Perpetual Limited — Director's Dealing 2005

May 22, 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	Philip Twyman
Date of last notice	17 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.	Units in Perpetual Wholesale Industrial ShareFund, Perpetual Wholesale Balanced GrowthFund and Perpetual Wholesale InternationalFund held by spouse of Philip Twyman,through a Colonial First State Super account
Date of change	19 May 2005
No. of securities held prior to change	51,192.52 units in PerpetualWholesaleIndustrial Share Fund141,680.96 units in Perpetual WholesaleBalanced Growth Fund18,444.09 Perpetual Wholesale InternationalFund
Class	units

Number acquired	19,098.29 units - Perpetual's Wholesale
	Industrial Share Fund
	37,930.50 units - Perpetual's Wholesale
	Balanced Growth Fund
	36,998.90 units - Perpetual's Wholesale
	International Fund
Number sold
	NIL
Value/Consideration	$21,894.28 ($1.1464 per unit in Perpetual
Note: If consideration is non-cash, provide details and estimatedvalustion	Wholesale Industrial Share Fund)
	$42,550.44 ($1.1218 per unit in Perpetual
	Wholesale Balanced Growth Fund)
	$40,306.60 ($1.0894 per unit in Perpetual's
	Wholesale International Fund)
No. of securities held after change	70,290.81 units in Perpetual Wholesale
	Industrial Share Fund
	179,611.46 units in Perpetual Wholesale
	Balanced Growth Fund
	55,442.99 units in Perpetual's Wholesale
	International Fund
Nature of change	Purchase of units in managed funds
Example: on-market trade, off-market trade, exercise of options, issue ofsecurities 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 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