reconciliation Action Plan

Refreshed Women@ Perpetual group

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

Additional annual leave for employees for COVID-19 vaccination. Investment in wellbeing programs

Jawun partnership 8th consecutive year through annual secondee program

Partnership with LifeChanger Foundation established to build awareness, connection to community, and fundraising for critical programs supporting today’s youth

PCT acted as Responsible Entity In PCT, automating trust (RE) during the sale of management and portfolio Vitalharvest Freehold Trust as it funding for clients. Launch of went through a competitive Treasury and Finance bidding process of 19 offers and Intelligence module an increase of over 70% above the pre-offer trading price

Trillium: “Best for the World TM” certification by B Corp for the ninth consecutive year[3]

PAMA: Responsible investment policy published in 2017 and signatory to the PRI

PCT appointed RE to the Barrow Hanley: Barrow Hanley Emerging Markets Impact proprietary ESG scoring system Investment Fund which invests across every security in small to medium enterprises in South and South East Asia

1. CDP, formerly Carbon Disclosure Project, is a not-for-profit charity that runs a global disclosure platform for environmental impacts 2. Recognised by the Workplace Gender Equity Agency (WEGA) 3.Out of 4,000 Certified B Corporations worldwide, Trillium is amongst the top 5% B Corps in one of the five impact areas

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Perpetual Asset Management International World-class investment and distribution capabilities

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AUM AUM by channel $b (AUD) [2,5]
73.6
$73.6b large
vs FY20 66.5 6.6
5.4
Revenue
$139.2m n/a
vs FY20
67.0
61.0
Underlying profit before tax
$40.7m n/a 5.6
vs FY20 4.2
1.4
FY20 1H21 FY21
Institutional Intermediary
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FY21 key highlights

• Strong contribution from acquisitions

• Trillium AUM A$7.7b increase of 37% (A$2.1b) or in USD 50% increase (US$1.9b) since acquisition[1]

• Barrow Hanley AUM A$66.1b increase of 7% or in USD 10% increase (US$4.7b) since acquisition[2]

• Trillium named Top 100 Impact Companies Globally and Best ESG Investment Integration 2020[3]

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

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

AUM by asset class $b (AUD)[2,5]

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

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73.6
66.5
12.4
13.1
13.0
11.2
48.2
42.2
5.6
1.6
4.0
FY20 1H21 FY21
US equities Global equities Fixed income
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FY22 outlook

• Planning a suite of Barrow Hanley and Trillium UCITS to serve UK, European and Asia based clients[4]

• Assessing US intermediary opportunities for Barrow Hanley

• Will add to distribution team as pipeline expands

• Continue to add additional investment capabilities to Trillium and Barrow Hanley

• US$1.3b in recent mandates of which 50% already funded

1.Trillium AUM was A$5.6b (US$3.8b) on acquisition date 30 June 2020. See ASX announcement dated 30 June 2020. Total Trillium AUM and flows for the year are from all sources, across all regions 2. 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 3. See page 42 for full disclaimer 4. Subject to relevant regulatory approvals 5. Totals are subject to rounding

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Perpetual Asset Management Australia Strong investment performance across asset sectors

FY21 key highlights

AUM $24.7b  8% vs FY20 Revenue $165.7m  5% vs FY20 Underlying profit before tax $42.2m 24% vs FY20

• 8% lift in AUM driven by positive investment markets and positive alpha generation, partially offset by net outflows

• 5% decrease in revenue mainly driven by lower average AUM due to the impact of net outflows and prior period distributions

• This was partially offset by higher equity performance fees and higher average markets

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AUM by channel $b [5]
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27.2
0.8 22.8 24.7
1.0
0.8
14.5
12.7
11.7
7.0 6.3 6.3
4.9 4.0 4.7
FY19 FY20 FY21
Retail Institutional
Intermediary Listed Investment Vehicles
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AUM by asset class $b [5]
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27.2
24.7
0.9 22.8
0.9
7.5 0.8
8.3
1.3 8.4
1.7
1.1
17.5
12.6 13.9
FY19 FY20 FY21
Australian equities Global equities
Cash and fixed income Other
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• All PAMA funds outperformed[1] over the year and net flows moved to positive in Q4 FY21

• Strong outperformance of all Australian equity funds over the year[1]

• Consistent long-term performance in Fixed Income and Credit with all funds outperforming across all time periods[1]

• Perpetual Diversified Real Return Fund won the Multi Asset - Real Return Category at the 2020 Zenith Fund Awards[2]

• Perpetual Global Innovation Share Fund outperforming its benchmark by 10.5% over 1 year and 13.7% pa over 3 years[1]

• Perpetual Ethical SRI Fund was the top performing Australian equities fund in its peer group[3]

• Perpetual Ethical SRI Credit Fund has reached its 3-year anniversary exceeding its benchmark by 2.05% pa[1]

• Completion of $30m equity raise for Perpetual Equity Investment Company (ASX:PIC) and bonus 1:1 issue of options[4]

FY22 outlook

• Expanding listed range with the intended launch of Active ETFs

• Given significant increase in capabilities, now focused on contemporary solutions-based opportunities

• Refreshed advertising campaigns across key performing funds

• Seeking to add further investment capabilities

1. As at 30 June 2021. 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. Refer to slide 45 for full disclosure 2.The Zenith Fund Awards were issued 30 October 2020 by Zenith Investment Partners (ABN 27 130 132 672, AFSL 226872) and are determined using proprietary methodologies. See page 42 for full Disclaimer 3. Mercer Investment Performance Survey of Australian Shares (RI) Sub Universe (Actual Ranking) See full disclosure on slide 54 4. See ASX announcement dated 21 June 2021 5. Totals are subject to rounding

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Perpetual Private Successful execution of adviser growth strategy drives record net flows

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FUA Net flows $b
$17.0b 19%
vs FY20
Revenue 0.8
0.6
$183.8m flatvs FY20 0.2
Underlying profit before tax FY19 FY20 FY21
$35.0m  8%
vs FY20 FUA by segment $b [[2,5]]
17.0
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FUA by segment $b [[2,5]]
17.0
14.8 14.3 0.6
0.7 0.7
11.3
9.5 8.9
4.6 4.7 5.2
FY19 FY20 FY21
CSI HNW Other
AUM $b
7.7
6.6 6.4
0.7
0.6 0.6
2.9 2.9 4.0
3.1 2.9 3.0
FY19 FY20 FY21
Select Implemented Opportunities
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• FUA 19% higher primarily due to higher equity markets and positive flows supported by adviser growth strategy. Average FUA was 5% higher

• Revenue flat, with 4% increase in market revenues from higher average FUA, offset by 6% lower non-market revenues from lower interest rates and economic slowdown

• 8% UPBT growth driven by strategic initiatives (adviser growth strategy & Priority Life), higher average equity markets and expense management, impacted by reduced non-market

revenue

FY21 key highlights

• Record net flows of $783m, including $405m from adviser growth strategy in FY21 (delivered $696m since commencement of strategy)

• New family office capabilities focused on ultra HNW clients

• Noongar Boodja Trust commenced in April , the largest trust appointment representing Aboriginal and Torres Strait Islander community interests in Perpetual’s history[1]

• Philanthropic FUA $3.3b up from $2.7b pcp

• 27 new Philanthropic Trusts and Endowments established in FY21

• Six of our advisers recognised in The Australian/Barron’s Top 100 Financial Advisers list[3]

• Completed repricing of Select Master trust

FY22 outlook

• Completed Jacaranda Financial Planning acquisition and commenced geographic expansion of successful scalable model

• Continue successful segment focus , adding Aged Care as a priority

• Focus on improving adviser efficiency and delivering improved operational leverage

• Strong fourth quarter providing good momentum into FY22[4]

• Refer to media release on 29 March 2021 from the Government of Western Australia 2. Community and Social Investments (CSI) includes philanthropic, native title and not-for-profit clients High Net Worth (HNW) includes business owners (Fordham referrals) and medical specialists clients. Other FUA includes Perpetual Plus and legacy products. 3. The Australian/Barron’s Top 100 Adviser list, published in The Australian’s The Deal magazine on 18 June 2021 4. Refer to Q4FY21 ASX announcement released on 23 July 2021 5. Totals may not sum due to rounding

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Perpetual Corporate Trust High quality business that continues to deliver strong earnings growth

FUA $922.8b  2% vs FY20 Revenue $134.9m  7% vs FY20 Underlying profit before tax $63.8m  9% vs FY20

• FUA 2% lower due to lower RMBS Bank issuance and Repo, offset by growth in MFS

• DMS revenue growth of 7% mainly driven by growth in Non-Bank RMBS

• MFS revenue growth of 8% driven by growth from both local and overseas clients

• Operating leverage driving continued profit growth of 9% whilst investing in digital platforms

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DMS FUA $b [4,5]
656.1
18.1
582.9
131.3 18.3
494.9
120.8
14.5 41.9
115.5 39.5
43.3 464.8
404.2
321.7
FY19 FY20 FY21
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Corporate and Structured Finance RMBS ABS & CMBS Balance Sheet

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MFS FUA $b [4,5] 333.9
38.9
285.8
269.7
34.6 48.2
30.6
28.9
29.2
79.4
64.3
58.1
151.7 158.1 173.4
FY19 FY20 FY21
Custody Wholesole Trustee Responsible Entity Singapore
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FY21 key highlights

• MFS Responsible Entity solutions attracting new domestic and global clients with a 67% increase in FUA

• MFS completed 143 transactions and added 43 new clients

• DMS completed 89 securitisation transactions and added 22 new clients

• Strong client retention , top 20 clients have been with PCT for over 10 years

• DAS with a record client advocacy NPS of +76[1 ] and PCT +58

• Developed and launched Fiduciary Intelligence cloud-based solution, streamlining our monitoring activities and information flow

• PCT named “Trustee of the Year” for 5[th] consecutive year[2]

• Responsible Entity (RE) during the sale of Vitalharvest Freehold Trust as it went through a competitive bidding process of 19 offers

FY22 outlook

• Banks expected to access funding through securitisation markets

• DAS new Treasury and Finance Intelligence digital products due for launch in FY22, with positive client interest and mandates

• Digital transformation strategy upgrading legacy payments and registry technology on track for completion in FY23

• Active M&A pipeline to deliver new capabilities and markets

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1. NPS is a measure of advocacy and is conducted annually by Perpetual. More than 2000 clients completed the survey in May 2021 3. Trustee of the Year awarded by KangaNews. All copyrights reserved 2021. 4. DMS = Debt Markets Services, MFS = Managed Funds Services 5. Totals may not sum due to rounding

Shareholder returns

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 6%  16%
EPS [1] cps vs FY20 Dividend $ps Vs FY20 Highlights
1.80 • Final fully franked ordinary dividend
for 2H21 of 96 cents per share in
220.6 1.55 line with midpoint of our dividend
207.7
policy with payout ratio of 76% [3]
0.96
•
Total FY21 dividend for the year of
FY20 FY21
1.05 $1.80 representing a payout ratio
of 82%
 80bps
ROE [2] %
vs FY20
•
Dividend payable 24 September
0.84 2021
0.50
15.8
15.0
FY20 FY21
Interim dividend Final dividend
FY20 FY21
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1. Diluted EPS on UPAT is calculated using the weighted average number of ordinary shares and potential ordinary shares on issue of 56,226,656 for FY21 (FY20: 47,797,356 shares) 2. ROE is calculated using UPAT attributable to equity holders of Perpetual Limited for the period, divided by average equity attributable to equity holders of Perpetual Limited over the period in order to arrive at an annualised ROE. The change on FY20 is shown in basis points 3. Dividends payable as a proportion of UPAT on ordinary fully paid shares at the end of each reporting period. Perpetual’s dividend policy is to pay dividends within a range of 60% to 90% of UPAT on an annualised basis and maximising returns to shareholders.

16

Summary Execution of strategy driving sustainable growth

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Unique portfolio of businesses

• High quality businesses wellpositioned for future growth

• M&A agenda adding capability, new exposure and further growth potential

• Benefitting from increased ESG focus across all divisions

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Executing well

on strategy

• Strategy to build a global asset management business well underway and delivering strong results

• All divisions executing on strategy, building positive growth momentum

• Strong balance sheet and financial flexibility

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Disciplined investment in quality growth opportunities

• Focus on new product and channel development, as a solutions based global partner

• Solid M&A pipeline with a proven track record of success

• Focused on delivering operational leverage across all divisions

17

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18

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19

Contacts

Emma Rumble

General Manager, Corporate Affairs & Investor Relations

emma.rumble@perpetual.com.au

+612 9229 3998

Head Office

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

Marisa Zammit

Head of Investor Relations

marisa.zammit@perpetual.com.au

+61 425 282 805

Connect with us at:

perpetual.com.au barrowhanley.com trilliuminvest.com

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

20

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21

Transforming Perpetual with complementary acquisitions and service offerings delivering scale and capability

2021

2020

Perpetual acquires Barrow Hanley Global Investors adding 32 new investment capabilities, providing diversification benefits and growth potential

2018 2019 Perpetual Corporate Perpetual Private Trust acquires RFi acquires Priority Roundtables Life 2020 2016 Perpetual Private launches acquires Fintuition Medical Advisory

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2009
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2020

Perpetual Private acquires Fordham and Grosvenor

Perpetual acquires Trillium Asset Management and launches two ESG funds in Australia

Perpetual Private launches adviser growth strategy, increasing adviser numbers by 36% over 24 months

2013-14 Perpetual acquires The Trust Company and launches its first listed investment company – Perpetual Equity Investment Company Limited

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2021
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Perpetual acquires Jacaranda Financial Planning, a highly scalable business adding $915m in FUA

Trillium adds new investment team managing concentrated global equities, based in Edinburgh

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2021
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2021

Perpetual launches Multi Asset ESG Real Return Fund

Perpetual establishes presence in Europe, with global presence now across Australia, US, UK, Europe and Asia

22

Perpetual’s strategy for sustained growth

OUR STRATEGY

OUR PURPOSE OUR VISION OUR HOLDERS 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 STRATEGIC IMPERATIVES Client first Future fit New horizons Exceptional products Empowering our people New capabilities Outstanding service to deliver high performance Global footprint • Exceed client needs with products and services • Agile, efficient and scalable operating platform • Build global investment distribution capabilities • to manage growth • Improve client connectivity and delivery through Improve and diversify our growth potential both • innovative digital solutions A strong culture where people are positively organically and via an active M&A agenda • challenged and empowered within our stated across our businesses Set industry leading standards in all that we do risk appetite • Deliver contemporary solutions to our clients • Contemporary technology platform ENABLERS Brand Leadership Innovation

23

Appendix FY21 Financials

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FY21 financial results UPAT up 26% and dividend up 16%

For the period	FY21 $m	2H21 $m	1H21 $m	FY20 $m	FY21 v FY20
Operating revenue	640.6	359.9	280.6	490.5	31%
Total expenses	(469.4)	(260.9)	(208.5)	(350.9)	(34%)
Underlying profit before tax (UPBT)	171.2	99.0	72.1	139.6	23%
Tax expense	(47.1)	(27.5)	(19.6)	(41.0)	(15%)
Underlying profit after tax (UPAT)1	124.1	71.5	52.6	98.6	26%
Significant items2	(49.2)	(25.8)	(23.4)	(16.6)	(197%)
Net profit after tax (NPAT)	74.9	45.7	29.2	82.0	(9%)
Diluted EPS on UPAT (cps)3	220.6	125.1	95.6	207.7	6%
Diluted EPS on NPAT (cps)3	133.2	80.1	53.0	172.8	(23%)
Dividends (cps)	180	96	84	155	16%
Return on equity on UPAT (%)	15.8	15.7	13.5	15.0	80bps
Return on equity on NPAT (%)	9.6	10.0	7.5	12.5	(290bps)

Key highlights

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

• Revenue growth of 31% primarily driven by newly formed PAMI division through completed acquisitions of Barrow Hanley and Trillium, higher performance fees and continued growth within PCT. This is partially offset by the impact of net outflows within PAMA

• Underlying expenses increased 3% mainly from higher variable remuneration & investment in technology, partially offset by operating model benefits. PAMI expenses, including operating costs associated with the acquisitions of Trillium and Barrow Hanley, added 31% to the cost base bringing total expense growth to 34%

• Significant items of $49.2m mainly comprised of transaction and integration costs of the Barrow Hanley and Trillium acquisitions

• Underlying profit after tax (UPAT) attributable to equity holders of Perpetual Limited. 2H20 and 1H20 UPAT has been re-presented based on the revised definition of UPAT (refer to page 52 in this presentation and Appendix A and Appendix B of the OFR for further details) 2. Significant items breakdown shown in Appendix A and Appendix B of the OFR and are shown net of tax 3. Fully diluted using the weighted average number of ordinary shares and potential ordinary shares on issue (FY21: 56,226,656)

25

Balance sheet

Minimal gearing with headroom for further growth

For the period	2H21 $m	1H21 $m	2H20 $m	1H20 $m
Cash	147.1	172.1	164.1	261.7
Liquid investments (FVTPL)	150.4	133.7	80.7	79.1
Goodwill & other intangibles	870.7	870.3	444.5	373.4
Other	456.4	489.2	479.8	490.9
Total assets	1,624.6	1,665.3	1,169.1	1,205.1
Borrowings (net of costs)	166.0	219.4	-	87.0
Other liabilities	546.1	539.8	514.8	454.2
Total liabilities	712.1	759.2	514.8	541.2
Net assets	912.5	906.1	654.3	663.9
Net Tangible Assets (NTA) per share ($)	0.22	0.42	3.95	5.97

Key movements vs 2H20

• Moderate decrease in Cash

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

• Increase in Goodwill and other intangibles predominantly due to the acquisition of Barrow Hanley

• The increase in Borrowings reflects the draw down of $170.3m debt to fund the acquisition of Barrow Hanley, partially offset with $4.3m of capitalised debt costs

26

FY22 guidance

Continuing to invest in our growth strategy

Significant items

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Operating Expenses ($m)
HIGH
HIGH LOW
LOW
79.8
70.4
HIGH
LOW
18.8
9.4
Includes: Includes:
• Jacaranda operating costs • 12 months of Barrow Hanley 568.0
• continued investment in operating costs (vs 7 months in 549.2
technology & custodian FY21)
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• Jacaranda operating costs

• • continued investment in technology & custodian transition

	469.4 transition • Staff costs supporting growth in our business units Excludes: • performance fee expense • Annualised cost of FY21 investment in global distribution • Further investment in global distribution • Currency movement1 • Continued investment in Trillium including the expansion in Edinburgh
	FY21 Total Expenses Ex PAMI expense growth 2-4% PAMI expense growth 15-17%	FY22 Total Expense Guidance 17%-21%

Significant items relating to transaction and integration costs as well as amortisation of acquired intangibles with range between $35-39 million[2 ] after tax

IFRIC treatment of capitalised cloud computing arrangements

IFRIC[3] agenda decision on the treatment of capitalised cloud computing arrangements as an intangible asset to be assessed and adopted by 31 December 2021. Changes that may result from the assessment are not included in the expense guidance

Earnings

Renewed confidence and positive momentum across all operating divisions

12 month earnings contribution from Barrow Hanley

1. Assumes AUD:USD FX rate of 0.75 in FY22 2. Significant items guidance outlined above does not include unrealised gains/loss on financial assets and fair value movements associated with the Barrow Hanley accrued incentive compensation liability 3. Source: International Financial Reporting Standards Interpretations Committee

27

Perpetual Asset Management International Barrow Hanley and Trillium acquisitions completed

For the period FY21 $m	2H21 $m 1H21 $m FY20 $m
Revenue 139.2	100.9 38.3 -
Operating expenses (95.8)	(69.4) (26.3) -
EBITDA 43.4	31.5 11.9 -
Depreciation & amortisation (1.7)	(0.9) (0.8) -
Equity remuneration (0.4)	0.2 (0.6) -
Interest expense (0.6)	(0.5) (0.1) -
Underlying profit before tax 40.7	30.3 10.5 -
PBT Margin on revenue (%) 29	30 27 -
Closing AUM ($b) 73.6	73.6 66.5 5.6
Average AUM ($b) 45.6	70.1 21.0 -
Net flows ($b) (3.9)	(3.2) (0.7) -
Average AUM revenue margin (bps) 30	29 36 -

Key movements

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

• In FY21, Perpetual Asset Management International reported Underlying profit before tax of $40.7 million. FY21 revenue was $139.2 million and FY21 total expenses were $98.4 million

28

Perpetual Asset Management Australia Lower revenue due to net outflows and prior period distributions

For the period	FY21 $m	2H21 $m	1H21 $m	FY20 $m	FY21 v FY20
Revenue1	165.7	86.6	79.1	173.5	(5%)
Operating expenses	(112.5)	(57.4)	(55.1)	(104.5)	(8%)
EBITDA1	53.2	29.2	24.0	69.0	(23%)
Depreciation & amortisation	(5.3)	(2.7)	(2.6)	(6.4)	18%
Equity remuneration	(5.7)	(2.8)	(2.9)	(6.8)	17%
Interest expense	(0.1)	0.0	(0.1)	(0.1)	54%
Underlying profit before tax1	42.2	23.7	18.5	55.6	(24%)
PBT Margin on revenue (%)	25	27	23	32	(7)
Closing AUM ($b)2	24.7	24.7	22.7	22.8	8%
Average AUM ($b)2	23.5	23.5	23.4	25.0	(6%)
Net flows ($b)	(2.8)	(0.3)	(2.5)	(2.6)	(6%)
Average AUM revenue margin (bps)	71	74	68	69	2

Key movements

• 5% decrease in revenue compared with FY20 mainly driven by lower average AUM due to the impact of net outflows and prior period distributions, partially offset by higher equity performance fees and higher average equity markets

• 5% increase in Total expenses on FY20 due to higher variable remuneration and costs related to the transition of its custodian and administrator provider, partially offset by synergies resulting from the creation of Perpetual Asset Management International and FY20 operating model benefits

• FY20 Revenue, EBITDA and Underlying profit before tax have been re-presented based on the revised definition of UPAT (refer to Appendix A and Appendix B of the OFR) 2. FY20 AUM was re-presented for Trillium, which is now reported under Perpetual Asset Management International AUM

29

Perpetual Private

Positive growth in adviser inflows, non-market impacted by economic slowdown

For the period	FY21 $m	2H21 $m	1H21 $m	FY20 $m	FY21 v FY20
Market related revenue	126.7	65.6	61.1	122.1	4%
Non-market related revenue	57.1	29.0	28.1	60.9	(6%)
Total revenues	183.8	94.5	89.2	183.0	-
Operating expenses	(134.2)	(67.9)	(66.3)	(135.3)	1%
EBITDA	49.6	26.7	23.0	47.7	4%
Depreciation & amortisation1	(10.5)	(5.0)	(5.5)	(10.7)	2%
Equity remuneration	(3.5)	(1.9)	(1.7)	(3.4)	(3%)
Interest expense	(0.6)	(0.1)	(0.5)	(1.0)	43%
Underlying profit before tax1	35.0	19.7	15.3	32.6	8%
PBT Margin on revenue (%)	19	21	17	18	1
Closing FUA ($b)	17.0	17.0	15.5	14.3	19%
Average FUA ($b)	15.4	16.1	14.7	14.7	5%

Key movements

• Market related revenue 4% higher than FY20 due to higher average equity markets and positive net flows, partially offset by legacy product repricing and lower fiduciary income fees

• Non-market related revenue 6% lower than FY20 mainly driven by the impact of lower interest rates and the economic slow-down on Fordham and transactional revenue, particularly in 1H20, partially offset by Priority Life (acquisition completed November 2019)

• Total expenses were 1% lower than FY20 due to the impact of operating model benefits and lower remediation costs related to legacy matters, partially offset by continued investment in supporting future business growth, such as adviser growth strategy, Priority Life and family office services

• Closing FUA was 19% higher than FY20, primarily due to higher equity markets and by positive net flows, supported by the adviser growth strategy

30

1. FY20 Depreciation and amortisation and Underlying profit before tax have been re-presented based on the revised definition of UPAT (refer to Appendix A and Appendix B of the OFR for further details)

Perpetual Corporate Trust Solid growth in revenue and profit before tax

For the period	FY21 $m	2H21 $m	1H21 $m	FY20 $m	FY21 v FY20
Debt Markets Services revenue	75.0	38.2	36.9	69.9	7%
Managed Funds Services revenue	59.8	31.0	28.8	55.6	8%
Total revenues	134.9	69.2	65.6	125.5	7%
Operating expenses	(60.9)	(31.5)	(29.3)	(58.2)	(5%)
EBITDA	74.0	37.7	36.3	67.3	10%
Depreciation & amortisation1	(8.6)	(4.2)	(4.4)	(7.1)	(21%)
Equity remuneration	(1.2)	(0.7)	(0.5)	(1.0)	(11%)
Interest expense	(0.4)	(0.2)	(0.2)	(0.5)	16%
Underlying profit before tax1	63.8	32.6	31.2	58.6	9%
PBT Margin on revenue (%)	47	47	48	47	-
Closing FUA ($b) – Debt Markets Services	582.9	582.9	628.3	656.1	(11%)
Closing FUA ($b) – Managed Funds Ser.	339.9	339.9	307.9	285.8	19%

Key movements

• Debt Markets Services revenue growth of 7% compared to FY20 driven by underlying growth in securitisation revenue particularly from RMBS nonbank clients and in lower margin RMBS repos due to bank clients’ access to the RBA’s term funding facility, partially offset by lower securitisation revenue from RMBS bank clients

• Managed Funds Services revenue growth of 8% compared to FY20 driven by growth from both local and overseas clients for custodian services, responsible entity and wholesale trustee. This was also supported by higher asset prices

• 6% increase in Total expenses on FY20 due to costs supporting increased client volumes, higher variable remuneration and investment in digital platforms

• FY20 Depreciation and amortisation and Underlying profit before tax have been re-presented based on the revised definition of UPAT (refer to Appendix A and Appendix B of the OFR for further details)

31

Appendix

Perpetual Asset Management performance charts

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PAMI investment performance as at 30 June 2021 78% of Barrow Hanley strategies outperformed over one year

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1 year excess returns against benchmark as at 30 June 2021[1]

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16.0% 15.9%
15.3%
14.2% 14.1%
12.4%
7.4%
6.4%
5.4%
2.2% 3.2% 1.5% 2.7% 2.0%
0.9% 0.4% 0.0% 0.0% 0.4% 0.6%
(0.3%) (0.2%)
(4.8%)
Equities Fixed income
Diversified Small Cap Value Small Cap Value Mid Cap Value US Opportunistic Value Equity Diversified Large Cap Value Global Equity Value Large Cap Value Emerging Markets Non-US Value Dividend Focused Value ACWI Ex-US Value Concentrating Emerging Markets High Yield Fixed Income Bank Loans TIPS Fixed Income Long Credit Fixed Income Enhanced Intermediate Credit Fixed Income Investment Grade Credit Fixed Income Intermediate Fixed Income Intermediate Credit Fixed Income Core Plus Fixed Income Core Fixed Income Extended Duration Fixed Income
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33

1. Refer to slide 48 for multi-year performance and full disclosure

PAMI investment performance as at 30 June 2021 Continuation of solid performance for Trillium

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1 year excess returns against benchmark as at 30 June 2021[1]

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8.8%
8.0%
2.2%
(1.7%) (1.5%) (1.8%)
Small Mid Cap Core Sustainable Opportunities ESG Global Equities Large Cap Core All Cap Core Fossil Fuel Free
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Trillium
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34

1. Refer to slide 50 for multi-year performance and full disclosure

Excess returns above benchmark Below benchmark returns

PAMI investment performance as at 30 June 2021 Strong rebound in Barrow Hanley relative performance

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					Annualised	performance	(%)1	Excess returns above benchmark (%)1	Excess returns above benchmark (%)1	Excess returns above benchmark (%)1	Excess returns above benchmark (%)1
		Strategy Large Cap Value	Benchmark Russell 1000 Value - Total Return	1 yr 49.1	3 yr 14.1	5 yr 13.7	10 yr 12.1	1 yr 5.4	3 yr 1.7	5 yr 1.8	10 yr 0.5
		Diversified Large Cap Value	Russell 1000 Value - Total Return	59.6	14.6	14.8	12.6	15.9	2.2	3.0	1.0
		Dividend Focused Value	Russell 1000 Value - Total Return	44.6	9.3	10.4	11.0	0.9	(3.2)	(1.5)	(0.6)
		Mid Cap Value	Russell Midcap Value - Total Return	67.2	13.7	13.4	11.8	14.2	1.9	1.6	0.1
Equities		Small Cap Value Diversified Small Cap Value US Opportunistic Value Equity	Russell 2000 Value - Total Return Russell 2000 Value - Total Return Russell 3000 Value - Total Return	68.5 89.3 60.7	13.0 11.3 14.8	16.7 14.4 14.4	13.1 12.9 12.3	(4.8) 16.0 15.3	2.8 1.0 2.6	3.1 0.8 2.4	2.2 2.0 0.7
		Non-U.S. Value	MSCI EAFE Value - Net Return	47.6	8.3	10.8	5.5	14.1	4.5	3.0	1.7
		Global Value Equity	MSCI World Index Value - Net Return	50.3	12.2	15.2	10.0	12.4	3.8	5.4	2.3
		Emerging Markets	MSCI EM (Emerging Markets) Value - Net Return	49.0	9.7	12.0		7.4	1.9	2.3
		Concentrated Emerging Markets	MSCI EM (Emerging Markets) Value - Net Return	43.8	15.0			2.2	7.2
		ACWI Ex-US Value	MSCI AC World ex USA Value - Net Return	44.0	8.9	9.2		6.4	3.7	0.7
		Core Fixed Income	Bloomberg Barclays US Aggregate	0.1	6.0	3.4	3.8	0.4	0.6	0.4	0.4
		Core Plus Fixed Income	Bloomberg Barclays US Aggregate	1.7	6.6	4.0	4.1	2.0	1.2	1.0	0.7
		Intermediate Fixed Income	Bloomberg Barclays US Intermediate Aggregate	2.7	6.0	3.6	3.4	2.7	1.6	1.1	0.7
		Short Maturity Fixed Income	Bloomberg Barclays US Aggregate Government & Credit (1-3 Y)	1.6	3.5	2.3	1.8	1.1	0.6	0.4	0.3
Fixed Income		Investment Grade Credit Fixed Income Long Credit Fixed Income Long Govt/Credit Fixed Income High Yield Fixed Income	Bloomberg Barclays US Corporate Investment Grade Bloomberg Barclays US Aggregate Credit - Long Bloomberg Barclays US Aggregate Government & Credit - Long ICE BofA US High Yield (BB-B) (USD Unhedged)	3.3 4.3 1.0 16.7	8.4 12.0 11.8 9.3	5.3 7.4 6.7 8.0	5.5 7.9 7.9 6.8	0.0 (0.0) 2.9 3.2	0.6 1.3 1.9 1.9	0.4 0.8 1.3 1.0	0.4 0.4 0.7 0.3
		Bank Loans	Credit Suisse Leveraged Loan Index - Gross Return	12.1	5.3			0.4	0.9
		TIPS Fixed Income	Bloomberg Barclays US Treasury Inflation Protected Notes (TIPS)	6.2	6.3	4.0	3.4	(0.3)	(0.3)	(0.1)	(0.0)
		Intermediate Credit Fixed Income	Bloomberg Barclays US Aggregate Credit - Intermediate	2.1	6.2	3.8	4.0	(0.2)	0.4	0.2	0.2
		Enhanced Intermediate Credit Fixed Income	Bloomberg Barclays US Aggregate Credit - Intermediate	3.8	6.7	4.4		1.5	0.9	0.8
		Extended Duration Fixed Income	Bloomberg Barclays US Treasury Strips (20+ Y)	(13.4)	10.1	4.3	10.9	0.6	(0.0)	0.4	0.5

Source: Barrow Hanley as at 30 June 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 in the United States.

35

Excess returns above benchmark Below benchmark returns

PAMI investment performance as at 30 June 2021 Continuation of solid performance for Trillium

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Trillium 30 June 2021 Performance against benchmark

				Annualised performance (%)1	Annualised performance (%)1	Annualised performance (%)1		Excess	returns above	benchmark (%)1	benchmark (%)1
		Strategy ESG Global Equities	Benchmark MSCI ACWI NR USD	1 yr 48.0	3 yr 20.1	5 yr 18.6	10 yr 12.3	1 yr 8.8	3 yr 5.5	5 yr 4.0	10 yr 2.4
Trillium		Sustainable Opportunities Fossil Fuel Free Large Cap Core	S&P 1500 S&P 1500 S&P 500	50.1 40.3 43.0	23.3 19.1 20.8	21.2 17.9 18.9	13.6 14.2 14.4	8.0 (1.8) 2.2	5.2 1.0 2.1	3.8 0.6 1.3	(1.0) (0.4) (0.5)
		Small Mid Cap Core	S&P 1000	55.7	14.4	16.1	12.4	(1.7)	1.6	1.4	(0.3)
		All Cap Core	S&P 1500	40.6	17.9	17.3	13.3	(1.5)	(0.2)	(0.1)	(1.3)

Source: Trillium performance data as at 30 June 2021 1.Reflects preliminary gross composite performance (unless otherwise stated) of investment strategies and may change. Future returns may bear no relationship to the historical information displayed. The returns shown represent past returns only and are not indicative of future returns of a Strategy. Returns on a Strategy can be particularly volatile in the short term and in some periods may be negative. 3yr and 5yr returns are annualised. Not for distribution or release in United States

36

PAMA net investment performance as at 30 June 2021 All funds outperformed their benchmarks over the year

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69.7%
1 year excess returns against benchmark as at 30 June 2021 [1]
15.9%
14.0% 13.9%
13.2% 13.1%
10.5% 10.5%
9.4% 9.9% 9.8%
8.1% 8.1%
7.3%
5.9% 5.7%
4.4% 4.5%
2.9%
2.3% 1.7% 2.0% 2.3% 1.7%
Australian Equities Global Equities Multi Asset Cash, Credit & Fixed income
37
Perpetual W Geared Australian Share Perpetual Pure Microcap - Class A Perpetual W Ethical SRI Perpetual Equity Investment Company (ASX:PIC)2 Perpetual Pure Value Perpetual W Smaller Companies Perpetual W Australian Share Perpetual W Concentrated Equity Perpetual W Industrial Share Perpetual W SHARE-PLUS Long-Short Perpetual Pure Equity Alpha - Class A Perpetual Global Innovation Share Fund - Class A Perpetual Global Share Fund - Class A3 Perpetual W Balanced Growth Perpetual W Diversified Growth Perpetual Diversified Real Return Perpetual W Conservative Growth Perpetual Pure Credit Alpha - Class W Perpetual Credit Income Trust4 Perpetual W Diversified Income Perpetual Ethical SRI Credit Fund - Class A Perpetual Wholesale Dynamic Fixed Income Perpetual High Grade Floating Rate - Class R Perpetual Active Fixed Interest
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1. Refer to slide 46 for multi-year performance and full disclosure

Excess returns above benchmark Below benchmark returns

PAMA net performance as at 30 June 2021 All funds outperformed over the year

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							Annualised performance	Annualised performance	Annualised performance	(%)1		Excess returns	Excess returns	above benchmark (%)1	above benchmark (%)1	above benchmark (%)1
				Fund	Benchmark	1 yr	2 yr	3 yr	5 yr	7 yr	10 yr	1 yr	2 yr	3 yr	5 yr	7 yr	10 yr
				Perpetual W Australian Share	S&P/ASX 300 Accum.	39.0	11.8	9.7	9.9	7.3	8.9	10.5	2.8	(0.0)	(1.4)	(1.6)	(0.3)
				Perpetual W Concentrated Equity	S&P/ASX 300 Accum.	37.9	8.5	7.1	9.4	7.0	9.2	9.4	(0.5)	(2.7)	(1.8)	(1.9)	0.0
				Perpetual W Ethical SRI	S&P/ASX 300 Accum.	42.5	14.3	9.0	9.4	9.0	12.0	14.0	5.3	(0.7)	(1.9)	0.1	2.8
	Australian	equities		Perpetual W Geared Australian Share Perpetual W Industrial Share Perpetual W SHARE-PLUS Long-Short Perpetual W Smaller Companies	S&P/ASX 300 Accum. S&P/ASX 300 Industrials Accum. S&P/ASX 300 Accum. S&P/ASX Small Ordinaries Accum.	98.1 32.4 31.4 40.6	10.7 8.5 10.6 19.5	10.1 7.1 7.9 13.1	14.1 8.2 10.2 12.7	8.4 6.6 8.3 11.5	12.4 9.7 11.1 11.1	69.7 4.4 2.9 7.3	1.7 (0.2) 1.6 7.4	0.3 (2.2) (1.9) 4.5	2.8 (1.5) (1.1) 1.5	(0.5) (2.3) (0.6) 1.4	3.2 (1.6) 1.9 5.1
				Perpetual Pure Equity Alpha - Class A	RBA Cash Rate Index	13.2	9.0	6.0	6.7	6.2		13.1	8.6	5.2	5.7	4.8
				Perpetual Pure Microcap - Class A	S&P/ASX Small Ords Accum Index	49.1	20.6	11.9	11.7	17.8		15.9	8.5	3.3	0.4	7.7
				Perpetual Pure Value	S&P/ASX 300 Accum.	41.7	18.2	8.7	9.8	9.2	11.3	13.2	9.2	(1.1)	(1.4)	0.3	2.1
				Perpetual Equity Investment Company (ASX:PIC)2	S&P/ASX 300 Accum Index	42.4	18.6	13.6	14.1			13.9	9.7	3.9	2.8
	Global	equities		Perpetual Global Share Fund - Class A3 Perpetual Global Innovation Share Fund - Class A Trillium ESG Global Equity Fund - Class A 4	MSCI World Net Accum Index AUD$ Unhedged MSCI AC World NR $A (unhedged) MSCI AC World NR $A (unhedged)	37.5 38.2	14.6 37.6	13.1 27.7	14.7			9.9 10.5	(1.0) 22.4	(1.2) 13.7	0.1
				Trillium Global Sustainable Opportunities Fund - Class A 4	MSCI World Net Accum Index AUD$ Unhedged
				Perpetual W Balanced Growth	Balanced Growth Index	21.8	9.0	8.6	8.3	7.2	8.6	2.3	(0.0)	(0.8)	(1.3)	(1.5)	(0.4)
	Multi	Asset		Perpetual W Conservative Growth Perpetual W Diversified Growth	Conservative Growth Index Moderate Growth Index	9.6 15.1	5.0 6.9	5.7 7.2	5.3 6.8	4.9 6.1	6.1 7.4	2.0 1.7	0.3 0.0	(0.2) (0.6)	(0.4) (1.0)	(0.7) (1.2)	(0.1) (0.3)
				Perpetual Diversified Real Return	Australian CPI	10.9	5.8	5.7	5.5	5.0	6.4	9.8	4.1	4.1	3.8	3.4	4.6
				Perpetual W Diversified Income	Bloomberg AusBond Bank Bill Index	5.9	3.3	3.3	3.6	3.5	4.3	5.9	2.8	2.3	2.4	1.9	2.1
	Credit and Fixed	income		Perpetual Active Fixed Interest Perpetual Pure Credit Alpha - Class W Perpetual Wholesale Dynamic Fixed Income Perpetual High Grade Floating Rate - Class R Perpetual Credit Income Trust (ASX:PCI)2	Bloomberg AusBond Composite Index 0.8 RBA Cash Rate Index 8.3 Blended Bloomberg AusBond Bank Bill and Bloomberg Au 4.1 Bloomberg AusBond Bank Bill Index 2.4 RBA Cash Rate Index 8.3		2.2 3.7 3.0 2.0 4.1	4.7 3.8 3.7 2.3	3.8 4.6 3.6 2.6	4.6 4.6 3.7 2.7	5.7 4.7 3.5	1.7 8.1 4.5 2.3 8.1	0.6 3.3 1.9 1.5 3.7	0.5 3.0 1.1 1.4	0.7 3.5 1.4 1.3	0.5 3.2 0.8 1.1	0.8 1.1 1.3
				Perpetual Ethical SRI Credit Fund - Class A	Bloomberg AusBond Bank Bill Index	5.7	3.0	3.0				5.7	2.5	2.1

Source: Perpetual, RBC and FactSet as at 30 June 2021. 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. 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 (including management fees) and assuming reinvestment of dividends and/or distributions on the ex date 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. Inception date for both Trillium Funds is 4 August 2020 and therefore one year or longer performance data not yet available

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39

Definitions

Change in UPAT[1]

• Revised definition of UPAT to reflect the changes to the Group’s operating cashflows from both existing and future opportunities

• From FY21, NPAT will be adjusted for four types of significant items:

Dividend settings

• The Board's current policy is that from FY21 future dividends will be paid on the revised UPAT metric

• The range on which future dividends are expected to be paid is 60-90% of UPAT

• those that are material in nature and in Perpetual’s view do not reflect normal operating activities;

• non-cash tax-effected amortisation of acquired intangibles;

• tax-effected unrealised gains/losses on financial asset[2] ; and

• accrued incentive compensation liability.

Adjusting items will be clearly defined, consistently applied and disclosed in accordance with ASIC Regulatory Guide 230 – Disclosing “non-IFRS financial information”

Additional information can be found in the Appendix A & B of the Full Year 2021 Operating and Financial Review

1. UPAT is attributable to shareholders of Perpetual. UPAT is not subject to audit by the Group’s external auditors, however the adjustments (actual and proposed) will be extracted from the books and records that will be subject to audit 2. Excludes unrealised gains/losses on financial assets held as a hedge to the investing in Products Scheme

40

Definitions

Term	Definition
$A/AUD	Australian Dollar
FY19	Full Year ended 30 June 2019
FY20	Full Year ended 30 June 2020
FY21	Full Year ended 30 June 2021
ABN	Australian Business Number
ADI	Authorised Deposit –Taking institution
ANZ	Australia and New Zealand
ASX	Australian Securities Exchange
AUM	Assets under management
B	Billion
CEO	Chief Executive Officer
CFO	Chief Financial Officer
Cps	Cents per share
DPS	Dividend per share
DRP	Dividend Reinvestment Plan
EBIT	Earnings before interest and tax

Term Definition EBITDA Earnings before interest, tax, depreciation and amortisation of intangible assets, equity remuneration expense, and significant items EPS Earnings per share ESG Environmental, Social and Governance FUA Funds Under Advice/Administration Group Perpetual Limited and its controlled entities (the consolidated entity) and the consolidated entity’s interests in associates HNW High net worth M Million NPBT Net profit before tax NPAT Net profit after tax NTA Net tangible asset NPS Net Promoter Score OFR Operating and Financial Review PAMA Perpetual Asset Management Australia PAMI Perpetual Asset Management International	Term Definition
	PCT Perpetual Corporate Trust
	PP Perpetual Private
	RMBS Residential mortgage-backed securities
	RBA Reserve Bank of Australia
	RMF Risk Management Framework
	ROE Return on Investment
	RSE Registrable Superannuation Entity
	SREIT Singapore real estate investment trust
	UCITS Undertakings for the Collective Investments in Transferrable Securities
	UK United Kingdom
	UPAT Underlying profit after tax
	UPBT Underlying profit before tax
	US United States
	USD US Dollars
	YoY Year on Year

41

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 19 August 2021. It is in summary form and is not necessarily complete. It should be read together with the company’s consolidated financial statements lodged with the ASX on 19 August 2021. The information in this presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account your financial objectives, situation or needs. Investors should obtain their own professional advice in connection with any investment decision.

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

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

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

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

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

Certain figures may be subject to rounding differences.

Note: 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.

Disclosure: Real Leaders “Top Impact Companies” Award 2021 The Real Leaders “Top Impact Companies” award is not indicative of the future performance of Trillium Asset Management. Past performance is not a guarantee of future results. The Real Leaders Impact Awards rank nominated companies based on their Force for Good score, 3-year x revenue x growth. Trillium ranked #57 of 150 companies. Real Leaders reviewed applications from over 1,000 companies. The Real Leaders Impact Awards require applicants to pay a fee for submitting their application. Trillium paid a required application fee of $75 to Real Leaders.

Disclosure: The CFI.co Best ESG Investment Integration Award is not indicative of the future performance of Trillium Asset Management. Past performance is not a guarantee of future results. Companies were nominated based on a wide variety of criteria including, but not limited to, recognition of the relevance for investors of environmental, social and governance (ESG) factors, global view acknowledging the full spectrum of risks and opportunities, alignment of financial performance and wider impact, and ethical business behaviour. CFI.co reviewed 1,859 independent nominations for asset managers in the US for this award. Trillium did not pay a fee for consideration or nomination for this award.

Disclosure: This output should be read in conjunction with, and is subject to, Mercer Insight MPA™:Important notices and Third party data attributions. See www.mercerinsight.com/importantnotices.aspx for details. © 2021 Mercer LLC. All rights reserved.

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Key dates for the remainder of 2021

Payment of FY21 Final Dividend - Friday 24 September 2021 Perpetual Annual General Meeting - Thursday 21 October 2021 Perpetual Investor Day - Wednesday 10 November 2021

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This timetable is indicative only and may be subject to change. Perpetual reserves the right to amend any of these dates and times without notice, subject to the Corporations Act, the ASX Listing Rules and other appropriate laws

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