Perpetual Limited — Director's Dealing 2003

Jan 6, 2003

Date:	07 January 2003		AUSTRALIAN STOCK EXCHANGE	Perpetual TrusteesAustralia LimitedACN 000 431 827
To:	The ManagerFax: 1300 300 021	Company Announcements OfficeAustralian Stock Exchange Limited	PPT000980	39 Hunter Street SydneyGPO Box 4172Sydney NSW 2001AustraliaDX 365 Sydney
From:	David RichardsManager, Corporate Risk			Telephone 02 9229 9000Facsimile 02 9232 8936BY FAX
Subject:	Notice of Change of Directors' Interest - Perpetual TrusteesAustralia Limited
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 recipiem, 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 $3Y$ ) for the following director.

Linda Nicholls

David Richards Manager, Corporate Risk Direct Phone 02 9229 9084

T-527 P.02/04 F-032

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	24 December 2002-------------------------------------------

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 relevantmerest.	Investment in Perpetual's WholesaleMonthly Income Fund and Perpetual'sIndustrial Share Fund by Seventh Bardo PtyLtd. Linda Nicholls is sole director ofSeventh Bardo Pty Ltd
Date of change	02 January 2003
No. of securities held prior to change	$21,119.421$ units - Perpetual's WholesaleIndustrial Fund (Pollard Strategy AssociatesP ty Ltd22,840.265 units - Perpetual's WholesaleMonthly Income Fund (Pollard StrategyAssociates Pty Ltd)
Class	Units in Perpetual's Wholesale MonthlyIncome Fund and Perpetual's IndustrialShare Fund

$+$ See chapter 19 for defined terms.

Appendix 3Y Change of Director's Interest Notice

Number acquired	7,687.6 units - Perpetual's WholesaleMonthly Income Fund6,188.68 units - Perpetual's Industrial ShareFund
Number disposed	Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation	$7,687.60 - Perpetual's Wholesale MonthlyIncome Fund
	$9,326.34 - Perpetual's Industrial ShareFund
No. of securities held after change	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 opnons, 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)

WSYDNOVI/VOLI/DATA/OPS/EXECSEC/DATA/DR/DOC/Nicholls Appendix 3Y Disclosure 06 January 2003.doc

• See chapter 19 for defined terms.

$\begin{array}{c} \textbf{Appendix } 3\textbf{Y}\ \textbf{Change of Director's Interest Notice} \end{array}$

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-cash, provide details and anestimated valuation
Interest after change

+ See chapter 19 for defined terms.