Chairman on Shareholder Report

Media Release
11 September 2006

Fonterra’s chairman, Mr Henry van der Heyden said the Shareholders’ Council’s annual report recorded many of the issues confronting Fonterra during the past year.

“But the Board is confident that management has appropriate strategies and action plans in place to counter these issues,” he said. “These strategies, which include a significant step up in the returns from Fonterra’s value-add businesses, are currently being implemented by management.

“The Board shares the view that the year ahead is an important period in Fonterra’s development,” he said. “Farmers are making it very clear that they expect Fonterra to pick up the pace on performance and lift its returns to farmers year on year.”

Mr van der Heyden said it should also be noted that the Shareholders’ Council had endorsed the Fonterra Board of Directors’Statement of Intentions for the current 2006/07 season.

ENDS

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