Perpetual Limited — Director's Dealing 2003

Sep 25, 2003

Appendix 3X

Rule 3.19A.1

Initial 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
ABN	86 000 431 827

We (the entity) give ASX the following information under listing rule 3.19A.1 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	David Michael Deverall
Date of appointment	22 September 2003

Part 1 - Director's relevant interests in securities of which the director is the registered holder In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Number & class of securities Nil

Part 2 – Director's relevant interests in securities of which the director is not the registered holder

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

Name of holder & nature of interest Note: Provide details of the circumstances giving	Number & class of Securities
rise to the relevant interest.	Nil

⁺ See chapter 19 for defined terms.

Part 3 - Director's interests in contracts

Detail of contract	Executive service (Service) agreement Agreement) between the company and Mr David Deverall as managing director under which securities will be issued to Mr Deverall.
Nature of interest	As above.
Name of registered holder (if issued securities)	N/A
No. and class of securities to which interest relates	All issues of securities are subject to shareholder approval being obtained. 23,584 ordinary shares to be issued under the Executive Share Plan an long term incentive equivalent to \$700,000 per annum (or such greater amount as may be determined by the board) over the term of the Service Agreement consisting of shares and options to be issued under the Executive Share and Option Plans an annual short term incentive payment of up to \$1 million (or such greater amount as may be determined by the board) over the term of the Service Agreement, all or part of which may take the form of the issue of shares under the Executive Share Plan.

⁺ See chapter 19 for defined terms.