Perpetual

MEDIA RELEASE

19 July 2005

Perpetual appoints new Director to Board

Following the decision by Mr Warwick Kent AO to retire from the Board of Perpetual Trustees Australia Limited (Perpetual) on 31 July 2005, Perpetual's Chairman, Mr Charles Curran AO, today announced the appointment of Mr Peter Scott to the Board effective the same date.

Mr Scott brings more than thirty years of experience to the Board, primarily in the financial services and earlier in the construction and development industries.

In welcoming Mr Scott to the Perpetual Board, Mr Curran said that his senior business experience and knowledge of the wealth management industry, particularly the retail distribution sector, would be of great worth to the Board.

Mr Curran thanked Mr Kent for his contribution to Perpetual, adding: "Mr Kent has made a most highly-valued contribution to the Board of Perpetual over the last seven years."

For further information, please contact:

Susan Morey Head of Corporate Affairs and Investor Relations Perpetual Trustees Australia 39 Hunter Street Sydney NSW 2000 Telephone: 02 9229 3936 02 9229 9883 Fax: Mobile: 0409 746 385

Mr Peter Scott

Mr Scott retired in January 2005 from National Australia Bank (NAB) where he held the position of Executive General Manager and Chief Executive Officer of MLC. His career began as a consulting engineer in Australia and overseas, and later with Civil & Civic, a subsidiary of Lend Lease. In 1996, he was appointed Chief Information Officer of Lend Lease Corporation and Chief Executive Officer of MLC Funds Management that same year. Mr Scott later became the Chief Operating Officer and then the Chief Executive Officer of MLC, which was acquired by NAB in 2000.

Mr Scott holds a Bachelor of Engineering (Hons) from Monash University and a Master of Engineering from the University of New South Wales.

He is a Member of the Strategic Advisory Panel of the Project Management Programme at the University of Sydney and a Board Member for the Centre for Engineering Leadership and Management at the Institute of Engineers in Australia. He is also a director of Sinclair Knight & Partners (SKM).

Mr Warwick Kent AO

Mr Kent is the former Managing Director and Deputy Chairman of Bank of Western Australia Limited. He is Chairman of the Coventry Group Limited and WA Newspapers Holdings Limited and a Director of Commonwealth Bank of Australia.

He holds a Bachelor of Economics from the University of Sydney and is a graduate of the Advanced Management Programme from the University of Hawaii.

Mr Kent is a Fellow of the Australian Society of Certified Practising Accountants, Australian Institute of Bankers, Chartered Institute of Company Secretaries and the Australian Institute of Company Directors.