Fonterra Shareholders' Fund (NS) — Director's Dealing 2019

Jul 29, 2019

ONGOING DISCLOSURE NOTICE

Disclosure of Directors and Senior Managers Relevant Interests Sections 297(2) and 298(2) Financial Markets Conduct Act 2013

To NZX Limited; and

To NZX Limited; and
Name of listed issuer:	Fonterra Shareholders’ Fund
Date this disclosure made:	29 July 2019
Date of last disclosure:	8 March 2019

A Director or senior manager giving disclosure

Full name(s):	Andrew Webster MacFarlane
Name of listed issuer:	Fonterra Shareholders’ Fund
Name of related body corporate (if applicable):
Position held in listed issuer:	Director

B Summary of acquisition or disposal of relevant interest (excluding specified derivatives

derivatives
Class of affected quoted financial products:	Ordinary Units in the Fonterra Shareholders’ Fund
Nature of the affected relevant interest(s):	Non-Beneficial Trustee of Stonylea Trust
For that relevant interest:
Number held in class before acquisition or disposal:	0
Number held in class after acquisition or disposal:	10,000
Current registered holder(s):
Registered holder(s) once transfers are registered:	Stonylea Trust via Stonylea Farm account

C Summary of acquisition or disposal of specified derivatives relevant interest (if applicable)

Type of affected derivative: Class of underlying financial products: Details of affected derivative- The notional value of the derivative (if any) or the notional amount of underlying financial products (if any): A statement as to whether the derivative is cash settled or physically settled: Maturity date of the derivative (if any): Expiry date of the derivative(if any): The price specified in the terms of the derivative (if any): Any other details needed to understand how the amount of the consideration payable under the derivative or the value of the derivative is affected by the value of the underlying financial products:

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For that derivative, - Parties to the derivative: If the director or senior manager is not a party to the derivative, the nature of the relevant interest in the derivative:

D Details of transactions giving rise to acquisition or disposal

Total number of transactions to which notice relates:	1
Details of transactions requiring disclosure-
Date of transaction:	20/04/2018
Nature of transaction:	Advised he is a non-beneficial trustee of Stonylea TrustwhichholdsordinaryunitsintheFonterraShareholders’ Fund
Name of any other party or parties to the transaction (ifknown):	Barry and Beverley Daly
The consideration, expressed in New Zealand dollars,paid or received for the acquisition or disposal. If theconsideration was not in cash and cannot be readily byconvertedintoacashvalue,describetheconsideration:	NZD5.74 per unit
Number of financial products to which the transactionrelated:	10,000 Units held by Stonylea Trust through StonyleaFarm account
If the issuer has a financial products trading policy thatprohibits directors or senior managers from tradingduring any period without written clearance (a closedperiod) include the following details—
Whether relevant interests were acquired or disposedof during a closed period:	No
Whether prior written clearance was provided to allowthe acquisition or disposal to proceed during the closedperiod:
Date of the prior written clearance (if any):	N/A

E Summary of other relevant interests after acquisition or disposal:

Class of quoted financial products:	Ordinary Units in the Fonterra Shareholders’ Fund
Nature of relevant interest:	Director and Shareholder of Pencarrow Farm Limited
For that relevant interest,-
Number held in class:	122,150
Current registered holder(s):	Pencarrow Farm Limited
For a derivative relevant interest,-
Type of derivative:
Details of derivative,-
The notional value of the derivative (if any) or thenotional amount of underlying financial products (ifany):
A statement as to whether the derivative is cash settledor physically settled:

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Maturity date of the derivative (if any): Expiry date of the derivative (if any): The price's specified terms (if any): Any other details needed to understand how the amount of the consideration payable under the derivative or the value of the derivative is affected by the value of the underlying financial products: For that derivative relevant interest,- Parties to the derivative: If the director or senior manager is not a party to the derivative, the nature of the relevant interest in the derivative:

F Certification

FCertification
I certify that, to the best of my knowledge and belief,the information contained in this disclosure is correctand that I am duly authorised to make this disclosureby all persons for whom it is made.
Signature of director or officer:	Andrew Macfarlane
Date of signature:	29 July 2019

or

Signature of person authorised to sign on behalf of director or officer: Date of signature: Name and title of authorised person:

Notes

Use this form to disclose all the acquisitions and disposals by a director or senior manager of a listed issuer, or of a related body corporate, or in specified derivatives. The disclosure must be made within—

• (a) 20 working days after the first acquisition or disposal disclosed in this notice if the acquisitions or disposals are of a kind referred to in section 297(2)(a) of the Financial Markets Conduct Act 2013; or

• (b) in any other case, 5 trading days after the first acquisition or disposal disclosed in this notice.

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