GOWING BROS LIMITED — Director's Dealing 2004

Mar 22, 2004

Appendix 3Y

Rule 3.19A.2

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 Alscher
Date of last notice	10/11/2003

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 ease 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	19/3/04
No. of securities held prior to change	235,835
Class	ORD GOW 43,098
	ORD GOW 'ESC' 192,737
	235,835 Total
Number acquired
Number disposed	3,953
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$9,487.20
No. of securities held after change	ORD GOW 39,145
	ORD GOW 'ESC' 192,737
	Total 231,882
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

⁺ See chapter 19 for defined terms.