Perpetual Trustees Australia Limited ( Perpetual )

Perpetual: Key messages Australian financial services company participating actively in wealth management and securitisation The Australian wealth management and securitisation markets have strong fundamentals Well positioned to compete Currently implementing its growth strategy An attractive investment for exposure in the Australian wealth management industry 1

Perpetual is an ASX 100 company and largest independent wealth manager in Australia Top performing manager in Australian equities ~$26 billion FUM as at May 2005 Market capitalisation ~$2 billion and approximately 850 employees Trading revenues have nearly tripled from ~A$100 million at June 1997 to ~A$300 million at June 2005 2

Perpetual actively participates in two industries Asset Management Responsible for producing investment returns Wealth Management Responsible for creating a suite of wealth management products, providing the marketing, sales and sales support, technology solutions and customer service for these products as well as financial planning advice Corporate Trust Australia s pre-eminent provider of trust and administration services to corporates and institutions Perpetual Investments One of Australia s most highly regarded investment managers offering products and services for retail, masterfund and institutional investors PI Investment Management Limited Global equities investment managers who offer products and services for the global institutional markets and for retail and institutional markets in Australia Private Clients Manages financial assets for over 5,000 private clients, estates, trusts and philanthropic foundations Debt Markets Provides securitisation and corporate and structured finance services to the debt capital market Fund Services Provides responsible entity, property and venture capital services to the funds management market 3

In Wealth Management we focus on the value-add ends of the value chain Our focus Asset managers who can continue to add alpha will be able to differentiate themselves from competitors and charge a premium Consolidated reporting by administrators likely to become commoditised as product differentiation is more difficult Advisers can craft value proposition around provision of tailored financial advice 4

Our Corporate Trust business provides services between corporates and investors Investor Protection Originators of Capital Markets Activity Banks Compliance Culture Investors and Stakeholders Institutional Investors Non-bank Financial Institutions Corporates Fund Managers Fiduciary Services Administrative Services Retail Debenture Holders Fund Unitholders Industry Regulators 5

Perpetual Trustees: Key messages An Australian financial services company participating actively in wealth management and securitisation The Australian wealth management and securitisation markets have strong fundamentals Well positioned to compete Currently implementing its growth strategy An attractive investment for exposure in the Australian wealth management industry 6

Strong growth is expected in pre and post Australian retirement assets 3,000 2,500 2,000 1,500 1,000 500 Australian Managed Fund Market Overview Total Superannuation Funds by Year $ Billion 0 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 Pre retirement assets Post retirement assets Australian managed fund industry totals $720b with historical annual growth of 9.2% Superannuation assets make up 80% of total market of which 46% invested in Australian equities Annual growth projections of 10% despite ageing demographic Pre-retirement super assets continue to dominate the market over the next 10 years, after which post retirement assets begin to gain momentum 7 Source: Trowbridge Deloitte Super Model, CSFB Market Overview (Mar 2004), Assirt

The Australian securitisation market has good underlying fundamentals Outstanding Securitisation ($B) $200B Supply is increasing 150 100 50 Other ABS RMBS Currently only ~25% of Australia s residential loans are securitised (as opposed to ~60% in the US), and Non-bank financial institutions, the largest users of securitised funding (~65% of loans issued), are gaining market share in residential lending To meet the increasing demand Offshore demand for Australian backed residential mortgages has more than tripled in the last 4 years 0 96 97 98 99 00 01 02 03 04 8 RMBS: ABS: Source: Residential Mortgage-Back Securitisation Asset-Backed Securitisation Reserve Bank of Australia, Table D19 (years ending 30-September)

The Australian Equities team delivers consistent outstanding performance Variance to benchmark 10.0% Excess over benchmark (pre-fees) (3 Year Rolling Excess Performance) 8.0 6.0 Australian Share Fund Performance 4.0 2.0 1st Quartile Performers- Mercers Universe 0.0 Jan 03 Apr 03 Jul 03 Oct 03 Jan 04 Apr 04 Jul 04 Oct 04 Dec 04 10

Performance well recognised by the market Morningstar Awards Fund Manager of the Year 2004 Australian Equities Fund Manager of the Year 2004 Australian Multi-Sector Fund Manager of the Year 2004 Personal Investor Magazine Awards Money Magazine Best of the Best 2004 Awards Australian Fund Managers Awards Fund Manager of the Year 2004 Australian Share Fund of the Year 2004 Best Rated Australian Equities Fund Best Growth Fund Best Rated Balanced Fund Golden Bull Award for Fund Manager of the Year 2004 Australian Equity Fund Manager of the Year 2004 Standard and Poors Money Management / ASSIRT Awards Best rated Australian Equities Fund Best rated Balanced-Dynamic Fund Fund Manager of the Year 2004 Australian Equities Fund Manager of the Year 2004 InvestorWeb Research 2004 Six Star Award for Perpetual Investments Mortgage Funds 11

Funds under management continues to grow strongly FUM ($B) 30 25 20 15 15.6 19.4 17.4 21.7 26.0 Institutional Retail 11.6 10 Masterfund 5 0 Jun 00 Jun 01 Jun 02 Jun 03 Jun 04 Dec 04 12

Our leading position (~60% share) in the corporate trust market supports strong growth in balances Funds Under Administration ($B) 150 112.4 124.1 100 87.1 50 42.2 52.3 28.0 0 Jun 00 Jun 01 Jun 02 Jun 03 Jun 04 Dec 04 13

Perpetual s strategy Focus on our 4 sources of competitive advantage I. Develop a more balanced portfolio II. Develop new growth engines III. Fully engage our people to deliver our strategy 15

Implementation: Developing a more balanced portfolio and new growth engines Expanded our asset management footprint Global equities Credit Opened global equities business in Ireland Initial flows into credit income and credit enhanced cash products Launched property income and capital protected products Single brand and consolidated operations for our advice business Perpetual Private Clients 16

Expanding our asset management footprint Skill set High breadth Low breadth Domestic Stock Picking Broad Styles Small Caps Hedge Funds Private Equity Mortgage Lending Mortgages Mezz Debt LPT Stock Picking Global Domestic Infrastructure Investing Infra-structure Quantitative Investing Global Domestic Hedge Funds Currency/ TAA Credit Investing Global Domestic Hybrids Global Stock Picking Broad Styles Hedge Funds Emerging Markets Global Thematic Hedge Funds Broad Direct Property Investing Duration Management Additions in the past year Direct Property Vanilla Bonds Skills we currently possess 17

Perpetual has created its own global equities business Business strategy includes: Manufacture a focused range of global equities products Distribution of these products to: Retail and institutional investors in Australia Institutional investors outside of Australia Perpetual Trustees Australia Ltd. Global clients Australian clients PI Investment Management Ltd. (PIIML) Global equity manufacturer Institutional market sales Perpetual Global equity product packager Institutional & retail market sales 18

Key points: Global equities business Perpetual is entering the very large global equities market Outstanding investment team that has worked together for over 10 years Philosophy and culture a perfect match with Perpetual Very experienced sales capability in the UK Very long term incentives aligned to growth Business up an running since March 2005 Favourable ratings from asset consultants Encouraging business pipeline (Irish Life and vaneyk Blueprint) 19

2005 Implementation: Fully engage our people to deliver our strategy New remuneration policy Single premises Leadership team in place Long term incentives in place to retain key members of our asset management team 20

Five year performance is consistently strong Performance measures 2000 2001 (4) 2002 (4) 2003 (4) 2004 Growth Rate (1) EBITDA ($m) 71.4 82.0 100.7 113.6 143.6 19.1% Operating profit after tax (OPAT) excluding realised gains on investment sales (2) ($m) 30.7 40.7 58.7 68.2 88.2 30.2% Earnings per share (cents) 110.1 147.4 199.9 207.1 237.8 21.2% Return on average shareholders equity - OPAT (%) 17.4 18.9 23.9 25.1 29.3 Dividend paid, declared or provided for (3) (cents/share) 65 85 160 180 200 1. Compound annual growth rate 2. Profit from trading excludes investment income and realised gains on investment sales 3. Includes special dividends paid or provided for. For 2004, the special of 200 cents per share announced as part of the capital management policy has been excluded 4. Adjusted to reflect revenue reclassification effective in 2004 22

A new dividend policy in place Starting point Strong cash generation Low capital expenditure Substantial franking credits Dividend policy Ordinary dividends of 90% of NPAT before goodwill amortisation and gains / losses on investments, fully franked High dividend pay-out 23

Why Perpetual? Independent wealth manager Fund Manager of the Year four out of the last five years Recognised top performer in Australian equities One of Australia s largest wealth management pure plays Global option recently initiated 24