Fonterra Shareholders' Fund (NS) — Director's Dealing 2021

Jun 28, 2021

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:	28June 2021
Date of last disclosure:	5 November 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

derivatives
Class of affected quoted financial products:	Units in Fonterra Shareholders' Fund
Nature of the affected relevant interest(s):	Registered holder of units as a Partner inDeeburyPastoral Partnership
For that relevant interest:	9,317
Number held in class before acquisition or disposal:
Number held in class after acquisition or disposal:	9,317
Current registered holder(s):	•Andrew Webster MacFarlane•Alister David Argyle•John Bruce Tavendale•Mark Jonathan Tavendale•Graham Carr (N.Z.) Limited•Starmould Holdings Limited•Acland Investments Limited
Registered holder(s) once transfers are registered:•Andrew Webster MacFarlane•Alister David Argyle•John Bruce Tavendale•Mark Jonathan Tavendale•Graham Carr (N.Z.) Limited•Starmould Holdings Limited•Acland Investments 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):

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