QUESTE COMMUNICATIONS LIMITED — Major Shareholding Notification 2005

Apr 7, 2005

Form 604 Corporations Act 671B

Notice of change in interests of substantial holder

To Company Name/Scheme	Name	ACN / ABN
	Gresham Technology Management Limited		ABN 63 003 217 703
	as Responsible Entity for
	TECHNOLOGY INVESTMENT FUND	(TIF)	ABN 66 353 264 714

1. Details of substantial holder(1)

Name		ACN / ABN
QUESTE COMMUNICATIONS LIMITED	(QUE)	ABN 55 081 688 164
FAROOQ KHAN	(F KHAN)
ISLAND AUSTRALIA PTY LTD	(ISLAND)	A.C.N. 073 447 300
SKIN-PLEX LABORATORIES PTY LTD	(SKIN-PLEX)	A.C.N. 009 424 560
THE ESSENTIAL EARTH PTY LTD	(ESSENTIAL)	A.C.N. 009 029 305

There was a change in the interests of the substantial holder on 6 April 2005

The previous notice was given to the company on 11 March 2005

The previous notice was dated 11 March 2005

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate(2) had a relevant interest(3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

	PREVIOUS NOTICE	PRESENT NOTICE
Class of securities (4)	Ordinary Units (UNITS)	UNITS
Number of securities held by substantial holder	9,317,597	12,770,803
Last ASX sale price on:
11 March 2005 (previous notice)	$0.48
8 April 2005 (present notice)		$0.465
Security Value = Persons' votes(5)	4,472,447 (A)	5,938,423 (A)
Total number of securities on issue	74,452,450	74,452,450
Market Capitalisation	$35,737,176	$34,620,389
Voting power (6)	12.5148% (B)	17.1530 % (B)

Ordinary unit holders have one vote for each whole $1.00 of unit value held in TIF. Therefore, the Security Value is $(A)$ equivalent to the number of votes held by the substantial holder.

The Voting Power is the percentage of the substantial holder's votes over the total pool of votes in TIF. The total pool of $(B)$ votes in TIF is equivalent to the aggregate market capitalisation of TIF ordinary units.

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date ofchange	Personwhoserelevantinterestchanged	Nature of change (6)		Considerationgiven in relationto change $^{(7)}$$	Class and number ofsecurities affected		Person'svotesaffected∢A).
14-Mar-05	The parties	On-market acquisition by	CXL	80,122.12	162,900	Units	75,749
15-Mar-05	named in $(1)$above	On-market acquisition by	CXL	34.070.47	69,752		32,435
17-Mar-05		On-market acquisition by	CXL	8,722.51	17,894		8.321
18-Mar-05		On-market acquisition by	CXL	41.004.00	85,000		39.525
21-Mar-05		On-market acquisition by	CXL	14.472.00	30.000		13,950
22-Mar-05		On-market acquisition by	CXL	36,180.00	75,000		34,875
23-Mar-05		On-market acquisition by	CXL	40,857.35	84,696		39,384
24-Mar-05		On-market disposal by	QUE	(23, 382.50)	(50,000)		(23, 250)
29-Mar-05		On-market acquisition by	CXL	21.004.50	44,000		20,460
30-Mar-05		On-market acquisition by	CXL	31.645.68	66,291		30.825
31-Mar-05		On-market acquisition by	CXL	10,502.25	22,000		10.230
1-Apr-05		On-market acquisition by	CXL	2.386.87	5,000		2.325
4-Apr-05		On-market acquisition by	CXL	21,491.93	45,500		21,158
5-Apr-05		On-market acquisition by	CXL	57.523.98	123,092		57,238
5-Apr-05		On-market acquisition by	CXL	76,543.37	162,048		75,352
6-Apr-05		On-market acquisition by	CXL	113.440.70	235,159		109,349
6-Apr-05		On-market acquisition by	CXL	142.780.54	296,908		138,062
7-Apr-05		On-market acquisition by	CXL	126,428.48	264,841		123,151
7-Apr-05		On-market acquisition by	CXL	37.549.85	78,659		36,576
8-Apr-05		Off-market acquisition by CXL from UBSNominees Pty Ltd		817.233.00	1,634,466		760.027

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder ofrelevant interest	Registeredholder ofsecurities	Personentitled to beregistered asholder (8)	Nature of relevant interest (6)	Class and number ofsecurities		Person's votes (A)
QUE	QUE	QUE	Taken under section 608(1)(a) of theCorporations Act to have a relevantinterest by reason of being the holder ofsecurities in TIF	6,550.627	UNITS	3.046.042
OUE / CXL	CXL	CXL	Taken under section 608(3)(b) of theCorporations Act to have a relevantinterest in securities in which CXL has arelevant interest by reason of havingcontrol of CXL	6.220,176	UNITS	2.892.382
F KHAN /ISLAND /SKIN-PLEX /ESSENTIAL	QUE/CXL(as above)	QUE/CXL(as above)	Taken under section 608(3)(a) of theCorporations Act to have a relevantinterest in securities in which QUE has arelevant interest by reason of having votingpower above 20% in QUE	12,770,803	UNITS	5.938.423

5. Changes in association

The persons who have become associates(2) of, ceased to be associates of, or have change the nature of their association(9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
Not Applicable	Not Applicable

6. Addresses

The addresses of persons named in this form are as follows

Name	Address
QUE	Level 14, The Forrest Centre, 221 St Georges Terrace, Perth, Western Australia 6000
Central Exchange LimitedABN 77 000 742 843("CXL")	Level 14, The Forrest Centre, 221 St Georges Terrace, Perth, Western Australia 6000
F KHAN	Level 14, The Forrest Centre, 221 St Georges Terrace, Perth, Western Australia 6000
ISLAND	C/- Attewells, Ground Floor, 83 Havelock Street, West Perth, Western Australia 6005
SKIN-PLEX	C/- Attewells. Ground Floor, 83 Havelock Street, West Perth, Western Australia 6005
ESSENTIAL	C/- Attewells, Ground Floor, 83 Havelock Street, West Perth, Western Australia 6005

Signature

sign here			capacity 8 April 2005
	print name Victor Ho	date	Company Secretary of QUE
sign here			capacity 8 April 2005
	print name Faroog Khan	date	Personally and as Director of ISLAND,SKIN-PLEX and ESSENTIAL

DIRECTIONS

(1) If there are a number of substantial holders with similar or related relevant interests (eg a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.

(2) See the definition of "associate" in section 9 of the Corporations Act.

(3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act.

® Include details of:

• (a) any relevant agreement or other circumstance because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act.

(7) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

(5) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.