INDEPENDENT AUDIT REPORT (CONTINUED) Auditor’s Opinion In our opinion: 1. the financial report of Dairy Australia Limited is in accordance with the Corporations Act 2001, including: (i) giving a true and fair view of the financial position of Dairy Australia Limited at 30 June 2007 and of its performance for the year ended on that date; and (ii) complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Regulations 2001. 2. the financial report also complies with International Financial Reporting Standards as disclosed in Note 3(b). Ernst & Young Stuart Painter Partner Melbourne 30 August 2007 AUDITOR'S INDEPENDENCE DECLARATION Liability limited by a scheme approved under Professional Standards Legislation. Auditor’s Independence Declaration to the Directors of Dairy Australia Limited In relation to our audit of the financial report of Dairy Australia Limited for the financial year ended 30 June 2007, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the Corporations Act 2001 or any applicable code of professional conduct. Ernst & Young Stuart Painter Partner Melbourne 30 August 2007
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