GOWING BROS LIMITED — AGM Information 2003

Nov 5, 2003

$G$ O W I N $G$ BROS Investing together for a secure future

GOWING BROS LIMITED EST. 1868 ACN 000 010 471 LEVEL 8 GOWINGS BUILDING 45 MARKET STREET
45 MARKET STREET
SYDNEY NEW SOUTH WALES 2000 TEL 61 2 9264 6321 FAX 61 2 9264 6240 www.gowingbros.com

ANNUAL GENERAL MEETING 2003 CHAIRMAN'S ADDRESS TO SHAREHOLDERS

by Tony Salier

"Ladies and Gentlemen, I am pleased to welcome you to the 2003 Annual General meeting of Gowing Bros. Limited.

Throughout the following address, I will be referring to an on screen presentation, which will illustrate each topic."

(Slides and accompanying text on following pages)

GOWING BROS Investing together for a secure future

GOWING BROS. AT A GLANCE

OUR PORTFOLIO

INVESTMENT PROPERTY		DIN ING MANGHAMBAD NG
45 MARKET ST SYDNEY Market Value Williams	\$50,000,000	Value SUBTOTAL DEVELOPMENT PROPERTY	\$880,000 \$880,000
70 NORTON ST LEICHIMRD I		ΤΟΤΑΙ. ΡΚΟΡΕΚΤΥ ΡΟΚΤΕΟΙ ΙΟ
Market Value (50% share).	\$4.875.000	Intal Value	\$55.755.000
SUBTOUAL INVESTMENT PROPERTY	\$54.875.000	Less Debt (Market St. Sydney) (\$15,000,000) Total Market Value	\$40.755.000
INVESTMENT PORTFOLIO at market value
TISTEL MOUTHE		NET IN TEREST BEARING SECURITIES
Market Value	3.2188.000	& OTHER RECEIVABLES
PRIVATE FOUTLY INVESTMENTS		Value	\$5.407.000
MIT HIA	\$3.815.000	Cash on hand	\$11.977.000
Crescent Capital Mgt	\$350,000
Crescent Capital Fund	\$1.751.000
Other/Balance	\$543.000	TOTAL INVESTMENT PORTFOLIO
TOTAL	\$6.459,000	Total Market Value	\$76.031.000
TOTAL MARKET VALUE OF PROPERTY & ENVESTMENT PORTROLIO			\$116,786,000
which equates to a MARKET VALUE PER SHARE OF			\$2.59*
1.16786n/45.052.508
10 LARGEST EQUITY HOLDINGS
Westone Banking Corporation	\$5,139,100	RECONCILIATION OF MOVEMENT IN
	\$5.051.000	MARKET VALUEPER SHARE BETWEEN 31/7/02 & 31/7/03
National Australia Bank Washington H Soul Partison	\$3.444.600	Market Value per share at 31/7/02 \$2.53
	\$2.870,000	Less dividend paid	\$0.10
	\$2.835.700	Adjusted Value	32.43
	\$2.144.400	Value at 317/03 (above) 32.59
	\$1,876,400	Movement increase 30.16
Gowings Retail BI IP Billitori ANZ Banking Group Carlton Investments Ltd Alesco Corp	31 871 700
Hills Industries Woolworths	\$1854.300 \$1,852,600
Other holdings	\$23,248,200

Slide 1 'Gowings at a Glance' 31 July 2003

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The company considers NTA to be the most appropriate measurement of the company's financial performance in any given period.

The NTA of the company at 31 July 2003 on a per share basis had increased some 6.5% over the previous year from \$2.43 to \$2.59.

Please note that the market values of property shown above are based on Director's assessments of market value as at 31 July 2003.

\$1,116,000

GOWING BROS LTD "AT A GLANCE" Statement of Financial Position (as at 30 September 2003)

PROPERTY PORTFOLIO at market value

INVESTMENT PROPERTY
----------------------------	--

\$55,507,000 Total M.
\$632.000
Less del
Total Va
TOTAL
\$4.875.000
Sub Tot
\$50,000,000 Value

Sub Total Development Property	\$1,116,000
TOTAL PROPERTY PORTFOLIO
Total Value	\$66,623,000

DEVELOPMENT PROPERTY

INVESTMENT PORTFOLIO at market value

EQUITY HOLDINGS

Listed Equities Market Value		\$54,568,000
PRIVATE EQUITY INVESTMENTS
MIT IIIA	\$4.160.000
Crescent Capital Management Pty Ltd	\$350,000
Crescent Capital Fund	\$1.100.000
Other Equity Investments	\$581.000
Market Value		\$6,191,000

NET INTEREST BEARING SECURITIES & OTHER RECEIVABLES
Value	\$6,578,000
CASH ON HAND	\$10,757,000
TOTAL INVESTMENT PORTFOLIO Total Market Value	\$78,094,000

TOTAL MARKET VALUE OF PROPERTY AND INVESTMENT PORTFOLIO	\$119,717,000
WHICH EQUATES TO A MARKET VALUE PER SHARE OF	82.66

*\$119.717m / 45,052,381 shares on issue

20 LARGEST EQUITY HOLDINGS

Westpac Banking Corporation	\$5,012,300
National Australia Bank	\$4.764.800
Washington H. Soul Pattison	\$3,601,500
BHP Biffiton	\$3,055,600
Gowings Retail	\$2,940,000
ANZ Banking Group	\$2,109,100
Hills Industries	\$1,932,900
John Fairfax Holdings	\$1,910,000
Carlton Investments Ltd	\$1,892.100
Wooiworths	\$1,840,000
Alesco Corp	\$1,784,400
Coles Myer Ltd	\$1,520,000
Blackmores Ltd	\$1,502.000
Woodside Petroleum Etd	\$1,406,500
Macquarie Equities (Macquarie Bank)	\$1.380.000
Brambles Industries	\$1,208,800
Nom B Ltd	\$961,500
Telstra Corporation	\$946,000
Australian Gas Light Company	\$849,600
St George Bank	3819600

RECONCILIATION OF MOVEMENT IN MARKET VALUE PER SHARE BETWEEN 31/07/03 & 30/09/03

\$2.59
\$0.00
\$2.59
\$2.66
\$0.07

Slide 2 'Gowings at a Glance' 31 September 2003

In the first two months of the current year the NTA has increased again to \$2.66.

I trust you have all been provided with a copy of the schedule shown in this slide. If not, copies will be available after the meeting.

BROS GOWING Investing together for a secure future

Slide 3 Shareholder and Investor Communication - 'The Gowings Guide'

This year the company has put a lot of effort into improving the transparency of its communication with the market and in particular for the benefit of our shareholders. This process started most obviously with the 2002 Annual Report. It has continued apace in the 2003 year again with the Annual Report and more frequent market announcements.

Since the year end the company has published the Gowings Guide, which was posted to shareholders in the dividend mailing. The Guide seeks to clearly explain the company's current business model and philosophy and to point out in clear and concise terms the advantages of investing with the company. The Guide will better inform shareholders and investors about the investment and wealth management activities of the company. It includes information about past and current performance of the company, its investment philosophy, asset portfolio, Board of Directors and management and its intended future direction.

GOWING BROS Investing together for a secure future

PLESLATIONS

Slide 4 Shareholder and Investor Communication - www.gowingbros.com

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The company has also since year end launched its website at www.gowingbros.com. Significant parts of the website are still under construction but we have taken the opportunity to post both the 2003 Annual Report and the 'Gowings Guide' on the Publications page of the site. The balance of the site will be operating shortly and I trust that shareholders and investors alike find it a useful addition to the company's communications capability.

COMPANY PROFILE - INVESTOR INFORMATION - INVESTMENT PORTYOLIC -

The Board believes, apart from the strong profit performance of the company, that this increased transparency has assisted in the progress of the company's share price to a level closer to its NTA. We will continue working to ensure the market's understanding of the activities and performance of the company enables an even closer relationship between share price and NTA.

Slides 5, 6, 7 Post Year End Activities - Bunya Pines Estate Subdivision, Kempsey

This project continues to proceed beyond our expectations. As at today, 24 lots of the first 30 have been sold and 4 others are currently under negotiation.

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Slide 6

The Bunya pine trees which are the feature of the estate and provide the name.

Slide 7

Photo of current progress of the subdivision works

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Slide 8

View of site works under way

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Slide 9

Further views of the site works

IN CLOSING

"Gowing Bros. Limited is well positioned to continue its good performance for Australians seeking a trusted and independent wealth manager.

Finally, on behalf of the Board, I would like to thank the management and staff of the company for the good result achieved in this past year."