TRANSFORMATION 2015TRANSFORMATION 2015Presented by

Geoff Lloyd CEO and Managing Director Roger Burrows Chief Financial Officer

25 June 2012

Perpetual Limited ABN 86 000 431 827

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IMPORTANT INFORMATION

The information in this presentation is general background information about the Perpetual Group and its activities current as at 25 June2012. It is in summary form and is not necessarily complete. The information in this presentation is not intended to be relied upon as advice0 s su a y o a d s o ecessa y co p e e e o a o s p ese a o s o e ded o be e ed upo as ad ceto investors or potential investors and does not take into account your financial objectives, situation or needs. Investors should consult withtheir own legal, tax, business and/or financial advisors in connection with any investment decision.

No representation or warranty is made as to the accuracy, adequacy or reliability of any statements, estimates, opinions or other informationcontained in the presentation (any of which may change without notice). To the maximum extent permitted by law, the Perpetual Group, itsdirectors, officers, employees, agents and contractors and any other person disclaim all liability and responsibility (including without limitationany liability arising from fault or negligence) for any direct or indirect loss or damage which may be suffered through use or reliance onanything contained in or omitted from this presentation. This presentation contains forward looking statements. These forward lookingstatements should not be relied upon as a representation or warranty express or implied as to future matters Prospective financialstatements should not be relied upon as a representation or warranty, express or implied, as to future matters. Prospective financialinformation has been based on current expectations about future events and is, however, subject to risks, uncertainties, contingencies andassumptions that could cause actual results to differ materially from the expectations described in such prospective financial information.

All references to dollars, cents or $ in this presentation are to Australian currency, unless otherwise stated. All references to Statutory NPAT,UPAT etc. are in relation to Perpetual Limited ordinary shareholders.

Note:1H12A refers to the financial reporting period for the six months ended 31 December 20112H12G refers to guidance for the financial reporting period for the six months ending 30 June 20122H12G refers to guidance for the financial reporting period for the six months ending 30 June 2012FY12G refers to guidance for the financial reporting period for the 12 months ending 30 June 20121H13G refers to guidance for the financial reporting period for the six months ending 31 December 2012, with similar abbreviations for

guidance in future periods

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TRANSFORMATION 2015

• Competitive businesses

• One Perpetual

• Client & expertise focused

• Distribution excellence

• Repeatable models

• Selective acquisitions• Leaner• More productive

•With partners

q• Simpler

• Less duplication

• Fewer businesses

~$50M PRE-TAX COST REDUCTION IN FY15

~300 FTE REDUCTION AND FURTHER ~280 FROM PLMS

WE ARE ANNOUNCING THE DECISION TO EXIT AND ARE WELL-ADVANCED IN SALE PROCESS FOR PERPETUAL LENDERS MORTGAGE SERVICES (PLMS)

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WHAT WE’VE DONE IN THE LAST TWELVE MONTHS

• Sold non-core businesses: smartsuper and 3rd party CT registry

• Appointed Wellington Management and closed Dublin

• Commenced process to outsource IT and progressing with process to outsource Perpetual Private platform (ICE^)

• Created a more focused, high capability distribution team

• Delivering on extension growth initiatives (e.g. alternatives)

4 ^ICE – Improving the Client Experience

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WE HAVE BECOME UNNECESSARILY COMPLICATED

• 11 distinct businesses including non core businesses (e g PLMS)• 11 distinct businesses including non-core businesses (e.g. PLMS)

• Multiple investment teams with overlapping accountabilities across Perpetual Investments and Perpetual PrivatePerpetual Investments and Perpetual Private

• >400 inter-funding structures and registered schemes

• >3,000 IT applications, >300 servers

• Significant amounts of duplication (e g Finance Risk HR)Significant amounts of duplication (e.g. Finance, Risk, HR)

• Expansion of non-core capabilities (e.g. IT development, marketing production), products (e.g. quant, direct property), geographiesproduction), products (e.g. quant, direct property), geographies (e.g. Dublin), and services (e.g. smartsuper)

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OUR FUTURE

AUSTRALIA’S LARGEST INDEPENDENT

ONE PERPETUAL

WEALTH MANAGER OF CHOICE

SPECIALISED ASSET MANAGEMENT

PERSONAL ADVISORY TO

TARGETED HIGH NET WORTH SEGMENTS

REFOCUSED CORPORATE FIDUCIARY SERVICES

FOUNDATIONS

WORTH SEGMENTS SERVICES

• Heritage of 125 years • Leading client advocacy• Heritage of 125 years• Perpetual brand• Independence

• Leading client advocacy• Proven investment process• Depth of money management

talent• Fiduciary culture – client focus• Multi-generational clients

talent• Leading long-term investment

performance

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LARGE INDEPENDENT BOUTIQUE

INDEPENDENCE ADVICE ADVOCACY INVESTMENT INDEPENDENCE ADVICE, ADVOCACY AND SCALE

INVESTMENT PERFORMANCE AND SCALE

NOT A BANK NOT A LIFE 30% NET PROMOTER LEADING PERFORMANCE

MAJOR ACTIVETOTAL

FUNDS UNDERHIGH NETAPPROX.

FUNDS UNDER

NOT A BANK, NOT A LIFE COMPANY

+30% NET PROMOTER SCORESM (1)

LEADING PERFORMANCE JUDGED BY ADVISERS (2)

BlackRock 38PIMCO 28Schroders 25

MAJOR ACTIVE ASSET MANAGER (3)

FUNDS UNDER MANAGEMENT ($B)

Morgan Stanley >10JBWere >10RBS Morgans 5 10

HIGH NET WORTH ADVISER

FUNDS UNDER ADVICE ($B)

+ + Schroders 25Perpetual 23BNY Mellon 23Tyndall 22Perennial 20A t 17

RBS Morgans 5-10Perpetual 5-10Shadforths 5-10Macquarie 5-10Ord Minnett 5-10WHK 5

+ +

Antares 17AllianceBernstein 17

WHK <5UBS <5

7(1) For adviser HNW clients; Net Promoter is a

registered service mark of Bain & CompanySource: Rainmaker (31 Dec 2011; self-reported); Perpetual

(2) Best overall performance in Australian equities as rated by surveyed advisers on a 5-point scale

(3) Excludes domestic banks & predominantly passive managers (Australian managed assets)Source: Wealth Insights (2011); Rainmaker (Sep 2011)

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TRANSFORMATION 2015

• Competitive businesses

• One Perpetual

• Client & expertise focused

Co pe e bus esses

• Distribution excellence

• Repeatable modelsClient & expertise focused

• More productive

•With partners

• Selective acquisitions• Leaner

• Simpler

• Less duplicationLess duplication

• Fewer businesses

REPOSITIONING COST BASE AND FOCUS TO GROW PROFITABLY IN A CHANGING MARKET

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TRANSFORMATION 2015 ACTION PLANOUTCOMES 2H131H13 FY14

Reduce central cost (HR, Finance Risk Marketing)

Improve adviser productivity in PP

Reduce property footprint (stage 2)Finance, Risk, Marketing)

Simplify structure, fewer managers and wider spans

Introduce new leadership team and transformation office

in PP Reduce property footprint

(stage 1) Simplify core processes (for

example group functions)

(stage 2) Simplify investment

middle/back office Reduce entities and inter-

funding structuresand transformation office Sell PLMS

example group functions) funding structures

Outsource IT infrastructure and applications (stage 1)

Sign IT outsourcing agreement

Simplify IT applications and outsourcing (stages 2 and 3)and applications (stage 1)

Outsource PP platform (ICE)

Refocus PI distribution

agreement Realign advice model with

more efficient support (PP) Consolidate PI/PP investment

teams (>$30B FUMA)

outsourcing (stages 2 and 3) Introduce tiered advice and

service model in PP

teams (>$30B FUMA)

Continue execution of growth extensions (e.g. native title life risk pure

Define transformational growth initiatives in PI/PP

Тransformational growth initiatives underway (2014+)

native title, life risk, pure equity alpha, and Wellington Management)

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FUMA – Funds under management and advicePP – Perpetual PrivatePI – Perpetual InvestmentsCT – Corporate Trust

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SIGNIFICANT TRANSFORMATION BENEFITS

IMPACT ON NORMALISED FY12G COST BASE

Corporatesupport

$275-282MApprox. %reduction

Approx. %reduction

Forecast normalised FY12G $275-282M

Operations(core)

Managementsupport

Operations (non-core)

28-30%28-30%Forecast normalised FY12G cost base (excl. PLMS)

$275 282M

Forecast Transformation t t d ti

~$50M

Sales

Commercialsupport

( )

10-12%10-12%

pre-tax cost reduction

% reduction in normalised FY12 cost base

~18%

Support/strategyCore businessManufacturing

FY12 cost base

ANNUALISED PRE-TAX RUN-RATE COST REDUCTION AT PERIOD END:

1H13G 2H13G 2H14G1H14G

$7-10M $25-27M $50M$42-45M

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SMALLER LEADERSHIP TEAM

CEO & Managing DirectorGeoff Lloyd

GM Marketing and CommunicationsVi t i TGeoff Lloyd

GE P t l I t t GE T f ti Offi

Victoria Turner

GE Perpetual InvestmentsNew appointment (process started)Richard Brandweiner (acting)

GE Transformation OfficeGillian Larkins (starting Oct)Angus Benbow (acting)

Chief Financial OfficerRoger Burrows

GE Perpetual PrivateMark Smith (starting December)Nick Langton (acting)

GE People and CultureRebecca Nash (starting August)Paul Chasemore (acting)

GE OperationsRichard Vahtrick (until Dec)

GE Corporate TrustChris Green

11 DIRECT REPORTS DOWN TO 6 POST TRANSFORMATION

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DEDICATED TRANSFORMATION OFFICE REPORTING TO CEO

EXECUTIVE COMMITTEE

CEOOverall program leadership

Group ExecutivesGroup ExecutivesGroup Executives Group Executive

Transformation OfficeGroup Executivesp

Accountability for program delivery

Group ExecutivesGroup ExecutivesBU initiative leadsGroup ExecutivesGroup ExecutivesCross-BU initiative leads

Group ExecutivesGroup ExecutivesGovernance, tracking, coordination and support

• Perpetual Private blueprint

• Perpetual Investments ‘fit for growth’

• Operating model simplification

• Sourcing program

• Business simplification

• Design and intent

• Finance, risk and tracking

• People, culture and comms

Examples:

12 Transformation roles (will phase out over program life)

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STRONG UNDERLYING MARKET GROWTH

PERPETUAL INVESTMENTS

DESPITE HEADWINDS

MARKET CONDITIONS CONTINUED UNDERLYING MARKET CONDITIONS CONTINUED UNDERLYING MARKET GROWTH

• >200 equity funds in the market $

Assets under management

• Shift in investment risk profile and style in uncertain markets post GFC 3

$4T

Wealth mgmtGFC

• Industry consolidation across wealth value chain impacting 2

3 Wealth mgmt forecast to grow

~7-8% p.a., driven by

superannuationmargins

• Regulatory and technological changes impacting portfolio

1

superannuation

Overseas investorsTotal net assets*

changes impacting portfolio construction

0

RetailOverseas investors

Wholesale and other

13 *Net assets excludes wholesale assets double-counted in retail and unitised wholesale assetsSource: Plan for Life (2011) QDS Investment Channels Tables - Table A4; ‘The Growth Grid 2012’ (KPMG)

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INVESTMENT PERFORMANCE DRIVING INFLOWS

PERPETUAL INVESTMENTS

UNRIVALLED PERFORMANCE… …TOP QUARTILE INFLOWS

$6B

Active inflows by asset manager^

UNRIVALLED PERFORMANCE… …TOP QUARTILE INFLOWS

>90% FUM IN TOP 2 QUARTILES

$6B

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2

Perpetual a leading player, with $1.5B inflows into active strategies in 2011^

First0 20 40 60 80 100%

IndependentAligned

Perpetual

0First

quartile0

Perpetual funds performance(weighted by FUM)

20 40 60 80 100%

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^Total active asset inflows over 12 months to 31 Dec 2011, including Alternatives, Australian shares, Fixed income, Fixed rate, International shares and MortgagesNote: Mezzanine includes multi-manager and dealer group directed funds into model portfoliosSource: Mercer Quarterly Wholesale Survey (May 2012); Plan for Life; ‘The Growth Grid 2012’ (KPMG)

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OUR DIFFERENTIATED APPROACH

PERPETUAL PRIVATE

TARGET SEGMENTS BY SOURCE OF WEALTHTARGET SEGMENTS BY SOURCE OF WEALTHBUSINESSOWNERS

ESTABLISHEDWEALTHY

PROFESSIONALS

HNW investable assets (% HNW):

Growth

$150-200B(30%)

$120-170B(25%)

$100-150B(20%)

Growth (# HNW individuals): 7-8% p.a. 8-11% p.a. 7-8% p.a.

Perpetual’s focus: • Motor dealers • Pre-retirees • Medical p• Wholesalers

• Franchisors

and retirees

• Not-for-profit

R t d

specialists

• Barristers

• Represented persons

15 Source: Datamonitor (Feb 2012)

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POSITIONED TO PROVIDE THE BROADEST RANGE OF

PERPETUAL PRIVATE

ADVICE SERVICES IN MARKET

TARGET SEGMENTS BY SOURCE OF WEALTHTARGET SEGMENTS BY SOURCE OF WEALTHBUSINESSOWNERS

ESTABLISHEDWEALTHY

PROFESSIONALS

• Business planning• Tax and accounting• Succession planning

W lth d i

• Wealth advice• Gearing, tax and accounting• Insurance/cash management

• Wealth advice• Advice through lifestages• Philanthropy, fiduciary and not-

for-profit advice

Personal Advisory

Business Advisory

• Wealth advice for-profit advice• Insurance/cash management

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Fiduciary

Philanthropy

N t f fit Ad i

Grosvenor acquisitionFordham

i iti Not-for-profit Adviceacquisition

ACQUISITIONS HAVE DELIVERED INCREASED CAPABILITY AND SCALE

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REFOCUS ON CORPORATE FIDUCIARY SERVICES

CORPORATE TRUST

MARKET LEADING BUSINESS PROFITABLE AND STABLE

$300B

Spot FUA*

80%

EBITDA margin (line)• Leading market share, leading

capability and longstanding client relationships

200 60

relationships

• Annuity style revenue with low capital requirement

100 40

• Opportunities to further improve core profitability

0 20

• Growth expected in securitisation issuance

SOLD 3RD PARTY CT REGISTRY, ANNOUNCING DECISION TO SELL PLMS AND CONTINUING TO MANAGE COSTS FOR PRODUCTIVITY

17 *FUA = funds under administration at end of periodNote: EBITDA margins exclude PLMS and shared services allocations

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STRONG FOUNDATIONS FOR GROWTH

PERPETUAL INVESTMENTS

• First quartile inflows in the market (~$1.5B in 2011)• >$400M written in bespoke portfolios for PP clients• Single approach to asset allocation across the Group• Pure value equities included in PP model portfolios• ASF and DIF launched on Colonial First State FirstChoice platformp• Wellington Management relationship expanded to global fixed income• First off-shore client in global resources• Extension of 'Pure' range of benchmark independent strategies^

PERPETUAL PRIVATE

• Established native title trusts capability/mandates (~$40M committed)• New life risk business up 72% to 31 March 2012

• Extension of Pure range of benchmark independent strategies^

• Alliance partner new leads up 110% to 31 March 2012• Advice fees up 36% to 31 March 2012

C ti d l d i iti ti (t t 15 f 17 RMBSCORPORATE TRUST

• Continued leader in securitisation (trustee on 15 of 17 RMBS transactions FY12 YTD)

• Mandated on 4 of 5 covered bond programs in market to date

18 ^Pure Equity Alpha fundNote: ASF = Australian Share Fund; DIF = Diversified Income Fund; RMBS = Residential Mortgage Backed Securities

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FIX TO GROW

3 YEAR TRANSFORMATION

• Launch Transformation 2015: Simplify, Refocus, Grow• Announcing decision to sell PLMS (~280 FTEs)TRANSFORMATION

INDEPENDENT

g ( )• Repositioning cost base and focus to grow profitably in a changing market

• Trusted through generations• Independence scale capability leading client advocacy and unrivalledLARGE BOUTIQUE

$50M PRE-TAX COST • Transformation to deliver $50M pre-tax cost reduction in FY15 (18% cost-base*)

• Independence, scale, capability, leading client advocacy and unrivalled investment performance

$50M PRE TAX COST REDUCTION FY15

• $7M pre tax annualised net cost reduction from Dublin exit

• $70M investment cost on a P&L basis (~$50M cash basis)• Reduction of ~300 FTEs

PROGRESS ALREADY MADE

• $7M pre-tax annualised net cost reduction from Dublin exit• Launched Super Wrap in PP, Project ICE on track• Directors elected to reduce fees paid to non-executive board members

RIGHT TEAMTO DELIVER

• New leadership team• Establishment of dedicated Transformation Office• Experience and expertise to drive further core business growth

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*Excluding PLMSPP – Perpetual PrivatePI – Perpetual InvestmentsCT – Corporate Trust

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OPERATING ENVIRONMENT CONTINUES TO BE CHALLENGING

ALL ORDINARIESFY10 FY11 11 months to May 2012

1H10 1H11 1H122H10 2H11 5mths to 31 May 2012

ALL ORDINARIES• As at 31 May 2012

- Funds under Management

4,700

4,900

5,100g

$22.9B (1H12: $22.9B)- Funds under Advice $8.1B

(1H12: $8.1B)

4,300

4,500 - Funds under Administration $215.1B (1H12: $205.7B)

• A 1% movement in the All

3,700

3,900

4,100

Spot close (@ end of each day) All Ords 1st Half Avg All Ords

2nd Half Avg All Ords FY Avg All Ords

• A 1% movement in the All Ordinaries index changes annualised revenue by approximately $1 5 2 0M3, 00

Jul 0

9

Aug

09Se

p 09

Oct

09

Nov

09

Dec

09

Jan

10Fe

b 10

Mar

10

Apr 1

0M

ay 1

0Ju

n 10

Jul 1

0

Aug

10Se

p 10

Oct

10

Nov

10

Dec

10

Jan

11Fe

b 11

Mar

11

Apr 1

1M

ay 1

1

Jun

11Ju

l 11

Aug

11

Sep

11O

ct 1

1

Nov

11

Dec

11

Jan

12

Feb

12M

ar 1

2Ap

r 12

May

12 approximately $1.5-2.0M

Sep

09

Dec

09

Mar

10

Jun

10

Sep

10

Dec

10

Mar

11

Jun

11

Sep

11

Dec

11

Mar

11

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UPDATE ON FUNDS UNDER MANAGEMENT

• Top quartile inflows31 Mar Net Other* 31 May p q

• Improving trend in net flows

• Average FUM for 5 months

2012$B

flows$B $B

y2012$B

Institutional 6.8 0.2 (0.3) 6.7Average FUM for 5 months ended 31 May 2012 was $23.5B

I A il/M

Intermediary

Retail

11.7

5.2

(0.2)

(0.1)

(0.3)

(0.1)

11.2

5.0All channels 23.7 (0.1) (0.7) 22.9

• In April/May- ~$200M net inflow into

Institutional Cash

All channels 23.7 (0.1) (0.7) 22.9

Australian equities 16.7 (0.3) (0.7) 15.7

- ~$200M net outflow from Industrial Share Fund from the retail/intermediary channels

Global equities 1.0 - - 1.0Equities

Cash and fixed interest

17.7

4.7

(0.3)

0.2

(0.7)

0.1

16.7

5.0- ~$100M net outflow from

retail channel across various equity strategies

Other 1.3 - (0.1) 1.2All asset classes 23.7 (0.1) (0.7) 22.9

21 * Other includes reinvestments, distributions, income and change in market valueNote: In addition, the Group also manages around $100M under a Global Resources sub-advisory mandate

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UPDATE ON AUSTRALIAN EQUITIES BY STRATEGY

• Changing the mix between institutional

Retail and intermediary

Institutional Total between institutional and retail/intermediary

• Capacity for future th i FUM i

intermediary$B $B $B

Ordinaries 2.3 3.4 5.7Industrials 5.7 - 5.7 growth in FUM in core

and satellite funds

• $2.8B transfer from

Industrials 5.7 5.7Concentrated 0.9 0.8 1.7Smaller companies 0.6 0.2 0.8Oth 1 4 0 4 1 8 Concentrated to

Ordinaries strategyOther 1.4 0.4 1.8Total Australian equities

10.9 4.8 15.7

31 MAY 2012IndustrialsOrdinaries

ConcentratedInstitutional

Retail and Intermediary

30 JUNE 2011

ConcentratedSmaller CompaniesOther

Institutional

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NET OUTFLOWS SHOWING SIGNS OF IMPROVEMENT

APPLICATIONS AND REDEMPTIONS BY CHANNEL

• Net flow trend improving

REDEMPTIONS BY CHANNEL

$2B

• Retail mortgage funds closed and returning0

1

and returning capital (~$750M remain)

• Reinvigoration

-1

• Reinvigoration of sales and distribution-3

-2

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TRANSFORMATION 2015: TARGET $50M PRE-TAX $COST REDUCTION BY FY15PRE-TAX P&L IMPACT

$25M

0

-25

-50

ANNUALISED PRE-TAX RUN-RATE COST REDUCTION AT PERIOD END: $7-10M $25-27M $50M$42-45M $50M $50M

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STRONG RETURN ON INVESTMENT FROM TRANSFORMATION PROGRAM

TRANSFORMATION PRE-TAX TRANSFORMATION TRANSFORMATION PRE-TAX COST REDUCTION FY15

PRE-TAX TRANSFORMATION INVESTMENT(P&L BASIS)

TRANSFORMATION FTE REDUCTION

( )RedundancyIT assetsPropertyTransformationcosts

PerpetualPrivateproductivityOutsourcing

PerpetualPrivateproductivityOutsourcing costsOutsourcing

Lean,efficientoperatingmodel

Ou sou c gLean, efficientoperatingmodelReducedproperty

TOTAL: ~$50M TOTAL: ~$70MTOTAL: ~300

propertyfootprintOther

PLUS ~280 FROM PLMS Comprising cash investment of ~$50M and non-cash

write-down of ~$20M

25 Note: Baseline ~1,380 FTEs as at end-May 2012; ‘Outsourcing’ includes ~30 FTEs already announced as part of project ICE

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$50M PRE-TAX COST REDUCTION REPRESENTS 18% OF NORMALISED COST BASE

FY12G

Total e penses (e cl ding $305 310M

• Including $7M of net cost savings ($4M realised in FY12) from closing Dublin increases reduction

Total expenses (excluding interest expense)

$305-310M

Less PLMS expenses ($28-30M)

in normalised FY12G cost base to ~21%

• FY12G Equity Remuneration p ($ )

Forecast normalised FY12 cost base (excluding PLMS)

$275-282Mexpense is lower than usual

• Project ICE expected to add $6M before tax to FY13G cost base (as

Forecast Transformation Benefits ~$50M

% reduction in normalised FY12 ~18%

(previously announced)

• PLMS sale expected to result in ~$3M of stranded costs

cost base$

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FY12 GUIDANCE*

1H12A FY12G

$ $Underlying profit after tax (UPAT) $34.7M $63-67M

Less significant items (after tax):

Transformation 2015

Restructure costs - ($12-14M)

IT asset impairments

Other restructure costs(1)

Oth it (2)

-

($10.2M)

($1 6M)

($13-14M)

($11M)

($2M)Other items(2) ($1.6M) ($2M)

Net profit after tax (NPAT) $22.9M $22-29M

Note: Previously advised Foreign Currency Translation Reserve charge to P&L related to Dublin closure of ~$5M in 2H12 is now expected to occur in FY13

Diluted EPS (cents per share) 53.8 52-69

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*The guidance assumes no other impairments(1) Other restructure costs include Dublin closure, retail distribution and marketing(2) Includes loss on disposal and impairment of investments and gain on sale of businesses

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DIVIDEND POLICY

• Policy is to pay 80 100% of statutory NPAT on an annualised basis• Policy is to pay 80-100% of statutory NPAT on an annualised basis

• Objective to maximise the franked component of dividends(1)

• Forecast FY12 EPS on NPAT is 52 cps – 69 cps

• FY12 interim dividend of 50 cps fully franked paid 29 March 2012

• FY12 final dividend expected to be outside the policy range reflecting:

– 2H12 significant items include ~$14M of non-cash impairment/writedowns;– The strength of the balance sheet; and– The Board’s confidence in the future of the business

• FY12 final dividend unlikely to be greater than 40 cents per share• FY12 final dividend unlikely to be greater than 40 cents per share

28 (1) Dependent upon retained earnings in parent company

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FINANCIALS SUMMARY

$50M PRE-TAX TRANSFORMATION

• $50M pre-tax cost reduction in FY15 - ~18% normalised FY12 cost-base- Perpetual Private productivity; IT outsourcing; and lean effective operating model

BENEFIT

~$50M CASH

Perpetual Private productivity; IT outsourcing; and lean, effective operating model

• About half run-rate benefits realised by June 2013

• ~$70M pre-tax P&L impact over two years$INVESTMENT

~580 FTE

• ~$50M cash investment and ~$20M non-cash (impairment/write-downs)- $36-40M (pre-tax) expected to be booked as a significant item in FY12

• ~580 FTE reduction by end FY13~580 FTE REDUCTION (~40% OF TOTAL)

y- PLMS divestment ~280 FTEs- Outsourcing ~155 FTEs (including ~30 FTEs already announced as part of ICE)- Lean, effective operating model reduction ~95 FTEs- Perpetual Private productivity ~50 FTEs

$63-67M UPAT FY12 GUIDANCE

• FY12 UPAT $63-67M

• FY12 NPAT $22-29M

DIVIDEND POLICY • FY12 interim dividend of 50 cps fully franked paid 29 March 2012

• FY12 final dividend expected to be outside policy range

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TRANSFORMATION 2015

• Competitive businesses

• One Perpetual

• Client & expertise focused

Co pe e bus esses

• Distribution excellence

• Repeatable modelsClient & expertise focused

• More productive

•With partners

• Selective acquisitions• Leaner

• Simpler

• Less duplicationLess duplication

• Fewer businesses

ANNUALISED PRE-TAX RUN-RATE COST REDUCTION AT PERIOD END:

1H13G 2H13G 2H14G1H14G

$7-10M $25-27M $50M$42-45M

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