Fonterra Annual Meeting Voting Results

27 November 2008

Fonterra Annual Meeting Voting Results

Fonterra today announced that all 10 resolutions tabled at its Annual Meeting yesterday were passed.

RESOLUTION

RESULT

RESOLUTION 1: required 50% majority

Approval of Remuneration of Directors

88.52%

RESOLUTION 2: required 50% majority

Approval of Remuneration of Shareholders' Council

85.24%

RESOLUTION 3: required 50% majority

Approval of Remuneration of Members of Directors' Remuneration Committee

90.30%

RESOLUTION 4: required 50% majority

Appointment of PricewaterhouseCoopers as auditor and authorisation of the Directors to fix the auditor's remuneration

97.21%

RESOLUTION 5: required 50% majority

Approval of the Shareholders' Council programme and budget

73.22%

RESOLUTION 6: required 50% majority

Ratification of the appointment of John Ballard

95.60%

RESOLUTION 7: required 50% majority

Ratification of the appointment of John Waller

96.13%

RESOLUTION 8: required 75% majority

Approval of changes to clauses 4 and 48.1 - Milk Price

93.08%

RESOLUTION 9: required 75% majority

Approval of changes to clause 34.1 - Directors' Remuneration Committee

93.87%

RESOLUTION 10: required 75% majority

Approval of changes to clause 39.2 - Quorum

92.29%

- ENDS -

About Fonterra

* Fonterra is the world's largest dairy exporter, with annual revenues of about NZ$17 billion*.

* As New Zealand's largest and truly multinational business, Fonterra trades in 140 countries.

* Our portfolio includes dairy ingredients, liquid and powdered milks, cultured foods and yoghurts, butter, cheese and specialty foodservices products.

* Our brands include Anchor, Anlene, Anmum, Fresh n' Fruity, Mainland, Peters & Brownes, Tip Top, and Chesdale.

* Fonterra reported revenues of NZ$19.5 billion for 14 months ended 31 July 2008.

ENDS

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