Perpetual Limited — Director's Dealing 2003

Oct 23, 2003

Appendix 3Y

Rule 3.19A.2

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
IA BN	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	2 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	Direct
(including registered holder)	Units in Perpetual Wholesale Industrial
Note: Provide details of the circumstances giving rise to the relevant interest.	Share Fund.
	Indirect
	Units in Perpetual's Wholesale Monthly
	Income 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	14 February 2003 and 20 October 2003

• See chapter 19 for defined terms.

J:\OPS\EXECSEC\DATA\DR\DOC\Nicholls Appendix 3Y Disclosure 23 October 2003.doc

No. of securities held prior to change	Direct
	52,001.15 units - Perpetual's Wholesale Industrial Fund
	Indirect
	32,639.351 units - Perpetual's Wholesale Industrial Fund (Pollard Strategy Associates Pty Ltd)
	35,578.095 units - Perpetual's Wholesale Monthly Income Fund (Pollard Strategy Associates Pty Ltd)
	14,455.210 units - Perpetual's Industrial Share Fund (Seventh Bardo Pty Ltd)
	18,065.270 units - Perpetual's Wholesale Monthly Income Fund - (Seventh Bardo Pty Ltd)
Class	units
Number acquired	38,555.10 - Perpetual's Wholesale Monthly Income Fund (Seventh Bardo Pty Ltd)
	32,814.31 - Perpetual's Industrial Share Fund (Seventh Bardo Pty Ltd)
Number disposed	Direct 4,186.01 Perpetual's Wholesale Industrial Share Fund (Linda Nicholls) Indirect 42,190.81 Perpetual's Wholesale Monthly Income Fund (Seventh Bardo Pty Ltd) 195.94 Perpetual's Wholesale Industrial
	Share Fund (Pollard Strategy Associates Pty Ltd)
	27,607.48 Perpetual's Wholesale Monthly Income Fund (Pollard Strategy Associates Pty Ltd)

JAOPS\EXECSEC\DATA\DR\DOC\Nicholls Appendix 3Y Disclosure 23 October 2003.doc

÷ See chapter 19 for defined terms.

Value/Consideration
Note: If consideration is non-cash, provide details and estimated valuation	Purchase - Indirect \$39,326.20 - Perpetual's Wholesale Monthly Income Fund (Seventh Bardo Pty Ltd) \$46,793.20 - Perpetual' Industrial Share Fund (Seventh Bardo Pty Ltd)
	Sale-Direct \$6,371.10 – Perpetual's Wholesale Industrial Share Fund (Linda Nicholls)
	Sale - Indirect \$42,190.81 – Perpetual's Wholesale Monthly Income Fund (Seventh Bardo Pty Ltd)
	\$298.22 - Perpetual's Wholesale Industrial Share Fund (Pollard Strategy Associates Pty Ltd)
	\$28,179.51 – Perpetual's Wholesale Monthly Income Fund (Pollard Strategy Associates Pty Ltd)
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)
	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)

J:\OPS\EXECSEC\DATA\DR\DOC\Nicholls Appendix 3Y Disclosure 23 October 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

JAOPS\EXECSEC\DATA\DR\DOC\Nicholls Appendix 3Y Disclosure 23 October 2003.doc