Fonterra Shareholders’ Fund Interim Results 2026

Fonterra Shareholders’ Fund

Page 1
Results for announcement to the market
Results for announcement to the market
Name of issuer Fonterra Shareholders’ Fund
Reporting Period 6 months to 31/01/2026
Previous Reporting Period 6 months to 31/01/2025
Currency NZD
Amount (000s) Percentage change
Revenue from continuing operations $167,000 8%
Total Revenue $167,000 8%
Net profit from continuing operations $nil -%
Total net profit $nil -%
Interim Dividend
Amount per Quoted Equity Security $0.4000
Imputed amount per Quoted Equity Security Not Applicable
Record Date 30/03/2026
Dividend Payment Date 14/04/2026
Current period Prior comparable period
Net tangible assets per Quoted Equity
Security
$8.19 $4.98
A brief explanation of any of the figures
above necessary to enable the figures to be
understood
Please refer to the unaudited interim financial statements for
further explanation. Revenue from continuing operations
comprises net fair value movements of Economic Rights of
Fonterra Shares, and (if any) dividend income.

Authority for this announcement
Name of person authorised to make this
announcement
Jackie Floyd
Contact person for this announcement Phil van Polanen
Contact phone number +64 21 021 999 59
Contact email address Investor.relations@fonterra.com
Date of release through MAP 23/03/2026
Unaudited interim financial statements accompany this announcement.

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FOR THE SIX MONTHS ENDED 31 JANUARY 2026
Fonterra
Shareholders’ Fund
Interim Report
2026

Contents
Chair Report3
Interim Financial Statements
Manager’s Statement5
Statement of Comprehensive Income6
Statement of Changes in Amounts
Attributable to Unit Holders6
Statement of Financial Position7
Cash Flow Statement7
Basis of Preparation8
Notes to the Interim Financial Statements10
Independent Auditor’s Review Report12
Directory14
Penelope, Blair, Joe & Billie, Manawatū-Whanganui
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Chair Report
Dear unit holders,
Fonterra’s profit after tax for the first six months of the 2026 financial year increased $21
million, or 3%, to $750 million compared to the prior period and equates to 45 cents per
share attributable to equity holders.
The ongoing strength of Fonterra’s performance has enabled the Co-operative to declare a
fully imputed interim dividend of 24 cents per share, up from 22 cents the prior year.
In addition, a fully imputed special Mainland dividend of 16 cents per share has
been confirmed, representing 100% of Mainland Group’s FY26 earnings while under
Fonterra ownership.
As a result, unit holders will receive an interim distribution of 40 cents.
The record date for the interim distribution is 30 March 2026 and the payment date is 14
April 2026. The payment date for the tax-free $2.00 capital return, from the divestment
of Mainland, is also 14 April, with a record date of 9 April 2026, based on the transaction
completing at the end of March.
The combination of the fully imputed 40 cent dividend and the tax-free $2.00 capital
return will mean the Co-operative distributes $3.9 billion in cash on 14 April 2026 to its
shareholders and unit holders.
The suspension of the distribution reinvestment plan remains in place.
Fonterra’s business performance
Operating profit increased from $1.1 billion to $1.2 billion, reflecting an improved
performance through stronger in market pricing and favourable product mix, particularly
in Foodservice, which benefited from continued demand across key Southeast Asia and
Greater China markets. Ingredients performance reflected improved market pricing
and product mix, although higher milk input costs compressed margins relative to the
prior year.
Fonterra’s profit after tax of $750 million includes $90 million of cost related to the
divestment and separation of Mainland Group, including $54 million of tax impacts.
These costs have been considered as part of the capital return. Excluding them, the Co-
operative’s normalised earnings per share is 51 cents, up 4 cents on prior year.
Net debt has reduced from $5.5 billion to $4.9 billion, and leverage metrics were down on
prior year supporting increased dividends.
The Co-operative’s return on capital of 11.2% is above last year and tracking to be within
the FY26 target range of 10 – 12%.
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Outlook for the remainder of FY26
Fonterra lifted the bottom end of its forecast full year earnings range to 50-65 cents per
share from 45-65 cents. Miles Hurrell said this increase reflects the underlying strength of
Fonterra’s core business. Though he did note there is a level of uncertainty related to the
Middle East conflict, including risks around input cost inflation and shipping disruption.
For further clarity and detail on Fonterra’s performance, I encourage you to read the
other interim results material released by Fonterra, that can be found on its Investor
Relations webpage.
Lastly, on behalf of the FSF Board, I would like to acknowledge Fonterra CEO, Miles Hurrell,
who recently announced his decision to resign and leave the Co-operative. He has overseen
a significant strategic reset, focused on getting Fonterra back to its core strengths. In
doing so he has helped lift Fonterra’s financial discipline and built the strong foundations
Fonterra has today.
Nga mihi,
Mary Jane Daly
Chair
The Fund, and the Board of FSF Management Company Limited that oversees
it, have no direct involvement in Fonterra’s operations. However, as a holder
of economic rights in Fonterra, the performance of the Fund is tied directly to
Fonterra’s performance.
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Alastair Hercus
Director
FSF Management Company Limited
22 March 2026
Mary Jane Daly
Chair
FSF Management Company Limited
22 March 2026
FSF Management Company Limited (the Manager) presents
to the unit holders the interim financial statements for the
Fonterra Shareholders’ Fund (the Fund) for the six months
ended 31 January 2026.
The Manager is responsible for presenting interim financial statements for the six months
which fairly present the financial position of the Fund and its financial performance and
cash flows for that period.
The Manager considers the interim financial statements of the Fund have been prepared
using accounting policies which have been consistently applied and supported by
reasonable judgements and estimates, and that all relevant financial reporting and
accounting standards have been followed.
The Manager believes that proper accounting records have been kept which enable, with
reasonable accuracy, the determination of the financial position of the Fund and facilitate
compliance of the interim financial statements with the Financial Markets Conduct Act
2013 and the Fonterra Shareholders’ Fund Trust Deed.
The Manager considers that it has taken adequate steps to safeguard the assets of the
Fund, and to prevent and detect fraud and other irregularities.
The Manager approves and authorises for issue the interim financial statements for the
six months ended 31 January 2026 presented on pages 6 to 11.
For and on behalf of the Board of the Manager:
Interim Financial
Statements
FOR THE SIX MONTHS ENDED 31 JANUARY 2026
Manager’s Statement
FOR THE SIX MONTHS ENDED 31 JANUARY 2026
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Basis of Preparation
Independent Auditor’s Review ReportNotes to the Interim Financial Statements
Interim Financial Statements

The accompanying basis of preparation and notes form part of these interim financial statements.
Statement of Comprehensive Income
FOR THE SIX MONTHS ENDED 31 JANUARY 2026
($ MILLION)
SIX MONTHS ENDEDYEAR ENDED
31 JAN 2026
UNAUDITED
31 JAN 2025
UNAUDITED
31 JUL 2025
AUDITED
Net fair value gain on revaluation of Economic Rights
of Fonterra shares
129111327
Dividend income384367
Investment income167154394
Net increase in fair value of amounts attributable to
unit holders
(129)(111)(327)
Distributions to unit holders(38)(43)(67)
Finance cost(167)(154)(394)
Profit before tax–––
Tax expense–––
Profit for the period–––
There are no items of other comprehensive income.
Statement of Changes in Amounts Attributable
to Unit Holders
FOR THE SIX MONTHS ENDED 31 JANUARY 2026
($ MILLION)
Amounts attributable to unit holders at 1 August 2025751
Movements:
Revaluation of amounts attributable to unit holders129
Amounts attributable to unit holders at 31 January 2026 (unaudited)880
Amounts attributable to unit holders at 1 August 2024424
Movements:
Revaluation of amounts attributable to unit holders111
Amounts attributable to unit holders at 31 January 2025 (unaudited)535
Amounts attributable to unit holders at 1 August 2024424
Movements:
Revaluation of amounts attributable to unit holders327
Amounts attributable to unit holders at 31 July 2025 (audited)751
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Basis of Preparation
Independent Auditor’s Review ReportNotes to the Interim Financial Statements
Interim Financial Statements

SIX MONTHS ENDEDYEAR ENDED
31 JAN 2026
UNAUDITED
31 JAN 2025
UNAUDITED
31 JUL 2025
AUDITED
Cash flows from operating activities
Cash was provided from:
– Dividends received 384367
Net cash flows from operating activities384367
Cash flows from financing activities
Cash was applied to:
– Distributions paid to unit holders (38)(43)(67)
Net cash flows from financing activities (38)(43)(67)
Net change in cash and cash equivalents–––
Cash and cash equivalents at the beginning of the period–––
Cash and cash equivalents at the end of the period–––
The accompanying basis of preparation and notes form part of these interim financial statements.
Statement of Financial Position
AS AT 31 JANUARY 2026
($ MILLION)
NOTES
31 JAN 2026
UNAUDITED
31 JAN 2025
UNAUDITED
31 JUL 2025
AUDITED
Assets
Economic Rights of Fonterra shares2880535751
Tot al a s s e t s880535751
Liabilities
Amounts attributable to unit holders3880535751
Total liabilities880535751
Cash Flow Statement
FOR THE SIX MONTHS ENDED 31 JANUARY 2026
($ MILLION)
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Independent Auditor’s Review ReportNotes to the Interim Financial Statements
Interim Financial Statements

a) General information
The Fonterra Shareholders’ Fund (FSF or the Fund) is a New Zealand managed investment scheme
established to be the ‘Authorised Fund’ referred to in Fonterra’s Constitution. It is an FMC Reporting
Entity registered under the Financial Markets Conduct Act 2013 and its governing document is the
Fonterra Shareholders’ Fund Trust Deed (the Trust Deed) dated 23 October 2012 (as amended) and has
a life of 80 years. Under the Trust Deed, the Fund may invest only in authorised investments, which are
the Economic Rights of Fonterra shares (Economic Rights), and issue units to investors. It may not invest
directly in Fonterra shares (Shares).
The Fund is listed on the NZX Main Board operated by NZX Limited. The activities of the Fund and
the issue of units to the public are managed by FSF Management Company Limited (the Manager).
The immediate and ultimate parent of the Fund is Fonterra Co-operative Group Limited (Fonterra, or
the Co-operative).
The New Zealand Guardian Trust Company Limited (the Trustee) acts as the trustee for the Fund. The
Economic Rights assets are held on trust for the Trustee under the Fonterra Economic Rights Trust by
Fonterra Farmer Custodian Limited (the Custodian). The trustees of the Fonterra Farmer Custodian Trust
also hold one unit known as the Fonterra unit.
The registered office of the Manager is 109 Fanshawe Street, Auckland Central, Auckland 1010,
New Zealand.
These interim financial statements were authorised for issue by the Manager on 22 March 2026.
Fonterra interim financial statements
Investors are encouraged to read the interim financial statements of Fonterra, together with the interim
financial statements of the Fund, given that the performance of the Fund is driven by the performance of
Fonterra. The Fonterra interim financial statements can be found in the ‘Investors/Results & Reporting’
section of Fonterra’s website.
Fonterra’s capital structure
Under Fonterra’s Flexible Shareholding capital structure, the ability for the Fund to acquire Economic
Rights and issue units to investors (i.e. to exchange shares for units) on a day-to-day basis is suspended.
The Fonterra Board retains the right to regulate this process, and if, in the future, the Fonterra Board
considered it was appropriate to increase the Fund size, it could do so up to the overall Fund size limit
of 10% of the total number of Fonterra shares on issue as specified in Fonterra’s Constitution. As at
31 January 2026, the Fund size is 6.7% (31 January 2025: 6.7%, 31 July 2025: 6.7%).
Information about Flexible Shareholding is available in the ‘Investors/Capital Structure’ section of
Fonterra’s website.
Activities
The principal activity of the Fund is to acquire and hold Economic Rights and issue units to investors
to allow investors in the Fund an opportunity to earn returns based on the financial performance of
Fonterra. As reflected in the previous section, the ability to exchange shares for units is suspended under
Flexible Shareholding.
Basis of Preparation
FOR THE SIX MONTHS ENDED 31 JANUARY 2026
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Independent Auditor’s Review ReportNotes to the Interim Financial Statements
Basis of Preparation

Basis of Preparation continued
FOR THE SIX MONTHS ENDED 31 JANUARY 2026
b) Basis of preparation
These unaudited interim financial statements comply with International Accounting Standard 34 Interim
Financial Reporting and New Zealand Equivalent to International Accounting Standard 34 Interim
Financial Reporting. They have also been prepared in accordance with Generally Accepted Accounting
Practice (GAAP) applicable to for-profit entities. These interim financial statements do not include all the
information and disclosures required in the annual financial statements, and should be read in conjunction
with the financial statements for the year ended 31 July 2025.
These interim financial statements are presented in New Zealand dollars ($), which is the Fund’s functional
and presentation currency, and rounded to the nearest million, except where otherwise stated.
c) Material accounting policies
The accounting policies applied in the preparation of these interim financial statements are consistent
with those applied in the financial statements for the year ended 31 July 2025.
d) Operating segments
The Fund’s investments only include Economic Rights assets and the Fund’s performance is evaluated
on an overall basis. Therefore, the Fund is a single-segment entity. All of the Fund’s income is from
investments in the Economic Rights.
The internal reporting provided to the Board of the Manager, which is the Fund’s chief operating decision
maker, for the Fund’s assets, liabilities and performance is prepared on a consistent basis with the
measurement and recognition principles of NZ IFRS Accounting Standards. The Board of the Manager
reviews the Fund’s internal reporting in order to assess the performance and position of the Fund.
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Interim Financial Statements
Independent Auditor’s Review ReportNotes to the Interim Financial Statements
Basis of Preparation

Notes to the Interim Financial Statements
FOR THE SIX MONTHS ENDED 31 JANUARY 2026
2 Economic Rights of Fonterra shares
The Economic Rights are held on trust for the Fund by the Custodian under the Fonterra Economic Rights
Tr us t .
AS AT
31 JAN 2026
UNAUDITED
AS AT
31 JAN 2025
UNAUDITED
AS AT
31 JUL 2025
AUDITED
Value of Economic Rights ($ million)880535751
Number of Economic Rights107,410,984107,410,984107,410,984
The Economic Rights are measured at fair value, calculated as the number of Economic Rights held
multiplied by the established fair value for each Economic Right.
$ MILLION
SIX MONTHS ENDEDYEAR ENDED
31 JAN 2026
UNAUDITED
31 JAN 2025
UNAUDITED
31 JUL 2025
AUDITED
Opening value of Economic Rights 751424424
Revaluation of Economic Rights129111327
Closing value of Economic Rights880535751
1 Fair value measurement
The Fund measures the Economic Rights and amounts attributable to unit holders at fair value.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date.
The Fund uses the following fair value hierarchy that reflects the significance of the inputs used in making
the measurements:
–Level 1: Quoted price (unadjusted) in an active market for an identical instrument.
–Level 2: Valuation techniques based on observable inputs, either directly (i.e. as prices) or indirectly (i.e.
derived from prices). This category includes instruments valued using: quoted prices in active markets
for similar instruments; quoted prices for identical or similar instruments in markets that are considered
less than active; or other valuation techniques for which all significant inputs are directly or indirectly
observable from market data.
–Level 3: Valuation techniques using significant unobservable inputs. The Fund has no Level 3
instruments.
The Fund’s amounts attributable to unit holders is a Level 1 instrument as the unit price is quoted on the
NZX Main Board, which is considered to be an active market. The Manager considers market prices to
be the most representative measure of fair value as they are used by market participants as a practical
expedient for fair value measurement.
Where there is a bid and ask price, the Fund uses the price within that range that is most representative
of fair value. Where the last traded price is within that range, the Fund uses the last traded price as fair
value. Where the last traded price falls outside that range the Fund uses the mid-point between the bid
and ask prices.
The market is monitored on an on-going basis to confirm that it remains active for the purposes of
establishing fair value.
Economic Rights are Level 2 instruments as Economic Rights are not listed and there is no active market
for Economic Rights assets. Economic Rights are valued using the quoted price of units (which are
considered to be a materially comparable instrument) in the Fund listed on the NZX Main Board.
There have been no transfers between the categories in the fair value hierarchy during any of the
periods presented.
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Independent Auditor’s Review ReportNotes to the Interim Financial Statements

Notes to the Interim Financial Statements continued
FOR THE SIX MONTHS ENDED 31 JANUARY 2026
3 Amounts attributable to unit holders
At 31 January 2026, there were 107,410,984 units on issue (31 January 2025: 107,410,984 units; 31 July
2025: 107,410,984 units), including one Fonterra unit held by the Custodian, which was issued at inception
of the fund.
The amounts attributable to unit holders is measured at fair value, calculated as the number of units on
issue multiplied by the market price per unit at the reporting date. At 31 January 2026, the market price
per unit was $8.19 (31 January 2025: $4.98; 31 July 2025: $6.99). The fair value after reflecting market
price movements during the period ended 31 January 2026 is $880 million attributable to unit holders
(31 January 2025: $535 million; 31 July 2025: $751 million).
4 Net assets per security
As at 31 January 2026, the net assets per unit on issue was $8.19 (31 January 2025: $4.98; 31 July 2025:
$6.99).
5 Commitments and contingent liabilities
The Fund has no material commitments or contingent liabilities as at 31 January 2026 (31 January 2025:
nil; 31 July 2025: nil).
6 Subsequent events
Fonterra divestment and capital return
In August 2025, Fonterra announced it had agreed to sell its Consumer and associated businesses to
B.S.A SAS (Lactalis) for $4.22 billion. The sale became unconditional on 6 March 2026, and is expected to
be completed on 31 March 2026. Final cash proceeds remain subject to customary adjustments.
In association with the sale, on 19 February 2026, Fonterra shareholders approved a capital return of
approximately $3.2 billion (approximately $2 per share) to shareholders and unit holders, and is expected
to be paid in April 2026. As part of the capital return, $215 million is expected to be paid to the Custodian
for direct distribution to unit holders on the same date, which represents the unit holders’ portion of this
capital return.
Declaration of distribution
On 22 March 2026, the Board of Directors of Fonterra declared a fully imputed interim dividend of
24 cents per share together with a special dividend of 16 cents per share, to be paid on 14 April 2026 to all
holders of Co-operative shares on issue at 30 March 2026. Following Fonterra’s dividend declaration, the
Board of the Manager declared an interim distribution of 40 cents per unit. The distribution will be paid on
14 April 2026 to the unit holders on the register at 30 March 2026.
The Distribution Reinvestment Plan does not apply to this distribution.
Changes in unit price
Units are traded on the NZX and accordingly the unit price changes regularly, including during the period
between balance date and the date these interim financial statements were authorised for issue. Changes
in the market price of the units result in a corresponding change in the value of the Economic Rights asset
held by the Fund. Daily unit prices are available on the NZX website.
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Interim Financial StatementsBasis of Preparation
Independent Auditor’s Review ReportNotes to the Interim Financial Statements

Independent Auditor’s Review Report continued
FOR THE SIX MONTHS ENDED 31 JANUARY 2026
To the unit holders of Fonterra Shareholders’ Fund
Report on the interim financial statements
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim
financial statements on pages 6 to 11 do not:
–present fairly, in all material respects, the Fund’s financial position as at 31 January 2026 and its
financial performance and cash flows for the six month period then ended; and
–comply with New Zealand Equivalent to International Accounting Standard 34 Interim Financial
Reporting (NZ IAS 34) issued by the New Zealand Accounting Standards Board and IAS 34 Interim
Financial Reporting (IAS 34) issued by the International Accounting Standards Board.
We have completed a review of the accompanying interim financial statements which comprise:
–the interim statement of financial position as at 31 January 2026;
–the interim statements of comprehensive income, changes in amounts attributable to unit holders
and cash flows for the six month period then ended; and
–notes, including material accounting policy information.
Basis for conclusion
We conducted our review of the interim financial statements in accordance with NZ SRE 2410 (Revised)
Review of Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410
(Revised)). Our responsibilities are further described in the Auditor’s responsibilities for the review of the
interim financial statements section of our report.
We are independent of Fonterra Shareholders’ Fund in accordance with the relevant ethical requirements
in New Zealand relating to the audit of the annual financial statements and we have fulfilled our other
ethical responsibilities in accordance with these ethical requirements.
Other than in our capacity as auditor we have no relationship with, or interests in, the Fund.
Use of this Independent Auditor’s Review Report
This report is made solely to the unit holders. Our review work has been undertaken so that we might
state to the unit holders those matters we are required to state to them in the Independent Auditor’s
Review Report and for no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the unit holders for our review work, this report, or any of the
conclusions we have formed.
Responsibilities of the Manager for the interim financial statements
The Manager on behalf of the Fund are responsible for:
–the preparation and fair presentation of the interim financial statements in accordance with NZ IAS 34
and IAS 34; and
–for such internal control as Manager determine is necessary to enable the preparation of interim
financial statements that are free from material misstatement, whether due to fraud or error.
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Interim Financial StatementsBasis of Preparation
Notes to the Interim Financial Statements Independent Auditor’s Review Report

Independent Auditor’s Review Report continued
FOR THE SIX MONTHS ENDED 31 JANUARY 2026
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that causes us
to believe that the interim financial statements, taken as a whole, are not prepared, in all material respects,
in accordance with NZ IAS 34 and IAS 34.
A review of the interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. The auditor performs procedures, consisting of making enquiries, primarily
of persons responsible for financial and accounting matters, and applying analytical and other
review procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted
in accordance with International Standards on Auditing (New Zealand) and consequently does not enable
us to obtain assurance that we would become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion on the interim financial statements.
The engagement partner on the review resulting in this independent auditor’s review report is Jodi Newth.
For and on behalf of:
KPMG
Auckland
22 March 2026
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Notes to the Interim Financial Statements Independent Auditor’s Review Report

Registered Office of the Manager of the Fund
109 Fanshawe Street
Auckland Central, Auckland 1010
Telephone: +64 9 374 9000
Directors of the Manager of the Fund
Mary Jane Daly
Alastair Hercus
Carlie Eve
Andrew Macfarlane (ceased 15 December 2025)
John Nicholls
Michelle Pye (appointed 15 December 2025)
Company Secretary
Jackie Floyd
Supervisor
The New Zealand Guardian Trust Company Limited
Level 6, 191 Queen Street
Auckland Central, Auckland 1010
New Zealand
Auditor of the Fund and the Manager of the Fund
KPMG
18 Viaduct Harbour Avenue
Auckland 1010
New Zealand
Legal Advisers to the Manager of the Fund
Chapman Tripp
Level 34, PwC Tower
15 Customs Street West, Auckland 1010
New Zealand
Share Registrar
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna, Auckland 0622
Private Bag 92119, Auckland 1142
Telephone: +64 9 488 8700
insightcreative.co.nz FONTERRA152
Directory
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Fonterra Shareholders’ Fund
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Fonterra Shareholders’ Fund

Page 1
Distribution notice
Section 1: Issuer information
Name of issuer Fonterra Shareholders’ Fund
Financial product name/description Fonterra Shareholders’ Fund Units
NZX ticker code FSF
ISIN (If unknown, check on NZX website) NZFSFE0001S5
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 30/03/2026
Ex-Date (one business day before the
Record Date)
27/03/2026
Payment date (and allotment date for DRP) 14/04/2026
Total monies associated with the
distribution
0F
1

$42,964,394
Source of distribution (for example, retained
earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution1F
2
$0.40000000
Gross taxable amount2F
3
$0.40000000
Total cash distribution3F
4
$0.40000000
Excluded amount (applicable to listed PIEs) $0.40000000
Supplementary distribution amount $0.07058823
Section 3: Imputation credits and Resident Withholding Tax4F
5

Is the distribution imputed Fully imputed
Partial imputation
No imputation

1
Based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of Resident Withholding
Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT. This should include any
excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is fully imputed the
imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute advice as to whether or not RWT
needs to be withheld.

Page 2
If fully or partially imputed, please state
imputation rate as % applied
5F
6

Not applicable
Imputation tax credits per financial product Not applicable
Resident Withholding Tax per financial
product
$0.00000000
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any) Not Applicable
Start date and end date for determining
market price for DRP
Not Applicable Not Applicable
Date strike price to be announced (if not
available at this time)
Not Applicable
Specify source of financial products to be
issued under DRP programme (new issue or
to be bought on market)
Not Applicable
DRP strike price per financial product Not Applicable
Last date to submit a participation notice for
this distribution in accordance with DRP
participation terms
Not Applicable
Section 5: Authority for this announcement
Name of person authorised to make this
announcement
Jackie Floyd
Contact person for this announcement Phil van Polanen
Contact phone number +64 21 021 999 59
Contact email address Investor.relations@fonterra.com
Date of release through MAP 23/03/2026


6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.