Perpetual Limited — Director's Dealing 2004

Dec 20, 2004

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
JABN	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	6 December 2004

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/Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Direct Units in Perpetual Wholesale Industrial Share Fund and Fidelity Perpetual South East Asia Fund.
	Indirect Units in Perpetual's Wholesale Industrial Fidelity Perpetual Wholesale Fund, International Share Fund and Fidelity Perpetual South East Asia Fund by Seventh Bardo Pty Ltd. Linda Nicholls is sole director of Seventh Bardo Pty Ltd.
	Units in Perpetual's Wholesale Industrial Share Fund and Fidelity Perpetual South East Asia Fund by Pollard Strategy Associates Pty Ltd as trustee of PSA Superannuation Fund. Linda Nicholls is a member of the PSA Superannuation Fund.
Date of change	13 December 2004

Rule 3.19A.2

No. of securities held prior to change	Direct
	47,878.07 units - Perpetual's Wholesale Industrial Share Fund
	12,646.75 units - Fidelity Perpetual South East Asia Fund
	Indirect
	7,755.29 units - Fidelity Perpetual South East Asia Fund (Pollard Strategy Associates Pty Ltd)
	17,534.71 - Fidelity Perpetual South East Asian Fund (Seventh Bardo Pty Ltd)
Class	units
Number acquired	Direct
	1,942.02 - Perpetual's Wholesale Industrial Share Fund
	14,190.98 - Fidelity Perpetual South East Asia Fund
	Indirect
	1,483.90 - Fidelity Perpetual South East Asia Fund (Pollard Strategy Associates Pty Ltd as trustee of the PSA Superannuation Fund)
	3,456.00 - Fidelity Perpetual South East Asian Fund (Seventh Bardo Pty Ltd)
Number sold	Nil

Value/Consideration Note: If consideration is non-eash, provide details and estimated	Direct
valuation
	\$3,651 - Perpetual's Wholesale Industrial Share Fund
	\$13,226 - Fidelity Perpetual South East Asia Fund
	Indirect
	\$1,383 - Fidelity Perpetual South East Asia Fund (Pollard Strategy Associates Pty Ltd as trustee of the PSA Superannuation Fund)
	\$3,221 - Fidelity Perpetual South East Asian Fund (Seventh Bardo Pty Ltd)
No. of securities held after change	Direct
	49,820.09 units - Perpetual's Wholesale Industrial Fund
	26,837.73 units - Fidelity Perpetual South East Asia Fund
	Indirect
	9,239.19 units - Fidelity Perpetual South East Asia Fund (Pollard Strategy Associates Pty Ltd as trustee of PSA Superannuation Fund)
	20,990.71 - Fidelity Perpetual South East Asian Fund (Seventh Bardo Pty Ltd)
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Acquisition of 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
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