Perpetual Limited — Director's Dealing 2008

May 18, 2008

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 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	4 April 2008

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, Perpetual Wholesale InternationalFund and Perpetual's Split Growth Fundheld by spouse of Philip Twyman, through aColonial First State Super account
	Units in Perpetual Wholesale BalancedGrowth Fund, Perpetual's Exact Market CashFund and Perpetual Wholesale Split GrowthFund held by First Dunedin SuperannuationFund of which P J Twyman and C J Twymanare the only members
	UnitsinPerpetualWholesaleBalancedGrowth Fund and Perpetual Wholesale SplitGrowthFundheldbyPhilipTwyman,through a Colonial First State Super account
	ParticipationinPerpetual'sSeparatelyManaged Account (SMA) Product held byFirst Dunedin Superannuation Fund of whichP J Twyman and C J Twyman are the onlymembers
Date of change	15 May 2008

No. of securities held prior to change	Held by C R Twyman, spouse of PhilipTwyman, through a Colonial First StateSuper account
	355,820.84 units in Perpetual WholesaleBalanced Growth Fund
	78,940.92unitsinPerpetualWholesaleIndustrial Share Fund
	103,588.83 units in Perpetual's WholesaleInternational Fund
	170,280.02 units in Perpetual Split GrowthFund
	Held by First Dunedin SuperannuationFund of which P J Twyman and C JTwyman are the only members
	620,045.89 units in Perpetual WholesaleBalanced Growth Fund
	1,725,387.45unitsinPerpetual'sExactMarket Cash Fund
	324,412units in Perpetual Wholesale SplitGrowth Fund
	$250,000participationinPerpetual'sSeparately Managed Account Product
	Held by Philip Twyman, through a ColonialFirst State Super account
	19,896.97unitsinPerpetualWholesaleBalanced Growth Fund
	12,877.76 units in Perpetual Wholesale SplitGrowth Fund
Class	Units
Number acquired	Held by C R Twyman, spouse of PhilipTwyman, through a Colonial First StateSuper account
	1456.31 units in Perpetual Split Growth Fund

Number sold	Held by C R Twyman, spouse of PhilipTwyman, through a Colonial First StateSuper account
	7,326.79unitsinPerpetualWholesaleBalanced Growth Fund
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	Purchased1456.31 units in Perpetual Split Growth Fundfor a consideration of $1,879.51
	Sold7,326.79unitsinPerpetualWholesaleBalanced Growth Fund for a consideration of$10,779.90

No. of securities held after change	Held by C R Twyman, spouse of PhilipTwyman, through a Colonial First StateSuper account
	348,494.05 units in Perpetual WholesaleBalanced Growth Fund
	78,940.92unitsinPerpetualWholesaleIndustrial Share Fund
	103,588.83 units in Perpetual's WholesaleInternational Fund
	171,736.33 units in Perpetual Split GrowthFund
	Held by First Dunedin SuperannuationFund of which P J Twyman and C JTwyman are the only members
	620,045.89 units in Perpetual WholesaleBalanced Growth Fund
	1,725,387.45unitsinPerpetual'sExactMarket Cash Fund
	324,412units in Perpetual Wholesale SplitGrowth Fund
	$250,000participationinPerpetual'sSeparately Managed Account Product
	Held by Philip Twyman, through a ColonialFirst State Super account
	19,896.97unitsinPerpetualWholesaleBalanced Growth Fund
	12,877.76 units in Perpetual Wholesale SplitGrowth Fund
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	Rebalancing of portfolios

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 to
which interest related prior to
change
Note: Details are only required for a contract in relationto which the interest has changed
Interest acquired
Interest disposed
Value/Consideration
Note: If consideration is non-cash, provide details and
an estimated valuation
Interest after change