Goodman Fielder Ltd. reported consolidated earnings results for the first half ended December 31, 2009. For the year, the company reported profit attributable to owners of the company of AUD 90.3 million on revenue of AUD 1,240.0 million against profit attributable to owners of the company of AUD 72.3 million on revenue of AUD 1,317.8 million in the last year. Profit before income tax was AUD 110.4 million against AUD 74.7 million in the last year. Profit from continuing operations was AUD 85.1 million or 6.1 cents per basic and diluted share against AUD 62.1 million or 4.5 cents per basic and diluted share in the last year. Profit from continuing and discontinued operations was 6.7 cents per basic and diluted share against 5.5 cents per basic and diluted share in the last year. Net cash inflow from operating activities was AUD 117.5 million against AUD 87.7 million in the last year. Payments for property, plant and equipment were AUD 48.1 million against AUD 35.6 million in the last year. Capital expenditure contracted for at the reporting date but not recognized as liabilities payable within one year was AUD 11.5 million against AUD 29.6 for the same period in the last year. Net debt was AUD 981 million as at December 31, 2009 against AUD 1,103 million as at December 31, 2008, a decrease of 11.1%. The company reported EBITDA of AUD 190.4 million compared to AUD 173.6 million for the same period a year ago. The Directors of the Company resolved to pay a dividend of 5.25 cents per share. The interim dividend will be unfranked, with nil imputation for New Zealand taxation purposes. Of this unfranked amount, 0.5 cents per share is declared to be conduit foreign income. The record date for entitlement to the dividend is March 10, 2010 and the dividend is expected to be paid on April 8, 2010. The total amount of the interim dividend is AUD 72.5 million. The company paid an interim dividend of 4.50 cents per share for the fiscal 2009.

Goodman Fielder Ltd. announced that the company has appointed two new independent non-executive directors to the Board of Directors. Mr. Steven Gregg and Mr. Peter Hearl have been appointed to the Board effective February 26, 2010. Steven Gregg is a highly experienced investment and commercial banker with extensive Australian and international executive experience with ABN Amro (as Senior Executive Vice President and Global Head of Investment Banking), Chase Manhattan, Lehman Brothers and AMP Morgan Grenfell. His most recent executive role was as Expert Partner at McKinsey & Company in Australia and the US. His current non-executive roles include Senior Advisor with McKinsey & Company, Consultant to Grant Samuel and Director of William Inglis & Son Ltd. He is also Chairman of Austock Group Limited. Mr. Peter Hearl is also a very experienced senior executive with international experience and expertise in the FMCG sector. His previous roles included executive appointments with Yum Brands, where he was Chief Operating and Development Officer, Pepsico and Exxon (Esso). He has also been a non-executive Director of Amrest Inc, Westport Resources Inc. and KFC Japan Inc. He has a wealth of knowledge and experience in the Asia Pacific region and has also worked extensively in Europe, the USA and Australia. Mr. Hearl and Mr. Gregg will hold office until the Annual General Meeting in November at which time they will offer themselves for election by shareholders.

Goodman Fielder Limited announced that Gavin Walker had retired from the Board of Directors. Mr. Walker advised that, following the recent merger of Lion Nathan and National Foods, he has continued his role with the merged entity and he now has a potential conflict of interest due to both companies' interests in dairy. At the company's recent Annual General Meeting Mr. Walker indicated that he intended to resign from the Board before the end of 2009. Mr. Walker joined the Board of Goodman Fielder as a non-executive Director in February 2007. He had a lengthy career in investment banking and was the Chief Executive of Bankers Trust Australia Investment Bank between 1996 and 1999 and the Chief Executive Officer of Bankers Trust New Zealand Limited from 1986 to 1996.