Perpetual Limited — Director's Dealing 2004

May 26, 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	5 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 relevantinterest.	DirectUnits in Perpetual Wholesale Industrial ShareFund and Fidelity Perpetual South East AsiaFund.
	IndirectUnits in Perpetual's Wholesale MonthlyFund, Perpetual's WholesaleIncomeIndustrial Fund, Fidelity Perpetual WholesaleInternational Share Fund and FidelityPerpetual South East Asia Fund by SeventhBardo Pty Ltd. Linda Nicholls is sole directorof Seventh Bardo Pty Ltd.
	Units in Perpetual's Wholesale IndustrialShare Fund, Perpetual's Wholesale MonthlyIncome Fund and Fidelity Perpetual SouthEast Asia Fund by PollardStrategyAssociates Pty Ltd as trustee of PSASuperannuation Fund. Linda Nicholls is amember of the PSA Superannuation Fund.
Date of change	14 May 2004

Rule 3.19A.2

No. of securities held prior to change	Direct
	47,815.13 units - Perpetual's WholesaleIndustrial Fund
	Indirect
	32,443.41 units - Perpetual's WholesaleIndustrial Share Fund (Pollard StrategyAssociates Pty Ltd)
	7,970.61 units - Perpetual's WholesaleMonthly Income Fund (Pollard StrategyAssociates Pty Ltd)
	7,755.29 units - Fidelity Perpetual South EastAsia Fund (Pollard Strategy Associates PtyLtd)
	66,400.31 units - Perpetual's Industrial ShareFund (Seventh Bardo Pty Ltd)
	17,942.68 units - Perpetual's WholesaleMonthly Income Fund $-$ (Seventh Bardo PtyLtd)
	19,821.67 - Fidelity Perpetual South EastAsian Fund (Seventh Bardo Pty Ltd)
Class	units
Number acquired	Direct63.25 units - Perpetual's Wholesale IndustrialShare Fund
	12,728.25 units - Fidelity Perpetual SouthEast Asia Fund
	Indirect3,750.36 units - Perpetual's WholesaleMonthly Income Fund (Pollard StrategyAssociates Pty Ltd)
	8,478.49 units - Perpetual's WholesaleMonthly Income Fund $-$ (Seventh Bardo PtyLtd)

Number sold	Nil
Value/ConsiderationNote: If consideration is non-eash, provide details and estimatedvaluation	Direct$100.00 - Perpetual's Wholesale IndustrialShare Fund$11,850.00 - Fidelity Perpetual South EastAsia Fund
	Indirect$3,828.00 - Perpetual's Wholesale MonthlyIncome Fund (Pollard Strategy AssociatesPty Ltd)
	$8,654.00 - Perpetual's Wholesale MonthlyIncome Fund – (Seventh Bardo Pty Ltd)
No. of securities held after change	Direct
	47,878.38 units - Perpetual's WholesaleIndustrial Share Fund
	12,728.25 units - Fidelity Perpetual SouthEast Asia Fund
	Indirect
	32,443.41 units - Perpetual's WholesaleIndustrialShare Fund (Pollard StrategyAssociates Pty Ltd)
	11,720.97 units - Perpetual's WholesaleMonthly Income Fund (PollardStrategyAssociates Pty Ltd)
	7,755.29 units - Fidelity Perpetual South EastAsia Fund (Pollard Strategy Associates PtyLtd
	66,400.31 units – Perpetual's Industrial ShareFund (Seventh Bardo Pty Ltd)
	26,421.17 units - Perpetual's WholesaleMonthly Income Fund $-$ (Seventh Bardo PtyLtd
	19,821.67 - Fidelity Perpetual South EastAsian Fund (Seventh Bardo Pty Ltd)

Nature of change	Purchase of units
Example: on-market trade, off-market trade, exercise of options, issue of
securities under dividend reinvestment plan, participation in buy-back

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