Approval of Wesfarmers Ownership Simplification Plan

In 2001, Wesfarmers became a freely traded publicly listed company with open ownership. Stockholders of Westralian Farmers Co-operative Ltd and unit holders of Franked Income Fund approved the Wesfarmers Ownership Simplification Plan, which included each co-op stock unit and each Franked Income Fund unit being exchanged for Wesfarmers shares. This ended the complex ownership structure which had been put in place in the first years after public listing to ensure the co-op retained control of Wesfarmers while also being able to pass on fully the benefits of its investment in Wesfarmers to co-op members.