GRAINCORP LIMITED — M&A Activity 2003

May 22, 2003

GrainCorp - Growing Solutions

ANNOUNCEMENT

TO:	COMPANY ANNOUNCEMENTS OFFICE AUSTRALIAN STOCK EXCHANGE LTD	Lodged via:	ASX On-line
	Level 4, 20 Bridge Street, SYDNEY NSW AUSTRALIA
FROM:	Nigel Hart – Company Secretary	Phone:	02.9266.9256.org 0417.227.412
DATE:	23 May 2003	PAGES: (incl. this one)

SUBJECT: ANNOUNCEMENT FROM GRAINCORP LIMITED

ACCC Announcement - Proposed merger with Grainco Australia

GrainCorp has been advised that the ACCC will not oppose the proposed merger with Grainco Australia Ltd.

Discussions are continuing on a positive basis. GrainCorp will continue to keep the market advised, as information becomes available.

The ACCC has lodged the announcement directly with the ASX.

$N.R.L.$

Nigel Hart Company Secretary