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

Mar 16, 2020

ONGOING DISCLOSURE NOTICE

Disclosure of Directors and Senior Managers Relevant Interests Sections 297(1) and 298(1) Financial Markets Conduct Act 2013

To NZX Limited; and

To NZ Limited; and
Name of listed issuer:		Fonterra Shareholders Fund
Date this disclosure made:Date of last disclosure:		16March 2020
		14 January 2020

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 fnancial products:	Acquired 1,124 Ordinary Units through a distribution inaccordance with the Contract Fee Trust to Seven MileFarmsLimited.For further informationabout theContract Fee Trust see the market announcementdated 14 August 2019.
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:	0
Number held in class after acquisition or disposal:	1,124
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):

2829728 v1

Totalnumber of transactions towhichnotice relates:	1
Details oftransactions requiring disclosure-
Date of transaction:	27February2O2O
Nature of transaction:	Acquired1,124 Ordinary Unitsthroughadistributionin
	accordance withtheContract Fee TrusttoSeven Mile
	FarmsLimited
Name of any other party or partiestothetransaction(if
known):
Theconsideration, expressed inNew Zealand dollars,
paidorreceived fortheacquisition or disposal.lfthe
consideration was notincash and cannotbereadily byconvertedintoacashvalue,describethe
consideration:
Number of financialproductsto which thetransaction	1,124 units
related:
lftheissuerhasafinancial products trading policythat
prohibits dircctorsorseniormanagers fromtrading
duingany period withoutwiftenclearance(aclosed
penoQinclude the followingdefarls-
Whether relevantinterestswereacquiredordisposed	Yes
of during aclosedperiod:
Whetherpriorwrittenclearancewasprovidedtoallow	Not required as distribution of Unitsinaccordance with
the acquisitionordisposal toproceedduring the closed	theContract FeeTrust
period:
Date of the priorwritten clearance(ifany):	N/A

ESummary of other relevant in	terests afteracquisition ordisposal:
Class of quotedfinancialproducts:	Units in Fonterra Shareholders Fund
Nature of relevant interest:	DirectorandUnitholder
For thatrelevantinterest,-
Number heldinclass:	9,317
Current registered holder(s):	CoronaFarmsLtd
Typeof derivative:
For adeivativerelevantinterest,-
Detailsof derivative,-

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