CTI LOGISTICS LIMITED — Major Shareholding Notification 2005

Nov 20, 2005

Form 605

Corporations Act 2001 Subsection 671B

Notice of Ceasing to be a Substantial Shareholder

To:	CTI Logistics Ltd
ACN/ARSN
1. Details of substantial holder (1)
Name		Warakirri Asset Management Pty Ltd
ACN/ARSN	057 529 370
The holder ceased to be a substantial holder on		18 Nov 2005
The previous notice was given to the company on		12 Apr 2005
The previous notice was dated		12 Apr 2005

$2.$ Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial shareholder or an associate (3) in voting securities of the company or scheme, since the substantial shareholder was last required to give a substantial holding notice to the company or scheme are as follows

Date	Txn	Shares	Consideration
26-Aug-04	Sale	1,948,457	\$1,851,034.20

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows

NA

Addresses $\Delta$

Name	Address
Warakirri Asset Management Pty Ltd	Level 3, 53 Queen St, Melbourne Vic 3000

Signature

	Print name Richard Friend	Capacity	Head of Portfolio Management
Sign here		Date	21 Nov 2005

DIRECTIONS

• If there are a number of substantial holders with similar or related interests (eg. a corporation and its related corporations, or the $(1)$ manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 4 of the form.
• $(2)$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• $(3)$ See the definition of "associate" in section 9 of the Corporations Act 2001
• $(4)$ Include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection $(a)$ 671B(4) applies, a copy of any document setting out the terms of any agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• $(b)$ any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interests relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• $(5)$ Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
• $(6)$ The voting shares of a company constitute one class unless divided into separate classes
• $(7)$ Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.