Slide 1: Half Year Results to 31 December 2003
‘Trustees Equity Trustees Limited HALF YEAR RESULTS TO 31 DECEMBER 2003 co co co — o oO & 2) no} ® - ” — foe
Slide 2: Half Year Results to December 2003
Half Year Results to 31 December 2003 ¢« Recovery and revitalisation ¢ Return to payment of dividend ¢ Growth in Revenue ¢« Expenses reduced ¢ Well positioned for a strong full year profit rusted since 1888
Slide 3: Financial Result — Half Year
Financial Result — Half Year ‘Trustees To 31/12/03 To 31/12/02 Revenue $11.199m $6.319m Expenses $9.393m $9.628m Profit (Loss) before tax $1.806m ($3.309m) Net Profit (Loss) $1.269m ($2.518m) Earnings Per Share 20.8 cents (43.8 cents) rusted since 1888
Slide 4: Result generated by.....
rusted since 1888 Result generated by..... Underlying Results: Revenue $8.3m Expenses $6.9m Underlying Profit before tax * Solid Operating Profit before tax ¢ Profit on one-off Investment trading gains (before tax) $0.7m ¢ Residual/rationalisation costs Accounting Practice $0.3m $1.4m ‘Trustees
Slide 5: Interim Dividend Declared cents per share, fully franked
rusted since 1888 Interim Dividend Declared 10 cents per share, fully franked Represents an interim dividend payment of 77% from underlying profits after tax. Store of franking credits remains at 53 cents per share (after current interim dividend).
Slide 6: Compared with first half of 2002/03
Compared with first half of 2002/03 ‘Trustees ¢ Superannuation acquisition (Wealthpac) ¢ Underlying operating revenue growth of 13% (excluding Wealthpac) ¢ Underlying operating expenses (excluding Wealthpac) down by 8.8%. rusted since 1888
Slide 7: Highlights for Half Year: Funds Management
Highlights for Half Year ‘Trustees Funds Management * Strong net inflow of retail funds $135m (FUM increased to $646m. Up 26%) ¢ New retail funds — EQT Pimco (Domestic/international Bond Funds) — EQT SGH LaSalle (Global Property Securities Fund) — EQT SGH Absolute Return Fund (Aust. Equities) ¢ Incr
Slide 8: Highlights for Half Year: Superannuation (Wealthpac)
Highlights for Half Year Superannuation (Wealthpac) Strong contribution through ¢ Growth in Funds Under Management to $164m. Increase of 14.5%. ¢ Revenue included of $1.36m. ¢ Top quartile performance across growth portfolios. rusted since 1888
Slide 9: Highlights for Half Year: Private Clients
rusted since 1888 Highlights for Half Year Private Clients Re-focus to build for the future ‘Trustees Business to establish fresh approach to personal asset management Launch of EQT Flagship Fund with emphasis on tax effective returns linked to capital and growth $30m inflow in Portfolio Manager Fun
Slide 10: Corporate Trusts/Responsible Entity
Corporate Trusts/ Responsible Entity ‘Trustees ¢ Benefit flowing from unique RE/Funds Management approach ¢ Small number of competitors in corporate trust market ¢ Skills in place to develop business (revenue) rusted since 1888
Slide 11: Underlying Business Revenue sourced from..........
co co co — o oO a ” a) A) — ” = Sees Underlying Business Revenue sourced from.......... Funds Mgmt & Superannuation O Investment @ Private Clients Corporate/RE Funds Management Private Clients Superannuation Corporate/Responsible Entity Investment ‘Trustees % 36 32 17 11
Slide 12: Risks Going Forward
Risks Going Forward ‘Trustees Funds flow from RE/Fund Manager model Timing of corpus and “will” bank Investment markets Poor revenue/sales growth Poor/delayed systems implementation Distractions rusted since 1888
Slide 13: Summary and Outlook
Summary and Outlook ¢ Strong profit in first half ¢ If Accounting Practice and rationalisation costs are excluded, underlying profit is even stronger (by $0.3m) ¢ Improved working capital (from $2.5m to $5.3m) ¢ Stronger Balance Sheet with unrealised gain on investments in excess of $3m. rusted sinc
Slide 14: Summary and Outlook (cont.)
Summary and Outlook (cont.) ( ) Tru ¢ System replacement project on target (August 2004). To deliver support for stronger external customer and sales focus. * Total “funds” grown 25% to $3.9 billion ¢ Staff alive to new opportunities. rusted since 1888
Slide 15: Summary and Outlook (cont.)
rusted since 1888 Summary and Outlook (cont.) ¢ No change to experienced and energetic new management team in place ¢ Outlook for strong full year. ‘Trustees