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

Nov 5, 2020

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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

Name of listed issuer:	Fonterra Shareholders' Fund
Date this disclosure made:	5 November 2020
Date of last disclosure:	24 June 2020

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

Class of affected quoted financial products:	Units in the Fonterra Shareholders' Fund
Nature of the affected relevant interest(s):	Director and Shareholder of Pencarrow Farm Limited
For that relevant interest:
Number held in class before acquisition or disposal:	122,150
Number held in class after acquisition or disposal:	123,724
Current registered holder(s):
Registered holder(s) once transfers are registered:	Pencarrow Farm 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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