Voting Results from Fonterra Annual Meeting

8 October 2004

Voting Results from Fonterra Annual Meeting

A proposal to move the election of Fonterra directors from April/May to bring them in line with the Annual Meeting received almost 96 percent support.

The move will include the vote as part of the Annual Meeting meaning farmer-elected directors will take office at the same time shareholders are asked to confirm the appointment of board-appointed directors.

The change in dates will also allow farmers to consider the information in the current Annual Report and Shareholders' Council Report in making their decisions for director elections.

A related proposal to change the timing of Councillors' elections received similar support.

Proposals put before the meeting, and the percentage of votes cast in their favour, are listed below.

Proposal %age in favour

To ratify the appointment of Graeme Hawkins as a director 96.7%
To ratify the appointment of Ian Rutledge Johnson as a director 96.1%
To approve the remuneration of elected directors 90.7%
To approve the remuneration of councillors 84.8%
To appoint Pricewaterhouse Coopers as auditor of the company 99.2%
Amend the constitution to change the timing of director elections 95.8%
Amend Shareholders Council by-laws to change the timing of councillor elections 95.6%
Approve the Shareholders Council programme and budget for 2005/2006 94.5%
Amend the constitution relating to the number of directors 98.2%
Amend Shareholders Council by-laws relating to the reduction of the minimum number of councillors 98.1%

ENDS

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