GALE PACIFIC LIMITED — Director's Dealing 2003

Oct 8, 2003

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	Gale Pacific Limited
JABN	80 082 263 778

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	Peter Ronald McDonald
Date of last notice	24 March 2003

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 and Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Shares held by the wife of the Director.
Date of change	7 October 2003
No. of securities held prior to change	693,353, including 332,843 share options
Class	Ordinary.
Number acquired	332,843 shares acquired through the exercise of share options.
Number disposed	280,000 shares were then sold.
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	The exercise price of the options was \$1.00 per share. The shares were sold for \$2.60 per share.
No. of securities held after change	413,353.

• See chapter 19 for defined terms.

Rule 3.19A.2

Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back-	Shares acquired through exercise of options. Shares disposed of through off-market trade.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------	----------------------------------------------------------------------------------------------

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-cash, provide details and an estimated valuation
Interest after change

⁺ See chapter 19 for defined terms.