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Media statement re proposed Dairy & Drinks sale

Tuesday, 25 August 2020:

Lion notes that China Mengniu Dairy Company Limited (Mengniu Dairy) has been awaiting the outcome of the Foreign Investment Review Board (FIRB) review of its proposed purchase of Lion Dairy & Drinks.

Given this approval is unlikely to be forthcoming at this time, Lion and Mengniu Dairy have mutually agreed to cease the current sale process.

We are disappointed with this outcome and will now consider pathways forward in relation to the Lion Dairy & Drinks business.

For further media information, please contact:

Tegan Flanagan

Tegan.Flanagan@lionco.com

+61 419 949 767