GOWING BROS LIMITED — Director's Dealing 2003

Nov 9, 2003

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	GOWING BROS. LIMITED
ABN	68 000 010 471

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	Michael T. Alscher
Date of last notice	14 January, 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
Nature of indirect interest	Blu Sky Pty Ltd
(including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Director & Shareholder
Date of change	24 October, 2003
No. of securities held prior to change	210,724
Class	ORD
Number acquired	18,202
Number disposed	$\theta$
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$36,050
No. of securities held after change	228,926

⁺ See chapter 19 for defined terms.

Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back-	Dividend Reinvestment Plan participation for dividends payable on 24 April 2002, 25 October 2002, 18 December 2002, 24 April 2003 and 24 October 2003.
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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.