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Disposal of St Hubert

26/07/2012

Disposal of our French branded spreads business, St Hubert SAS ("St Hubert")

On 29 June 2012, Dairy Crest announced that it had received a binding offer from Brassica Acquisition SAS ("Brassica Acquisition"), a newly-incorporated company established by funds advised by Montagu Private Equity SAS, regarding the proposed disposal of the entire issued share capital of St Hubert for a consideration of €430 million (£344 million*) payable in cash (the "Disposal").

Dairy Crest today confirms that the French Works Council consultation process has now been completed and lender consent received and that a Sale and Purchase Agreement in respect of the Disposal which is binding on both Brassica Acquisition and Dairy Crest has been signed.  Completion of the Disposal remains subject to the approval of Dairy Crest's shareholders and obtaining clearance from the French Anti-Trust Authority (Autorité de la Concurrence).

A circular containing a notice convening a General Meeting to be held at Claygate House, Littleworth Road, Esher, Surrey KT10 9PN, on 16

August at 10.00 a.m. (London time) at which approval of the Disposal will be sought (the "Circular") will be posted to Dairy Crest shareholders who have elected to receive communications in hard copy form and will otherwise be made available to view on the Company's website shortly.

The Circular will also be available for inspection at the offices of Eversheds LLP, One Wood Street, London EC2V 7WS during usual business hours on any weekday (Saturdays, Sundays and public holidays excepted).  The Disposal is expected to complete before 30

September 2012.
* Based on a 1.25 EUR/GBP exchange rate on 28 June 2012.

26 July 2012

For further information, please contact:

Dairy Crest Group plc
Arthur Reeves 01372 472236

Brunswick
Simon Sporborg 020 7404 5959
Sophie Brand