Perpetual Limited — Director's Dealing 2004

Dec 8, 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	14 May 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 relevantinteresi.	DirectUnits in Perpetual Wholesale Industrial ShareFund and Fidelity Perpetual South East AsiaFund.
	IndirectUnits in Perpetual's Wholesale IndustrialFidelity Perpetual WholesaleFund,International Share Fund andFidelityPerpetual South East Asia Fund by SeventhBardo Pty Ltd. Linda Nicholls is sole directorof Seventh Bardo Pty Ltd.
	Units in Perpetual's Wholesale IndustrialShare Fund and Fidelity Perpetual South EastAsia Fund by Pollard Strategy Associates PtyLtd as trustee of PSA Superannuation Fund.Linda Nicholls is a member of the PSASuperanmuation Fund.
Date of change	6 December 2004

Rule 3.19A.2

No. of securities held prior to change	Direct
	47,878.07 units - Perpetual's WholesaleIndustrial Fund
	12,646.75 units - Fidelity Perpetual SouthEast Asia Fund
	Indirect
	29,689.94 units - Perpetual's WholesaleIndustrial Share Fund (Pollard StrategyAssociates Pty Ltd)
	7,755.29 units - Fidelity Perpetual South EastAsia Fund (Pollard Strategy Associates PtyLtd)
	61,125.63 units - Perpetual's Industrial ShareFund (Seventh Bardo Pty Ltd)
	17,534.71 - Fidelity Perpetual South EastAsian Fund (Seventh Bardo Pty Ltd)
Class	units
Number acquired	Nil
Number sold
	Indirect
	61,125.63 - Perpetual Industrial Share Fund(Seventh Bardo Pty Ltd)
	29,689.94 - Perpetual Wholesale IndustrialShare Fund (PSA Superannuation Fund)
Value/Consideration
Note: If consideration is non-cash, provide details and estimatedvaluation	Sold - Indirect
	$28,920.00 - Perpetual Industrial Share Fund(Seventh Bardo Pty Ltd)
	$13,065.00 - Perpetual Wholesale IndustrialShare Fund (Pollard Strategy Associates PtyLtd)

No. of securities held after change	Direct
	47,878.07 units - Perpetual's WholesaleIndustrial Fund
	12,646.75 units - Fidelity Perpetual SouthEast Asia Fund
	Indirect
	Nil units - Perpetual's Wholesale IndustrialShare Fund (Pollard Strategy Associates PtyL(d)
	7,755.29 units - Fidelity Perpetual South EastAsia Fund (Pollard Strategy Associates PtyL(d)
	Nil units - Perpetual's Industrial Share Fund(Seventh Bardo Pty Ltd)
	17,534.71 - Fidelity Perpetual South EastAsian Fund (Seventh Bardo Pty Ltd)
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	Sale 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 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 andan estimated valuation
Interest after change