Media Releases

17 February, 2006

Change of Chief Executive Officer at Golden Circle


Australian food manufacturer Golden Circle today announced the resignation of
Chief Executive Steve Morrow and the appointment of Mr John Cook as his
replacement.

The appointment is effective from March 1, 2006. Mr Morrow will work alongside
Mr Cook during the transition.

Mr Morrow, who commenced as CEO at Golden Circle in early 2004, stated that
he was moving on to new challenges. During his tenure at Golden Circle, he was
instrumental in raising external capital for the company, relaunching the new logo,
and upgrading the Northgate factory with a major capital expenditure program. He
said he was proud of what had been achieved at Golden Circle over the past 2
years but it was time to move on.

Mr Cook was previously the Managing Director of Berri Ltd and more recently the
Chief Executive Officer of Australian Pork Ltd. He has spent the majority of his
career in the food industry including 14 years at Kellogg, during which time he held
senior roles such as Managing Director Kellogg Australia and Regional Director
Kellogg Europe.

The Chairman of Golden Circle Mr Ern Pope was pleased to announce the
appointment of Mr Cook and said he was confident that, with his extensive
experience in both the grocery and agricultural sectors, he was well qualified to
continue the work of growth and value creation in Golden Circle.

Mr Pope went on to wish Mr Morrow every success in his new endeavours and
thanked him for his significant contribution over the last two years.