D&O Ongoing Disclosure Notice – A Macfarlane

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ONGOING DISCLOSURE NOTICE
Disclosure of Directors and Senior Managers Relevant Interests
Sections 297(2) and 298(2) Financial Markets Conduct Act 2013

To NZX Limited; and

Name of listed issuer: Fonterra Shareholders’ Fund
Date this disclosure made: 29 December 2025
Date of last disclosure: 7 November 2024


A Director or senior manager giving disclosure

Full name(s): Andrew Webster Macfarlane
Name of listed issuer: Fonterra Shareholders’ Fund
Name of related body corporate (if applicable):

Position held in listed issuer: Retired Director (ceased 15 December 2025)

B Summary of acquisition or disposal of relevant interest (excluding specified
derivatives


Class of affected quoted financial products: Units in Fonterra Co-operative Group Limited
Nature of the affected relevant interest(s): Shareholder and Director of Pencarrow Farm Limited
For that relevant interest:
Number held in class before acquisition or disposal: 123,724
Number held in class after acquisition or disposal: 86,537
Current registered holder(s): Pencarrow Farm Limited
Registered holder(s) once transfers are registered: Unknown (on-market transactions)


C Summary of acquisition or disposal of specified derivatives relevant interest (if
applicable)

Type of affected derivative:
Class of underlying financial products:
Details of affected derivative-
The notional value of the derivative (if any) or the
notional amount of underlying financial products (if
any):

A statement as to whether the derivative is cash settled
or physically settled:

Maturity date of the derivative (if any):
Expiry date of the derivative (if any):
The price specified in the terms of the derivative (if
any):

Any other details needed to understand how the
amount of the consideration payable under the
derivative or the value of the derivative is affected by

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the value of the underlying financial products:

For that derivative, -
Parties to the derivative:
If the director or senior manager is not a party to the
derivative, the nature of the relevant interest in the
derivative:


D Details of transactions giving rise to acquisition or disposal

Total number of transactions to which notice relates:

Two

Details of transactions requiring disclosure-
Date of transaction: (a) 19 December 2025
(b) 22 December 2025

Nature of transaction: On-market sale of FSF Units, in the name of
Pencarrow Farm Limited (of which Mr Macfarlane is a
Director and Shareholder).
Name of any other party or parties to the transaction (if
known):
Unknown (on-market transactions)
The consideration, expressed in New Zealand dollars,
paid or received for the acquisition or disposal. If the
consideration was not in cash and cannot be readily by
converted into a cash value, describe the
consideration:
(a) NZD8.3200 per Unit (sell)
(b) NZD8.2711 per Unit (sell)

Number of financial products to which the transaction
related:
(a) 20,000 Units (sell)
(b) 17,187 Units (sell)
If the issuer has a financial products trading policy that
prohibits directors or senior managers from trading
during any period without written clearance (a closed
period) include the following details—

Whether relevant interests were acquired or disposed
of during a closed period:
No
Whether prior written clearance was provided to allow
the acquisition or disposal to proceed during the closed
period:
Not applicable
Date of the prior written clearance (if any): Not applicable

E Summary of other relevant interests after acquisition or disposal:


Class of quoted financial products: Units in Fonterra Co-operative Group Limited
Nature of relevant interest: Partner of the Deebury Pastoral Partnership
For that relevant interest,-
Number held in class: 9,317
Current registered holder(s): Partners of the Deebury Pastoral Partnership

Class of quoted financial products: Units in Fonterra Shareholders’ Fund
Nature of relevant interest: Trustee and beneficiary of the GW & MA Macfarlane
Family Trust

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For that relevant interest,-
Number held in class: 4,000
Current registered holder(s): GW & MA Macfarlane Family Trust

Class of quoted financial products: Units in Fonterra Shareholders’ Fund
Nature of relevant interest: Non-Beneficial Trustee of Stoneylea Trust
For that relevant interest,-
Number held in class: 10,000
Current registered holder(s): Stoneylea Trust

For a derivative relevant interest,-
Type of derivative:
Details of derivative,-
The notional value of the derivative (if any) or the
notional amount of underlying financial products (if
any):

A statement as to whether the derivative is cash settled
or physically settled:

Maturity date of the derivative (if any):
Expiry date of the derivative (if any):
The price's specified terms (if any):
Any other details needed to understand how the
amount of the consideration payable under the
derivative or the value of the derivative is affected by
the value of the underlying financial products:

For that derivative relevant interest,-
Parties to the derivative:
If the director or senior manager is not a party to the
derivative, the nature of the relevant interest in the
derivative:


F Certification

I certify that, to the best of my knowledge and belief,
the information contained in this disclosure is correct
and that I am duly authorised to make this disclosure
by all persons for whom it is made.

Signature of director or officer:


Andrew Webster Macfarlane
Date of signature: 29 December 2025

or

Signature of person authorised to sign on behalf of
director or officer:

Date of signature:

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Name and title of authorised person:

Notes
Use this form to disclose all the acquisitions and disposals by a director or senior manager of a
listed issuer, or of a related body corporate, or in specified derivatives. The disclosure must be
made within—
(a) 20 working days after the first acquisition or disposal disclosed in this notice if the
acquisitions or disposals are of a kind referred to in section 297(2)(a) of the Financial
Markets Conduct Act 2013; or
(b) in any other case, 5 trading days after the first acquisition or disposal disclosed in this
notice.