GRAINCORP LIMITED — Director's Dealing 2005

Jul 5, 2005

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.
Parameter constant and proposed to the contract of the contract state of contracts of the state JABN	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 ELANERY .
Date of last notice	04 May 2005

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
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interess.	AS LISTED BELOW
Date of change	$04$ July 2005

⁺ See chapter 19 for defined terms.

No. of securities held prior to change	71,574 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 - 223,418
	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 Preference Shares - T and S
	Flanery – indirect interest in family member
	holding
	Total Rest Preference shares - 5,400
Class	FULLY PAID ORDINARY
Number acquired	7
Number disposed	$\theta$
Value/Consideration	\$10.76
Note: If consideration is non-eash, provide details and estimated valuation

$+$ See chapter 19 for defined terms.

No. of securities held after change	71,587 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 - 223,431
	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 Preference Shares - T and S
	Flanery – indirect interest in family member
	holding
	Total Rest Preference shares - 5,400
Nature of change	ON MARKET PURCHASE OF
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend retuvestment plan, purticipation in buy-back	SECURITIES UNDER DEFERRED
	SHARE PLAN

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.