Ann: Results of Meeting, page-8

The recent Lion results indicate their fresh milk business is going backwards. Why would they stay in this business- trying to compete with the supermarkets house brands. On the other side A2Milk sales are increasing and taking business for the branded products like Lion's Dairy Farmers brand.

No dividend - what is the attraction for Lion to continue to hold shares in WCB especially after they sold their cheese business to WCB. There are a number of suppliers of milk for manufacturing and Lion have their own milk collection in place.


There is a persistent buyer at above $9.60 , this 'stand off' can't go on for ever!