Fonterra Co-operative Group Limited

The Arrangement is the operation of the Fonterra Shareholders‘ Fund (FSF). The FSF is a New Zealand–resident unit trust through which non–milk-supplying investors (Public Investors) and farmers supplying milk to Fonterra (Supplying Shareholders) can invest in Units. Units in the FSF give economic rights in Fonterra shares (Shares), but do not give Unit Holders any legal interest in the Shares.