Fonterra Shareholders' Fund (NS) — Major Shareholding Notification 2017

Mar 1, 2017

Disclosure of ceasing to have substantial holding

Section 279, Financial Markets Conduct Act 2013

Note: This form must be completed in accordance with the instructions at the end of the form.

To NZX Limited

and

To Fonterra Shareholders' Fund

Date this disclosure made: 01 March 2017

Date last disclosure made: 06 September 2016

Date on which substantial holding ceased: 27/02/2017

Substantial product holder(s) giving disclosure

Full name(s):

Summary of previous substantial holding

Class of quoted voting products: Ordinary Shares

Summary for JCP Investment Partners Ltd

For last disclosure,—

• (a) total number held in class: 7,248,476

• (b) total in class: 117,919,566

• (c) total percentage held in class: 6.15%

For current holding after ceasing to have substantial holding,—

• (a) total number held in class: 5,823,991

• (b) total in class: 123,422,471

• (c) total percentage held in class: 4.72%

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Details of transactions and events giving rise to ceasing of substantial holding Details of the transactions or other events requiring disclosure:

Purchased 31,631 shares for net consideration AUD $173,841.76

Sold 12,000 shares for net consideration AUD $68,444.94 Purchased 5,700 shares for net consideration AUD $31,749.72 Purchased 109,900 shares for net consideration AUD $612,022.06 Purchased 58,900 shares for net consideration AUD $334,625.60 Purchased 231,400 shares for net consideration AUD $1,326,155.95 Purchased 38,500 shares for net consideration AUD $218,638.07 Purchased 200,000 shares for net consideration AUD $1,179,462.91 Purchased 200,000 shares for net consideration AUD $1,168,464.79 Sold 54,071 shares for net consideration AUD $321,396.74 Transfer totals 2,234,445 shares

Additional information

Address of substantial product holder:

Level 23, Bourke Place, 600 Bourke Street, Melbourne 3000 ABN. 23 085 400 540, AFSL. 247132 Contact details: Mili Muratbegovic +61 (0)3 9607 4111 backoffice@jcpip.com.au

Nature of connection between substantial product holders: N/A

Name of any other person believed to have given, or believed to be required to give, a disclosure under the Financial Markets Conduct Act 2013 in relation to the financial products to which this disclosure relates: N/A

Certification

I, Nancy Day , certify that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made.

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