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Fonterra Corporate Finance Management Team

April 23, 2001

Fonterra Corporate Finance Management Team Now In Place

Craig Stephen has been appointed Associate Director, Corporate Finance for Fonterra Co-operative Group Ltd, the company announced today. Mr Stephen will report to Alex Duncan, Director, Corporate Finance.

Mr Stephen has extensive experience in capital structuring, debt restructuring and risk management, in the dairy industry and corporate banking environments.

Most recently, he has worked as a member of the finance integration team since the formation of Fonterra in October last year. During this time, he was instrumental in leading a number of key finance projects including the successful NZ$200 million issue of Fonterra Capital Notes.

Mr Stephen was Group Treasurer at Kiwi Co-operative Dairies Limited for five years, a time of significant growth for the company leading up to the merger of the dairy industry. Prior to this, he worked in a number of corporate banking roles with Westpac in New Zealand from 1992 to 1996.

The Fonterra corporate finance team is responsible for developing strategies to optimise portfolio risk exposure, including capital structure, foreign exchange and commodity price risks. It is also responsible for investor relations and for analysis of the impact of the company's strategies on its value

Mr Stephen's appointment is effective immediately. He will be based at the Fonterra Corporate Centre in Auckland.

END

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