10:03     MENGNIU DAIRY<02319> - Announcement (15)                            

    ``Mengniu Maanshan''                                                      
    means  (Mengniu Dairy Maanshan Co., Ltd.), a company incorporated         
    in the PRC as a limited liability company, an indirect non-wholly         
    owned subsidiary of the Company;                                          
                                                                              
    ``Mengniu Maanshan Intra-Group Transactions''                             
    means the transactions contemplated under the UHT Milk and Milk           
    Beverage Products Centralised Sales Agreement, UHT Milk and Milk          
    Beverage Products Inventory Adjustment Agreement, Yogurt Products         
    Centralised Sales Agreement, Yogurt Products Inventory Adjustment         
    Agreement, Ice Cream Products Inventory Adjustment Agreement and          
    the inventory adjustment agreement for the transfer of raw                
    materials and packaging materials;                                        
                                                                              
    ``Mengniu Maanshan JV Agreement''                                         
    means the joint venture agreement entered into between Mengniu            
    Founding and Mengniu governing the affairs of Mengniu Maanshan;           
                                                                              
    ``Mengniu Shanxi''                                                        
    means  (Inner Mongolia Mengniu Dairy (Group) Shanxi Dairy Co.,            
    Ltd.), a company incorporated in the PRC as a limited liability           
    company, an indirect non-wholly owned subsidiary of the Company;          
                                                                              
    ``Mengniu Shenyang''                                                      
    means  (Mengniu Dairy (Shenyang) Co., Ltd.), a company                    
    incorporated in the PRC as a limited liability company, an indirect       
    non-wholly owned subsidiary of the Company;                               
                                                                              
    ``Mengniu Subsidiaries''                                                  
    means the subsidiaries of Mengniu;                                        
                                                                              
    ``Mengniu Taian''                                                         
    means  (Mengniu Dairy Taian Co., Ltd.), a company incorporated in         
    the PRC as a limited liability company, an indirect non-wholly            
    owned subsidiary of the Company;                                          
                                                                              
    ``Mengniu Tangshan''                                                      
    means  (Mengniu Dairy (Tangshan) Co., Ltd.), a company                    
    incorporated in the PRC as a limited liability company, an indirect       
    non-wholly owned subsidiary of the Company;                               
                                                                              
    ``Mengniu Wulanhaote''                                                    
    means  (Mengniu Dairy (Wulanhaote) Co., Ltd.), a company                  
    incorporated in the PRC as a limited liability company, an indirect       
    non-wholly owned subsidiary of the Company;                               
                                                                              
    ``PRC''                                                                   
    means the People's Republic of China excluding, Hong Kong, the            
    Macau Special Administrative Region of the PRC and Taiwan;                
                                                                              
    ``Prospectus''                                                            
    means the prospectus issued by the Company on 1 June 2004;                
                                                                              
    ``RMB''                                                                   
    means Renminbi, the lawful currency of the PRC;                           
                                                                              
    ``Stock Exchange''                                                        
    means The Stock Exchange of Hong Kong Limited;                            
                                                                              
    ``UHT Milk and Milk Beverage Products Centralised Sales                   
    Agreement''                                                               
    means the agreement entered into among Mengniu and Mengniu                
    Maanshan on 18 May 2005 regarding the centralised sales                   
    arrangement of the UHT Milk and Milk Beverage Products;                   
                                                                              
    ``UHT Milk and Milk Beverage Products Inventory Adjustment                
    Agreement''                                                               
    means the agreement entered into among Mengniu, Mengniu Baotou,           
    Mengniu Beijing, Mengniu Dengkou, Mengniu Jiaozuo, Mengniu                
    Keerqin, Mengniu Luannan, Mengniu Shanxi, Mengniu Shenyang,               
    Mengniu Tangshan, Mengniu Taian, Mengniu Wulanhaote and Mengniu           
    Maanshan on 18 May 2005 regarding the inventory adjustment of UHT         
    Milk and Milk Beverage Products;                                          
                                                                              
    ``Yogurt Products Centralised Sales Agreement''                           
    means the agreement entered into between Mengniu Maanshan and             
    Mengniu Beijing on 18 May 2005 regarding the centralised sales            
    arrangement of the Yogurt Products; and                                   
                                                                              
    ``Yogurt Products Inventory Adjustment Agreement''                        
    means the agreement entered into among Mengniu, Mengniu Baotou,           
    Mengniu Beijing, Mengniu Dengkou, Mengniu Jiaozuo, Mengniu                
    Keerqin, Mengniu Luannan, Mengniu Shanxi, Mengniu Shenyang,               
    Mengniu Tangshan, Mengniu Taian, Mengniu Wulanhaote and Mengniu           
    Maanshan on 18 May 2005 regarding the inventory adjustment of             
    Yogurt Products;