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Richina Sells Its Venison Operations

RICHINA SELLS ITS VENISON OPERATIONS

Statement made by Sir Allan Wright, Chairman, Richina Pacific Limited

Richina Pacific Limited has sold its venison processing and marketing business, Mair Venison Limited, to a private investment company associated with New Zealand Deer Farms Limited.

The price obtained is at a small premium to Mair Venison’s book value (which was $13.5 million at 31 December 2000), and the final price will be adjusted to take into account the actual balance sheet as at the settlement date of 30 April 2001.

Mair Venison is being sold as a going concern. The purchaser has indicated that no employee will be adversely affected by the change in shareholder.

For the financial year ending 31 December 2000, Mair Venison contributed a surplus before tax and interest of $4 million on sales of $43 million. The business has continued to trade strongly in the current year.

We believe that we have developed Mair Venison in its present form to its full potential, and that it is in the best interests of both Richina Pacific and Mair Venison that we sell at this time.

The prospect of the deer farming and breeding activities of New Zealand Deer Farms being associated with Mair Venison’s production and marketing activities will, in our view, provide an enhanced deer supply and ensure its continued development as a leading value added exporter of venison. The investment in deer farming and breeding activities is an area in which Richina Pacific has no particular expertise or interest.

The proceeds from the sale of Mair Venison will be used to support our existing businesses.

Issued on behalf of Richina Pacific by:
Dennis Lynch
Network Communications
Tel 09-379 3154

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