Perpetual : AGM Address to Shareholders

21 October 2021

ASX Limited

ASX Market Announcements Office

Exchange Centre

20 Bridge Street

Sydney NSW 2000

Perpetual Annual General Meeting 2021

The following announcement to the market is provided:

• Addresses to Shareholders

Yours faithfully,

Sylvie Dimarco

Company Secretary

(Authorising Officer)

Perpetual Limited

ABN 86 000 431 827

Angel Place,

Level 18, 123 Pitt Street

Sydney NSW 2000

Australia

Phone [phone] www.perpetual.com.au

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2021 ANNUAL GENERAL MEETING

Addresses to Shareholders

21 October 2021

Perpetual Limited

ABN 86 000 431 827

Perpetual Limited AGM - 21st October 2021

Chairman's Address

Overview of FY21 performance

In a moment, I will ask our CEO and Managing Director, Rob Adams to deliver his address but before I do that, on behalf of the Board I would like to make some comments on Perpetual's strategy and performance for FY21.

As set out in our Annual Report, in FY21 we have had a significant uplift in earnings. This uplift was primarily from the acquisitions of Trillium and Barrow Hanley. These acquisitions are transformational for Perpetual and have positioned us well to deliver sustained value to you, our shareholders.

In addition, our results also reflect the successful implementation of Perpetual Private's adviser growth strategy, which delivered an additional $405 million of net flows in FY21, and, Perpetual Corporate Trust, which continues to perform strongly and delivered another year of impressive growth.

In FY21, underlying profit after tax (UPAT) was $124.1 million, up 26% on FY20. Group operating revenue for FY21 increased to $640.6 million, up 31% on FY20. Overall, Perpetual achieved underlying growth of 6% earnings per share (EPS) on FY20.

Net profit after tax (NPAT) was $74.9 million, down 9% on FY20, reflecting a number of one-off items associated with the acquisition and integration costs of both Trillium and Barrow Hanley. NPAT without these one-off items would have been $107.0 million, up 28% on FY20.

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This result enabled the Board to declare a final fully franked ordinary dividend of $0.96 per share, up from $0.84 in 1H21, and taking the dividend for the full year to $1.80. The full year dividend represents a 16% increase on the prior year, with a payout ratio of 82% of UPAT.

Through the Barrow Hanley acquisition, as we outlined to shareholders when we announced the acquisition, we remain on track to deliver EPS accretion in excess of 20% within 12 months of the transaction date.

We continue to have a robust balance sheet, a strong brand and a well- diversified business in Australia - all of which are key strengths for Perpetual.

Our balance sheet strength positions us well to take advantage of further organic and inorganic opportunities which add scale and deeper capability. As at the end of FY21, the Group's gearing ratio was 15.8%.

Delivery of strategic initiatives

To expand on our strategic initiatives, the completion of our acquisition of specialist environmental, social and governance (ESG) investment firm Trillium at the end of FY20, established our presence in North America and provided Perpetual with enhanced exposure to the fast- growing ESG segment.

Shortly after the completion of the Trillium acquisition, we successfully acquired a 75% interest in Dallas-based Barrow Hanley which was completed in November 2020. This brought with it a broad range of global investment capabilities with significant capacity for growth.

To put these into perspective, in FY21, these accounted for 22% of Group operating revenue - noting that we owned Barrow Hanley for only

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seven months of the financial year.

Strong progress has also been made in the integration of each of these two acquisitions, as well as accelerated progress in building our global distribution capabilities across key regions. Today our operational footprint and distribution reach extends beyond North America into Europe and the UK.

The further broadening of capabilities across our now four divisions - Perpetual Asset Management Australia (PAMA), Perpetual Private (PP), Perpetual Corporate Trust (PCT) and our newly created division, Perpetual Asset Management International (PAMI) - positions the Company well for future growth.

Board and Executive Committee

Through the year, there have been necessary changes in responsibilities within the Executive Committee to align with our expanded footprint, including managing additional risks from geographic and product expansion.

In addition, we also took steps to strengthen our Board. Following an external search, we were delighted to appoint Ms Mona Aboelnaga Kanaan to the Perpetual Board just prior to the year end. Mona is a highly respected Director based in New York, with deep industry knowledge, and experience in growing asset management businesses globally.

Having Mona on the ground in the US will be important to both the Board and our broader management team.

At Perpetual, we believe that building a gender balanced leadership and workforce delivers better business results.

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