GRAINCORP LIMITED — Director's Dealing 2003

Oct 7, 2003

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	GRAINCORP LIMITED
IA BN	60 057 186 035

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	ROSS FLANERY
Date of last notice	3 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	DIRECT/INDIRECT AS BELOW
Nature of indirect inferest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	AS LISTED BELOW
Date of change	1/10/2003
No. of securities held prior to change	71,528 Ordinary Shares as sole holder 92,272 Ordinary Shares - G Flanery - indirect interest in partners holding 32,000 Ordinary Shares - J Flanery - indirect interest in family member holding 5,104 Ordinary Shares - H Flanery - indirect interest in family member holding 20,868 Ordinary Shares - TP Flanery - indirect interest in family member holding 1,600 Ordinary Shares - T and S Flanery - indirect interest in family member holding Total Ordinary shares - 223,372
Class	RESET PREFERENCE SHARES
Number acquired	5400
Number disposed	$\theta$

⁺ See chapter 19 for defined terms.

Value/Consideration Note: If consideration is non-cash, provide details and estimated	5,400 @ \$100/share
valuation
No. of securities held after change	71,528 Ordinary Shares as sole holder
	92,272 Ordinary Shares - G Flanery -
	indirect interest in partners holding
	32,000 Ordinary Shares - J Flanery - indirect
	interest in family member holding
	5,104 Ordinary Shares - H Flanery - indirect
	interest in family member holding
	20,868 Ordinary Shares - TP Flanery -
	indirect interest in family member holding
	1,600 Ordinary Shares - T and S Flanery -
	indirect interest in family member holding
	Total Ordinary shares - 223,372
	1200 Reset Preference Shares as sole holder
	3000 Reset Preference Shares - G Flanery -
	indirect interest in partners holding
	300 Reset Preference Shares - H Flanery -
	indirect interest in family member holding
	800 Reset Preference Shares - TP Flanery -
	indirect interest in family member holding
	100 Reset PreferenceShares - T and S
	Flanery - indirect interest in family member
	holding
	Total Reset Preference shares - 5,400
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of	ISSUE OF RESET PREFERENCE SHARES
securities under dividend reinvestment plan, participation in buy-back	FROM PROSPECTUS DATED 7 JULY
	2003

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

$+$ See chapter 19 for defined terms.

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.