GOWING BROS LIMITED — Director's Dealing 2003

Feb 10, 2003

GOWING BROS

COWING BROS. LIMITED EST. 1868 ACN 000 010 471 LEVEL 8 GOWINGS BUILDING 45 MARKET STREET SYDNEY NEW SOUTH WALES 2000 TEL 61 a 9264 6321 FAX 61 a 9464 6249 www.gowingbros.com

Facsimile Transmission

TO: ASX (Listings) ATTENTION: Pam Ross 1300 300 021 FAX: FROM: Stephen Byers DATE: 11 February, 2003

PAGES (incl. this one): 3

Dear Pam.

Change of Director's Interest Notice - W. A. Salier

Please find attached Appendix 3Y Notice regarding a change in Mr Tony Salier's shareholding in the company.

Please telephone if you have any queries.

Regar Stepher 'Bver: Company Secigltary

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	------ . . --------- ~ d. ., حسر - 1 ___
ABN ___ __	$\sim$ a ar 17 ιŒ ----- $-$	___

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	WILLIS ANTHONY SALIER
Date of last notice	JANUARY 2002

Part 1 - Change of director's relevant interests in socurities

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	INDIRECT
Nature of indirect interest (including registered holdar) Note: Provide details of the circumstances giving rise to the relevant interest.		THOMAND CO NOMINEES PTY LTD (TONY SALIER SUPERFUND A/C
Date of change	13.12.02	13.12.02.
No. of securities held prior to change	14,117	27,212
Class	ORD	02D
Number acquired		8,385
Number disposed	8385
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$15,763.80	$415,763 - 80$
No. of securities held after change	5732	35,597

Appendix 3Y Page 1

⁺ See chapter 19 for defined terms.

Appendix 3Y Change of Director's Interest Notice

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

$\ddot{\phantom{a}}$

⁺ See chapter 19 for defined terms.