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Ray Parker To Lead Fonterra Shareholder Services

Wednesday 7 November 2001 For Immediate Release

Ray Parker To Lead Fonterra Shareholder Services Team

Former Tasman Agriculture CEO Ray Parker is to be General Manager Shareholder Services for Fonterra Co-operative Group Ltd. The appointment was one of three announced to staff by Fonterra's Chief Financial Officer Graham Stuart yesterday.

"In a deregulated environment, the quality of our shareholder services will have a major influence on our ability to retain the loyalty of our shareholders, and so their milk supply and capital," Mr Stuart said. "Ray's role is therefore critical and I am expecting him to ensure the team he brings together provides outstanding service, communications and solutions to farmers, so that compelling reasons exist to support farmers' decision to remain members of our co-op."

Mr Stuart said Mr Parker would bring an important outside perspective to Fonterra, given that he had not held an executive position in the company's legacy organisations. "At the same time, Ray knows our industry well. Tasman Agriculture was New Zealand's biggest corporate farmer and the largest dairy farmer in the world, and Ray has held directorships in Southland Dairy Co-op, the South Island Dairy Co-operative and the New Zealand Dairy Group."

Mr Stuart also announced that fencepost.com CEO Alison Andrew would be Director Performance for Fonterra. "Alison's role is also critical in an environment where we are seeking higher performance across the business to create the brighter future we have promised," he said. "I am looking to Alison to institutionalise a performance management process and culture across the group."

Before becoming CEO of fencepost.com a year ago, Ms Andrew spent eleven years with Fletcher Challenge Group in New Zealand. From 1991 to 1998, she held various leadership positions with Fletcher Challenge Energy, before being appointed as Director Manufacturing Excellence of Fletcher Challenge Forests in 1998. In 2000, she was Finance Director of Fletcher Challenge Paper, the world's fifth largest newsprint company.

The third appointment announced by Mr Stuart was Bryce Houghton as Fonterra's Group Controller. "Bryce will be required to develop and maintain our accounting policies, procedures and systems and ensure that we report in a timely and accurate way both internally and externally," Mr Stuart said. "He will be required to ensure that the company has the right amount of funds available, in the right place, at the right time and in the right currency, and to manage financial risk within agreed limits."

Mr Houghton was formerly Corporate Finance Manager for Kiwi Co-operative Dairies. Before joining Kiwi in 1998, Mr Houghton spent four years as a Corporate Banking Relationship Manager with the National Bank of New Zealand, before which he had eight years at Price Waterhouse where he finished in the position of Audit Manager. He is a member of the New Zealand Institute of Chartered Accountants and the New Zealand Society of Corporate Treasurers.

Mr Parker, Ms Andrew and Mr Houghton will report directly to Mr Stuart. Other senior executives to report directly to Mr Stuart are Chief Internal Auditor Jason Dale and the yet-to-be-appointed Director Corporate Finance, Director Mergers & Acquisitions and General Counsel roles. Mr Stuart has not set a timeframe for these remaining three appointments.

Mr Stuart reports to Fonterra CEO Craig Norgate, along with NZMP Managing Director Chris Moller, NEW ZEALAND MILK Managing Director David Pilkington, Chief Development Officer Alexander Töldte and Group Director Human Resources Glen Petersen.

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