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FSF Determination of Director's Indpendence

NZX Compliance17 December 2025FSFConsumer Staples

18 December 2025

DETERMINATION OF DIRECTOR’S INDEPENDENCE


In accordance with Rule 2.6.1 of the NZX Listing Rules, the Board of the Manager of the Fonterra

Shareholders’ Fund has determined that Michelle Louise Pye is not an Independent Director.


-ENDS-


Jackie Floyd

Company Secretary

FSF Management Company Ltd is the Manager of the Fonterra Shareholders’ Fund

investor.relations@fonterra.com

+64 9 374 9000

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