Perpetual Limited — Director's Dealing 2005

Feb 28, 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	Jane Couchman (Alternate director for D Deverall)
Date of last notice	January 13 $2004$

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	Indirect
Nature of indirect interest	Indirect
(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 and Employee Share PurchasePlans
Date of change	25 February 2004
No. of securities held prior to change	1,339 ordinary shares5,493 options over ordinary shares
Class	Ordinary shares
Number acquired	947 ordinary shares
Number disposed	NIL

+ See chapter 19 for defined terms.

Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	947 shares were granted at an issue price of$49.67 pursuant to the terms of long termincentive arrangements. Vesting of securitiesis subject to performance hurdles inaccordance with long term incentivearrangements.
No. of securities held after change	2,286 ordinary shares5,493 options over ordinary shares
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	Acquisition of shares in accordance withremuneration arrangements.

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

$+$ See chapter 19 for defined terms.