Fonterra provides update on divestment of Soprole

23 February 2023

Fonterra provides update on divestment of Soprole

Fonterra has today provided an update on the sale of its Chilean Soprole business to Gloria Foods - JORB
S.A. (Gloria Foods).

As announced in November 2022, the sale is subject to a number of conditions, including the receipt of
approval from the competition authority in Chile.

CEO Miles Hurrell says he’s pleased to confirm approval from the competition authority, Fiscalía Nacional
Económica (FNE), has now been received.

“Completion of the sale remains subject to satisfaction of other conditions previously announced, including
commencement of an irrevocable public tender offer process in Chile for the outstanding shares in Soprole
not already owned by Fonterra.

“Receipt of FNE approval is a significant milestone for the transaction and we remain on track in the sale
process. We will update the market on expected timing for completion of the sale as the remaining
conditions are progressed,” says Mr Hurrell.

Fonterra remains committed to targeting a significant capital return to our shareholders and unitholders.
The Fonterra Board intends to make a final decision on the amount and timing of any capital return once
the sale agreement is unconditional, cash proceeds are received in New Zealand and having regard to other
relevant factors including Fonterra’s debt and earnings outlook at such time.

ENDS

For further information contact:

Fonterra Communications
24-hour media line
Phone: +64 21 507 072