Perpetual Limited — Director's Dealing 2005

May 19, 2005

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	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

Direct or indirect interest	Direct
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to therelevant interest.
Date of change	19 May 2005
No. of securities held prior to change	Direct500 shares held by Philip Twyman.Indirect300 shares held by Queensland Trustees PtyLimited as trustee for Perpetual's Non-Executive Share Purchase Plan.
Class	Ordinary
Number acquired	500
Number disposed
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$26,531.99

No. of securities held after change	Direct1,000 shares held by Philip TwymanIndirect300 shares held by Queensland Trustees PtyLimited as trustee for Perpetual's Non-Executive Share Purchase Plan.
Nature of changeExample: on-market trade, off-market trade, exercise of options,issue of securities under dividend reinvestmentplan,participation in buy-back	On-market trade

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 whichinterest related prior to changeNote: Details are only required for a contract inrelation to which the interest has changed
Interest acquired
Interest disposed
Value/ConsiderationNote: If consideration is non-cash, provide detailsand an estimated valuation
Interest after change