GRAINCORP LIMITED — Director's Dealing 2004

Jun 14, 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	GRAINCORP LIMITED
ABN	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	NICK BURTON TAYLOR AM
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

Direct or indirect interest	DIRECT/INDIRECT INTEREST
	(as listed below)
Nature of indirect interest	320 Ordinary shares as sole shareholder
(including registered holder)	530,950 Ordinary shares as Director of NBT
Note: Provide details of the circumstances giving rise to the relevant interest.	Pty Ltd
	450,000 Ordinary shares as Director of NBT
	Pty Ltd (Astor $A/C$ )
	535,168Ordinary shares as Director of Janvin
	Pty Ltd
	800 S Burton Taylor - indirect interest in
	family member holding
	400 P Burton Taylor - indirect interest in
	family member holding
	1600 JH Burton Taylor - indirect interest in partners holding
	400 H Burton Taylor - indirect interest in
	family member holding
	400 H Burton Taylor - indirect interest in
	family member holding
Date of change	11 June 2004
No. of securities held prior to change	1,520,038
Class	ORDINARY FULLY PAID
Number acquired	0

$+$ See chapter 19 for defined terms.

Number disposed	131,220
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$11.90
No. of securities held after change	500,050 Ordinary shares as Director of NBT Pty Ltd 375,000 Ordinary shares as Director of NBT Pty Ltd (Astor A/C) 510,168 Ordinary shares as Director of Janvin Pty Ltd 800 S Burton Taylor - indirect interest in family member holding 400 P Burton Taylor - indirect interest in family member holding 1600 JH Burton Taylor - indirect interest in partners holding 400 H Burton Taylor - indirect interest in family member holding 400 H Burton Taylor - indirect interest in family member holding Total held - 1,388,818
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buv- back	OFF-MARKET TRADE

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.