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Sale of Woolworths New Zealand

Hamilton, Bermuda: 17th June 2002 - Dairy Farm International Holdings Limited announced today that it completed the sale of its wholly-owned subsidiary, Woolworths New Zealand Limited, to Progressive enterprises Limited, a wholly-owned subsidiary of foodland Associated Limited, on 16th June 2002.

Ronald J Floto, Group Chief Executive of Dairy Farm, commented that "The early completion has the benefit of shortening the transition period for Woolworths New Zealand's staff and suppliers, and allows the business to move forward promptly with its future development."

Dairy Farm is a leading pan-Asian food and drugstore retailer. At 31st December 2001,the Group and its associates operated some 2,200 outlets - principally supermarkets, hypermarkets, convenience stores, drugstores and restaurants - employed some 58,800 people in the Region, and had 2001 total sales in excess of US$5 billion. Dairy Farm is a member of the Jardine Matheson Group.