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 http:// www2.fonterra.com/our-financials/fonterra-shareholders-fund Please be advised that during the month of March 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: 717,915 Redeemed: 1,378,132 Net Redemption 660,217 (c) Percentage of total Class of Securities: Allotted: 0.5753585% Redeemed: 1.1044762% Net Redemption % 0.5291176% (d) Reason for redemption: 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 redemption: 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 redemption: The units allotted rank pari-passu with the existing units on issue. (g) Number of Securities of the Class in existence at close on 31/03/2017 after the redemption exclusive of Treasury Stock): 124,116,764 (h) Previous number of Securities of the Class in existence at close on 28/02/2017 before the allotment (exclusive of Treasury Stock): 124,776,981 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:00299286 For:FCG Type:ALLOT Time:2017-04-03 12:19:46