Perpetual Limited — Director's Dealing 2003

Jan 19, 2003

JAN-20-21 16:32	FROM-PERPETUAL	+61-2-92328936	T-567	P.O1/04F-139
			Perpetual
Date:	20 January 2003	AUSTRALIAN STOCK EXCHANGE		Perpetual TrusteesAustralia LimitedACN 000 431 827
To:	The ManagerCompany Announcements OfficeAustralian Stock Exchange LimitedFax: 1300 300 021	PPT000982		39 Hunter Street SydneyGPO Box 4172Sydney NSW 2001AustraliaDX 365 Sydney
From:	David RichardsManager, Corporate Risk			Telephone 02 9229 9000Facsimile 02 9232 8936
Subject:	Notice of Change of Directors' Interest - Perpetual TrusteesAustralia Limited			BY FAX
Pages:	4(including this cover page)

The information in this facsimile is intended for the recipient(s) only. It may contain privileged and confidential information and if you are not an intended recipient, you must not copy, distribute or take any action in reliance on it. If you have received this facsimile in error, please notify us immediately by collect telephone call on the number provided above and return the facsimile to the sender by mail. We will reimburse you for the postage.

In accordance with the Listing Rules we enclose suitably completed a change of Director's Interest Notice (Appendix $3\overline{Y}$ ) for the following director.

Linda Nicholls

David Richards Manager, Corporate Risk Direct Phone 02 9229 9084

P.02/04 F-139 $T - 567$

Appendix 3Y Change of Director's Interest Notice

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
------ABN	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__	07 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	Direct
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	Not applicable
Date of change	15 January 2003
No. of securities held prior to change	21,119.421 units - Perpetual's WholesaleIndustrial Fund (Pollard Strategy AssociatesPry Ltd)
	22,840.265 units - Perpetual's WholesaleMonthly Income Fund (Pollard StrategyAssociates Pty Ltd)
	7,687.6 units -- Perpetual's WholesaleMonthly Income Fund - (Seventh Bardo PtyLtd
	6,188.68 - Perpetual's Industrial Share Fund(Seventh Bardo Pty Ltd)

+ See chapter 19 for defined terms.

Appendix 3YChange of Director's Interest Notice

Class
	Units in Perpetual's Wholesale IndustrialFund
Number acquired	52,001.15 units - Perpetual's WholesaleIndustrial Fund
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation	$70,513.55
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 (Pollard StrategyAssociates Pty Ltd)
	7,687.6 units - Perpetual's WholesaleMonthly Income Fund - (Seventh Bardo PtyLtd)
	6,188.68 - Perpetual's Industrial Share Fund(Seventh Bardo Pty Ltd)
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurines under dividend remvestment plan, participation in buy-back	Subscription for units

J:\OPS\EXECSEC\DATA\DR\DOC\Nicholls Appendix 3Y Disclosure 20 January 2003.doc

• See chapter 19 for defined terms.

Appendix 3Y Change of Director's Interest Notice

Part 2 - Change of director's interests in contracts

Note. In the case of a company, interests which come within paragraph (ii) of the defininon 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 towhich interest related prior tochangeNote: Details are only required for a contract in relationto which the interest has changed
Interest acquired
Interest disposed
Value/ConsiderationNote: If consideration is non-eash, provide details and anestimated valuation
Interest after change

+ See chapter 19 for defined terms.