Initial Disclosure Notice

INITIAL DISCLOSURE NOTICE
Disclosure of Directors and Senior Managers Relevant Interests
Sections 297(1) and 298(1) Financial Markets Conduct Act 2013
To NZX Limited; and
Name of listed issuer:

Fonterra Co-operative Group Limited
Date this disclosure made:

09 November 2017
Date of last disclosure:
A Director or senior manager giving disclosure
Full name(s):
Andrew Webster Macfarlane
Name of listed issuer:
Fonterra Co-operative Group Limited
Name of related body corporate (if applicable):
Position held in listed issuer:
Director
Summary of relevant interest (excluding specified derivatives)
Class of quoted financial product: Fonterra Co-operative Group Limited shares
Nature of relevant interest: Director and Indirect shareholder
Number held in class: 813,049 shares
Current registered holder: Kintore Farm Limited
Class of quoted financial product: Units issued by the Fonterra Shareholders' Fund
Nature of relevant interest: Director and Shareholder
Number held in class: 120,000 units
Current registered holder: Pencarrow Farm Limited
Summary of specified derivatives relevant interest (if applicable)
Type of derivative:
Class of underlying financial products:
Details of derivative
The notional value of the derivative (if any) or the
notional amount of underlying products Of any):
A statement as to whether the derivative is cash settled
or physically settled:
Maturity date of the derivative (if any):
Expiry date of the derivative (if any):
The price specified in the terms of the derivative(if any):
Any other details
needed to understand how the
amount of the consideration payable under the
derivative or the value of the derivative is affected by
the value of the underlying financial products:
,
,
,
1
For that derivative,-
2829730 vi

2
Parties to the derivative:
If the director or senior manager is not a party to the
derivative, the nature of the relevant interest in the
derivative:
Certification
I 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.
Signature of director or officer:
Date of signature:
Or
Signature of person authorised to sign on behalf of

director or officer:
—
Date of signature:
/9 Nd004e1/ —20/9-
Name and title of authorised person:
' 0 iida riV)4//74 cl
Notes
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Use this form to disclose the relevant interests that a director or senior manager of a listed issuer
has in quoted financial products of the listed issuer or a related body corporate or a specified
derivative. The disclosure must be made within 5 trading days of—
(a) the listing of the public issuer; or
(b) the person's appointment as a director or senior manager.
47
2829730 vi