Two Fonterra Appointments

Tuesday 28 August 2001

For Immediate Release

GRAHAM STUART APPOINTED FONTERRA CHIEF FINANCIAL OFFICER

Graham Stuart has been appointed Chief Financial Officer of Fonterra Co-operative Group Ltd, CEO Craig Norgate announced today.

“Graham has an outstanding record in New Zealand business having held senior leadership positions in Kiwi Co-operative Dairies, Lion Nathan, the New Zealand Dairy Board and Mainland Products,” Mr Norgate said.

“He will be responsible for the financial integrity of New Zealand’s biggest company, delivering first-rate financial outcomes and employing our shareholders’ capital in the most productive way, both through maintaining the value of our existing businesses and through world-class merger and acquisition activity.”

Mr Stuart is a member of the Institute of Chartered Accountants of New Zealand and holds a first class honours degree in finance from the University of Otago and Masters degree from the Massachusetts Institute of Technology.

His first task will be to bring a team together to be responsible for Fonterra’s Group Accounting, Tax, Internal Audit, Treasury, Mergers & Acquisitions, Corporate Performance, Supplier Services and Legal and Secretarial functions.

END

Attached: Mr Stuart’s biography

Graham Stuart
Chief Financial Officer

Graham Stuart has more than 11 years experience in the New Zealand dairy industry. He is currently Project Director for Fonterra Co-operative Group Ltd having led the industry merger project team since last year, Group General Manager, Finance & Strategy for Kiwi Co-operative Dairies and a director of Peters & Brownes.

Prior to joining Kiwi Co-operative Dairies, Mr Stuart spent five years with Lion Nathan including the roles of General Manager (Asia), Managing Director International and Corporate Strategy Director. He was previously CEO of Mainland Products and Commercial Director for New Zealand Milk.

Mr Stuart graduated from the University of Otago with a First Class Honours Degree in Commerce and holds a Master in Management from the Massachusetts Institute of Technology.

He and his family live in Wellington.

Tuesday 28 August 2001

For Immediate Release

PETER SCHUYT APPOINTED NZMP FINANCE & ADMINISTRATION DIRECTOR

Peter Schuyt has been appointed NZMP’s Director Global Finance & Administration, Chris Moller, Deputy CEO of Fonterra Co-operative Group Ltd and Managing Director of NZMP, announced today.

“Peter has ten years experience in senior positions in the New Zealand Dairy Board, the last five as Chief Financial Officer,” Mr Moller said.

“We are very pleased that he has agreed to take this senior position with NZMP. Peter will be an active participant on the NZMP Leadership Team and be responsible for providing world-class financial advice to me and to the Fonterra Corporate Centre. We are looking to him to lead strategically to ensure the best possible use of NZMP’s financial and information assets to protect and grow shareholder wealth.”

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Attached: Mr Schuyt’s biography

Inquiries: Matthew Hooton
Fonterra Co-operative Group Ltd
09 2565404
025 2310237

Peter Schuyt
Director Global Finance & Administration
NZMP

Peter Schuyt has 10 years experience in the New Zealand dairy industry and has held senior finance positions with the New Zealand Dairy Board domestically and internationally.

For the past 5 years, Mr Schuyt has been Chief Financial Officer for the New Zealand Dairy Board and a member of the Board's Global Leadership Team. In that role, he assumed responsibility for the organisation's financial management and strategy and led the worldwide finance team.

Prior to joining the New Zealand Dairy Board, Mr Schuyt held a number of senior finance roles in both the corporate and consulting sectors.

Mr Schuyt is a member of the Institute of Chartered Accountants and has a degree in Accounting & Economics from the University of Canterbury. He has attended a number of executive management courses in New Zealand and overseas as part of ongoing professional education.

Mr Schuyt and his family live in Wellington.

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