2007 Interim ResultsInvestor Presentation 20 February 2007

2

Today

Six months in review

Business Performance

Financial Performance

2007 outlook

3

Six months in reviewCEO, Mr Ron Dewhurst

4

Delivering on our promises

• Cash earnings up 33% on pcp to $27.1m

• Operating efficiency ratio of 61%, 4% improvement on pcp

• Solid growth in FUMA, up 8%* over first six months

• 25% increase in interim dividend to 15 cents per share

• Acquisition of PIPL minorities

• Launch of Pursuit range of platform offerings

* In calculating growth rates, IOOF FUMA of $30.8bn is normalised for the non-recurring rationalisation of $487m of legacy products. As a result, IOOF normalised Dec 2006 FUMA would equate to $31.3bn. Growth rates are for the six month period

5

Strong growth across financial metrics

Note: Cash earnings is equivalent to Earnings before tax, depreciation and amortisation. EPS represents basic earnings per share* Excludes consolidation of benefit funds.

4%65%61%Operating efficiency*

25%12.015.0DPS (cents)

37%16.122.1EPS (cents)

38%$10.2m$14.1mNPAT (post minorities)

33%$20.4m$27.1mCash earnings*

Change (%)H1 2006H1 2007

4%65%61%Operating efficiency*

25%12.015.0DPS (cents)

37%16.122.1EPS (cents)

38%$10.2m$14.1mNPAT (post minorities)

33%$20.4m$27.1mCash earnings*

Change (%)H1 2006H1 2007

6

Progress since 2004

2004/05

Setting the foundations

2005/06

Transitionary year

2006/07

Building momentum

IOOF’s brand ‘DNA’

Developing and engaging talent

Establish Perennial Real Estate Investments

Development of Consultum value proposition

Reinvigorate product range

Acquisition of PIPL minorities

Launch of ‘Pursuit’ platform

Establishment of Perennial Retail business model

More closely aligning IOOF’s business offerings to stakeholder needs

Positioned for the next ‘wave’ of growth

7

Accountability and focus

Asset Management

Perennial •Value•Growth•Real Estate•Fixed Interest•International•Asia

Advisers Services

Platforms•Pursuit•Strategic alliances•Employer Sponsored Super•Multi-Investment Manager

Dealer Group Services•Consultum Financial Advisers•Strategic Alliances

Create, package and market investment performance

Understanding advisers’ needs

Making ‘Service First’

Creating greater accountability and focus

8

Business PerformanceCEO, Mr Ron Dewhurst

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Normalised growth rate of 8% for the 6 months period

Sustained FUMA growth

FUMA ($bn)8%

W/Sale FUM

Retail FUMA

$3.2b

$8.8b $10.5b $12.1b

$5.4b

$10.3b

$3.9b$14.1b$13.5b

$16.7b$15.4b

$11.8b

$15.9b

$22.4b

Jun-2002 Jun-2003 Jun-2004 Jun-2005 Jun-2006 Dec-2006

Wholesale FUM

Retail FUMA

$29.0b$30.8b*

* In calculating growth rates, IOOF FUMA of $30.8bn is normalised for the non-recurring rationalisation of $487m of legacy products. As a result, IOOF normalised Dec 2006 FUMA would equate to $31.3bn. Growth rates are for the six month period

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$12.2b

$15.4b$16.7b

Dec-2005 Jun-2006 Dec-2006

$6.7b $7.1b $7.1b

$0.1b $0.5b

$7.0b$6.4b

$6.3b

Dec-2005 Jun-2006 Dec-2006

Retail FUM Rationalised Retail FUA

Growth across retail and wholesale

Retail FUMA Wholesale FUM

* Growth rates are normalised to exclude the impact of legacy product rationalisation

26%

8%

5%*7%*

IOOF retail business insulates the Group from wholesale volatility

11

Understanding advisers’ needs

Adviser Services

• Launch of Pursuit range

• Core

• Select

• New distribution alliances through Consultum

• Austral

• ITCRA Super fund

• Product rationalisation

Business now streamlined and accountable

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Retail FUMA growth

Improvement in net flows emerging

• After 2 months Pursuit flows exceeding expectations

• Continued strength of IOOF / Perennial range• Currently being restructured as a result of Perennial

acquisition

• Rationalisation of legacy products improving the transparency of netflow performance

Simplifying the past, focusing on the future

$13.5b$14.1b

$0.95b($0.49b)$0.09b$0.03b

Jun-2006 FUA net FUM net Legacy* MarketGrowth

Dec-2006

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(32.5)

146.4

(49.5)

218.5

(116.6)

(51.3)AM legacy products

Investment Bonds

IOOF / Perennial Trusts

Multi investment mgr

Retail AM FUA

IPS & ESS FUA

Retail net flows

Flagship products continue to deliver

Reduction in outflows from rationalisation of products with limited economic value. Some legacy products remain as a result of their higher margin

Developing improved alignment to IOOF’s administration offerings

Ad

min

Man

agem

ent

Managing products along ‘value’ and ‘growth’ strategies

Yet to benefit from Pursuit market impact

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Perennial Investment Partners

Highlights

• Market favours growth style investing• Perennial Growth top quartile over 3 years

• Promising performance from Real Estate

• Acquisition of equity from asset management subsidiaries• Value – 3%

• Fixed Interest – 4.5%

• Total value of approx. $9m

Note:Source: Mercer Survey as at 31 December 2006. *Performance figures represent per annum investment returns; # Based on 30 September data (not to scale)

Excess return over median 3 year investment

performance*

0.1%

(1.9%)

2.0%

(1.2%)

(6.3%)Asia#

International

Growth

FixedInterest

Value

Quartile

4

2

1

4

4

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Benefits of capability diversification

Wholesale FUM Growth

Reinforces the ‘client concentration’ of wholesale asset management

$15.4b$16.7b

$1,752m$1,419m

$11m$273m($337m)

($1,861m)

Jun-2006 Value FixedInterest

Growth Int'l / Asia Real Estate MarketGrowth

Dec-2006

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Financial PerformanceCFO, Mr Mark Blackburn

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Overview

Note: EPS represents basic earnings per share * Excludes consolidation of benefit funds; ** Post outside equity interests

25%12.015.0DPS (cents)

37%16.122.1EPS (cents)

8%13.138%10.214.1Reported NPAT**

25%13.161%10.216.4Normalised NPAT**

13%24.033%20.427.1Cash earnings*

9%56.318%52.261.5Gross margin*

Change (%)H2 2006

Change (%)H1 2006H1 2007A$m

25%12.015.0DPS (cents)

37%16.122.1EPS (cents)

8%13.138%10.214.1Reported NPAT**

25%13.161%10.216.4Normalised NPAT**

13%24.033%20.427.1Cash earnings*

9%56.318%52.261.5Gross margin*

Change (%)H2 2006

Change (%)H1 2006H1 2007A$m

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Cash earnings

Continued earnings momentum

Note: Cash earnings from 2005 and beyond reflect AIFRS standards excluding the impact of Benefit fund consolidation

$8.5m$10.3m

$27.1m

$24.0m

$20.4m

$18.6m

$13.1m

H1 2004 H2 2004 H1 2005 H2 2005 H1 2006 H2 2006 H1 2007

Cash earnings (AGAAP)

Cash earnings (IFRS)

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Cash earnings (cont…)

Note: Excludes the impact of Benefit fund consolidation

13%24.033%20.427.1Cash earnings

5%(41.1)12%(38.7)(43.2)Operating expenses

-1%3.812%3.43.7Share of net profits from PVM

0%5.042%3.55.0Non operating income

9%56.318%52.261.5Gross margin

Change (%)

H2 2006

Change (%)

H1 2006

H1 2007A$m

13%24.033%20.427.1Cash earnings

5%(41.1)12%(38.7)(43.2)Operating expenses

-1%3.812%3.43.7Share of net profits from PVM

0%5.042%3.55.0Non operating income

9%56.318%52.261.5Gross margin

Change (%)

H2 2006

Change (%)

H1 2006

H1 2007A$m

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Operating expenditure

Note: Excludes the impact of Benefit fund consolidation

$2.3 $2.6

$4.8

$1.8$2.1 $2.1

$5.0

$2.3$2.1 $2.3 $2.8

$5.1

$2.7

$25.4

$24.6

$1.4

$23.0

$2.5

Salaries Marketing Occupancy Computer Professional fees Office admin

H1 2007 H2 2006 H1 2006

A$m

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Operating efficiency

Cash operating expenses to Gross Profit

Note:Gross Profit is inclusive of other operating income and the Group’s share of PVM.IFRS ratios exclude the impact of the benefit funds

96%

80%

68%

61%64% 64% 65% 63%

2003 2004 2005 2006 Dec-06 2007 (prePIPL acq)

2007e 2007 (incl.PVM)

Operating eff iciency (IFRS)

Operating eff iciency (AGAAP)

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Balance sheet

• Includes impact of PIPL acquisition

• Reduction in cash - $68.1m

• Increase debt - $22.5m

• Increased goodwill - $102.9m

• Increased deferred liability - $36.0m

• Investment subsidiary acquisitions

• Expected to be approx. $9m

Note:Corporate balance sheet excludes benefit fund consolidation and Executive Performance Share Plan Trust which accounts for the $6.5m variance relative to Statutory accounts.

189,022191,750198,238Equity

(1,396,388)(1,477,067)(115,940)Total Liabilities

(93,652)(146,113)(115,940)Other liabilities

(1,302,736)(1,330,954)0Member liabilities

1,585,4101,668,817314,178Total Assets

76,658178,950178,950Intangible Assets

1,508,7521,489,867135,228Tangible Assets

AIFRS Jun 2006

AIFRS Dec 2006

Corporate Dec 2006$000's

189,022191,750198,238Equity

(1,396,388)(1,477,067)(115,940)Total Liabilities

(93,652)(146,113)(115,940)Other liabilities

(1,302,736)(1,330,954)0Member liabilities

1,585,4101,668,817314,178Total Assets

76,658178,950178,950Intangible Assets

1,508,7521,489,867135,228Tangible Assets

AIFRS Jun 2006

AIFRS Dec 2006

Corporate Dec 2006$000's

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2007 OutlookCEO, Mr Ron Dewhurst

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Commitment to strategic cornerstones

Sources of competitive advantage

2007 will be focused on leveraging these areas into a competitive advantage

Best of breed asset management

Product innovationCommitment to relationships

Asset Management Perennial

Perennial Real Estate

PIPL acquisition

Adviser Services Platforms

Pursuit – IOOF’s flagship for continued innovation

Development of holistic adviser value proposition

Advisers Services Dealer Group Services

Consultum Financial Advisers

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Financial Outlook – H2 2007

Funds under Management and Admin.• Retail – Improvement in net sales on pcp

• Wholesale – Continued funds flows into Real Estate and Growth

FY07 earnings

• Impacted by Perennial Value consolidation

• On track to meet full year earnings forecast

• 15% growth in earnings

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Questions?

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Disclaimer

Issued by IOOF Holdings Ltd ABN 49 100 103 722. The information contained in this presentation is given in good faith and has been prepared from information believed to be accurate and reliable. The information presented does not take into account your individual financial circumstances and it is not designed to be a substitute for specific financial or investment advice or recommendations and should not be relied upon as such. You should consider talking to your financial adviser before making an investment decision. So far as the law allows, IOOF excludes all liability for any loss or damage whether direct, indirect or consequential.

Whole numbers have been rounded for presentation purposes. However, percentages have been calculated on numbers prior to rounding.

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Appendix ADetailed Financial Statement

Note:Based on IFRS accounting standards. Excludes impact of Benefit fund consolidation

6 months ending June 2007 H1 2007 H1 2006 %

Management fees & Commission revenue 126.9 104.9

Commissions and other direct expenses (65.4) (52.7)

Gross margin 61.5 52.2

Non operating income 5.0 3.5

Share of Net profits from PVM 3.7 3.4

Operating Expenses (43.2) (38.7)

Cash earnings 27.1 20.4 33%

Depreciation and amortisation of assets (1.4) (1.2)Amortisation of DAC (1.8) (2.8)Executive shareplan (2.1) (1.2)Profit before tax and non-recurring 21.8 15.2 43%

Non-recurring costs (2.1) 0.0Profit before tax 19.7 15.2 30%

Income tax (3.5) (3.7)NPAT 16.3 11.5 41%

OEI (2.2) (1.3)NPAT attributable to shareholders 14.1 10.2 38%

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Appendix BStatutory Accounts reconciliation

* Adjustments consists of de-consolidating entries

6 months ending June 2007Statutory

financialsBenefit

funds Adjustment*

Corporate financials

Management fees & Commission revenue 133.5 (7.0) 0.4 126.9

Commissions and other direct expenses (146.8) 81.6 (0.3) (65.4)

Gross margin (13.3) 74.7 0.1 61.5

Non operating income 98.3 (95.1) 1.8 5.0

Share of Net profits from PVM 3.7 0.0 0.0 3.7

Operating Expenses (43.5) 0.3 (0.1) (43.2)

Cash earnings 45.3 (20.1) 1.9 27.1

Depreciation and amortisation of assets (1.4) 0.0 0.0 (1.4)Amortisation of DAC (1.8) 0.0 0.0 (1.8)Executive shareplan (2.1) 0.0 0.0 (2.1)Profit before tax and non-recurring 40.0 (20.1) 1.9 21.8

Non-recurring costs (2.1) 0.0 0.0 (2.1)Profit before tax 37.9 (20.1) 1.9 19.7

Income tax (21.7) 18.2 0.0 (3.5)NPAT 16.3 (1.9) 1.9 16.3

OEI (2.2) 0.0 0.0 (2.2)NPAT attributable to shareholders 14.1 (1.9) 1.9 14.1