Disclosure of Interest

ARLA FOODS AMBA / EXPRESS DAIRIES INQUIRY

Mr Graham Hadley, a member of the Commission inquiry group, has been an Economic Consultant and part time Senior Advisor to NERA since 1996. Arla has drawn to our attention that they are advised by NERA in the matter of the inquiry by NERA as economic consultants. NERA have given assurances to Arla that Mr Hadley has no connection with the practice area within NERA which is advising Arla on this matter.

Mr Hadley believes that his connection with NERA will not affect his ability to act independently and impartially, and the Commission is satisfied that Mr Hadley's connection with NERA will not affect the inquiry.

31 July 2003