SSH Notice – JCP Investment Partners Ltd

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% 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. End CA:00297726 For:FCG Type:SSH Time:2017-03-02 09:42:57