Fonterra Shareholders' Fund (NS) — Director's Dealing 2020

Jan 13, 2020

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:	14 January 2020
Date of last disclosure:	30 October 2019

A Director or senior manager giving disclosure

Full name(s):	Donna Maree Smit
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 Fonterra Shareholders’ Fund
Nature of the affected relevant interest(s):	Director and Shareholder of Seven Mile Farms Limited
For that relevant interest:
Number held in class before acquisition or disposal:	2,502
Number held in class after acquisition or disposal:	0
Current registered holder(s):
Registered holder(s) once transfers are registered:	Seven Mile Farms Limited

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:	4 December 2019
Nature of transaction:	Converted Units to Shares
Name of any other party or parties to the transaction (ifknown):
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:	$-
Number of financial products to which the transactionrelated:	2,502
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:	NA
Date of the prior written clearance (if any):	NA

E Summary of other relevant interests after acquisition or disposal:

Class of quoted financial products:	Units in the Fonterra Shareholders’ Fund
Nature of relevant interest:	Director and Shareholder
For that relevant interest,-
Number held in class:	9,317
Current registered holder(s):	Corona Farms 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:
Maturity date of the derivative (if any):

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14 January 2020