Correspondence

Mr Bruce Sheppard

Chairman

New Zealand Shareholders Association

PO Box 6310

Auckland City

New Zealand

 

Dear Mr Sheppard,

 

Thank you for your letter of 28 May to Mr Max Ould, Chairman of Goodman Fielder Limited. Mr Ould has asked me to reply on his behalf.

 

In your letter you raise a number of questions around our company’s debt position including our compliance with our debt covenants.

 

The company does not disclose the detail of its banking covenants as we view this detail as commercially sensitive. However I can assure you that we remain comfortably within these covenants and, were we not, we would of course disclose this to both the NZX and ASX.

 

We also reiterate our earnings guidance for the 2009 full year results (NPAT in the range of Aus$170 to $185 million) which we will announce on 26 August, and we expect that our debt position will have improved compared to the Aus$1.1 billion as at 31 December 2008. We remain committed to maintaining a conservatively geared balance sheet.

 

If you wish to discuss these matters further Mr Ould has indicated that he would be happy to meet you when he is in New Zealand next, and when we have the benefit of the full year results for 2009.

 

Yours faithfully,

 

 

Ian Greenshields

 

Director Corporate Affairs

 

17 June 2009