CTI LOGISTICS LIMITED — Major Shareholding Notification 2005

Apr 11, 2005

Form 604

Corporations Act 2001
Subsection 671B

Notice of change of interests of substantial holder

To:	CTI Logistics Limited
ACN/ARSN
1.	Details of substantial holder (1)
Warakirri Asset Management Pty Ltd Name
ACN/ARSN	057 529 370
holder on	There was a change in the interests of the substantial	$07 -$ Apr $-2005$
	The previous notice was given to the company on	22-Jun-2004
The previous notice was dated		22–Jun–2004

$2.$ Previous and present 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 or an associate (2) had a relevant interest (3) in when last required, and when now r scheme, are as follows

Class of securities (4)	Previous Notice	Present Notice
	Person's Votes	Voting Power (5)	Person's Votes	Voting Power (5)
Ordinary Shares	1,915,469	7.56%	1,948,457	8.60%

3. Changes in relevant interests

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

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
21-Jun-04	Warakirri Asset Momt	On market purchase	\$5,500.00	10.000	10,000
23-Jun-04	Warakirri Asset Mgmt	On market purchase	\$1,100.00	2.000	2.000
24-Jun-04	Warakirri Asset Momt	On market purchase	\$11,000.00	20.000	20,000
28-Jun-04	Warakirri Asset Momt	On market purchase	\$138.60	252	252
$02 -$ Jul-04	Warakirri Asset Momt	On market purchase	\$404.80	736	736

4. Present relevant interests

-סוונטוומוס טו סטטו וסוסעמונ ווונסוסט טו נווס טעטטנטונומו ווטגוסו וויטנווע טסטנונוסט מונסו נווס טומוגוס מוס וטווטאיט
Holder of relevant	Registered	Person entitled to be	Nature of	Class and	Person's
interest	holder of	registered as holder	relevant interest	number of	votes
	securities	18	(6)	securities
Warakirri Asset Management	ANZ Nominees Limited	None		1.948.457	1.948.457

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Changes in association 5.

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as fo

NA

6. Addresses

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

Name	Address
Warakirri Asset Management Pty Ltd	Level 9, 53 Queen St, Melbourne Vic 3000

Signature

	Print name Richard Friend	Capacity	Head of Portfolio Management
Sign here		Date	12-Apr-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 "associate" in section 9 of the Corporations Act 2001
• $(3)$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• $(4)$ The voting shares of a company constitute one class unless divided into separate classes.
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100 $(5)$
• $(6)$ 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.

• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was $(7)$ 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 acouired.
• $(8)$ If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write unknown.
• $(9)$ Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.