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DFNZ Backs Revised Bid

2 March 2005

DFNZ Backs Revised Bid

Dairy farmers fully support Fonterra Co-operative Group's revised offer for Australia's National Foods, said Kevin Wooding, Chairman of Dairy Farmers of New Zealand (DFNZ).

"The $A6/A$6.20 a share bid appears to be a very attractive price and shareholders would be wise to accept," Mr Wooding said.

"Dairy farmers have confidence in Fonterra's board, management, and advisers to make the right decisions for the long-term benefit of Fonterra. These benefits in turn will flow to its dairy farmer owners," Mr Wooding said.

Fonterra is owned by about 12,000 farmer suppliers, most of which are members of DFNZ, an industry group of Federated Farmers of New Zealand (Inc).

"Fonterra's board knows that there are very large amounts of shareholders' money at stake in the purchase of National Foods. They must at all times remember that further down the track, there has to be a dollar in it for shareholders."

ENDS

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