2008 Interim Results Investor Presentation CEO, Tony Robinson 20 February 2008

2 Disclaimer Issued by IOOF Holdings Ltd ABN The information contained in this presentation is given in good faith and has been prepared from information believed to be accurate and reliable. The information presented does not take into account your individual financial circumstances and it is not designed to be a substitute for specific financial or investment advice or recommendations and should not be relied upon as such. You should consider talking to your financial adviser before making an investment decision. So far as the law allows, IOOF excludes all liability for any loss or damage whether direct, indirect or consequential.

3 Basis of preparation Whole numbers have been rounded for presentation purposes. However, percentages have been calculated on numbers prior to rounding. FY2005 figures have been restated for the purposes of comparability, given the adoption of the Australian equivalents to International Financial Reporting Standards (AIFRS) for FY2006. Unless otherwise stated, the information in this presentation removes the interests of the Benefit Fund members from those of shareholders in IOOF Holdings Ltd. This unaudited, supplementary information on the operations and financial position of the consolidated IOOF Group does not comply with the consolidation requirements of AIFRS.

4 Agenda CEO Overview Business Unit Performance Strategic Outlook

5 Operational Overview Strong operational performance Building funds flow capabilities Costs controlled A solid business with strong foundations

6 Financial Overview $34.6b in closing FUMA – small increase from net flows offset by fall in equity and property markets Underlying * EBITA of $22.7m – up 21% from 2H 06/07 Underlying * Net Profit after Tax of $15.7m – up 22% from 2H 06/07 Reported Net Profit after Tax of $5.7m – down on 2H 06/07 reflecting balance sheet revaluations (largely AIFRS) Interim dividend of 15 cents per share fully franked (stable) Strong balance sheet A sound financial performance * Underlying results exclude the impact of investment value write downs, PIPL acquisition and share agreement liability revaluations – see Appendix E

7 Underlying profits restored whilst investing in growth Financial Overview EBITA equates to profits before interest, tax, amortisation and asset sales * Underlying results exclude the impact of investment value write downs, PIPL acquisition, share agreement liability revaluations and PIPL restructuring costs – see Appendix E

8 Funds growth – half on half Positive net flows performance offset by market

9 Gross Margin – half on half Margin pressure offset by FUM growth and diversification Gross margin includes equity accounted contribution from PVM. Acquisition of an additional 2.3% PVM equity in March 2007 has no material impact

10 Operating Costs – by category Investment in capability increases salary costs * Other includes a component of shareholder liability revaluation which is not considered a significant item 1H 2007/08 $1.3m; 2H 2006/07 $2.2m; 1H 2006/07 nil

11 Assets Perennial Investment Partners IOOF Portfolio Solutions Consultum Financial Advisers Investor IOOF Investor Solutions Business unit Business units and funds Exposure across the value chain Contribution not recorded in IOOF Group FUMA Retail FUA $7.5bRetail FUM $4.7bRetail FUM $3.2b Wholesale FUM $19.2b FUMA contribution Funds / Services Aust Value Aust Fixed Int Aust Growth International Asia Real Estate Pursuit / IPS Lifetrack Financial Advice Dealer Group Support Services Multi-Investment manager Investment bonds Private Clients Asset Management Administration Services Financial Advice Structured Products

12 16% compounding annual growth in FUMA since 2005 Funds by business

13 Positive net flows offset by market Funds growth by business Net Flows

14 Funds by Asset Class Fixed interest Property Aus Equities Int’l Equities Other 1% Perennial Wholesale Portfolio Solutions 51% 29% 6% 13% $34.6b$34.8b Investor Solutions Stable exposure across a range of asset classes Perennial Retail Other 2% 51% 29% 6% 12% $34.6b

15 Underlying earnings across the value chain Business Contribution EBITA equates to profits before interest, tax, amortisation and asset sales * Underlying results exclude the impact of investment value write downs, PIPL acquisition, share agreement liability revaluations and PIPL restructuring costs – see Appendix E

16 Corporate Operating Costs by business Central costs curbed to allow business investment Consultum Investor Solutions Portfolio Solutions Perennial $51.3m$51.4m

17 Perennial Highlights Continuing to develop products and distribution AustraliaOverseas ProductSmall CapGlobal High Alpha DistributionRetailIrish Trust USA Continued high levels of achievement as recognised within the industry…..

18 Awards for Perennial  Best Fund Manager in Money Magazine's Best of the Best 2008 Awards  First for Fixed Interest in the Best Australian Fixed Interest Funds category  Second for our Balanced Funds the Best Growth Funds category  Second for the Value boutique in the Best Australian Shares Funds category  Third for the Growth boutique in the Best Australian Shares Funds category The Australian Financial Review Smart Investor Blue Ribbon Award for Global Listed Property  Perennial Value Shares Wholesale Trust: Highly Recommended  Perennial Global Property Wholesale Trust: Highly Recommended  Perennial Growth Shares Wholesale Trust: Recommended  Perennial Value Shares Wholesale Trust: Highly Recommended  Perennial Global Property Wholesale Trust: Highly Recommended  Perennial Growth Shares Wholesale Trust: Recommended Perennial Value Shares Wholesale Trust Highly Recommended Perennial Global Property Wholesale Trust Highly Recommended Perennial Growth Shares Wholesale Trust Recommended Perennial Value Shares Wholesale Trust Highly Recommended Perennial Global Property Wholesale Trust Highly Recommended Perennial Growth Shares Wholesale Trust Recommended

19 Perennial Funds performance Quartile *Source: Mercer MPA Surveys (returns are excess over median Survey manager to 31 December 2007 ^ Perennial Value is above median over both periods against similar value managers Median outperformance year performance*1 year performance* Perennial Real Estate performing well against other global listed property competitors Perennial Value performing well against other value manager competitors

20 Highlights Pursuit net inflows $241m for the half year - up $60m on second half of prior year and $228m on pcp 9 new dealer groups signed up Reinvigorated relationship with key distribution partners (e.g.Bendigo Bank) Projects and initiatives underway to gain efficiencies and improve service levels Portfolio Solutions

21 Highlights Strategic review of all existing product sets Reinvigorating investment bond capabilities Improved marketing and distribution of Multi Manager capabilities Investor Solutions

22 Highlights Developed a market leading software offering through XPLAN New adviser focussed "business to business" value proposition has been well received Increased media presence and market exposure On track to reach 120+ advisers by year end Consultum * Not included in IOOF Group aggregate FUMA

23 Progress Summary 2007/08 Sound underlying result - reported profitability distorted by AIFRS driven volatility Restores profitability following the impact of 2H 2007 PIPL acquisition and 1H 2008 adverse market conditions Costs kept to 2H 2007 levels whilst maintaining an investment in the future Encouraging trends in Portfolio Solutions and Perennial Retail net flows

24 Strategic Outlook – 2008/09 Businesses will continue to develop capability and products IOOF will use its operating capability and strong balance sheet to pursue acquisition opportunities

25 Questions?

26 Appendix A - Underlying Cash Earnings & EBITA EBITA equates to profits before interest, tax, amortisation and asset sales * Underlying results exclude the impact of investment value write downs, PIPL acquisition, share agreement liability revaluations and PIPL restructuring costs – see Appendix E

27 Appendix B - Statutory Accounts reconciliation *Adjustments consist of de-consolidating entries

28 Appendix C – Balance Sheet

29 Appendix D – Cash Flow

30 Appendix E - Significant items excluded from calculation of underlying results PIPL option holders – value of options previously held by certain key PIPL executives PIPL acquisition costs – recognises the movement in present value of the probable future settlement liability upon finalisation of the acquisition of PIPL minorities in 2009 PIPL share agreements liability - relates to IOOF's commitment to provide liquidity, under certain circumstances, in the vested shares held by parties previously classified as minority interests in two Perennial subsidiaries PIPL restructuring – costs incurred realigning retail activities within PIPL following full ownership Investment sale/revaluation losses – disposal or write down on alliance investments which are no longer strategically congruent