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Forecast Payout And Advance Rate Increase Welcomed

MEDIA STATEMENT
For immediate release
5 October 2004

Forecast Payout And Advance Rate Increase Welcomed

The Fonterra Shareholders’ Council has welcomed the co-operative’s announcement of an increase in both the forecast payout and the advance payout rate for milk.

Fonterra Co-operative Group announced a 20 cent increase in its forecast payout from $3.85 per kilogram of milk solids to $4.05 and a 10c increase in the advance payout rate for milk to $2.90 kg/ms.

Shareholders’ Council chairman John Monaghan said: “Shareholders and the Council are always pleased to hear good news.

“One of the main reasons for forming Fonterra was to balance out the peaks and troughs of the market. It is still early in the season, but the Shareholders’ Council is heartened by this positive news which is a real confidence booster.”

ENDS

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