FSF Management Company Limited (“Manager”) as the manager of Fonterra Shareholders’ Fund (“FSF”) has submitted a formal application for FSF’s removal from the Official List of the Australian Securities Exchange (“ASX”) pursuant to ASX Listing Rule 17.11.

If approved by ASX, FSF’s units will no longer be quoted on the ASX and will instead be solely quoted on the NZX Main Board (“NZX”).

The Manager has sought, and received, in-principle advice from ASX that it will agree to the request for removal upon the satisfaction of certain conditions, which FSF intends to satisfy prior to its removal.

Please see attached announcement for further detail.

Jackie Floyd

On behalf of the Fonterra Shareholders’ Fund.

FSF Management Company Ltd (Australian Registered Business Number 190 539 935, incorporated in New Zealand) is the manager of the Fonterra Shareholders’ Fund.