UBS Financial Services ConferenceSydney 25 June 2008

Roger BurrowsChief Financial OfficerPerpetual Limited

1

Perpetual is one of Australia’s largest independent wealth managers

More than 120 years of history

Top performing manager in Australian equities over long-term

Quality focused investment style typically favoured in challenging market

- outstanding investment performance over past six months

Strong and conservative balance sheet with low gearing

Key revenue drivers

- $32.6 billion funds under management as at 30 April 2008

- $8.0 billion in funds under advice as at 30 April 2008

- $195.6 billion funds under administration as at 30 April 2008

Market capitalisation of around $2 billion

Approximately 1,200 employees

2

Perpetual operates a series of end-to-end business units which participate in three key markets

Asset ManagementSales and Servicing

StrategyMarketingFinance

Asset ManagementSales and Servicing

StrategyMarketingFinance

Asset ManagementSales and Servicing

StrategyMarketingFinance

Direct

Perpetual Private Clients

Investment Administration

Australian Equities Income & Multi-sector

Structured Products & Platforms

Perpetual Private Wealth

Global Equities

Mortgage Services

Trust & Fund Services

Perpetual Corporate TrustPerpetual Investments

Adviser Distribution

Analytics and Research

Group Finance , Risk, Operations and People & Culture

Sales and ServicingStrategy

MarketingFinance

Trustee ServicesCustodial ServicesMortgage Servicing

Business DevelopmentStrategy

MarketingFinance

Advisory ServicesFiduciary Services

SalesStrategy

MarketingFinance

3

Operating environment

4

Operating environment impacted by current market conditions but long-term fundamentals strong

Global credit crisis heavily impacted share market volatility over past nine months- strong influence on investor sentiment

Equity market continues to have sound long-term fundamentals- supported by mandated superannuation inflows- forecast superannuation growth in low double digit rates

Securitisation market remains challenging

Lower absolute market levels will have bearing on industry over short to medium-term

Repricing of risk will generate significant opportunities

5

Perpetual Private Wealth FUA(1)

Current market conditions have impacted key revenue drivers

Dec05

Jun06

Dec06

Jun07

Dec07

Apr08

30.332.8

36.839.1

37.2

32.6

0

5

10

15

20

25

30

35

40

$B

Dec05

Jun06

Dec06

Jun07

Dec07

Apr08

6.16.6

7.2

8.4 8.68.0

0

1

2

3

4

5

6

7

8

9

$B

Dec05

Jun06

Dec06

Jun07

Dec07

Apr08

152.8

178.6185.0

210.1 205.7195.6

0

30

60

90

120

150

180

210

240

$B

(1) Excludes externally advised ‘do-it-yourself’ (DIY) and Investor Directed Portfolio Service (IDPS) funds under administration

Perpetual Corporate Trust FUA

Perpetual Investments FUM

6

Key financials

130 - 14050.7 - 60.779.3Operating profit after tax

(26.2*)(13.4)(12.8)EMCF

87.6Net profit after tax

21.1Sale of investments

Full YearForecast

Jun 2008$m

Half YearForecast

Jun 2008$m

Half YearActual

Dec 2007$m

* EMCF mark-to-market losses as at 30 April 2008

7

Responding to market conditions with review of cost base and strategic priorities

Exited Direct Property and Infrastructure

Downsized Perpetual Corporate Trust to match business volumes

Focused on reducing discretionary spending

Re-engineering key processes to create efficiencies across group

However, strong optimism around future growth potential

Continuing to invest in business

- organic growth

- reviewing inorganic opportunities

8

Perpetual Investments

9

Australia’s wealth management industry has a high rate of underlying asset growth

10-1

2 %

CA

GR

2005 2006 2007 2008 20092010 2011 2012 2013 20142015 20162017 2018 2019 2020 20212022 20232024 20250

1,000

2,000

3,000

4,000

5,000

6,000

7,000

A$b

Pre retirementPost retirement

Over $1 trillion today

Growing to $3 – 5 trillion in 10 years time

Source: Trowbridge Deloitte July 2006 superannuation projections (2003-2025)

10

Shifting focus:- growing

capabilities in credit and alternative investments

- exiting infrastructure and direct property

- targeting credit in retail channel

Highly awarded, stable and experienced teamStrong track record of successRepresented in shelf space on all major platformsBoutique culture in a publicly-listed company –‘best of both worlds’Growing AEQ by:

- continuing investment in development of new products

- maximising revenue margins through product/channel innovation

Australian Equities

Stable team - quality focusHigh conviction portfolioIncreasing levels of awareness in target markets

- focused institutional sales strategy in Australia, Europe, North America, Asia

- marketing to retail investors in Australia

Strong position to capitalise when performance kicks in –expected September 2008Recognition by consultants

Investment management continues to be our engine room

Global Equities Income & Multi-sector

11

Enhanced packaging and administration capabilities and opportunities

Structured ProductsTapping into unique market opportunity- successful launch of Perpetual Protected Investments Series I & II

- Perpetual Protected Investments Series III closes 27 June

Perpetual Private Wealth

Perpetual Investments

Wealth management value chain

Bus

ines

s un

its

Manufacturing Packaging and administration Advice and direct to customer

PlatformsWealthFocus transition from defensive platform to business development tool

targeting independent advisers

12

Perpetual Private Wealth

13

Australia’s HNW market is large, growing and highly fragmented with opportunity for unconstrained growth

Note - 1. Investable assets includes financial assets only. Excludes own businesses and propertySource - 1. ‘2006 Household Wealth and Wealth Distribution’ – Australian Bureau of Statistics, 9 Nov 2007

2. Credit Suisse Asia Pacific overview, Australian HNW growth analysis, The Boston Consulting Group, 2 Apr 2007

HNW market growth

The HNW market has historical growth (2003-05) of 10.4 per cent

The HNW market has forecast growth 2 (2006-12) of 10.9 per cent

HNW market size

The HNW market size is estimated to be approximately $385 billion

Around 355,000 households have more than $500,000 investable assets in Australia

1

14

Our vision is to be the adviser of choice for financially successful Australians

Perpetual Private Wealth

Perpetual Professional Private Clients Perpetual Premium

Exclusive and discrete

Family office service model

$10 m +Wealth

Professional investors

Sophisticated and exclusive

Relationship/team based model

$1 – 10 mWealth

Sophisticated investors

Privileged and special access

Individual advice based model

< $1 mWealth

Retail investors

Scalable and integrated operational and technology support

Our traditional Perpetual Private Clients offering is the foundation upon which we are growing the absolute potential of our Private Wealth business

15

Our full range of services provides us with our point of difference

021Regional banks

433Perpetual Private Wealth

143National private banks ie Big Four

411Trust companies

1

1

1

Fiduciary services 3

2

4

2

Range of products/ services 2

2Brokers

Comprehensive advice 1

Business

4

2

Investment banks

Independent financial advisers

Strong capabilities / competitive advantageWeakness / no capabilities

(1) Includes investment, structure, tax and risk management advice(2) Includes investments, insurance, finance, custody and DIY services

(3) Covers trust management, estate administration/planning and philanthropy

16

We are accelerating growth by expanding adviser teams and improving support capabilities

Adviser growth & enhance offering

Productivity & business scalability

Improving productivity of advisers and support staff and reducing time to positively contribute for new startersScalable organisation and highly efficient sales and service model that supports our client value propositionEfficient dealer services and product/service delivery

Aggressively recruiting HNW advisersDeveloping on-boarding, training and development programs to build and retain staff in war for talent

Acquiring to increase HNW advisers and clientsAcquiring and partnering to access new and differentiated capabilities

Organic growth Inorganic growth

+

17

Perpetual Corporate Trust

18

Australian RMBS driven by high quality securities

Source: Reserve Bank of Australia

Australian debt securities outstanding

0.0

200.0

400.0

600.0

800.0

1000.0

1200.0

Mar-98 Mar-99 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08

$A b

illion

Corporate Debt Issues ABS Debt Issues Govt Debt Issues

19

RMBS issuance has declined significantly

Source data: S&P Ratings Direct & Perpetual; based on calendar year

Note: YTD 2008 includes ~$30bn of “repo” deals

RMBS Issuance

0

10

20

30

40

50

60

70

2002 2003 2004 2005 2006 2007 YTD2008

$A b

illio

n

Term RMBS Repo

20

ClientSource funding

Credit assessment and approvalArrears management

Trust & Fund ServicesMortgage Services

We have adjusted our strategy and our cost base to market conditions

In current environment, increased focus

on trustee activities

In current environment, increased focus

on outsourcing opportunities from lenders

Mortgage preparation &

settlement

Post settlement servicing

Variations & discharge

Document custody

Trustee services

Calculation agency & investor reporting

21

Summary

22

Summary

Current market conditions remain challenging

Repositioned cost base but continuing to invest in business

Clear strategy to grow business and build shareholder value

Questions

Roger BurrowsChief Financial OfficerPerpetual Limited