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John Waller Appointed To Fonterra Board

Media Release
29 October 2008

John Waller Appointed To Fonterra Board

Fonterra has announced the proposed appointment of John Waller to its board of directors. Mr Waller is Chairman designate of the Bank of New Zealand and has been a partner of PricewaterhouseCoopers for over 20 years.

In making the announcement Fonterra chairman, Henry van der Heyden, said Mr Waller will Chair Fonterra’s Fair Value Share Review Committee, succeeding Roger France who is stepping down after six years on the Fonterra Board.

“John’s extensive commercial advisory experience at both PricewaterhouseCoopers and as an independent financial advisor and observer to some of New Zealand’s largest companies including Alliance Group Ltd equips him very well to serve as Fonterra’s new independent director,” said Mr van der Heyden.

“John has been a member of the New Zealand Takeovers Panel since December 2006, is Chairman of the Eden Park Redevelopment Board for the Rugby World Cup 2011 and has been a director of the BNZ since February 2008 and has recently been appointed chairman designate.”

He will join Fonterra’s board early next year and his appointment is to be ratified by shareholders at the company’s annual meeting on November 26.

Mr van der Heyden said he also wished to publicly acknowledge the excellent service to Fonterra by retiring director Roger France.

“During his six years, Roger has showed an unconditional commitment as a Director, as Chairman of the Fair Value Share Review Committee and as a Member of the Audit Finance and Risk Committee.

“He has played an important role in our governance and has given Fonterra more than we could have asked for.

“His ability to cut to the essence of an issue and his intellectual precision has been both admired and appreciated by the Board and by myself,” Mr van der Heyden said.

- ENDS -

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