ASX Appendix 3A.4

Notification of cash return of capital
Notification of cash return of capital
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Update Summary
Entity name
FONTERRA SHAREHOLDERS' FUND
Applicable security for the return of capital
FSF - ORDINARY UNITS FULLY PAID FOREIGN EXEMPT NZX
Announcement Type
Update to previous announcement
Date of this announcement
17/8/2023
Reason for the Update
Provide AUD equivalent cash return of capital amount per security
Refer to below for full details of the announcement

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Announcement Details
Part 1 - Entity and announcement details
1.1 Name of +Entity
FONTERRA SHAREHOLDERS' FUND
1.2 Registered Number Type
ARSN
Registration Number
160941542
1.3 ASX issuer code
FSF
1.4 The announcement is
1.4a Reason for update to a previous announcement
Provide AUD equivalent cash return of capital amount per security
1.4b Date of previous announcement(s) to this update
9/8/2023
1.5 Date of this announcement
17/8/2023
1.6 ASX +Security Code
FSF
ASX +Security Description
ORDINARY UNITS FULLY PAID FOREIGN EXEMPT
NZX
Part 2 - Cash return of capital approval requirements and dates
2.1 Are any of the below approvals required for the cash return of capital before business day 0 of the timetable?
Security holder approval
Court approval
Lodgement of court order with +ASIC
ACCC approval
FIRB approval
Another approval/condition external to the entity required to be given/met before business day 0 of the
timetable for the cash return of capital.
No
Update/amendment to previous announcement

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2.2 Is the cash return of capital a selective reduction of capital
Part 3 - Cash return of capital timetable and details
3.1 +Record date
16/8/2023
3.1a Effective date of the cash return of capital
11/8/2023
3.2 Does the +entity have quoted options on issue?
3.2a Last day for trading in "cum return of capital" +securities. If the entity has quoted options, last day for trading
in pre-return of capital quoted options

3.3 Trading in the re-organised +securities on an "ex return of capital" basis commences. If the entity has quoted
options and ASX agrees, trading in the quoted options commences on a +deferred settlement basis.
15/8/2023
3.4 +Record Date
16/8/2023
3.4a If the entity has quoted options, first day for the +entity to send holding statements to +security holders
notifying them of the change in exercise price for the quoted options they hold.

3.5 Payment date for cash return of capital. If applicable and the +entity has quoted options, +deferred settlement
market in options ends. Last day for entity to send holding statements to +security holders notifying them of the
change in exercise price for the quoted options they hold and to notify ASX that this has occurred.
18/8/2023
3.5a If the +entity has quoted options, trading in the options starts on a normal T+2 basis

3.5b If the +entity has quoted options, first settlement of trades conducted on a +deferred settlement basis and on
a normal T+2 basis

3.6 Currency in which the cash return of capital is made ("primary currency")
NZD - New Zealand Dollar
3.7 Cash return of capital amount per +security
NZD 0.50000000
3.7a AUD equivalent cash return of capital amount per
+security (in primary currency)
AUD 0.46155250
3.7b If AUD equivalent not known, date for information to
be released
Is that date estimate or actual?
No
No

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be released
17/8/2023
3.7c FX rate (in format AUD rate / primary currency rate):
AUD
AUD 1.00000000
Primary Currency
NZD 0.92310500
Part 4 - Changes to option pricing as a result of the cash return of capital
4.1 Will the cash return of capital affect the exercise price of any +entity-issued options?
Part 5 - Further information
5.1 Has the +entity applied for an ATO class ruling relating to this cash return of capital?
5.2 Source of funds for cash return of capital
Proceeds from Fonterra Co-operative Group Limited's divestment of its Chilean business Soprole.
5.3 Further information relating to this cash return of capital
We refer to the Fonterra Notice of Meeting and ASX announcement dated 21 June 2023 for further information.
5.4 Additional information for inclusion in the Announcement Summary
No
No
Actual