To: Business Editor

For immediate release

Singapore, Monday 18th October, 1999 - Dairy Farm announced today that its Singapore subsidiary, Cold Storage, had agreed to acquire seven Tops stores from the Royal Ahold-Kerry joint venture. Cold Storage will, with landlords' approval, acquire the leases, assets and staff of the stores which include flagship outlets at Tanglin Market Place and Great World City. The sales of the seven stores will add more than 30% to Cold Storage's total revenue.

Ron Floto, Chief Executive, Dairy Farm said, "The acquisition of the stores is in line with our corporate strategy of pursuing new investment opportunities within the region. This move will substantially strengthen our base in Singapore and increase our efficiency."

Existing store staff will be employed by Cold Storage and the business will continue to operate under the Tops name until February 2000. Thereafter, with the exception of Tanglin Market Place which will retain its name and format, the stores will be relaunched as Cold Storage Supermarkets.

Ian McClellan, Dairy Farm's Country Manager for Singapore said, "The Tops stores are well managed and will complement our existing supermarket network. We are delighted with the expansion and are pleased to welcome these stores and staff to the Cold Storage family."

Cold Storage Singapore was established in 1903. It is a wholly owned subsidiary of The Dairy Farm Group, Asia's largest food and drugs retailer. The Group currently operates 210 outlets in Singapore under Cold Storage, Jasons, 7-Eleven, Photo Finish, Handifix and Guardian.

Dairy Farm International is a leading food and drugstore retailer in the Asia-Pacific Region. At 30th June 1999, the Group and its associates operated 1,926 outlets, principally supermarkets, convenience stores and drugstores, employed some 72,500 people in nine countries and had 1998 sales of US$6.6 billion.

For further information, please contact:

Cold Storage, Singapore
Michael Rolfe	(65) 832 9648 (office)
Forrest International Pte Ltd
Lorraine Chua	(65) 338 2469 (office)

Full text of this and other Group announcements can be accessed through the Internet at "http://www.irasia.com/listco/sg/dfi".

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