To: Business Editor

For immediate release

DAIRY FARM AND APEX SIGNS DEAL ON SINGAPORE DRUGSTORE OPERATIONS

Singapore, Thursday, 28 September, 2000 - The Dairy Farm Group announced today that its Singapore drugstore business, Guardian, has signed a collaborative agreement with Apex Pharmacy International, a 51 percent owned subsidiary of United Engineers Limited Group, under which the two companies will consolidate their operations in Singapore. The enlarged chain will accord Grafton Pharmasia Pte. Ltd., a sister company of Apex, preferred supplier status, among other top suppliers, of pharmaceutical products. Grafton is another 51 percent owned subsidiary of the UE Group.

Under this agreement, Guardian will, subject to landlords' approval, acquire the leases, assets and staff of twenty-three Apex retail stores, which will be rebranded under the Guardian banner.

Michael Kok, Regional Director, Dairy Farm South Asia said, "This collaborative deal with Apex fits in well with our corporate strategy of building our supermarket, convenience store and drugstore network through selective acquisitions. With an enlarged network of more than eighty stores in Singapore, this will further strengthen the leading market position of our regional drugstore business."

"Apex is delighted to form this strategic alliance with Dairy Farm," said Kee Kirk Chuen, Executive Director of Apex. "It creates a win-win situation which allows us to focus on our marketing and distribution competencies in Singapore and Dairy Farm to add their retail expertise. This strategic alliance also opens up more co-operative opportunities in the future between Apex and Dairy Farm elsewhere in the Region."

Gary Dunwell, Dairy Farm's Country Manager for Singapore said, "The Apex stores are well managed and complement our existing network in Singapore. Ultimately, the synergies arising from this relationship will be translated into better service and cost savings for consumers."

Founded in 1962, Apex Pharmacy is involved in the retail of pharmaceuticals in Singapore. Apex's Singapore marketing and distribution sister company, Grafton Pharmasia Pte Ltd, serves more than two thousand hospitals, clinics, pharmacies and retailers. To enable Apex to further develop its core competencies of wholesaling, distribution and marketing, these activities of the company were brought under Grafton Pharmasia Pte Ltd in the fourth quarter of 1999.

Guardian was established in 1972. It is a wholly owned subsidiary of The Dairy Farm Group, Asia's largest food and drugs retailer. The Group operates more than 240 outlets in Singapore under Cold Storage, Jasons, 7-Eleven, Giant, Photo Finish, Handifix and Guardian. Guardian operates 60 outlets in Singapore, 59 in Malaysia and 29 in Indonesia.

Issued on behalf of Dairy Farm South Asia by Golin/Harris Forrest. For more information, please contact:

The Dairy Farm Group
Gary Dunwell	65 832 9801
Country Manager, Singapore	dunwell@coldstorage.com.sg
Apex Pharmacy International Pte Ltd
Kee Kirk Chuen	65 741 5400
Executive Director	keekc@apexpharmacy.com.sg
United Engineers Limited
Jackson Yap	65 830 8383
Chief Operating Officer	jacksonyap@uel.com.sg
Golin/Harris Forrest
Bryan Thomas	65 223 7105
	bryan.thomas@golinharris.com.sg

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