Allotment / Redemption Notice

Please be advised that on 28/05/2018 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: 0 Redeemed: 1,479,805 Net Redemption 1,479,805 (c) Percentage of total Class of Securities: Allotted: 0.0000000% Redeemed: 1.1380018% Net Redeemed % 1.1380018% (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) Total number of Securities of the Class in existence after the redemption (exclusive of Treasury Stock): 128,555,576 (h) Date of redemption: 28/05/2018 Andrew Cordner 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, 109 Fanshawe Street, Auckland Central, Auckland, 1010 New Zealand www.fonterra.com 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 End CA:00318624 For:FSF Type:SECISSUE Time:2018-05-29 09:58:09