Perpetual Limited — Earnings Release 2007

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MEDIA RELEASE

22 August 2007 (MR 07 – 20)

Perpetual strategy delivering diversified revenue growth and strong returns for shareholders

Key highlights for the full year to 30 June 2007

Investment in existing and new businesses balanced with period – on - period profit and dividend growth

Operating profit after tax - up 19 per cent to $145.3 million

Performance:

• Perpetual Investments - funds under management up 19 per cent to $39.1 billion

- Perpetual Private Clients - funds under advice up 27 per cent to $8.4 billion. Superannuation funds under advice up 50 per cent - net superannuation inflows up 400 per cent over the prior year

• Perpetual Corporate Trust - funds under administration up 18 per cent to $210.1 billion

Results

Perpetual Limited (Perpetual) today announced a 19 per cent increase in the company’s operating profit after tax for the 2007 financial year to $145.3 million.

Net profit after tax for the year to 30 June 2007, which included profit on sale of investments, increased 35 per cent to $182.1 million.

Total revenues rose 16 per cent to $466.3 million due to:

• growth in asset volumes

• price increases in a range of our Australian equities funds

• continued growth in Perpetual Private Clients

• expansion of mortgage services following the acquisition of Wignalls Lenders Mortgage Services

Perpetual announced a final fully franked ordinary dividend to shareholders of $1.87 per share, which will be paid on 14 September 2007 (record date 31 August 2007). Combined with the interim dividend of $1.73 per share paid in March 2007, the total ordinary dividend received by shareholders is $3.60 per share, an increase of 10 per cent on the previous financial year.

Perpetual’s Chairman, Mr Robert Savage, said since the introduction of its new strategy four years ago, Perpetual had continued to deliver strong growth and a total shareholder return (TSR) of 34 per cent per annum.

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“Over this period, our share price increased from $30.70 per share to $78.51 per share after dividends paid and declared totalling $14.29 per share,” he said. “As a comparison, the S&P/ASX 100 Accumulation Index returned 25 per cent per annum over the same period.”

Mr Savage credited Perpetual’s strong performance to its strategy.

“The opportunities in our industries are significant. To take advantage of these opportunities and create enduring value for our shareholders, we have successfully balanced investment in existing and new businesses with period-onperiod profit and dividend growth.”

Performance

Perpetual Investments

Perpetual Investments’ funds under management were $39.1 billion at 30 June 2007, an increase of 19 per cent over the previous year. The result was underpinned by the continued strength of the Australian equity market, solid flows from intermediary and institutional channels and the consistently strong performance of its asset management teams.

Perpetual Private Clients

Perpetual Private Clients’ funds under advice were $8.4 billion at 30 June 2007 and comprised $1.2 billion of inflows and $0.6 billion of asset growth and other movements. Market support for the Government’s changes to superannuation was excellent and together with key client wins, we received nearly $700 million in net inflows in the month of June. The 27 per cent increase in total funds under advice was attributed to strong new client growth, positive results from continued investment in Perpetual Private Clients sales capability and the favourable superannuation environment. Superannuation funds under advice increased 50 per cent; net superannuation inflows were up 400 per cent over the prior year.

Perpetual Corporate Trust

Perpetual Corporate Trust’s securitisation funds under administration were $210.1 billion at 30 June 2007, an increase of 18 per cent in the year since 30 June 2006. Residential mortgage backed securities comprised approximately 80 per cent of funds under administration.

Strategy

Perpetual’s Chief Executive Officer, Mr David Deverall, said Perpetual’s revenue growth is increasingly diversified.

“Our portfolio of businesses has become more balanced with the growing contribution of Perpetual Private Clients and Perpetual Corporate Trust. Over 50 per cent of revenue growth in the past four years has originated from nonAustralian equity sources and nearly 20 per cent of our total revenue growth now comes from new investments.”

Mr Deverall said Perpetual had also been able to increase margins while investing in new capabilities.

“Over the period from 1 July 2003 to 30 June 2007, investment in Perpetual’s strategy had comprised nearly fifteen per cent of total operating expenditure. We

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are pleased to report during this period of investment our overall profit margins expanded from 36 per cent to 44 per cent.”

Perpetual outlined its strategic priorities for 2008:

Perpetual Investments

Maintain focus on creating outstanding investment performance in Australian equities and continue to offer a range of new and innovative products which leverage that performance.

Perpetual Private Clients

Continue to accelerate growth in Perpetual Private Clients’ share of the high net worth investor market by expanding high quality adviser teams and improving sales support capabilities.

Perpetual Corporate Trust

Continue to leverage Perpetual Corporate Trust’s capability and market position as a securitisation trustee by rapidly driving growth in the mortgage services business and becoming an industry hub and outsource partner of choice to the lending industry.

Outlook

Mr Deverall said Perpetual’s medium-term outlook continued to be positive, fuelled by the long-term growth in superannuation.

“Throughout the year, we will also continue to invest where necessary to realise our strategy,” he said.

Please follow the link to a full copy of Perpetual’s 2007 Annual Report: Part One - Annual Review and Part Two - Statutory Financial Statements. Please also find links to the media presentation and the analyst presentation on Perpetual’s 2007 results.

For further information, please contact:

Susan Morey Head of Corporate Affairs and Investor Relations Perpetual Limited Direct: 02 9229 3936 Mobile: 0409 746 385

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