Australian Businessman Joins Fonterra Board

Friday 21 June, 2002

Prominent Australian Businessman Joins Fonterra Board

The Chairman of the Board of Fonterra, John Roadley, has announced the appointment of one of Australasia’s leading businessmen as an independent Director.

“I am delighted to be able to announce that David Hoare will join Fonterra’s Board in July.”

“Mr Hoare brings to Fonterra considerable board experience in running multi-national companies, global markets and corporate governance. He chaired Australia’s largest company for nearly 10 years and is highly respected among senior business and government leaders.

“At just over 250 days old Fonterra has already enjoyed some considerable success in advancing our global strategy.”

“We are now looking to build on these successes. With three decades of experience as a leader in large companies Mr Hoare’s background brings a range of additional skills to the Board going forward.”

Mr Hoare, who is Sydney based, will fill the vacancy left by Mike Smith, who resigned earlier this year and will attend his first Board meeting in July.

ENDS

Background

Highlights of Mr Hoare’s career include:

- Chairman of Telstra Corporation for three successive terms, including overseeing the A$15-billion public share issue that made it Australia’s biggest company.

- Managing Director and then Chairman of Bankers Trust Australia Ltd.

- Chairman of the Australian Stock Exchange Supervisory Review.

- Chairman of the Australian Graduate School of Management, Australia’s top business school.

- Director of BT Financial Group Ltd, the holding company of the Australian activities of the Principal Group, a US-based life assurance company with international operations and a market capitalization of $US10-billion.

- Director of Hanson PLC, one of the world’s largest building materials producers.

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