Perpetual Limited — Major Shareholding Notification 2004

Jun 8, 2004

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Perpetual Trustees Australia Limited ACN/ARSN 000 431 827

1. Details of substantial holder

Name ABN	Barclays Group ("Barclays")	33 001 804 566 (Barclays Global Investors Australia Ltd)
	There was a change in the interests of the substantial holder on	28 May 2004
company on	The previous notice was given to the	14 April 2004
	The previous notice was dated	14 April 2004

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder an associate had a relevant interest in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

l Class of securities	Previous notice		Present notice
	Person's votes	Voting power	Person's votes	Vofing power
l Ordinarv	2.086.132	5.47%	2.536.136	6.65%

3. Changes in relevant interests

Particulars of each change in, or change on the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change	Consideration given in relation to change	Class and number of securities affected	Person's votes affected
28/5/04	Barclavs	Increase in voting power	On market	2,536,136 ordinary	6.65%

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of	I Reaistered holder of securities	Nature of	l. Class and	Person's
relevant		-relevant interest 1 number of		votes
interest			securities

Barclays	JP Morgan & other custodians - see	Ⅰ See Annexure A Ⅰ 2,536,136		16.65%
	-Annexure A		ordinarv

5. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Barclays Global Investors	1/111 Harrington Street, Sydney NSW 2000
Australia Limited

This is "Annexure A" of 1 page referred to in Form 604 Notice of change of interests of substantial holder

Relevant interest in Perpetual Trustees Australia Ltd ("PPT") held by the Barclays Group ("Barclays").

ASX	i Maria (j. 1999), esperanto-regional (j. 1919). Geografia		$\sim$ %	g gar e e espacial de terremonimento establecen en el componento en el compo
CODE	STOCK NAME	HOLDING		ICOMPANY
	Perpetual Trustees	1,885,404		4.94 Barclays Global Investors Australia Ltd
PPT	Australia Ltd
	Perpetual Trustees	4,125		0.01 Barclays Life Assurance Co Ltd
PPT	Australia Ltd
	Perpetual Trustees	189,854		0.50 Barclays Global Investors Ltd
PPT	Australia Ltd
	Perpetual Trustees	389,649		1.02 Barclays Global Investors, N.A.
PPT	Australia Ltd
	Perpetual Trustees	11,548		0.03 Barclays Capital Securities Ltd
PPT	Australia Ltd
	Perpetual Trustees	55,556		0.15 Barclays Global Fund Advisors
PPT	Australia Ltd
		2,536,136	6.65

The list of Barclays entities and their respective holdings are as follows:

The JP Morgan Chase Bank Inc. and various other custodians (Custodians) hold shares in PPT as custodian and for which Barclays is either:

• the responsible entity or trustee of pooled investment products such as registered managed $\bullet$ investment schemes (Funds); or
• the investment manager of Portfolios held for a number of institutional investors. The institutional $\bullet$ investors are generally superannuation funds regulated under the Superannuation Industry Supervision Act 1993.

The holding of shares in PPT was acquired as part of the wide portfolio of Australian shares and units acquired for the Funds and the Portfolios.

Barclays and the Custodians may hold relevant interests due to the capacity of these entities to dispose of the shares in PPT.

Each investor in a Fund owns an undivided interest in the Fund's assets, no client directly owns any asset of the Fund. The unitholding of each Fund varies from time to time as clients enter and withdraw from the Funds. The various institutional investors with portfolios delegate the management of the portfolios to Barclays.