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Shareholders’ Council to Represent Farmer Views

MEDIA RELEASE
15 November 2007

Shareholders’ Council to Represent Farmer Views on Capital Structure

The Shareholders’ Council will represent farmers’ views throughout the Fonterra capital structure consultation programme that started today.

Fonterra’s Board of Directors announced the preferred option for changing the co-operative’s capital structure to farmer shareholders at a series of meetings throughout the country today.

Fonterra Shareholders’ Council Chairman Blue Read said: “A priority for the Council is making sure the Board hears what farmers have to say and we will be reporting shareholder feedback throughout the consultation process.

“This is the start of the consultation and there is still a lot more detail to come. Once the Council has heard farmers’ views and fully debated the issues, we will state our position on the preferred option.”

Mr Read said the Council supported the need for the capital structure review.

“It is important that we have a discussion around the future of the business we own and for farmers to understand the Board’s plans for our co-operative.

“The extent of change being proposed gives Fonterra farmers a lot to consider in the coming months. We will need to be thinking about what it may mean for our co-operative and our farming businesses if we proceed down this path and also what it may mean if we do not.”

Mr Read said it was also important for farmers to be actively involved in the consultation process so their feedback could be considered before a final proposal is put to shareholders to vote on.

ENDS

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