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Interest Rates Of 9.0% And 9.5% Struck For CNOTES

August 28, 2002
MEDIA RELEASE


NEW ZEALAND DAIRY FOODS HOLDINGS LIMITED

INTEREST RATES OF 9.0% AND 9.5% STRUCK
FOR CAPITAL NOTES ISSUE

NZDF Holdings’ Capital Notes issue has opened with Interest Rates on the Five Year Capital Notes of 9.0% and, on the Ten Year Capital Notes, of 9.5%.

The offer of Capital Notes is for $100 million and is underwritten by First NZ Capital Equities Limited. NZDF Holdings has the right to accept over-subscriptions of up to a further $50 million.

The offer closes on 11 October 2002 or the date on which applications are received and accepted for the maximum aggregate principal amount of the Capital Notes offered (including over-subscriptions).

The Capital Notes are guaranteed on an unsecured, subordinated basis by NZDF Holdings’ wholly owned subsidiaries, which includes New Zealand Dairy Foods Limited (“NZDF”), New Zealand Milk Corporation Limited, Rockfield Moulders Limited, Milk Vending Systems Limited, Country Foods New Zealand Limited, New Zealand Dairy Foods Pty Limited, New Zealand Dairy Foods (Asia/Pacific) Limited, NZDF Investments Limited, Green Isles Gourmet Limited, United Dairy Foods Limited and NZDF Brands Limited.

NZDF markets a wide range of consumer dairy products, including milk, cheese, yoghurt and butter, principally for sale in retail outlets such as supermarkets, service stations and dairies throughout New Zealand. Many of these products have a leading share of the market in which they compete and are sold under well known brands such as Anchor, Fernleaf, Fresh ‘n’ Fruity and Chesdale.

NZDF is the country’s major supplier of white milk, with 44% of the national market.

In addition to its core New Zealand business, NZDF exports UHT (long-life) milk and other dairy products to a number of South East Asian countries, including the Philippines, Singapore, Hong Kong and China.

The NZDF Group generated operating revenues across all of its businesses of $477 million for the financial year ended 31 May 2002.

The first date for payment of interest on the Five Year Capital Notes will be 15 December 2002 and for the Ten Year Capital Notes, 15 March 2003. Thereafter, interest will be paid semi-annually.

Applications for Capital Notes must be for a minimum of $5,000, and thereafter in multiples of $1,000.

The Organising Broker, Underwriter and Lead Manager for the issue is First NZ Capital Equities Limited.

The underwriter advises that there will be no public pool. Investors should contact the
Co-Manager (First NZ Securities Limited) on 0800 162 222, or any other member of the NZSE, if they would like an allocation of Captial Notes.

Application has been made to the NZSE for permission to list the Capital Notes and all the requirements of the NZSE relating thereto that can be complied with on or before the date of this media statement have been duly complied with. However, the Exchange accepts no responsibility for any statement in this media release.

ENDS

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