Capital Notes Election Notice

9 June 2023

Dear Noteholder

FONTERRA CO-OPERATIVE GROUP LIMITED – ELECTION NOTICE


We are writing to you as a holder of capital notes issued under the capital notes trust deed (Capital Notes
Trust Deed) dated 22 March 2001 between Fonterra Co-operative Group Limited (Fonterra) and The New
Zealand Guardian Trust Company Limited (Supervisor) as supplemented by the initial supplemental deed
dated 24 October 2001 (Initial Supplemental Deed), each as modified from time to time. Words defined
in the Capital Notes Trust Deed and the Initial Supplemental Deed have the same meanings when used in
this notice, except to the extent defined in this notice.

Fonterra has elected to redeem all Capital Notes issued by Fonterra under the Capital Notes Trust Deed
on 10 July 2023 in accordance with Condition 6.1 of the Initial Supplemental Deed.

As determined in accordance with condition 6.1 of the Initial Supplemental Deed, the redemption price of
each Capital Note will be NZ$1.00. The Register will be closed and your holding will be determined as at
close of business on Friday 30 June 2023 in order to calculate the total amount payable to you
(Redemption Amount).

Payment of the Redemption Amount will be made by direct credit into your nominated bank account on
10 July 2023. If you wish to update your nominated bank account or other details, please visit the Link
Investor Centre (investorcentre.linkmarketservices.co.nz). Payment of the Redemption Amount operates
as a transfer of the relevant Capital Notes to Fonterra, and the Register shall be amended accordingly.

Should you have any questions about what this means for you, we recommend you take advice from your
financial advisor, accountant, lawyer or other professional.

Yours sincerely


Simon Till
Director Capital Markets
Fonterra Co-operative Group Limited
Private Bag 92032, Auckland, New Zealand
109 Fanshawe Street, Auckland, New Zealand
t +64 9 374 9335, f +64 9 379 8220
www.fonterra.com