Perpetual Limited — Major Shareholding Notification 2004

Apr 13, 2004

FACSIMILE

Telephone +612 9272 2261 Facsimile +612 9278 5261 Linda.soo@barclaysglobal.com

PERFORMANCE THROUGH INNOVATION

BARCLAYS GLOBAL INVESTORS

Company Secretary Perpetual Trustees Australia Limited Fax: (02) 9232 8936
ASX Company Announcements Fax: 1900 999 279
4 Incl.
14 April 2004
Notice of initial substantial holder

Barclays Global Investors Australia Limited ABN 33 001 804 566

AFS Licence No. 225398

Level 1, 111 Harrington Street, Sydney NSW 2000
P.O. Box N43 Grosvenor Place, NSW 1220

The information contained in this facsimile is intended only for the use of the recipient names above. This facsimile may contain privileged, confidential or undisclosed
Information, if the reader of this tacsimile is not

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To. Perpetual Trustees Australia Ltd ACN/ARSN 000 431 827

1. Details of substantial holder

Name	Barclays Group ("Barclays")
ABN	33 001 804 566 Barclays Global Investors Australia Ltd

The holder became a substantial holder on 1 April 2004

2. Details of 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 on the date the substantial holder became a substantial holder are as follows:

Class of securities	Mumber of securities	Person's votes	Voting power
Ordinary	2,086,132	----	5.47%
,,,,,,,,	----	2,086,132

3. Details of relevant Interests

The nature of the relevant interest the substantial holder had In the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	. Nature of relevant interest	Class and number of securities
l Barclavs	- Fund Manager - see Annexure A

4. Details of present registered holders

The persons registered as holder of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of securities	1 Class and number of securities
Barclays	1 JP Morgan & other custodians - see Annexure A

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Cash/Non-cash securities Interest 2,086,132 ordinary	Holder of relevant	Date of acaulsition	Consideration	Class and number of
	Barclays	Past 4 months	$\pm$ Avg price \$42.38 $\pm$

6. Addresses

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

Name	Address
Barclays Global Investors	$^{\circ}$ 1/111 Harrington Street, Sydney NSW 2000 $^{\circ}$
` Australia Limited

Signature

$14/4/04$

$\overline{1}$

Andrew Kuo Company Secretary Barclays Global Investors Australia

j

$\mathbf{r}$

$\mathcal{I}$

This is "Annexure A" of 1 page referred to in Form 603 Notice of initial substantial holder

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

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

ASX CODE	STOCK NAME	HOLDING	%	COMPANY
PPT	Perpetual Trustees Australia Ltd	14.495		0.04 Barclays Capital Securities Ltd
PPT	Perpetual Trustees Australia Ltd	1,887,988		4.95 Barclays Global Investors Australia Ltd
PPT	Perpetual Trustees Australia Ltd	179.524		0.47 Barclays Global Investors Ltd
PPT	Perpetual Trustees Australia Ltd	4,125		0.01 Barclays Life Assurance Co Ltd
		2,086,132	5.47

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 Investment schemes (Funds); or
• the investment manager of Portfollos held for a number of institutional investors. The institutional 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 Portfollos.

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.

Company Secretary Barclays Global Investors Australia