Perpetual Limited — Director's Dealing 2011

Feb 22, 2011

Appendix 3X Initial Director’s Interest Notice

Rule 3.19A.1

Appendix 3X

Initial 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.1 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Chris Ryan
Date of appointment	23 February 2011

Part 1 - Director’s relevant interests in securities of which the director is the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Number & class of securities

Nil

Part 2 – Director’s relevant interests in securities of which the director is not the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Name of holder & nature of interest	Number & class of Securities
Note: Provide details of the circumstances
giving rise to the relevant interest.	Subject to the approval of shareholders at the
Shares will be held by QueenslandTrustees Pty Limited as trustee for	AGM in November 2011 the following shares oroptions will be allocated to the trustee:
Perpetual’s Executive Share Plan.Chris Ryan will be the beneficial	Long Term Incentive (LTI):
holder of these shares.	•An LTI of 100% of fixed remuneration (or a
	greater amount determined by the Board from
	year to year) provided by way of either or
	both performance shares and options in such
	proportions determined by the board.

C Ryan Appendix 3X Page 1

D11/769

Appendix 3X Initial Director’s Interest Notice

•	50% of the LTI will be subject to a total
	shareholder return (TSR) performance hurdle
	and 50% of the LTI will be subject to an
	earningspershare(EPS)growth
	performance hurdle measured over a three-
	year performance period.
Sign-on Payment and Incentive:
•	A one-off incentive grant of $600,000 in the
	form of performance shares with 50% of the
	shares vesting subject to a TSR hurdle and
	50% of the shares vesting subject to an EPS
	hurdle,measuredoveratwo-year
	performance period.

Part 3 – Director’s interests in contracts

Detail of contract	Nil.
Nature of interest
Name of registered holder(if issued securities)
No. and class of securities to whichinterest relates

C Ryan Appendix 3X Page 2

D11/769