Monthly Allotment / Redemption Notice

Issued in reliance on the Fund's waiver from NZX Main Board Listing Rule 7.12.1 dated 3 September 2014. A copy of this waiver can be found at https://www.fonterra.com/nz/en/Financial/Fonterra+Shareholders+Fund. Please be advised that during the month of February 2017 the following allotments and redemptions of units were made in the Fonterra Shareholders' Fund. Each unit was allotted or redeemed in consideration of the transfer of one share in Fonterra Co-operative Group Limited to or by Fonterra Farmer Custodian Limited. (a) Class of Security and ISIN: FSF Units, ISIN: NZFSFE0001S5 (b) Number of Securities: Allotted: 1,417,697 Redeemed: 63,187 Net Allotment: 1,354,510 (c) Percentage of total Class of Securities: Allotted: 1.1486539% Redeemed: 0.0511957% Net Allotted % 1.0974582% (d) Reason for allotment: Each unit was allotted or redeemed in consideration of the transfer of one share in Fonterra Co-operative Group Limited to or by Fonterra Farmer Custodian Limited. (e) Specific authority for allotment: Fonterra Shareholders' Fund Unit Trust Deed between FSF Management Company Limited, the New Zealand Guardian Trust Company Limited and Fonterra Co-operative Group Limited, and the Custody Trust Deed for the Fonterra Economic Rights Trust between FSF Management Company Limited, the New Zealand Guardian Trust Company Limited, Fonterra Co-operative Group Limited and Fonterra Farmer Custodian Limited. (f) Terms or details of the allotment: The units allotted rank pari-passu with the existing units on issue. (g) Number of Securities of the Class in existence at close on 28/02/2017 after the allotment (exclusive of Treasury Stock): 124,776,981 (h) Previous number of Securities of the Class in existence at close on 31/01/2017 before the allotment (exclusive of Treasury Stock): 123,422,471 Mike Cronin On behalf of the Fonterra Shareholders' Fund. FSF Management Company Ltd (Australian Registered Business Number 190 539 935,incorporated in New Zealand) is the manager of the Fonterra Shareholders' Fund. taf@fonterra.com Phone +64 9 374 9000 Private Bag 92032, Auckland, 1142, Fonterra Centre, 109 Fanshawe Street, Auckland, 1010 New Zealand www.fonterra.com End CA:00297617 For:FSF Type:ALLOT Time:2017-03-01 09:21:30