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Fair Value Share Increase Good News For Farmers

MEDIA STATEMENT
27 May 2005

FAIR VALUE SHARE INCREASE GOOD NEWS FOR FARMERS

The Fonterra Shareholders' Council said farmers will take confidence in the strong performance of the Fair Value Share.

Fonterra Co-operative Group today announced an increase in the Fair Value Share from $4.69 to $5.44 for the 2005/06 season.

Fonterra Shareholders' Council Chairman John Monaghan said: "Farmers will be pleased that the value of their investment in the co-operative continues to perform strongly. However, some farmers who wish to join the co-operative or increase their production consider a high price to be an issue. "The recent vote to introduce contract milk and unshared supply will provide greater flexibility for farmers in managing production growth. It's great to see the co-operative creating wealth for shareholders but the reality is we will need to continually address issues that arise from an increasing share price.

Fonterra also announced a forecast payout for the 2005/06 season of $3.85 per kg of milk solids. This compares to a forecast payout of $4.50 kg/ms for the current season.

Mr Monaghan said: "A reduction in payout for next season has been expected but none the less farmers always hope, and increasingly have an expectation, that the actual payout will exceed this initial forecast."

ENDS


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