Perpetual Limited — Director's Dealing 2003

Feb 5, 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	20 January 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(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	Investment in Perpetual's Wholesale MonthlyIncome Fund and Perpetual's Industrial ShareFund by Seventh Bardo Pty Ltd. LindaNicholls is sole director of Seventh Bardo PtyLtd
Date of change	03 February 2003

+ See chapter 19 for defined terms.

No. of securities held prior to change	Direct
	52,001.15 units - Perpetual's WholesaleIndustrial Fund
	Indirect
	21,119.421 units - Perpetual's WholesaleIndustrial Fund (Pollard Strategy AssociatesPty Ltd)
	22,840.265 units - Perpetual's WholesaleMonthly Income Fund (Pollard StrategyAssociates Pty Ltd)
	units - Perpetual's Wholesale7,687.6Monthly Income Fund - (Seventh Bardo PtyLtd)
	6,188.68 - Perpetual's Industrial Share Fund(Seventh Bardo Pty Ltd)
Class	Units
Number acquired	$1,153.26$ units - Perpetual'sWholesaleMonthly Income Fund
	956.92 units - Perpetual's Industrial ShareFand
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$1,179.79 - Perpetual's Wholesale MonthlyIncome Fund
	$1,403.80 - Perpetual's Industrial Share Fund

JAOPS\EXECSEC\DATA\DR\DOC\Nicholls Appendix 3Y Disclosure 04 February 2003.doc

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

No. of securities held after change	Direct
	52,001.15 units - Perpetual's WholesaleIndustrial Fund
	Indirect
	21,119.421 units - Perpetual's WholesaleIndustrial Fund (Pollard Strategy AssociatesPty Ltd)
	22,840.265 units - Perpetual's WholesaleMonthly Income Fund (PollardStrategyAssociates Pty Ltd)
	8,840.86 units - Perpetual's WholesaleMonthly Income Fund - (Seventh Bardo PtyLtd
	7,145.6 - Perpetual's Industrial Share Fund(Seventh Bardo Pty Ltd)
Nature of changeExample: on-market trade, off-market trade, exerelse of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	Subscription for units

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

+ See chapter 19 for defined terms.

No. and class of securities towhich interest related prior tochangeNote: Details are only required for a contract in relation.to 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\DR\DOC\Nicholls Appendix 3Y Disclosure 04 February 2003.doc

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