GALE PACIFIC LIMITED — Major Shareholding Notification 2008

Mar 13, 2008

THORNEY HOLDINGS PTY LTD

ACN 006 262 835 ABN 37 006 262 835

Level 39, 55 Collins Street, Melbourne Vic 3000 Telephone 9921 7116 Facsimile 9921 7100

14 March 2008

BY FACSIMILE: 1900 999 279 - 5 pages

Manager Company Announcements Australian Stock Exchange Limited Level 10, 20 Bond Street SYDNEY, N.S.W. 2000

Dear Sir/Madam,

Change in Interests or Entitlements of Substantial Shareholder - Form 604 Gale Pacific Limited

I enclose by way of service Form 604 Notice of Change in Interests or Entitlements of Substantial Shareholder dated 14 March 2008 in accordance with Section 617(B) of the Corporations Act 2001.

I confirm that the original Form 604 has been served on Gale Pacific Limited by express post today.

Yours sincerely,

AISLITZ $\bf{Director}$

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

company name/scheme To: ACN/ARSN	GALE PACIFIC LIMITED ACN 082 263 778
1. Details of substantial holder 1
Name	CUSTODIANS PTY LTD ("Thistle") ACN 078 027 193		THORNEY HOLDINGS Pty Ltd ACN 006 262 835 and each of its related bodies corporate listed in this Notice ("Thorney Holdings") and THORNEY PTY LTD ACN 008 595 453 and each of its related bodies corporate listed in this Notice and in the attached Schedule "A" to this Notice (hereinafter collectively referred to as "Thorney") and THISTLE
ACN (if applicable)	See above
There was a change in the interests of the substantial holder on		12/3/08
The previous notice was given to the company on		3/9/07
The previous notice was dated		3/9/07

2. Previous and present voting power

The total number of shares votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate² had a relevant interest³ in when last required, and when holding notice to the company or scheme, are as follows:

Class of Securities"		Previous Notice		Present Notice
	Person's votes	Voting power	Person's votes	Voting power
Fully Paid Ordinary	27,336,560	19.98%	29,536,56 D	21.59%
Shares

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, relevant interests 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 company are as follows:

Date of Change	Person whose relevant interest changed	Nature of change'	Consideration given in relation to change'		Class and number of securities affected	Person's votes affected
12.3.08	Thistle	On market purchase	\$0.22 per share	shares I	2.200.000 ordinary	Thistle

4. Present relevant interests

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

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder 9		Nature of relevant interest 10	Class and number of shares	Person's votes
Thorney Holdings	Thorney Holdings	N/A		Beneficial ownership	16.567.324 ordinary shares	16.567.324
Thorney Investment Group Australia Pty Ltd ACN 117 488 892	Thorney Holdings	Thorney Holdings		By virtue of section 608 of the Corporations Act 2001	16,567,324 ordinary shares
Jamahjo Pty Ltd ACN 117 488 696	Thorney Holdings	Thorney Holdings		By virtue of section 608 of the Corporations Act 2001	16.567.324 ordinary shares
Thistle Custodians Pty Ltd	Invia Custodians Pty Ltd	Thistle		Beneficial ownership	12.701.938 ordinary shares	12.701.938
Thomey Pty Ltd	Invia Custodians Pty Ltd	Thorney		Beneficial ownership	267 298 ordinary shares	267.298
Thomey Capital Pty Ltd ACN 005 788 223	Invia Custodians Pty Ltd	Thistle Thorney	and		12.969.236 ordinary shares
Thorney Consolidated Holdings Pty Ltd	Invia Custodians Pty Ltd	Thistle Thorney	and	Associates of Thorney & Thistle by virtue of being	12,969,236 ordinary shares
Pratt Holdings Pty Ltd	Invia Custodians Pty Ltd	Thistle Thorney	and	related bodies corporate (as defined in Sections 9)	12.969.236 ordinary shares
Pratt Consolidated Holdings Pty Ltd	Invia Custodians Pty Ltd	Thistle Thorney	and	and 50 of the Corporations Act 2001)	12.969.236 ordinary shares
Pratt Group Holdings Pty Ltd	Invia Custodians Pty Ltd	Thistle Thorney	and		12,969,236 ordinary shares

5. Changes in association

The persons who have become associates of, ceased to be associates of, or have changed the nature of their association¹¹ with, the substantial holder in relation to voting interests in the company or scheme are as follow

. Name . ---	-------------------------------------- ______ --------- --------------------------------------- . ⊿tior . ______	_ ----- . . ------
__ ______ _____	-------------------------------------- _______	__ ______ _

6. Addresses

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

Name	Address
Thorney Holdings Pty Ltd	Level 39, 55 Collins Street, Melbourne, Victoria 3000
Thorney Investment Group Australia Pty Ltd ACN 117 488 892	Level 39, 55 Collins Street, Melbourne, Victoria 3000
Jamahjo Pty Ltd ACN 117 488 696	C/- TWF Partners, Level 4, 25 Claremont Street, South Yarra, 3141
Thomey Pty Ltd	Level 2, 533 Little Lonsdale Street, Melbourne 3000
Thistle Custodians Pty Ltd	Level 2, 533 Little Lonsdale Street, Melbourne 3000
Thorney Capital Pty Ltd ACN 005 788 223	Level 2, 533 Little Lonsdale Street, Melbourne 3000
Thomey Consolidated Holdings Pty Ltd ACN 075
051 482
Pratt Holdings Pty Ltd ACN 004 421 961	Level 2, 533 Little Lonsdale Street, Melbourne 3000
Pratt Consolidated Holdings Pty Ltd ACN 104 958 581	Level 2, 533 Little Lonsdale Street, Melbourne 3000
Pratt Groun Holdings Ptv Ltd ACN 006 137 471	Level 2, 533 Little Lonsdale Street, Melbourne 3000.

THIS IS THE SCHEDULE OF 2 PAGES REFERRED TO IN THE FORM 604 NOTICE OF CHANGE OF INTERESTS OF SUBSTANTIAL SHAREHOLDER SIGNED BY ME AND DATED 14 MARCH 2008.

ALEXWAISLITZ Director THORNEY PTY LTD

SCHEDULE 'A'

RELATED BODIES CORPORATE OF THORNEY PTY LTD

Ace Print & Display Pty Ltd, ACN 000 639 743, Level 2, 533 Little Lonsdale Street, Melbourne 3000
ARI R & D Holdings Pty Ltd, ACN 069 674 871, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Astrapak Pty Ltd, ACN 089 137 986, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Burihigh Terrace Pty Ltd, ACN 080 534 416, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Burihigh Terrace Management Pty Ltd, ACN 075 051 464, Level 2, 533 Little Lonsdale Street Melbourne 3000 Colstrup Pty Ltd, ACN 006 538 165, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Cotham Road Pty Ltd, ACN 098 015 055, Level 2, 533 Little Lonsdale Street, Melbourne 300 EEG R & D (Holdings) Pty Ltd, ACN 069 602 062, Level 2, 533 Little Lonsdale Street, Melbourne 3000 HEP R & D Holdings Pty Ltd, ACN 069 095 174, Level 2, 533 Little Lonsdate Street, Melbourge 3000 Ilaba Pty Ltd, ACN 069 171 160, Level 2, 533 Little Lonsdale Street, Melbourne 3000 J. Gadsden Pty Ltd, ACN 005 878 995, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Kerbside Papers Limited, Level 3, 50 Anzac Avenue, Auckland, New Zealand Kingsthorne Pty Ltd, ACN 006 449 903, Level 14, 600 St. Kilda Road, Melbourne 3004
Lonsdale Mineral Exploration No. 2 Pty Ltd, ACN 081 412 348, Level 2, 533 Little Lonsdale Street, Melbourne 3004 Mason Duflex Displays Pty Ltd, ACN 080 570 430, Level 2, 533 Little Lonsdale Street, Melbourne 3000 McCredie Road Properties Pty Ltd, ACN 005 258 284, Level 14, 600 St. Kilda Road, Melbourne 3004 McKoy Street Properties Pty Ltd, ACN 098 493 817, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Northcourt Pty Ltd, ACN 006 564 870, Level 14, 600 St Kilda Road, Melbourne 3004 OVS Investment Corporation Limited, ACN 009 119 199, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Pratt & Co. Pty Ltd, ACN 005 967 555, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Pratt & Nominees Pty Ltd, ACN 005 788 214, Level 2, 533 Little Lonsdale Street, Melbourne 8000 Pratt & Nonliness Pty Ltd, ACN 005 787 161, Level 2, 533 Little Lonsdale Street, Melbourne 3000
Pratt Aviation Pty Ltd, ACN 075 051 455, Level 2, 533 Little Lonsdale Street, Melbourne 3000
Pratt Finance Pty Ltd, ACN 005 44 Pratt Holdings No 2 Pty Ltd, ACN 104 958 572, Level 2, 533 Little Lonsdale Street, Melbourne 3000
Pratt Holdings No 3 Pty Ltd, ACN 104 958 545, Level 2, 533 Little Lonsdale Street, Melbourne 3000
Pratt Holdings No 4 Pty Lt Pratt Infrastructure Pty Ltd, ACN 074 489 553, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Pratt Infrastructure Finance Pty Ltd, ACN 075 257 984, Level 2, 533 Little Lonsdale Street, Melbourne 3000
Pratt Infrastructure No. 3 Pty Ltd, ACN 087 537 344, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Pratt International Pty Ltd, ACN 005 787 959, Level 14, 600 St. Kilda Road, Melbourne 3004 Pratt Investments Pty Ltd, ACN 005 019 027, Level 14, 600 St. Kilda Road, Melbourne 3004 Pratt Pastoral Pty Ltd. ACN 098 839 304, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Pratt Research & Development Pty Ltd, ACN 005 534 609, Level 14, 600 St. Kilda Road, Melbourne 3004 Pratt Water Pty Ltd, ACN 099 764 235, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Prickly Pty Ltd, ACN 075 290 032, Level 39 55 Collins Street, Melbourne 3000 Ruddi Pty Ltd, ACN 006 818 597, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Salvage Paper Pty Ltd, ACN 101 429 716, Level 2, 533 Little Lonsdale Street, Melbourne 3000
Southern Paper Pty Ltd, ACN 090 908 188, Level 2, 533 Little Lonsdale Street, Melbourne 3000 SPC One Properties Pty Ltd, ACN 008 545 542, Level 2, 533 Little Lonsdale Street, Melbourne 3000
Sundowner Investments Pty Ltd, ACN 008 545 542, Level 2, 533 Little Lonsdale Street, Melbourne 3000
Sundowner Investments Pty Thorney Equities Pty Ltd, ACN 080 075 207, Level 2, 533 Little Lonsdale Street, Melbourne 3000
Thorney Infrastructure No. 2 Pty Ltd, ACN 083 132 835, Level 2, 533 Little Lonsdale Street, Melbourne 3000
Thorney Properties P Thorney Properties (Ballarat) Pty Ltd, ACN 106 693 725, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Triwall Pty Ltd, ACN 000 822 140, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Visy Automation International Pty Ltd, ACN 118 294 090, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Visy Board Pty Ltd, ACN 005 787 913, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Visy Board (NZ) Limited, Level 3, 50 Anzac Avenue, Auckland, New Zealand
Visy Board Paper Products Pty Ltd, ACN 005 534 396, Level 14, 600 St. Kilda Road, Melbourne 3004 Visy Board Properties Pty Ltd, ACN 004 278 997, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Visy Board (S.A.) Pty Ltd, ACN 008 268 371, 24-26 White Road, Gepps Cross 5094

517

Visy Board (Wodonga) Pty Ltd, ACN 098 839 402, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Visy Cartons Pty Ltd, ACN 095 321 592, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Visy CDL Services Pty Ltd, ACN 004 052 260, Level 2, 533 Little Lonsdale Street, Melbourne 8000 Visy Industries Australia Pty Ltd, ACN 004 337 615, Level 14, 600 St. Kilda Road, Melbourne 8004 Visy Industries Holdings Pty Ltd, ACN 005 787 968, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Visy Industries USA Pty Ltd, ACN 005 449 445, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Visy Kraft Holdings Pty Ltd, ACN 086 513 199, Level 2, 533 Little Lonsdale Street, Melbourne 8000 Visy Leasing Pty Ltd, ACN 075 051 517, Level 2, 533 Little Lonsdale Street, Melbourne 3000
Visy Leasing Pty Ltd, ACN 075 051 517, Level 2, 533 Little Lonsdale Street, Melbourne 3000
Visy Logistics Pty Ltd, ACN 113 119 298, Visy Packaging Pty Ltd, ACN 095 313 723, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Visy Packaging Holdings Pty Ltd, ACN 095 132 317, Level 2, 533 Little Lonsdale Street, Melbourne 3000
Visy Packaging Properties Pty Ltd, ACN 095 190 524, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Visypak Operations Pty Ltd, ACN 094 555 085, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Visy Paper Pty Ltd, ACN 005 803 234, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Visy Paper Technology Pty Ltd, ACN 000 154 638, Level 2, 533 Little Lonsdale Street, Melbourne 3000 VisyPET Pty Ltd, ACN 099 764 119, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Visypet (NZ) Limited, Level 3, 50 Anzac Avenue, Auckland, New Zealand Visy Plastics Pty Ltd, ACN 079 309 943, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Visy Pulp and Paper Pty Ltd, ACN 086 513 144, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Visy R & D Pty Ltd, ACN 072 572 046, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Visy Recycling (NZ) Limited, Level 3, 50 Anzac Avenue, Auckland, New Zealand Visy Recycling Australia Pty Ltd ACN 118 295 239, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Visy Recycling MRFs Pty Ltd ACN 118 874 292, Level 2, 533 Little Lonsdale Street, Melbourne 3000
Visy Recycling Operations Pty Ltd, ACN 006 941 082, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Visy Rigid Holdings (NZ) Limited, Level 3, 50 Anzac Avenue, Auckland, New Zealand Visy Rigid Packaging (NZ) Limited, Level 3, 50 Anzac Avenue, Auckland, New Zealand Visy Specialties Australasia Pty Ltd, ACN 006 262 844, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Visy Tech Systems Pty Ltd, ACN 095 313 741, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Visy Woodyard Operations Pty Ltd, ACN 097 267 313, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Wax R & D Pty Ltd, ACN 070 023 095, Level 2, 533 Little Lonsdale Street, Melbourne 3000 Yoni Pty Ltd, ACN 008 651 429, Level 2, 533 Little Lonsdale Street, Melbourne 3000