RIDLEY CORPORATION LIMITED — M&A Activity 2004

Jul 25, 2004

24 July 2004

Australian Stock Exchange Limited Company Announcements Office Level 6 20 Bridge Street SYDNEY NSW 2000

Total Number of Pages: 3

Dear Sir

Ridley Inc. Acquisition of Sweetlix, LLC

Attached is a press release of Ridley Inc., the 70% owned Canadian listed subsidiary of Ridley Corporation Limited announcing the acquisition of the Sweetlix, LLC business.

Yours faithfully

GP Watts Company Secretary

Att.

NEWS RELEASE

Trading symbol: RCL on The Toronto Stock Exchange

FOR IMMEDIATE RELEASE

RIDLEY ACQUIRES LIVESTOCK FEED SUPPLEMENT BUSINESS OF SWEETLIX, LLC

Mankato, Minnesota and Winnipeg, Manitoba, July 23, 2004 - Ridley Inc., (www.ridlevinc.com), one of the largest commercial animal nutrition companies in North America, today announced the signing of a definitive agreement to acquire the assets of the livestock feed supplement business of Sweetlix, LLC for US$16.7 million, subject to certain adjustments made at close. The acquisition makes Ridley one of the largest manufacturers of free-choice feed supplement blocks in North America.

"We are pleased to add the recognized strength of the Sweetlix® label and its manufacturing. distribution and brand awareness to the Ridley portfolio of animal nutrition products," said Robert B. Gallaway, President and Chief Executive Officer of Ridley Inc. "The addition of the Sweetlix® line of feed supplement blocks enhances Ridley's sales presence and distribution system in the Southern and Eastern U.S., and further strengthens Ridley's ability to fully utilize our extensive research activities to develop and market free-choice supplements. The combined volume of Sweetlix, LLC and our existing Block business provides a number of opportunities to develop synergies, including increased purchasing power for raw materials, packaging and marketing."

Sweetlix, LLC includes three manufacturing facilities located in Montgomery, Alabama; Syracuse, Indiana; and Fort Worth, Texas. Ridley's expanded manufacturing capabilities will improve flexibility and provide additional capacity for future growth. Ridley now has the capability to manufacture low moisture blocks, pressed blocks, poured blocks and bagged minerals for beef, dairy, equine, bison, wildlife, sheep and goats.

"The addition of Sweetlix® creates a stronger product mix, giving producers the flexibility to supplement their nutrition programs with a wider variety of product alternatives to meet the requirements of varying livestock management and production methods. Ridley now provides the most extensive range of free-choice supplement product options in the industry," Gallaway stated.

The Sweetlix® brand name has been in existence for more than 40 years and has pioneered many livestock nutritional innovations. The company has developed several U.S. Environmental Protection Agency (EPA) and Food and Drug Administration (FDA) approved products, which are proprietary to Sweetlix® and are an important component of this transaction. Obtaining EPA and FDA approvals for such products can be a time-consuming and expensive process.

"Ridley has developed an extensive research program over the last several years, resulting in several new patents or patent pending applications. We plan to involve the Sweetlix® line of feed supplement blocks in our future research plans." stated Bob Frost, Executive Vice-President of Ridley Inc.

The company anticipates the acquisition will close on July 30, 2004.

Ridley Inc., headquartered in Mankato, Minnesota and Winnipeg, Manitoba, is one of North America's leading commercial animal nutrition companies. Ridley manufactures and/or distributes a full range of animal nutrition products under a number of highly regarded trade names.

Ridley's common shares are listed on The Toronto Stock Exchange under the trading symbol: RCL.

For more information:

Bob Gallaway President & CEO (507) 388-9617

Mike Mitchell Chief Financial Officer (507) 388-9410

Bob Frost Executive Vice-President (507) 388-9464