Fonterra Shareholders' Fund (the Fund) is a New Zealand-based managed investment scheme. The principal activity of the Fund is to acquire economic rights and issue units to investors. It allows investors in the Fund an opportunity to earn returns based on the financial performance of Fonterra Co-operative Group Limited (Fonterra). Under the Trust Deed, the Fund invests only in authorized investments, which are economic rights of Fonterra shares (Economic Rights), and issue units to investors. The Fund may not invest directly in Fonterra shares. The Fund’s manager is FSF Management Company Limited.