Perpetual : Operating and Financial Review

24 February 2022

ASX Limited

ASX Market Announcements Office

Exchange Centre

20 Bridge Street

Sydney NSW 2000

Via electronic lodgement

Perpetual Half Year Financial Results

Please find attached the following announcements for release to the market:

Appendix 4D

1H22 ASX Announcement

1H22 Results Briefing

Half Yearly Report and Accounts

• Operating and Financial Review - 31 December 2021

This release has been authorised by the Board of Directors of Perpetual Limited.

Yours faithfully

Sylvie Dimarco

Company Secretary

Perpetual Limited

ABN 86 000 431 827

Angel Place,

Level 18, 123 Pitt Street

Sydney NSW 2000

Australia

Phone [phone] www.perpetual.com.au

Page 1

Operating and Financial Review

For the 6 months ended 31 December 2021

Perpetual Limited

ABN 86 000 431 827

Notes

Note that in this review:

• 1H22 refers to the financial reporting period for the 6 months ended 31 December 2021
• 2H21 refers to the financial reporting period for the 6 months ended 30 June 2021
• 1H21 refers to the financial reporting period for the 6 months ended 31 December 2020 with similar abbreviations for previous and subsequent periods.

This is a review of Perpetual's operations for the 6 months ended 31 December 2021 (1H22). It also includes a review of its financial position as at 31 December 2021.

The following information should be read in conjunction with the Group's unaudited consolidated financial statements and associated notes for 1H22.

All amounts shown are stated in Australian dollars unless otherwise noted and are subject to rounding. Additional information is available on the Group's website www.perpetual.com.au.

A glossary of frequently used terms and abbreviations can be found at the end of the review.

Disclaimer

The following information should be read in conjunction with the Group's unaudited consolidated financial statements and associated notes for the 6 months ended 31 December 2021 and should also be read in conjunction with the audited financial statements and notes thereto contained in the Annual Report for the financial year ended 30 June 2021 (FY21). The Group's unaudited consolidated financial statements for the 6 months ended 31 December 2021 were subject to independent review by KPMG.

No representation or warranty is made as to the accuracy, adequacy or reliability of any statements, estimates, opinions or other information contained in this review (any of which may change without notice). To the maximum extent permitted by law, the Perpetual Group, its Directors, officers, employees, agents and contractors and any other person disclaim all liability and responsibility (including without limitation any liability arising from fault or negligence) for any direct or indirect loss or damage which may be suffered through use of or reliance on anything contained in or omitted from this review.

This review contains forward looking statements. These forward-looking statements should not be relied upon as a representation or warranty, express or implied, as to future matters. Prospective financial information has been based on current expectations about future events but is, however, subject to risks, uncertainties, contingencies, and assumptions that could cause actual results to differ materially from the expectations described in such prospective financial information. The Perpetual Group undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this review, subject to disclosure requirements applicable to the Group.

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Operating and Financial Review

For the 6 months ended 31 December 2021

Contents

Review Of Group	...................................................................................................................................................................	4
1	About Perpetual ...................................................................................................................................	4
1.1	Overview _______________________________________________________________________ 4
1.2	Group Financial Performance _______________________________________________________ 6
1.3	Group Financial Position __________________________________________________________ 10
1.4	Regulatory Developments and Business Risks_________________________________________ 13
1.5	Outlook _______________________________________________________________________ 18
Review Of Businesses.........................................................................................................................................................	19
2	Review Of Businesses .......................................................................................................................	19
2.1	Perpetual Asset Management International ___________________________________________ 19
2.2	Perpetual Asset Management Australia ______________________________________________ 22
2.3	Perpetual Private ________________________________________________________________ 25
2.4	Perpetual Corporate Trust _________________________________________________________ 27
2.5	Perpetual Group Support Services __________________________________________________ 29
Appendices..........................................................................................................................................................................	30
3	Appendices ........................................................................................................................................	30
3.1	Appendix A: Segment Results ______________________________________________________ 30
3.2	Appendix B: Bridge For 1H22 Statutory Accounts and OFR _______________________________ 32
3.3	Appendix C: Perpetual Average Assets Under Management ______________________________ 33
3.4	Appendix D: Full Time Equivalent Employees__________________________________________ 33
3.5	Appendix E: Dividend History ______________________________________________________ 34
3.6	Glossary_______________________________________________________________________ 35

Part 1

Review of Group

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Review Of Group

1 About Perpetual

1.1 Overview

Perpetual Limited (Perpetual) is a global financial services firm operating in asset management, financial advisory and trustee services. Perpetual services a global client base from its offices in Australia as well as its international offices in the United States, United Kingdom, the Netherlands and Singapore, as well as a presence in Hong Kong. Perpetual earns the majority of its revenue from fees charged on assets under either management, advice or administration. Revenue is influenced by movement in the underlying asset values, margin on assets and net client flows. The business model provides Perpetual with recurring revenue streams and leverage to movement in asset values. As a provider of high- quality financial services, employment costs comprise the largest component of the Group's expenses.

1.1.1 Strategy

Perpetual's vision is to be the "most trusted in financial services"1.

Perpetual's strategy is focused on delivering sustained growth and seeks to build on the foundation of three core businesses, forming a scalable business model supported by shared central services and a strong brand.

In pursuing its growth strategy, the Group is committed to the following strategic imperatives:

• Client first - delivering exceptional products and outstanding service;
• Future fit - a scalable business platform that empowers our people to deliver high performance; and
• New horizons - adding new capabilities and building a global footprint.

Perpetual's unique combination of market leading businesses provides the group with a broad array of growth opportunities.

Perpetual Asset Management's vision is to create a market leading global business of high-quality asset management capabilities delivered by the two operating segments of Perpetual Asset Management International (PAMI) and Perpetual Asset Management Australia (PAMA). Perpetual Asset Management provides a foundation for sustained quality growth by offering world-class investment capabilities, expanding its global distribution footprint and investment in a contemporary and scalable global business.

Perpetual Private's vision is to empower families, businesses and communities to achieve their aspirations by delivering advisory service excellence. With a client centred fiduciary heritage, Perpetual Private reaches into segments where client goals are aligned to a "protect first" and then "grow" investment philosophy.

Perpetual Corporate Trust's vision is to be the most trusted fiduciary and the leading digital solutions provider to the banking and financial services industry, with a mission to support the delivery of its client's strategy through the provision of service excellence and digital solutions. Perpetual Corporate Trust builds on its strategy of enabling client success by leveraging its long-standing relationships and supporting its clients with innovative and automated digital solutions to help them meet business challenges today and into the future.

1 Measured as part of an annual brand strengths survey with the Perpetual Private target market and the Perpetual Asset Management Australia retail target market.

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