Perpetual Limited — Director's Dealing 2003

Nov 20, 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	23 October 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 relevant interest.	Direct Units in Perpetual Wholesale Industrial Share Fund. Indirect Units in Perpetual's Wholesale Monthly Income Fund, Perpetual's Wholesale Industrial Fund, Fidelity Perpetual Wholesale International Share Fund and Fidelity Perpetual South East Asia Fund by Seventh Bardo Pty Ltd. Linda Nicholls is sole director of Seventh Bardo Pty Ltd. Units in Perpetual's Wholesale Industrial Share Fund and Perpetual's Wholesale
	Monthly Income Fund by Pollard Strategy Associates Pty Ltd as trustee of PSA Superannuation Fund. Linda Nicholls is a member of the PSA Superannuation Fund.
Date of change	17 November 2003

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⁺ See chapter 19 for defined terms.

No. of securities held prior to change	Direct
	47,815.13 units - Perpetual's Wholesale Industrial Fund
	Indirect
	32,443.41 units - Perpetual's Wholesale Industrial Fund (Pollard Strategy Associates Pty Ltd)
	7,970.61 units - Perpetual's Wholesale Monthly Income Fund (Pollard Strategy Associates Pty Ltd)
	47,269.520 units - Perpetual's Industrial Share Fund (Seventh Bardo Pty Ltd)
	14,429.56 units - Perpetual's Wholesale Monthly Income Fund - (Seventh Bardo Pty Ltd)
Class	units
Number acquired	2,341.83 - Perpetual's Wholesale Monthly Income Fund (Seventh Bardo Pty Ltd)
	8,720.59 - Perpetual's Industrial Share Fund (Seventh Bardo Pty Ltd)
	9,734.87 - Fidelity Perpetual Wholesale International Share Fund (Seventh Bardo Pty Ltd)
	18,473.23 - Fidelity Perpetual South East Asian Fund (Seventh Bardo Pty Ltd)

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

Value/Consideration
Note: If consideration is non-cash, provide details and estimated valuation	Purchase - Indirect \$2,389.44 - Perpetual's Wholesale Monthly Income Fund (Seventh Bardo Pty L(d) \$14,336.64 - Perpetual' Industrial Share Fund (Seventh Bardo Pty Ltd) \$9,861.42 - Fidelity Perpetual Wholesale International Share Fund
	\$17,087.74 - Fidelity Perpetual South East Asian Fund
No. of securities held after change	Direct
	47,815.13 units - Perpetual's Wholesale Industrial Fund
	Indirect
	32,443.41 units - Perpetual's Wholesale Industrial Share Fund (Pollard Strategy Associates Pty Ltd)
	7,970.61 units - Perpetual's Wholesale Monthly Income Fund (Pollard Strategy Associates Pty Ltd)
	55,990.11 units – Perpetual's Industrial Share Fund (Seventh Bardo Pty Ltd)
	16,771.39 units - Perpetual's Wholesale Monthly Income Fund - (Seventh Bardo Pty Ltd
	9,734.87 - Fidelity Perpetual Wholesale International Share Fund (Seventh Bardo Pty Ltd
	18,473.23 - Fidelity Perpetual South East Asian Fund (Seventh Bardo Pty Ltd)
Nature of change	Subscription in units
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buv-back

J:\OPS\EXECSEC\DATA\DR\DOC\Nicholls Appendix 3Y Disclosure 17 November 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 to
which interest related prior to
change Note: Details are only required for a contract in relation to which the interest has changed
Interest acquired
Interest disposed
Value/Consideration
Note: If consideration is non-cash, provide details and an estimated valuation
Interest after change

J:\OPS\EXECSEC\DATA\DR\DOC\Nicholls Appendix 3Y Disclosure 17 November 2003.doc

• See chapter 19 for defined terms.