GALE PACIFIC LIMITED — Capital/Financing Update 2004

Feb 16, 2004

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Computershare

Please return completed form to: Computershare Investor Services Pty Limited GPO Box 52 Melbourne Víctoría 8060 Australia Enquiries (within Australia) 1300 850 505 (outside Australia) 61 3 9615 5970 Facsimile 61 3 9473 2529 web.queries@computershare.com.au www.computershare.com

Securityholder Reference Number (SRN)

| 1234567890

IND

B

A

Securityholders eligible to participate in the Share Purchase Plan ("SPP") are offered, and may apply for, shares under the SPP as detailed below.

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SAMPLETOWN TAS 7000

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Offer Closes: 5.00pm AEST on 9 March 2004. This offer is non-renounceable

To be completed by Securityholder

I/We apply for the number of ordinary shares in Gale Pacific Limited selected below at a price of \$2.60 per share in accordance with the terms and conditions of the accompanying Share Purchase Plan dated 5 February 2004. By making payment for the shares applied for and lodging this form, duly completed:

• I/we hereby authorise Gale Pacific Limited to register me/us as the holder(s) of the ordinary shares allotted to me/us pursuant to this application and I/we ${a}$ agree to be bound by the constitution of Gale Pacific Limited;
• I/we acknowledge that I/we have read and understood the terms and conditions of the Share Purchase Plan accompanying this application form and that $(b)$ Gale Pacific Limited does not in any way quarantee the capital value and/or performance of its shares;
• I/we certify that the total amount payable for the shares I/we have applied for under this application, any other application under the Share Purchase Plan $(c)$ the subject of this application or any similar arrangement for the issue of shares in Gale Pacific Limited in the 12 months prior to this application (including through beneficial holdings) does not exceed \$5,000; and
• I/we acknowledge that if I am/we are a trustee or nominee and I am/we are expressly noted in the members register of Gale Pacific Limited as holding ${f}$ shares on account of another person ("beneficiary") this application and the foregoing certification is taken to be made by the beneficiary.

						005517 V 0096WD
in cheque here. not staple)	87 - 480 882 382 383 Gale Pacific Limited ABN 60-082-263-778	C In case we need to contact you BH ( AH (		Entitlement Number:
	I/We wish to purchase:		Cost per share		Amount enclosed
	The maximum number of 1,923 shares for \$4,999.80 or (please mark box)	Shares	A\$2.60 χ (insert lesser number)	$\equiv$	75
	* These share amounts may be subject to scale-back in accordance with the terms of the SPP.
	Record Cheque Details Below Drawer		BSB Number		Amount
					7. V.

How to complete this form

Acceptance of the Share Purchase Plan offer

Registration Name(s)	Payment
Your name and address as it appears on the Register of Gale Pacific Limited.	Make your cheque or bank draft payable to Gale Pacific Limited in Australian currency and cross it Not Negotiable. Your cheque or bank draft
The Offer	must be drawn on an Australian Bank.
You can apply for shares to a maximum value of \$4,999.80.	Complete the cheque details in the boxes provided. The total amount must agree with the amount you specify in section B.
Contact Details	Cheques will be processed on the day of receipt and as such,
Enter your contact details. These are not compulsory but will assist us if we need to contact you.	sufficient cleared funds must be held in your account as cheques returned unpaid may not be re-presented and may result in your Share Purchase Plan Form being rejected. Pin (do not staple) your cheque(s) to the Share Purchase Plan Form where indicated. Cash will not be accepted. Receipt for payment will not be forwarded.

This is an important document and requires your immediate attention. If you are in any doubt about how to deal with it, please consult your financial or other professional advisor.

Scaleback and other matters

If Gale Pacific Limited receives acceptances for more than 1,538.461 fully paid ordinary shares (approximately \$4 million) by the closing date Gale Pacific Limited may, in its discretion, scale back the number of shares issued to each member who has accepted the offer by the closing date by the same proportion so that no more than 1,538,461 shares are issued. In that case refund cheques for the surplus will be sent to the applicants as soon as reasonably practical after the closing date. Interest will not be paid on the refunded money

Gale Pacific Limited may settle in any manner it thinks fit any disputes or anomalies which may arise in connection with, or by reason of the operation of, the Share Purchase Plan, whether generally or in relation to any applicant or application of shares, and Gale Pacific Limited's decision will be conclusive and binding on all person to whom the determination relates.

Gale Pacific Limited reserves the right to waive compliance with any provision of the Share Purchase Plan.

Lodgement of form and payment

If you wish to apply for shares, your completed form and cheque or bank draft must be received at the Melbourne office of Computershare Investor Services Pty Limited by 5.00 pm AEST on 9 March 2004. Return your form and cheque or bank draft to:

Computershare investor Services Pty Limited	OR.	Computershare investor Services Pty Limited
GPO Box 52		Level 12
MELBOURNE VIC 8060		565 Bourke Street
		MELBOURNE VIC 3000

Privacy Statement

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