FSF - Monthly Allotment/ Redemption Notice

Friday 1st July 2022

Issued in reliance on the Fund's waiver from NZX Main Board Listing Rule 3.13.1 dated 24 June 2019. A copy of this waiver can be found at https:// www.fonterra.com/nz/en/investors/fonterra-shareholders-fund.html.

Please be advised that during the month of June 2022 the following allotments and redemptions of units were made in the Fonterra Shareholders' Fund. Each unit was allotted or redeemed in consideration of the transfer of one share in Fonterra Co-operative Group Limited to or by Fonterra Farmer Custodian Limited.

(a) Class of Security and ISIN: FSF Units, ISIN: NZFSFE0001S5

(b)Number of Securities:

Allotted: 0

Redeemed: 0

Net Redemption 0

(c)Percentage of total Class of Securities:

Allotted: 0.0000000%

Redeemed: 0.0000000%

Net Redemption % 0.0000000%

(d)Reason for redemption: Each unit was allotted or redeemed in consideration of the transfer of one share in Fonterra Co-operative Group Limited to or by Fonterra Farmer Custodian Limited.

(e)Specific authority for allotment: Fonterra Shareholders' Fund Unit Trust Deed between FSF Management Company Limited, the New Zealand Guardian Trust Company Limited and Fonterra Co-operative Group Limited, and the Custody Trust Deed for the Fonterra Economic Rights Trust between FSF Management Company Limited, the New Zealand Guardian Trust Company Limited, Fonterra Co-operative Group Limited and Fonterra Farmer Custodian Limited.

(f)Terms or details of the redemption: The units allotted rank pari-passu with the existing units on issue.

(g)Number of Securities of the Class in existence at close on 30/06/2022 after the redemption (exclusive of Treasury Stock):107,417,322

(h)Previous number of Securities of the Class in existence at close on31/05/2022 before the redemption (exclusive of Treasury Stock):107,417,322

Andrew Cordner

On behalf of the Fonterra Shareholders' Fund. FSF Management Company Ltd (Australian Registered Business Number 190 539 935, incorporated in New Zealand) is the manager of the Fonterra Shareholders' Fund.

taf@fonterra.com

Phone +64 9 374 9000

Private Bag 92032, Auckland, 1142, 109 Fanshawe Street, Auckland Central, Auckland, 1010 New Zealand

www.fonterra.com

Monthly Allotment/ Redemption Notice

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