Fonterra operative : Shareholders' Fund Annual Meeting Presentation 2024

Fonterra

Shareholders'

Fund

2024

Annual Meeting

18 November 2024

01

MJ Daly

FSF Chair

Welcome and Introduction

Online question process

Unit holder & Proxyholder Q&A Participation

Written Questions:

• Questions may be submitted ahead of the meeting
• If you have a question to submit during the live meeting, please select the Q&A tab on the right half of your screen at anytime
• Type your question into the field and press submit
• Your question will be immediately submitted

Help:

• The Q&A tab can also be used for immediate help
• If you need assistance, please submit your query in the same manner as typing a question and a Computershare representative will respond to you directly

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Online voting process

Unit holder & Proxyholder Voting

• Once the voting has been opened, the resolution and voting options will allow voting
• To vote, simply click on the Vote tab, and select your voting direction from the options shown on the screen
• Your vote has been cast when the tick appears
• To change your vote, select 'Change Your Vote'

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Agenda

01	02	03	04	05	06	07
MJ	MJ	Peter	Miles	MJ	MJ	MJ
Daly	Daly	McBride	Hurrell	Daly	Daly	Daly
Welcome and	FSF	Fonterra	Fonterra	Questions	Resolution	General
Introduction	Management	Chair's	Chief		to re-elect	Business
	Company	address	Executive		Alastair
	Chair's		Officer's		Hercus
	address		address

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Fonterra Shareholders' Fund

Board of Directors

MJ DalyCarlie EveAlastair HercusJohn NichollsAndy Macfarlane Chair

Fonterra Team

Peter McBride	Miles Hurrell	Richard Whiteman	Selena Robb	Jackie Floyd	6

02

MJ Daly

FSF Chair

FSF Management

Company Chair's address

FSF Management Company Chair's address

Continued strong performance in 2024

Continuing operations'		Continuing operations'		Total cash
profit after tax¹		earnings per share2		distribution
$1.17 billion		70 cents		$0.55 per unit
 from $1.24b		 from 75c		 from 50c

Note: For the year ended 31 July 2024.

1. Includes amounts attributable to non-controlling interests.8

2. Excludes amounts attributable to non-controlling interests.

Total Shareholder Return for past 12-months

• FSF Total Shareholder Return (TSR) since 2023 AGM is 94.6%
• Comparatively, FCG and the S&P NZX50 Index TSR for the same period are 150.6% and 13.5%, respectively

180%

160%

140%

NZX FSF FCG

120%

100%

80%

60%

40%

20%

0%

(20)%

Nov 23 Dec 23 Jan 24 Jan 24 Feb 24 Mar 24 Apr 24 Apr 24 May 24 Jun 24 Jul 24 Aug 24 Aug 24 Sep 24 Oct 24 Nov 24

Note: Total Shareholder Return (TSR) is calculated from value weighted average traded prices for the period 14 November 2023 to 15 November 2024.	9

Unit register analysis

• Continued increase of Institutions and private wealth holders
• Unit holders located in Australia remain stable at 7%. However, 96% of units are traded on the New Zealand stock exchange (NZX), supporting the decision to move to a sole listing on the NZX

Investor Type

2022	2023	2024		69%67%
				66%
		11%10% 9%	15%16%18%
5% 7% 7%
Private Wealth	Farmer	Institution	Retail
Management	Shareholder

Investor Location

	2022		2023		2024	88% 88% 88%

2% 4% 4%	8% 7% 7%
2% 1% 1%
Other	United States Australia New Zealand

Note: Register data is as at 31 October.

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