Perpetual Limited — Director's Dealing 2005

May 30, 2005

Appendix 3Y

Rule 3.19A.2

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	March 2005

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	Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	Shares held by Queensland Trustees PtyLimited as trustee for Perpetual's ExecutiveShare Plan
Date of change	30 May 2005
No. of securities held prior to change	54,646 ordinary shares63,242 options
Class	Ordinary shares
Number acquired	NIL

Number disposed	$15,000$ shares
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$847,786.85
No. of securities held after change	39,646 ordinary shares
	$63,242$ options
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back-	15,000 shares were sold on market.These shares were obtained as a result ofDavid Deverall electing to sacrifice his 2004short term incentive payment and acquirePerpetual shares via Perpetual's ExecutiveShare Plan.The shares were sold for portfoliodiversification reasons.

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