SPH Notice – Legg Mason Asset Management Australia 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 Limited and To Fonterra Shareholders' Fund Date this disclosure made: 6 June 2018 Date on which substantial holding began:4 June 2016 Substantial product holder(s) giving disclosure Full name(s): Legg Mason Asset Management Australia Limited Summary of substantial holding Class of quoted voting products: ordinary shares Summary for substantial product holder(s) refer to Annexure A For this disclosure,-- (a) total number held in class: 6,435,269 (b) total in class: 125,939,380 (c) total percentage held in class: 5.10% Details of relevant interests Details for substantial product holder(s) refer to Annexure A Nature of relevant interest(s): register and beneficial holder (refer to Annexure A) For that relevant interest,-- (a) number held in class: refer to Annexure A (b) percentage held in class: refer to Annexure A (c) current registered holder(s): refer to Annexure A (d) registered holder(s) once transfers are registered: refer to Annexure A For a derivative relevant interest, also-- (a) type of derivative: N/A (b) details of derivative: N/A (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 substantial holding Details of the transactions or other events requiring disclosure: refer to Annexure B Additional information Address(es) of substantial product holder(s): Level 47, 120 Collins Street, MELBOURNE VICTORIA, AUSTRALIA 3000 Contact details: Legg Mason Asset Management Australia Limited Quirino Lupo rlupo@leggmason.com Ph: +61 3 9017 8600 Nature of connection between substantial product holders: Each of the bodies corporate referred to in Annexure A is a related body corporate of Legg Mason Asset Management Australia Limited. Certification I, Quirino Lupo, 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:00319381 For:FSF Type:SHINTR Time:2018-06-14 16:03:07