GALE PACIFIC LIMITED — Director's Dealing 2003

Mar 11, 2003

To:	Australian Stock Exchange		FACSIMILE NO:
	Company Announcements Office		1900 999 279
FROM:	Rod House	۰.
SUBJECT:	Appendix 3Y Change in Director's Interest, and Form 605 Notice
	of Ceasing to be a Substantial Shareholder		an stock exchange
DATE:	12 March 2003	TOTAL NO. OF PAGES: 5
Dear Sir,	Please find enclosed an Appendix 3 \gamma - Change in Director's Interest, and Form 605 - Notice of Ceasing to be a Substantial Shareholder.
Yours Faithfully
Rod House COMPANY SECRETARY

Ph: (03) 9518 3333 Fax: (03) 9518 3398 Toll Free: 1800 331 521
ABN 80 082 263 778
ACN 082 283 778

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Form 605

Corporations Act 2001
Section 671B

Notice of ceasing to be a substantial holder

Cale Pacific Limited __ Company Name/Scheme Io 022263778 ACNARSN
1. Details of substantial holder
Purperual Trustees Consolidated Limited Name
$0.04029841$ ______ ACN/ARSN (If applicable)
Advent Tourism Fund Management Limited
Name
$007182809$ and $ -$ ACN/ARSN (If applicable)
Advent Management Group Limited
Neithe 005 235 632,
AGN/ARSN (# applicable)
Hedgegrove Pty. Ltd
Name 055407399_____
ACN/ARSN (if applicable)
Accilvity Pty. Ltd. Name
$074424481$ ______ ACN/ARSN (If applicable) ________
Daryl Edward Jones Reilly_____ Name
ACN/ARSN (# applicable)
Brian Francis Ball_____
Name
ACN/ARSN (If applicable)
The holder teased to be a 07/02/03 substantis) holder on
19/09/02 18/13/00 and 19/12/00 The previous notices were given to the combany on
19/09/02/14/12/00 and 19/12/00 The previous hotices were dated
EDDZ ARN ST $zz:\mathfrak{v}$ Childhan ann ann ann an Havent Managemnt Group Fax:GSS909466 b 03 $\Sigma 0.$ JPW $\zeta$ T bO: 2T

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$\bullet$ Changes in relevant interests

I

Patticulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in volting securities of the
company or scheme since the substantial holder was fast required to give

Jute of change	Person whose relevant Interest changed	Nature of change	Canalderation tiven in relstich to change	Class and humber of securities lattuictud	Person's Yulaa affected
07/03/03	Perpetual Trustees Consolidated Limited. Advent Tourism Fund Management. Advent Management Group Limited. Hedgegrove Pty. Ltd. Acclivity Pty, Ltd. ter 1 Edward Jattus Reilly. Brian Francis Ball.	On market share sale	\$1.80 per share	Ordinary 1338.440	2,338,440

$\mathbf{a}_i$ Changes in association

The parsons who have become associates of, cassed to be associates of, or have changed the heatre of their association with, the substantial holder
In relation to voting interests in the company or scheme are as follows:

	Name and ACN/ARSN (If applicable) NO CHANGE	Nature of association
А.	Addressee
	The addresses of persons named in this form are:
	Name Priprimal Trustees Consolidated Limited.	Address
		Level 8. 9 Castlerough Street. Sydney NSW 2001
	Advant Tourism Fund Management and Advent Mannecroshi Group Limited,	Level 17, HWT Tower, 40 City Road, Southbank, Victoria, 3006
	Hedgegrove Pty. Ltd. and Daryl Edward Janes Relity	85 Oviet Crescent, Brighton, Vintoria, 3186
	Ancilvity Pty. Ltd. Brian Francis Ball	8 Mianii Street, Hawthorn East, Victoria, 3123

Signature	print name	Daryl B. J. Reilly	capacity	Authorised person.
	sign here		date	12/3/03
			÷
E/E'd	220 ON	CHE RACILIC ET 3 3ZEEBS2		EZ:7 EQGS. 9AM.SI
50 d	150:21 $\Sigma$ 0, JPW $\zeta$ T			Advent Management Fax:Googleboogleboogleb

Appendix 3Y Change of Director's Interest Notice

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	Gale Pacific Limited
ABN	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	Daryl Edward James Reilly
Date of last notice	5 December 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 and Direct
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	The director controls Hedgegrove Pty. Ltd ACN 055 407 399, which has voting power in Advent Management Group Limited ACN 006 235 632 ("AMG") in excess of 20%. AMG controls Advent Tourism Fund Management Limited ACN 007 182 809 which has power to control voting and/or disposal of shares in the entity as manager of the Advent Tourism Development Fund II ("ATDF II"). Perpetual Trustees Consolidated Limited ACN 004 029 841 ("Perpetual") is the trustee of the ATDF II and is the registered holder of shares in the entity.
Date of change	7 March 2002
No. of securities held prior to change	Before the change, the director had a relevant interest in 2,540,520 shares
Class	Ordinary
Number acquired	Nil.
Number disposed	2,338,440 shares were sold by Perpetual as trustee of the ATDF II.

⁺ See chapter 19 for defined terms.

Appendix $3Y$ Change of Director's Interest Notice

Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$4,209,192
No. of securities held after change	After the change, the director had a relevant interest in 202,080 shares.
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.

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