Updated Appendix 3A.1

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Update Summary
Entity name
FONTERRA SHAREHOLDERS' FUND
Security on which the Distribution will be paid
FSF - ORDINARY UNITS FULLY PAID FOREIGN EXEMPT NZX
Announcement Type
Update to previous announcement
Date of this announcement
Wednesday October 18, 2017
Reason for the Update
18 October 2017 - Updated Sections 2A.9a, 2A.9b, 2A.9c, 2B.2a, 2B.2b, and 2B.2c, with AUD/NZD FX rate
information
13 October 2017 - Updated Section 4A.6 with DRP Strike Price of NZD 5.966
25 September 2017 - Correction to 2A.2, the distribution relates to a period of 6 months not 12 months as
previously stated.
Refer to below for full details of the announcement
Announcement Details
Part 1 - Entity and announcement details
1.1 Name of +Entity
FONTERRA SHAREHOLDERS' FUND
1.2 Registered Number Type
ARSN
Registration Number
160941542
1.3 ASX issuer code
FSF
1.4 The announcement is
Update/amendment to previous announcement
1.4a Reason for update to a previous announcement
18 October 2017 - Updated Sections 2A.9a, 2A.9b, 2A.9c, 2B.2a, 2B.2b, and 2B.2c, with AUD/NZD FX rate
information
13 October 2017 - Updated Section 4A.6 with DRP Strike Price of NZD 5.966
25 September 2017 - Correction to 2A.2, the distribution relates to a period of 6 months not 12 months as
previously stated.
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1.4b Date of previous announcement(s) to this update
Friday October 13, 2017
1.5 Date of this announcement
Wednesday October 18, 2017
1.6 ASX +Security Code
FSF
ASX +Security Description
ORDINARY UNITS FULLY PAID FOREIGN EXEMPT NZX
Part 2A - All dividends/distributions basic details
2A.1 Type of dividend/distribution
Ordinary
2A.2 The Dividend/distribution:
relates to a period of six months
2A.3 The dividend/distribution relates to the financial reporting or payment period ending
ended/ending (date)
Monday July 31, 2017
2A.4 +Record Date
Monday October 9, 2017
2A.5 Ex Date
Friday October 6, 2017
2A.6 Payment Date
Friday October 20, 2017
2A.7 Are any of the below approvals required for the dividend/distribution before business day 0
of the timetable?
Security holder approval
Court approval
Lodgement of court order with +ASIC
ACCC approval
FIRB approval
Another approval/condition external to the entity required before business day 0 of the
timetable for the dividend/distribution.
No
2A.8 Currency in which the dividend/distribution is made ("primary currency")
NZD - New Zealand Dollar
2A.9 Total dividend/distribution payment amount
per +security (in primary currency) for all
dividends/distributions notified in this form
NZD 0.20000000
Estimated or Actual?
Actual

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2A.9a AUD equivalent to total
dividend/distribution amount per +security
0.18260000
2A.9b If AUD equivalent not known, date for
information to be released
Wednesday October 18, 2017
Estimated or Actual?
Actual
2A.9c FX rate (in format AUD 1.00 / primary
currency rate): AUD
AUD 1.00
FX rate (in format AUD rate/primary currency
rate) Primary Currency rate
NZD 1.09550000
2A.10 Does the entity have arrangements
relating to the currency in which the
dividend/distribution is paid to securityholders
that it wishes to disclose to the market?
Yes
2A.11 Does the entity have a securities plan for
dividends/distributions on this +security?
We have a Dividend/Distribution Reinvestment
Plan (DRP)
2A.11a If the +entity has a DRP, is the DRP
applicable to this dividend/distribution?
Yes
2A.11a(i) DRP Status in respect of this
dividend/distribution
Full DRP
2A.12 Does the +entity have tax component
information apart from franking?
No
2A.13 Withholding tax rate applicable to the dividend/distribution
15.000000
Part 2B - Currency Information
2B.1 Does the entity default to payment in certain currencies dependent upon certain attributes
such as the banking instruction or registered address of the +securityholder? (For example NZD
to residents of New Zealand and/or USD to residents of the U.S.A.).
Yes
2B.2 Please provide a description of your currency arrangements
Paid in NZD to NZ holders.
Paid in AUD to holders with Australian bank details recorded at the Registry.
2B.2a Other currency/currencies in which the dividend/distribution will be paid:
AUD - Australian DollarAUD 0.18260000
2B.2b Please provide the exchange rates used for non-primary currency payments
AUD 1 : NZD 1.0955

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2B.2c If payment currency equivalent and
exchange rates not known, date for information
to be released
Wednesday October 18, 2017
Estimated or Actual?
Actual
2B.3 Can the securityholder choose to receive a currency different to the currency they would
receive under the default arrangements?
No
Part 3A - Ordinary dividend/distribution
3A.1 Is the ordinary dividend/distribution
estimated at this time?
No
3A.1a Ordinary dividend/distribution estimated
amount per +security
NZD
3A.1b Ordinary Dividend/distribution amount per
security
NZD 0.20000000
3A.2 Is the ordinary dividend/distribution
franked?
No
3A.3 Percentage of ordinary
dividend/distribution that is franked
0.0000 %
3A.4 Ordinary dividend/distribution franked
amount per +security
NZD 0.00000000
3A.5 Percentage amount of dividend which is
unfranked
100.0000 %
3A.6 Ordinary dividend/distribution unfranked
amount per +security excluding conduit foreign
income amount
NZD 0.20000000
Part 3F - NZD declared dividends/distributions - supplementary dividend/distribution
3F.1 Is a supplementary dividend/distribution payable?
No
Part 4A - +Dividend reinvestment plan (DRP)
4A.1 What is the default option if +security holders do not indicate whether they want to
participate in the DRP?
Do not participate in DRP (i.e. cash payment)
4A.2 Last date and time for lodgement of
election notices to share registry under DRP
Monday October 9, 2017 15:00:00
4A.3 DRP discount rate
2.5000 %
4A.4 Period of calculation of reinvestment price

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Start Date
Friday October 6, 2017
End Date
Thursday October 12, 2017
4A.5 DRP price calculation methodology
Average of daily VWAP over five days in accordance with the DRP Terms published
4A.6 DRP Price (including any discount):
NZD 5.96600
4A.7 DRP +securities +issue date
Friday October 20, 2017
4A.8 Will DRP +securities be a new issue?
Yes
4A.8a Do DRP +securities rank pari passu from
+issue date?
Yes
4A.9 Is there a minimum dollar amount or number of +securities required for DRP participation?
No
4A.10 Is there a maximum dollar amount or number of +securities required for DRP participation?
No
4A.11 Are there any other conditions applying to DRP participation?
Yes
4A.11a Conditions for DRP participation
Only unit holders who have an address in New Zealand or Australia are eligible to participate.
4A.12 Link to a copy of the DRP plan rules
http://www2.fonterra.com/our-financials/dividends
4A.13 Further information about the DRP
Part 5 - Further information
5.1 Please provide any further information applicable to this dividend/distribution
5.2 Additional information for inclusion in the Announcement Summary