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Goodman Fielder to sell pig genetics company

NEWS RELEASE Embargoed until Friday 12 May

Goodman Fielder to sell pig genetics company

PIC New Zealand Limited, New Zealand's leading pig genetics company, has
been put up for sale.

A wholly owned subsidiary of Goodman Fielder, PIC New Zealand has been operating since 1987 during which time it has established a strong reputation for providing the New Zealand pork industry with some of the best genetics available in the world.

The company sells breeding stock to pig breeders as well as boar semen. In addition it sells more than 40,000 pigs each year for processing, currently to Goodman Fielder operating divisions. Goodman Fielder is prepared to enter into supply agreements with the successful bidder.

After a strategic review of its business a decision was made by Goodman Fielder to sell PIC New Zealand given that it is not part of the its long term strategic plan. For sale are the assets and operations of PIC New Zealand, which operates from four farms (located in Maramarua and Te
Kohanga in the upper North Island and Te Pirita and Burnham in Canterbury).

The farm properties will be leased from Rank Group Property Investments Ltd.

PIC New Zealand has access to genetic material and genetic management information and systems that are of a "world best" standard through its license with PIC Australia, which in turn holds licenses with global PIC Company (in turn owned by the major U.K based animal genetics companyGenus).

PIC New Zealand is a very profitable company. Its highly experienced management continues to ensure the business is at the forefront of the industry in animal health, piggery management and overall productivity.

PIC New Zealand is expected to continue to produce good income streams from both the sale of genetics and pork meat and there are a number of growth options available to the buyer. Initial offers close 2 June 2006.

Ends

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