Issue of Shares for Farm Source Dollars for Shares Offer

15 October 2019 ISSUE OF SHARES FOR 2019 FARM SOURCE DOLLARS FOR SHARES OFFER Fonterra Co-operative Group Limited (FCG) ("Fonterra") has today completed the allotment of co-operative shares to shareholders under the 2019 Farm Source Dollars for Shares Offer. For the purposes of Fonterra Shareholders' Market Listing Rule 2.9.1, Fonterra advises the issue of the new shares under the 2019 Farm Source Dollars for Shares Offer as follows: Class of Security and ISIN: Ordinary Shares NZFCGE0001S7 Number issued: 105,345 Issue price: NZD $3.635 Payment in Cash: NZD $382,929.08 Amount paid up: Fully paid Percentage total of class of securities issued: .0065% Reason for issue: Each share was issued pursuant to the terms of the Fonterra 2019 Farm Source Dollars for Shares Offer Specific authority for issue: Board resolution pursuant to the terms of the Fonterra 2019 Farm Source Dollars for Shares Offer Any terms or details of the issue: The shares will rank equally in all respects with existing co-operative shares in Fonterra at the date on which they are issued Total number of securities on issue after issue (excluding treasury stock): 1,612,097,067 Date of issue: 15 October 2019 -ENDS- For further information contact: Anya Wicks Director Governance, Risk and Audit Phone: +64 21 283 0945 End CA:00342649 For:FCG Type:OFFER Time:2019-10-15 14:17:05