February 14,  2001

IAMA Limited today announced the completion of the merger of the Wesfarmers Dalgety rural
business and IAMA Limited occurred today. This follows the vote in favour of the merger by IAMA
shareholders at the IAMA AGM on Friday 9th February. 

The IAMA Board 116,065,210 issued ordinary shares to Wesfarmers Limited, giving Wesfarmers
60% ownership of IAMA Limited. The Wesfarmers Dalgety business has been vended into IAMA
Limited.

Messrs Snell, Kahl, Smith, Curlewis, Crane, Spencer and Warburton have resigned as directors. Mr Neil Roberts and Mr Herman Mani will continue as directors. 

IAMA today appointed Mr Michael Chaney, Mr Erich Fraunschiel and Mr Richard Goyder to the
Board. Mr Chaney has been appointed Chairman and Richard Goyder Managing Director.

As a result of the bid by Wesfarmers Agribusiness it is expected that Wesfarmers Limited will
eventually be entitled to more than 60% of IAMA Limited. IAMA's new Managing Director, Richard
Goyder said that the completion of the merger represented a significant milestone in Australian
agribusiness.

Company news release
N3320