RNS Number:4883P
Portman Ld
08 September 2003

                                                                    Rule 3.19A.2

                                  Appendix 3Y

                      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            PORTMAN LIMITED

ABN                       22  007  871  892



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                        M C ALBRECHT

Date of last notice                     29 JULY 2002


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                        Direct

Nature of indirect interest
(including registered holder)

Note: Provide details of the circumstances giving
rise to the relevant interest.


Date of change (Exercise of Options)               8 September 2003

No. of securities held prior to change             982,000 Ordinary Shares

                                                   168,000 Options (E.P. $0.984 each)

Class                                              Ordinary Shares

Number acquired                                    168,000

Number disposed                                    Nil

Value/Consideration                                $165,312


Note: If consideration is non-cash, provide details and estimated valuation


No. of securities held after change                Invia Custodian Pty Ltd
(Ordinary Shares Only)                                          750,000

                                                               400,000

                                                   Total Shares held after change      1,150,000


Nature of change                                   Exercise of Options

Example: on-market trade, off-market trade,        168,000 @ $0.984 each
exercise of options, issue of securities under
dividend reinvestment plan, participation in
buy-back



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                      N/A
Nature of interest                      N/A




Name of registered holder               N/A
(if issued securities)


Date of change                          N/A

No. and class of securities to which    N/A
interest related prior to change

Note: Details are only required for a
contract in relation to which the
interest has changed


Interest acquired                       N/A

Interest disposed                       N/A

Value/Consideration                     N/A

Note: If consideration is non-cash,
provide details and an estimated
valuation


Interest after change                   N/A


                             G T Clifford                       8 September 2003

                        Company Secretary

                          PORTMAN LIMITED

                      This information is provided by RNS
            The company news service from the London Stock Exchange
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