F o n t e r r a

The Board of Fonterra – continuedGRAEME HAWKINSBSC, BCOM, ACAEARL RATTRAYB Ag Econ MASSEY44Graeme Hawkins is Chairman of Watercare ServicesLtd and a director of a number of other companiesincluding Ballance Agri-Nutrients Co-operative Ltd,Horizon Energy and Cavalier Corporation Ltd. Heis a former director of Bay Milk Products Ltd andNorthland Co-operative Dairy Company Ltd.His business experience includes 14 years with theFletcher Group in a variety of strategic planning andfinancial roles, including an 18 month secondment tothe Prime Minister’s Advisory Group. He then workedfor Dominion Breweries for eight years, becomingCEO in 1987. He has been a professional director forthe past 13 years.Mr Hawkins has Bachelor of Science and Commercedegrees and is an Associate Chartered Accountant.He is Chairman of Fonterra’s Audit, Finance andRisk Committee and serves on the Appointments,Remuneration and Development Committee and theFair Value Share Committee.Earl Rattray has been a dairy company director for11 years. He is Chairman of the Dairy CompaniesAssociation of New Zealand and currently serves onFonterra’s Audit, Finance and Risk Committee and itsExternal Relations Committee.Mr Rattray farms 180 hectares in partnership withhis wife Joanne at Honikiwi, near Otorohanga, andhas an interest in two other farming properties. Priorto dairy farming, he worked as an economist forthe New Zealand Meat and Wool Board’s EconomicService in Wellington. He holds a Bachelor’s degreein Agricultural Economics and is a member of theInstitute of Directors and the Institute of PrimaryIndustry Management.MARK TOWNSHENDSTUART NATTRASSB AG SC (HONS) (LINCOLN)Stuart Nattrass was elected to the Fonterra Boardof Directors in June 2003. He is a member of theAudit, Finance and Risk Committee, Appointments,Remuneration and Development Committee.Mr Nattrass was involved in international financialmarkets, principally foreign exchange riskmanagement, for 16 years. He was initially employedat the National Bank in Wellington and left theindustry having held the position of Global Head ofForeign Exchange Risk for Westpac, based in Sydney.He has been involved in farming all his life, and hisinterests now include ownership of a 420 hectarepastoral property near Geraldine. He also has ashare in a 1,200 cow, spray-irrigated dairy farmnear Ashburton.Mr Nattrass has a Bachelor of Agricultural Sciencewith Honours from Lincoln University.Mark Townshend has been a Director of Fonterrasince its formation. He is Chairman of the Milk PricingWorking Group and serves on the Appointments,Remuneration and Development Committee. Heis the chairman of eight farming companies and adirector of Liberty Genetics Ltd.Mr Townshend has been farming for more than 30years and is involved in four dairy farms in each ofthe North and South Islands. He also has farminginterests in both North and South America.Mr Townshend and wife Diane have four adult,tertiary-educated children who are all connectedwith agriculture. In 1997 the Townshends were theinaugural national winners of the FMG AC CameronExcellence in Farming Award.