Northington Partners Independent Report

13 May 2025 Northington Partners Independent Report The attached independent report, prepared by Northington Partners at the request of the Fonterra Co-operative Council (on behalf of Fonterra), for the purposes of s109LA of the Dairy Industry Restructuring Act 2001, has been provided to shareholders by the Fonterra Co-operative Council. ENDS For further information contact: Anya Wicks Company Secretary Phone: +64 21 283 0945