Perpetual Limited — Director's Dealing 2004

Feb 25, 2004

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	David Michael Deverall
Date of last notice	26 September 2003

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

Direct or indirect interest	Direct/Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to therelevant interest.	DirectOptions in Perpetual's Executive Option PlanIndirectPurchase of shares by Queensland TrusteesPty Ltd as trustee for Perpetual's ExecutiveShare Plan.
Date of change	3 February and 20 February 2004
No. of securities held prior to change	Nil
Class	Ordinary shares and options
Number acquired	Direct29,258 options - Executive Option Plan issuedat an exercise price of $37.10Indirect30,898 ordinary shares issued at 37.10
Number disposed

J:\OPS\EXECSEC\DATA\GC\ASX\Deverall Appendix 3Y Disclosure February 04.doc

+ See chapter 19 for defined terms.

Value/ConsiderationNote: If consideration is non-cash, provide details andestimated valuation	Direct$1,085,471.80Indirect$1,146,315.80
No. of securities held after change	Direct29,258 options - Executive Option PlanIndirect30,898 ordinary shares
Nature of changeExample: on-market trade, off-market trade, exercise ofoptions, issue of securities under dividend reinvestment plan,participation in buy-back	Issue of shares and options in accordancewith terms of Service Agreement and LongTerm Incentive arrangements.

Part 2 - Change of director's interests in contracts

Detail of contract	Not Applicable
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 contractin relation to which the interest has changed
Interest acquired
Interest disposed
Value/Consideration
Note: If consideration is non-cash, providedetails and an estimated valuation
Interest after change

JAOPS\EXECSEC\DATA\GC\ASX\Deverall Appendix 3Y Disclosure February 04.doc