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	David Deverall
Date of last notice	August 20 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	Direct/Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	DirectOptions held in Perpetual's Executive OptionPlanIndirectShares held by Queensland Trustees PtyLimited as trustee for Perpetual's Executive
	Share Plan
Date of change	23 and 25 February 2004
No. of securities held prior to change	38,332 ordinary shares58,994 options
Class	Ordinary shares and options

Number acquired	23 February 200515,252 ordinary shares at an issue price of$46.87 each25 February 20054,248 options at an exercise price of $47.08
	each.1,062 ordinary shares at an issue price of$47.08 each
Number disposed	NIL
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	15,252 shares were acquired as a result ofDavid Deverall electing to sacrifice his 2004short term incentive payment and acquirePerpetual shares via Perpetual's ExecutiveShare Plan.
	4,248 options and 1,062 shares were grantedunder Perpetual's Executive Option Plan andExecutive Share Plan. The options andshares were granted pursuant to the terms oflong term incentive arrangements as set outin David Deverall's executive serviceagreement and approved by shareholders.The options and shares constitute part of thelong term incentive for the financial yearcommencing 1 July 2004. Vesting ofsecurities is subject to performance hurdles inaccordance with long term incentivearrangements.
No. of securities held after change	54,646 ordinary shares63,242 options
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 through sacrifice ofshort term incentive payments.Acquisitionsharesoptionsofandinaccordance with remuneration 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)

$+$ See chapter 19 for defined terms.

Date of change
No. and class of securities towhich interest related prior to
changeNote: 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