Monthly Allotment/ Redemption Notice

Fonterra Shareholders' Fund Monthly Allotment / Redemption Notice 01 July 2020 Issued in reliance on the Fund's waiver from NZX Main Board Listing Rule 3.13.1 dated 24 June 2019. A copy of this waiver can be found at https://www.fonterra.com/nz/en/investors/fonterra-shareholders-fund.html. Please be advised that during the month of June 2020 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: NZFSFE0001S5 (b) Number of Securities: Allotted: 1,421,162 Redeemed: 1,237,398 Net Allotment 183,764 (c) Percentage of total Class of Securities: Allotted: 1.3558933% Redeemed: 1.1805689% Net Allotted % 0.1753244% (d) Reason for allotment: 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 allotment: 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 allotment: The units allotted rank pari-passu with the existing units on issue. (g) Number of Securities of the Class in existence at close on 30/06/2020 after the allotment (exclusive of Treasury Stock): 104,997,465 (h) Previous number of Securities of the Class in existence at close on 29/05/2020 before the allotment (exclusive of Treasury Stock): 104,813,701 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 End CA:00355571 For:FCG Type:SECISSUE Time:2020-07-01 10:51:25