Candidates For Board Election Confirmed

Media Release
Friday 10 October 2008

Candidates For Fonterra Board Of Directors’ Election Confirmed

Candidates for the Fonterra Directors’ election were announced by the Returning Officer today, following the completion of the Candidate Assessment Panel (CAP) process.

This year there are four candidates standing for the Board. They are John Monaghan and the three incumbents Greg Gent, Earl Rattray and Jim van der Poel.

The CAP process is available to assess the capabilities, experience and qualifications of Director candidates and provide Fonterra shareholders with more information to help in making an informed vote. The CAP process was open to all Director candidates and while it was not compulsory, all four candidates this year have gone through the CAP process.

The Panel, consisting of independent Chairman, John Palmer, two members appointed by the Fonterra Board, Henry van der Heyden and Roger France, and two appointed by the Shareholders’ Council, Blue Read and independent John Loughlin, interviewed prospective candidates on 2 and 3 October 2008.

The results of the Panel’s assessment and profiles of the candidates will be sent to Fonterra shareholders with the Voting Papers and displayed on Fencepost.com.

Fonterra shareholders have the opportunity to meet Director candidates and ask questions at the Directors’ Election Candidate Roadshow meetings which have been scheduled for 10 – 14 November 2008. The dates and venues for the Roadshow meetings are:

Elections for the Fonterra Shareholders’ Council will be required in two wards as follows:

There was only one nomination received in each of the 12 other wards.

The Councillors-elect are:

Ellen Bartlett, David Manderson and John Nicholls are new Shareholders’ Councillors. The remaining are incumbents who were elected unopposed.

None of the candidates for Wards 1 and 22 are incumbent Councillors. The Shareholders’ Council will therefore have five new Councillors in total after the Fonterra Annual Meeting on 26 November 2008.

Fonterra’s Board Chairman will declare those elected as Councillors at the Annual Meeting on Wednesday, 26 November 2008 at the Awapuni Function Centre, Palmerston North.

There will also be an election for two places on the Directors’ Remuneration Committee, as shareholders Heather Ballantyne, Murray Holdaway and Philip Wilson have been nominated.

Voter Packs, containing candidate profiles, will be mailed to shareholders on Tuesday, 28 October 2008. The candidate profiles document will include the Candidate Assessment Panel’s assessment matrix, outlining each candidate’s level of skill and experience in key governance competencies. Each candidate profile will also include an Interest Statement.

Shareholders can vote by internet, fax and postal voting, using the Single Transferable Vote (STV) voting system. Voting is open from Tuesday, 28 October to midday on Tuesday, 25 November with the results announced at the Annual Meeting on Wednesday, 26 November 2008.

ENDS

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