CTI LOGISTICS LIMITED — Director's Dealing 2002

Dec 23, 2002

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 CTI Logistics Limited
ABN 69 008 778 925

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	David Watson
Date of last notice	08 January 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	Indirect
Nature of indirect interest (including registered holder)	Held by David Watson Nominees Pty Ltd
Note: Provide details of the circumstances giving rise to the relevant interest.	For the David Watson Family Trust
Date of change	16 & 17 December 2002
No. of securities held prior to change	5,270,051 shares
Class	Ordinary
Number acquired	100,000 shares
Number disposed	None
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	41 cents per share
No. of securities held after change	5,370,051
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	On market trade

⁺ See chapter 19 for defined terms.

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
Nature of interest
Name of registered holder
	(if issued securities)
	Date of change
	No. and class of securities to
	which interest related prior to
	change
	Note: Details are only required for a contract in relation to which the interest has changed
	Interest acquired
	Interest disposed
	Value/Consideration
	Note: If consideration is non-eash, provide details and an estimated valuation
Interest after change

$+$ See chapter 19 for defined terms.