SPH Notice – Investment Services Group Limited

Disclosure of beginning to have substantial holding Section 276, Financial Markets Conduct Act 2013 Note: This form must be completed in accordance with the instructions at the end of the form. To NZX and To Fonterra Shareholders' Fund Date this disclosure made: 04/12/2017 Date on which substantial holding began: 01/12/2017 Substantial product holder(s) giving disclosure Full name(s): Investment Services Group Limited (formerly Devon Funds Group Limited) Summary of substantial holding Class of quoted voting products: Ordinary Shares Summary for Investment Services Group Limited For this disclosure,-- (a) total number held in class: 6,971,780 (b) total in class: 138,649,174 (c) total percentage held in class: 5.03% Details of relevant interests Devon Funds Management Limited and Clarity Funds Management Limited are subsidiaries of Investment Services Group Limited. Details for Devon Funds Management Limited Nature of relevant interest(s): Related party of Investment Services Group Limited For that relevant interest,-- Summary for Devon Funds Management Limited (a) total number held in class: 6,971,780 (b) total in class: 138,649,174 (c) total percentage held in class: 5.03% Details for Clarity Funds Management Limited Nature of relevant interest(s): Related party of Investment Services Group Limited. For that relevant interest,-- Summary for Clarity Funds Management Limited (a) total number held in class: 0 (b) total in class: 0 (c) total percentage held in class: 0% For a derivative relevant interest, also-- (a) type of derivative: [eg, option or swap agreement] (b) details of derivative: [specify details required by the instructions to this form] (c) parties to the derivative: (d) if the substantial product holder is not a party to the derivative, the nature of the relevant interest in the derivative: Details of transactions and events giving rise to ceasing of substantial holding Details of the transactions or other events requiring disclosure: Transaction in four months before 04/12/2017 Additional information Address(es) of substantial product holder(s): Investment Services Group Limited, Level 10, 2 Commerce Street, Auckland 1010 Contact details: John Tampo | P: 09 925 3982 | E: john.tampo@investgroup.co.nz 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: Devon Funds Management Limited Certification I, John Tampo, 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:00311384 For:FSF Type:SHINTR Time:2017-12-04 17:24:29