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 Co-operative Group Limited
Date this disclosure made:	28 June 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 Co-operative Group Limited
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:	Shares in Fonterra Co-operative Group Limited
Nature of the affected relevant interest(s):	Registered holder of shares as a Partner in DeeburyPastoral Partnership
For that relevant interest:
Number held in class before acquisition or disposal:	1,072,689
Number held in class after acquisition or disposal:	1,072,689
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
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 in DeeburyPastoral Partnership giving the right to convert intoshares in Fonterra Co-operative Group Limited on aone-to-one basis
For that relevant interest:
Number held in class before acquisition or disposal:	9,317
Number held in class after acquisition or disposal:	9,317

3459-2450-4853 1