Perpetual Limited — Director's Dealing 2003

Dec 14, 2003

Rule 3.19A.2

Appendix 3Y

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

	Name of entity Perpetual Trustees Australia Limited
IABN	86 000 431 827

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Linda Nicholls
Date of last notice	17 November 2003

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	Direct/Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	DirectUnits in Perpetual Wholesale Industrial ShareFund.IndirectUnits in Perpetual's Wholesale MonthlyIncome Fund, Perpetual's WholesaleIndustrial Fund, Fidelity Perpetual WholesaleInternational Share Fund andFidelityPerpetual South East Asia Fund by SeventhBardo Pty Ltd. Linda Nicholls is sole directorof Seventh Bardo Pty Ltd.Units in Perpetual's Wholesale IndustrialShare Fund and Perpetual's WholesaleMonthly Income Fund by Pollard StrategyAssociates Pty Ltd as trustee of PSASuperannuation Fund. Linda Nicholls is amember of the PSA Superannuation Fund.
Date of change	12 December 2003

JAOPS\EXECSEC\DATA\GC\DOCS\Nicholls Appendix 3Y Disclosure 15 December 2003.doc

+ See chapter 19 for defined terms.

No. of securities held prior to change	Direct
	47,815.13 units - Perpetual's WholesaleIndustrial Fund
	Indirect
	32,443.41 units - Perpetual's WholesaleIndustrial Fund (Pollard Strategy AssociatesPty Ltd)
	7,970.61 units - Perpetual's WholesaleMonthly Income Fund (Pollard StrategyAssociates Pty Ltd)
	55,990.11 units - Perpetual's Industrial ShareFund (Seventh Bardo Pty Ltd)
	16,771.39 units - Perpetual's WholesaleMonthly Income Fund - (Seventh Bardo PtyLtd)
	9,734.87 - Fidelity Perpetual WholesaleInternational Share Fund (Seventh Bardo PtyLtd)
	18,473.23 - Fidelity Perpetual South EastAsian Fund (Seventh Bardo Pty Ltd)
Class	units
Number acquired	1,171.29 – Perpetual's Wholesale MonthlyIncome Fund (Seventh Bardo Pty Ltd)
	10,410.20 - Perpetual's Industrial Share Fund(Seventh Bardo Pty Ltd)
	1,348.44 - Fidelity Perpetual South EastAsian Fund (Seventh Bardo Pty Ltd)
Number sold	9,851.80 - Fidelity Perpetual WholesaleInternational Share Fund (Seventh Bardo PtyLtd)

JAOPS\EXECSEC\DATA\GC\DOCS\Nicholls Appendix 3Y Disclosure 15 December 2003.doc

$\overline{\div}$ See chapter 19 for defined terms.

Value/Consideration
Note: If consideration is non-cash, provide details and estimatedvaluation	Purchase - Indirect$1,194.72 - Perpetual's Wholesale MonthlyIncome Fund (Seventh Bardo PtyL(d)$17,010.27 - Perpetual' Industrial Share Fund(Seventh Bardo Pty Ltd)
	$1,194.72 - Fidelity Perpetual South EastAsian Fund
	Sold - Indirect
	$9,841.95 - Fidelity Perpetual WholesaleInternational Share Fund
No. of securities held after change	Direct
	47,815.13 units - Perpetual's WholesaleIndustrial Fund
	Indirect
	32,443.41 units - Perpetual's WholesaleIndustrial Share Fund (Pollard StrategyAssociates Pty Ltd)
	7,970.61 units - Perpetual's WholesaleMonthly Income Fund (Pollard StrategyAssociates Pty Ltd)
	66,400.31 units - Perpetual's Industrial ShareFund (Seventh Bardo Pty Ltd)
	17,942.68 units - Perpetual's WholesaleMonthly Income Fund - (Seventh Bardo PtyLtd
	19,821.67 - Fidelity Perpetual South EastAsian Fund (Seventh Bardo Pty Ltd)
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	Subscription in units/sale of units

JAOPS\EXECSEC\DATA\GC\DOCS\Nicholls Appendix 3Y Disclosure 15 December 2003.doc

+ See chapter 19 for defined terms.

Part 2 – Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract
Nature of interest
Name of registered holder(if issued securities)
Date of change
No. and class of securities towhich interest related prior tochangeNote: Details are only required for a contract in relationto which the interest has changed
Interest acquired
Interest disposed
Value/ConsiderationNote: If consideration is non-cash, provide details andan estimated valuation.
Interest after change

JAOPS\EXECSEC\DATA\GC\DOCS\Nicholls Appendix 3Y Disclosure 15 December 2003.doc

• See chapter 19 for defined terms.