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Council welcomes increase in forecast payout

16 February 2005

Fonterra Shareholders’ Council welcomes increase in forecast payout

The Fonterra Shareholders’ Council says farmers will be heartened by today’s announcement of an increase in forecast payout. Fonterra Co-operative Group announced a 20 cent lift in the forecast payout for 2004/05 to $4.50 per kilogram of milk solids.

Fonterra Shareholders’ Council Chairman John Monaghan said: “The increase is to be expected given the information we have seen from the co-operative, which shows the effect of high demand for Fonterra product and strong commodity prices. Farmers will have been anticipating an increase so they will be happy to have this confirmed.

“High commodity prices continue to offset the impact of the high New Zealand dollar. While we are hoping the strong payout trend continues, farmers are realistic and will manage their businesses prudently.”

ENDS

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