NEW FINANCE DIRECTOR AT DAIRY FARM

Dairy Farm International Holdings Limited today announced the appointment of Ian Durant as Group Finance Director with effect from 21st September 1998, replacing Edouard Ettedgui who has been appointed chief executive officer of Mandarin Oriental Hotel Group.

Mr Durant joined the Jardine Matheson Group in 1989 and in 1990 he was appointed Finance Director of Dairy Farm, Asia, where he was involved with the development of the retailing businesses across Asia. He has been finance director at Hongkong Land Holdings since 1993.

Announcing the appointment, Dairy Farm's Group Chief Executive, Ron Floto, said, "Ian is superbly qualified to help us continue the turnaround of Dairy Farm and we are delighted to welcome him back to the Group. We also wish Edouard every success in his new role and acknowledge the significant contribution he has made to Dairy Farm over the past two years."

Dairy Farm is an international retailing and wholesaling group focused on the Asia-Pacific Region. At 31st December 1997, Dairy Farm operated 1,352 outlets, principally supermarkets, convenience stores and drugstores, and employed some 45,600 people. In 1997, Dairy Farm reported sales of US$6,900 million. The Group also owns a 50% interest in Maxim's Caterers Limited, Hong Kong's largest restaurant and catering company with more than 300 outlets in Hong Kong and Mainland China; and a 32% effective interest in the Jakarta-listed supermarket company, PT Hero Supermarket, which has some 70 outlets in Indonesia.