Fonterra Shareholders' Fund (NS) — Capital/Financing Update 2017

Sep 25, 2017

APPENDIX 7 – NZSX Listing Rules

EMAIL: announce@nzx.com

APPENDIX 7 – NZSX Listing Rules	APPENDIX 7 – NZSX Listing Rules	APPENDIX 7 – NZSX Listing Rules	APPENDIX 7 – NZSX Listing Rules	APPENDIX 7 – NZSX Listing Rules	APPENDIX 7 – NZSX Listing Rules	APPENDIX 7 – NZSX Listing Rules	APPENDIX 7 – NZSX Listing Rules	APPENDIX 7 – NZSX Listing Rules	APPENDIX 7 – NZSX Listing Rules	APPENDIX 7 – NZSX Listing Rules	APPENDIX 7 – NZSX Listing Rules	APPENDIX 7 – NZSX Listing Rules	APPENDIX 7 – NZSX Listing Rules	APPENDIX 7 – NZSX Listing Rules	APPENDIX 7 – NZSX Listing Rules	APPENDIX 7 – NZSX Listing Rules	EMAIL: announce@nzx.com	EMAIL: announce@nzx.com	EMAIL: announce@nzx.com	EMAIL: announce@nzx.com	EMAIL: announce@nzx.com	EMAIL: announce@nzx.com	EMAIL: announce@nzx.com	EMAIL: announce@nzx.com	EMAIL: announce@nzx.com	EMAIL: announce@nzx.com	EMAIL: announce@nzx.com	EMAIL: announce@nzx.com	EMAIL: announce@nzx.com	EMAIL: announce@nzx.com	EMAIL: announce@nzx.com	EMAIL: announce@nzx.com	EMAIL: announce@nzx.com	EMAIL: announce@nzx.com	EMAIL: announce@nzx.com	EMAIL: announce@nzx.com	EMAIL: announce@nzx.com	EMAIL: announce@nzx.com	EMAIL: announce@nzx.com	EMAIL: announce@nzx.com	EMAIL: announce@nzx.com
NZSX Listing Rule 7.12.2. For rights, NZSX Listing Rules 7.10.9 and 7.10.10. For change to allotment, NZSX Listing Rule 7.12.1, a separate advice is required. Notice of event affecting securities																	Number of pages including this one (Please provide any other relevant details on additional pages) 1
Full name of Issuer Name of officer authorised to make this notice Fonterra Shareholders' Fund (NS) Andrew Cordner
		Fonterra Shareholders' Fund (NS)
							Andrew Cordner														Authority for event, e.g. Directors' resolution									Directors' resolution
Contact phone number			(09) 374 9000														(09) 374 9001														23 9									2017
Nature of event Tick as appropriate			Bonus Issue Rights Issue				If ticked,																								Rights Issue
							state whether: Taxable										/ Non Taxable						Conversion								Interest					Renouncable
							Capital Call Dividend										If ticked, state Full
			non-renouncable				change								x		whether: Interim					x	Year				Special						DRP Applies						x
EXISTING securities affected by this Description of the class of securities Units (FSF)											If more than one						security is affected by the event, u							se a separate form.
				Units (FSF)																					ISIN							NZFSFE0001S5
																																If unknown, contact NZX
Details of securities issued pursuant to this event Description of the class of securities Number of Securities to be issued following event Conversion, Maturity, Call Payable or Exercise Date N/A N/A N/A											If						more than one class of security is to							be issued, use a separate form for each class.
Description of the class of securities Number of Securities to be issued following event Conversion, Maturity, Call Payable or Exercise Date
				N/A																					ISIN							N/A
																																If unknown, contact NZX
					N/A															Minimum Entitlement												Ratio, e.g 1 for 2						for
						N/A														Treatment of Fractions									N/A
Strike price per security for any issue in lieu or date Strike Price available.						Enter N/A if not applicable											Tick if paripassu			provide an OR explanation of the ranking
Monies Associated with Event Dividend payable, Call payable, Exercise price, Conversion price, Redemption price, Application money. Source of Non-resident Inv(see note) Amount per security Payment (does not include any excluded income) Excluded income per security (only applicable to listed PIEs) In dollars and cents Distribution pursuant to Clause 15.1(a) of the Fonterra Shareholders' Fund Unit Trust Deed and paid through Computershare Resident Inv(see note) $0.20 nil NOTE: FSF is a Foreign Investment Variable Rate PIE. The whole distribution is excluded income for NZ resident investors. PIE tax (for resident investors) or NRWT (for non-residents) may be deducted at the rate appropriate for the investor nil $0.20
																					Distribution pursuant to Clause 15.1(a) of the Fonterra Shareholders' Fund Unit Trust Deed and paid through Computershare
	Amount per security (does not include any excluded income) Excluded income per security (only applicable to listed PIEs)				Resident Inv(see note) nil
					$0.20					nil
	Currency Total monies				NZD													Supplementary dividend						Amount per security in dollars and cents
																		details -
					Approximately $25 million													NZSX Listing Rule 7.12.7						Date Payable
Taxation In the case of a taxable bonus issue state strike price							$											Amountper Security in Dollars and cents to six decimalplaces
													Resident Withholding Tax					Imputation Credits (Give details) Nil (see note above)
																		Nil (see note above)																Nil
													Foreign Withholding Tax
																		See note above								FDP Credits (Give details)								Nil
Timing (Refer Appendix 8 in the NZSX Listing Rules) Record Date 5pm For calculation of entitlements - Notice Date Entitlement letters, call notices, 9 October, 2017																		Application Date Also, Call Payable, Dividend /
							9 October, 2017												Interest Payable, Exercise Date, Conversion Date. In the case										20 October, 2017
																		of applications this must be the last business day of the week. Allotment Date For the issue of new securities.
conversion notices mailed							N/A												Must be within 5 business days of application closing date.										N/A
OFFICE USE ONLY Ex Date: Commence Quoting Rights: Cease Quoting Rights 5pm: Commence Quoting New Securities: Cease Quoting Old Security 5pm:																		Security Code: Security Code: