FSF Determination of Director's Indpendence

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