Ann: Results of Meeting, page-13

It is really surprising that Lion don't want to move on from the dairy business . Dairy Farmers the farmers co-op was not the greatest purchase and it will not get any better. The first loss is the best loss MG or Bega or WCB will take the Dairy Farmers business off Lion's hands - they would be better concentrating on the beer market where they have leading brand a strong market position. The management in Japan probably can't face the ' loss of face ' in the reorganisation of the Lion business in Australia and the sale of WCB and the exit from the dairy business.

The farm gate price of milk will increase not decrease as a number of processors hope including Lion. If the farm gate declines so will milk production.

We shareholders wait and see!