Ann: DIRECTOR: FSF: FONTERRA SHAREHOLDERS' FU

• Release Date: 30/11/12 10:48
• Summary: DIRECTOR: FSF: FONTERRA SHAREHOLDERS' FUND BOARD APPOINTED
• Price Sensitive: No
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FSF
30/11/2012 08:48
DIRECTOR

REL: 0848 HRS Fonterra Shareholders' Fund (NS)

DIRECTOR: FSF: FONTERRA SHAREHOLDERS' FUND BOARD APPOINTED

FONTERRA SHAREHOLDERS' FUND BOARD APPOINTED
Fonterra Co-operative Group Limited has appointed the establishment board of
FSF Fund Management Company Ltd, the Manager of the Fonterra Shareholders'
Fund.

The five directors are:
o John Shewan Independent Director (Chair)
o Pip Dunphy Independent Director
o Kim Ellis Independent Director
o Sir Ralph Norris Fonterra Appointed Director
o Jim van der Poel Fonterra Appointed Director

Fonterra Chairman Sir Henry van der Heyden said the governance of the Fund at
the time of its launch is likely to be closely scrutinised by farmer
shareholders and potential investors.

"The appointment of these five well-known members of New Zealand's business
and dairy sectors is another important Trading Among Farmers milestone," he
said.

The initial directors of the establishment board of the Manager of the Fund
have been appointed by Fonterra. However, in the future three directors will
be elected by unit holders and two directors will be appointed by Fonterra.

BIOGRAPHIES OF THE FUND MANAGER DIRECTORS

John Shewan, Independent Director and Chair
CNZM, BCA (Hons.), FCA
Former PriceWaterhouseCoopers Chairman, John Shewan, is currently an Adjunct
Professor of Accounting at Victoria University. He also Chairs the Wellington
Regional Stadium Trust and the Victoria University Business School Advisory
Board, and is a director of Munich Holdings of Australasia Pty Ltd. John was
a partner at PricewaterhouseCoopers from 1984, and Chaired the firm in New
Zealand from 2003 to 2012. He has been a member of several Government
advisory committees, and Chaired the New Zealand Government's Tax Education
Office from 1988 to 1998. He was appointed a Companion of the New Zealand
Order of Merit in 2012.

Pip Dunphy, Independent Director
B.Hort.Sci, CFA
Pip Dunphy has worked in New Zealand financial markets for more than 20
years, assisting local and offshore companies in capital raising and risk
management. She currently Chairs the boards of Mint Asset Management Limited
and New Zealand Clearing and Depository Corporation Limited and is Deputy
Chair of Auckland Transport. Pip's other directorships include Abano
Healthcare Group Limited, New Zealand Post Limited, New Zealand
Superannuation Fund and Motu Economic and Public Policy Research. Previous
roles have included directorships at the Accident Compensation Corporation
and Earthquake Commission. Pip was a Monetary Policy Advisor to the Governor
of the Reserve Bank of New Zealand 2009 to 2011.

Kim Ellis, Independent Director
BCA (Hons), BE (Hons)
Kim Ellis was the Chief Executive Officer of listed company Waste Management
N.Z. Limited for 13 years, until its sale in 2006. He currently Chairs the
boards of Enviro Waste Services Limited, New Zealand Social Infrastructure
Fund Limited and Macaulay Metals Limited. Kim also holds several
directorships including Freightways Limited, Ballance Agri-Nutrients Limited,
The Tasman Tanning Company Limited, Jucy Group Limited and Moa Group Limited.
He is also a member of the Trust Board of Wanganui Collegiate School. He has
previously led companies and organisations in a number of market sectors
including health, manufacturing, distribution, transport, property,
agriculture and fashion.

Sir Ralph Norris KNZM, Fonterra Appointed Director
FNZIM, FNZCS
Sir Ralph Norris joined the Fonterra Board in 2012 as an Appointed Director.
He sits on the Appointments, Remuneration and Development Committee. Sir
Ralph also serves on the board of Origin Energy Limited and on the Council of
The University of Auckland. He was Chief Executive of the Commonwealth Bank
of Australia for six years until December 2011 and, prior to that, he served
as Chief Executive and Managing Director of Air New Zealand Limited from
February 2002 to August 2005. Sir Ralph had a 40-year career in banking and
served as the Managing Director and Chief Executive Officer of ASB Bank
Limited from March 1991 to September 2001, and the Head of International
Financial Services for the Commonwealth Bank of Australia from August 1999 to
September 2001. Sir Ralph was made a Knight Companion of the New Zealand
Order of Merit in 2009 and a Distinguished Companion of the New Zealand Order
of Merit for services to business in 2006.

Jim van der Poel, Fonterra Appointed Director
Jim van der Poel was elected to the Fonterra Board in 2002. He serves on the
Fair Value Share Review Committee, the External Relations Committee, the
Supplier Relations Committee, the Milk Payments Working Group, the Capital
Structure Committee and the Trading Among Farmers Due Diligence Committee,
and is Chairman of the International Farming Ventures Group. Jim is also
Chairman of the Spectrum Group of companies and a Trustee of the Asia New
Zealand Foundation. Jim has won a number of industry awards including the AC
Cameron Memorial Award, 2002 New Zealand Nuffield Farming Scholarship,
Sharemilker/Equity Farmer of the Year and the Dairy Exporter Primary
Performer Award. Jim and his wife Sue live at Ngahinapouri in the Waikato and
have farming interests in Waikato, Canterbury and the United States
ENDS
End CA:00230460 For:FSF    Type:DIRECTOR   Time:2012-11-30 08:48:18