Perpetual Limited — Director's Dealing 2004

Aug 19, 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
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	David Deverall
Date of last notice	26 February 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 relevantinterest	DirectOptions held in Perpetual's Executive OptionPlanIndirectPurchase of shares by Queensland TrusteesPty Limited as trustee for Perpetual'sExecutive Share Plan
Date of change	August 20 2004
No. of securities held prior to change	$29,258$ options30,898 ordinary shares
Class	Ordinary shares and options
Number acquired	29,736 options at an exercise price of $47.087,434 shares at $47.08 per share
Number disposed	NIL

Rule 3.19A.2

+ See chapter 19 for defined terms.

Value/ConsiderationNote: If consideration is non-eash, provide details and estimatedvaluation	Options and shares were acquired pursuant toterms of long term incentivethe .arrangements as set out in David Deverall'sexecutive service agreement and constitutethe long term incentive for the financial yearcommencing 1 July 2004. Vesting ofsecurities is subject to performance hurdles inaccordance withlongtermincentivearrangements.
No. of securities held after change	58,994 options38,332 ordinary shares
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofscearities under dividend reinvestment plan, participation in bay-back	Acquisition of sharesoptionsand$\mathbf{m}$accordance with remuneration arrangements.

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 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

+ See chapter 19 for defined terms.

+ See chapter 19 for defined terms.