Appointment of Chair-elect for Mainland Group

31 March 2025

Appointment of Chair-elect for Mainland Group

Fonterra Co-operative Group Ltd today announces the appointment of Elizabeth (Liz) Coutts
ONZM as Chair-elect of Mainland Group, the proposed divestment entity of Fonterra’s global
Consumer business.

An internationally recognised director and executive, Liz is currently Chair of ASX and NZX-listed
companies EBOS Group Ltd (ASX/NZX:EBO) and Oceania Healthcare Limited (ASX/NZX:OCA),
as well as private telecommunications company 2degrees Group Limited.

In the event of an initial public offering (IPO) for Mainland Group, Liz would be the Non-Executive
Chair of the Board, presiding over the go-forward growth strategy.

Fonterra Chair Peter McBride says the Co-op is pleased to have appointed Liz to head the
Mainland Group Board.

“Liz has a proven track record of over 20 years as a Board Director, Audit Committee Chair and
Board Chair across sectors. She brings extensive governance experience from both large private
and public companies, and her leadership will be invaluable should we pursue a public listing for
Mainland Group,” says Mr McBride.

This appointment follows Fonterra’s announcement in February of the selection of René
Dedoncker as CEO-elect and Paul Victor as CFO-elect of Mainland Group.

Fonterra continues to pursue both a trade sale and IPO as potential divestment options for its
global Consumer and associated businesses.

Over the coming weeks, it will be assessing non-binding indicative offers from potential purchasers
and has recently completed meetings with prospective investors as part of the IPO process.

“This divestment is firmly grounded in an understanding of how Fonterra best creates value for
farmers and New Zealand, both today and for generations to come.”

“We are thoroughly testing which divestment option will return the best value to farmer
shareholders, while providing an ownership structure that allows our Consumer brands to continue
to grow. A divestment remains subject to approval from Fonterra’s farmer shareholders and we will
be putting our chosen option to them for a vote in due course,” says Mr McBride.

Fonterra continues to target a significant capital return to be made to farmer shareholders and unit
holders following the divestment.

ENDS

Fonterra Co-operative Group
Page 2

For further information contact:
Philippa Norman
Fonterra Communications
Phone: +64 21 507 072