To: Business Editor

For immediate release

DAIRY FARM CONFIRMS ONGOING REVIEW OF FRANKLINS

22nd January 2001 - Dairy Farm International Holdings Limited issued the following statement today in response to local media speculation over its intentions with regard to Franklins, its supermarket chain in Australia:

"The issues the Group has been dealing with at Franklins have been recognised for more than two years, and continue to attract close executive attention. While a number of strategic options are being considered, no decision has yet been made. Given the highly competitive nature of the industry, it is inappropriate to discuss these options further at this time.

Steps have already been taken to reposition the chain to better meet consumers' expectations and these are being supported with in-store execution, product range and supply chain initiatives. Dairy Farm executives continue to work closely with the Franklins team.

Once a final decision has been taken, which is expected to be before the end of the first quarter, a further announcement will be made."

Dairy Farm International Holdings Limited is a leading food and drugstore retailer in the Asia-Pacific Region. At 30th June 2000, the Group and its associates operated over 2,100 outlets, principally supermarkets, hypermarkets, convenience stores and drugstores, and employed some 78,000 people in nine territories. In 1999, the Group had sales of US$6.8 billion.

For further information, please contact:

Dairy Farm Management Services Limited

Simon Mawson

(852) 2299 1889 email: smawson@dairy-farm.com.hk

Golin/Harris Forrest

Emily Chen

(852) 2501 7927 email: emily.chen@golinharris.com.hk

This and other Group announcements can be accessed through the Internet at "www.dairyfarmgroup.com".

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