FSF Determination of Director's Indpendence

18/12/2025 12:14 NZDT, GENERAL

18 December 2025

Determination of Director's Independence

In accordance with Rule 2.6.1 of the NZX Listing Rules, the Board of the Manager of the Fonterra Shareholders’ Fund has determined that Michelle Louise Pye is not an Independent Director.

-ENDS-

Jackie Floyd

Company Secretary

FSF Management Company Ltd is the Manager of the Fonterra Shareholders’ Fund

investor.relations@fonterra.com

+64 9 374 9000