The Fonterra Shareholders' Fund Annual Meeting of unit holders will be held on 14 November 2022, commencing at 10am NZT. FSF Management Company Limited, as Manager of the Fonterra Shareholders' Fund, advised that by rotation, Mr. Kim Ellis will stand down as an Independent Director with effect from the close of the Annual Meeting and will not be standing for re-election. In addition, Mr. Shewan has confirmed he will retire as an Independent Director with effect from the close of the Annual Meeting.

Mr. Shewan was due to retire by rotation at the close of last year's Annual Meeting. However, the Board concluded it was not an appropriate time to step down given the importance of continuity of the independent directors of the Board of the Manager during Fonterra's capital structure review. With the review completed and the new capital structure approved by Fonterra shareholders, Mr. Shewan has confirmed his retirement.