Determination of Directors’ Independence

15 November 2017 DETERMINATION OF DIRECTORS' INDEPENDENCE In accordance with Rule 3.3.2 of the NZX Listing Rules, the Board of the Manager of the Fonterra Shareholders' Fund has determined that Philippa Jane Dunphy is an Independent Director. -ENDS- Andrew Cordner Company Secretary - 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 New Zealand; Fonterra Centre, 109 Fanshawe Street, Auckland, 1010 New Zealand www.fonterra.com End CA:00310364 For:FCG Type:GENERAL Time:2017-11-15 14:39:29