Perpetual Limited — Director's Dealing 2003

Jun 25, 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
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	June 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	Indirect
Nature of indirect interest	Investment in Perpetual's Wholesale Monthly
(including registered holder)	Income Fund and Perpetual's Wholesale
Note: Provide details of the circumstances giving rise to the relevant interest.	Industrial Share Fund by Seventh Bardo Pty
	Ltd. Linda Nicholls is sole director of Seventh
	Bardo Pty Ltd.
Date of change	24 June 2003

• See chapter 19 for defined terms.

J:\OPS\EXECSEC\DATA\DR\DOC\Nicholls Appendix 3Y Disclosure 25 June 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)
	13,458.81 units - Perpetual's Wholesale Monthly Income Fund - (Seventh Bardo Pty Ltd)
	10,967.01 units - Perpetual's Industrial Share Fund (Seventh Bardo Pty Ltd)
Class	Subscription for units
Number acquired	$1,153.26$ units - Perpetual's Wholesale Monthly Income Fund
	874.64 units - Perpetual's Wholesale Industrial Share Fund
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$1,179.79 - Perpetual's Wholesale Monthly Income Fund
	\$1,403.80 - Perpetual's Wholesale Industrial Share Fund

J:\OPS\EXECSEC\DATA\DR\DOC\Nicholls Appendix 3Y Disclosure 25 June 2003.doc

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

No. of securities held after 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)
	14,612.070 units - Perpetual's Wholesale Monthly Income Fund - (Seventh Bardo Pty Ltd
	11,841.650 units - Perpetual's Industrial Share Fund (Seventh Bardo Pty Ltd)
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of	Subscription for units
securities under dividend reinvestment plan, participation in buy-back

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

J:\OPS\EXECSEC\DATA\DR\DOC\Nicholls Appendix 3Y Disclosure 25 June 2003.doc

⁺ See chapter 19 for defined terms.

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 25 June 2003.doc

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