SPH Notice – Commonwealth Bank of Australia

100080615/3821102.1 1

Disclosure of beginning to have substantial holding

Section 276, Financial Markets Conduct Act 2013



To NZX LIMITED
and
To FONTERRA SHAREHOLDERS' FUND

Date this disclosure made: 23-Nov-2017
Date on which substantial holding began: 22-Nov-2017

Substantial product holder(s) giving disclosure
Full name(s): Commonwealth Bank of Australia

Summary of substantial holding
Class of quoted voting products: Ordinary shares

Summary for Commonwealth Bank of Australia

For this disclosure,—

(a) total number held in class: 6,723,666

(b) total in class: 132,520,582

(c) total percentage held in class: 5.074%

100080615/3821102.1 2

Details of relevant interests
Details for Avanteos Investments Limited ACN 096 259 979

(a) Nature of relevant interest(s):
Relevant arising as a result of being the registered holder of the relevant securities in its capacity as a superannuation trustee and in its capacity as administrator of managed
accounts.


(b) number held in class: 7,170

(c) percentage held in class: 0.005%


Custodian Name

Custodian Total Holding

Custodian Total Holding(%)
Avanteos Investments Limited
7,170
0.005%





Details for ASB Bank Limited ACN 398445

(a) Nature of relevant interest(s):
Relevant interest as a result of having the power to control the voting and disposal of the securities in its capacity as the provider of a discretionary investment management
service.


(b) number held in class: 32,807

(c) percentage held in class: 0.025%


Custodian Name

Custodian Total Holding

Custodian Total Holding(%)
Investment Custodial Services Limited
32,807
0.025%





Details for ASB Group Investments Limited Company Number 533945

(a) Nature of relevant interest(s):
Relevant interest arising from having the power to control the exercise of the right to vote attached to securities and/or to control the exercise of the power to dispose of
securities in its capacity as investment manager, as provided for under its investment mandates, as a life company holding statutory funds and as the responsible entity or
manager of a managed investment scheme.

(b) number held in class: 1,038,336

(c) percentage held in class: 0.784%


Custodian Name

Custodian Total Holding

Custodian Total Holding(%)
Citibank N A Hong Kong
925,411
0.698%
Citicorp Nominees Pty Limited (Australia)
112,925
0.085%





Details for Colonial First State Asset Management (Australia) Limited ACN 114 194 311

(a) Nature of relevant interest(s):
Relevant interest arising from having the power to control the exercise of the right to vote attached to securities and/or to control the exercise of the power to dispose of
securities in its capacity as investment manager (as provided for under its investment mandates).


(b) number held in class: 5,139,085

(c) percentage held in class: 3.878%


Custodian Name

Custodian Total Holding

Custodian Total Holding(%)
Citibank N A Hong Kong
3,039,981
2.294%
Citicorp Nominees Pty Limited (Australia)
1,179,925
0.890%
Citicorp Nominees Pty Limited (New Zealand)
247,040
0.186%
Northern Trust Company
365,805
0.276%
State Street Global Advisors (Australia) Limited
306,334
0.231%





Details for Colonial First State Investments Limited ACN 002 348 352

100080615/3821102.1 3

(a) Nature of relevant interest(s):
Relevant interest arising from having the power to control the exercise of the right to vote attached to securities and/or to control the exercise of the power to dispose of
securities in its capacity as a responsible entity of a managed investment scheme (which managed investment scheme is not managed by Colonial First Statement
Investments Limited or a related body corporate).

(b) number held in class: 506,268

(c) percentage held in class: 0.382%


Custodian Name

Custodian Total Holding

Custodian Total Holding(%)
Northern Trust Company
506,268
0.382%






Grand Total
6,723,666
5.074%

Details of transactions and events giving rise to substantial holding
Details of transactions or other events requiring disclosure:

See Appendix A


Additional information
Address(es) of substantial product holder(s):
*
Avanteos Investments Limited ACN 096 259 979, Ground Floor Tower 1, 201 Sussex Street, Sydney, NSW, 2000, Australia

*
ASB Bank Limited ACN 398445, Level 2, ASB North Wharf, 12 Jellicoe Street, Auckland, 1010 , New Zealand

*
ASB Group Investments Limited Company Number 533945, Level 2, ASB North Wharf, 12 Jellicoe Street, Auckland, 1010 , New Zealand

*
Colonial First State Asset Management (Australia) Limited ACN 114 194 311, Ground Floor Tower 1, 201 Sussex Street, Sydney, NSW, 2000, Australia

*
Colonial First State Investments Limited ACN 002 348 352, Ground Floor Tower 1, 201 Sussex Street, Sydney, NSW, 2000, Australia

*
Commonwealth Bank of Australia, Ground Floor Tower 1, 201 Sussex Street, Sydney, NSW, 2000, Australia



Contact details:
Anitha Subramanian, +61 (0) 457 529 297, AUSR_SM02041@cba.com.au

*Nature of connection between substantial product holders:
Commonwealth Bank of Australia is a related body corporate of
Avanteos Investments Limited ACN 096 259 979
ASB Bank Limited ACN 398445
ASB Group Investments Limited Company Number 533945
Colonial First State Asset Management (Australia) Limited ACN 114 194 311
Colonial First State Investments Limited ACN 002 348 352


Name of any other person believed to have given, or believed to be required to give, a disclosure under the Financial Markets Conduct Act 2013 in relation to the financial
products to which this disclosure relates:
[not applicable]



Certification
I, Clare McManus, 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.

100080615/3821102.1 4

Appendix A

Details of the transactions or other events requiring disclosure:


Date of Transaction

Registered Company

Nature of Change Class
Number of
Securities
Cash
Consideration

Currency

Wednesday, 26 July 2017
Citicorp Nominees Pty
Limited (Australia)

Purchase

Ordinary shares

47,801

287,479.44

NZD

Thursday, 27 July 2017
Citicorp Nominees Pty
Limited (Australia)

Purchase

Ordinary shares

28,332

171,110.09

NZD

Monday, 31 July 2017
Citibank N A Hong
Kong

Purchase

Ordinary shares

34,753

210,554.53

NZD

Tuesday, 8 August 2017
Citicorp Nominees Pty
Limited (Australia)

Purchase

Ordinary shares

7,958

49,088.53

NZD

Tuesday, 8 August 2017
Investment Custodial
Services Limited

Sale

Ordinary shares

2,759

16,912.67

NZD

Tuesday, 8 August 2017
Investment Custodial
Services Limited

Sale

Ordinary shares

1,086

6,657.18

NZD

Tuesday, 8 August 2017
Investment Custodial
Services Limited

Purchase

Ordinary shares

2,759

16,912.67

NZD

Tuesday, 8 August 2017
Investment Custodial
Services Limited

Purchase

Ordinary shares

1,086

6,657.18

NZD

Wednesday, 9 August 2017
Citicorp Nominees Pty
Limited (Australia)

Purchase

Ordinary shares

6,348

39,475.67

NZD

Wednesday, 9 August 2017
Citibank N A Hong
Kong

Purchase

Ordinary shares

16,611

103,767.26

NZD

Monday, 14 August 2017
Citicorp Nominees Pty
Limited (Australia)

Purchase

Ordinary shares

23,433

146,895.62

NZD

Tuesday, 15 August 2017
Investment Custodial
Services Limited

Sale

Ordinary shares

1,086

6,747.19

NZD

Tuesday, 15 August 2017
Investment Custodial
Services Limited

Sale

Ordinary shares

2,759

17,147.56

NZD

Thursday, 17 August 2017
Citicorp Nominees Pty
Limited (Australia)

Purchase

Ordinary shares

25,403

159,245.06

NZD

Tuesday, 22 August 2017
Citicorp Nominees Pty
Limited (Australia)

Purchase

Ordinary shares

25,969

162,495.10

NZD

Tuesday, 29 August 2017
Citicorp Nominees Pty
Limited (New Zealand)

Sale

Ordinary shares

8,392

52,282.16

NZD

Thursday, 31 August 2017
Citibank N A Hong
Kong

Sale

Ordinary shares

2,280

14,158.80

NZD

Friday, 1 September 2017
Citibank N A Hong
Kong

Sale

Ordinary shares

1,436

8,888.84

NZD

Wednesday, 6 September 2017
Citibank N A Hong
Kong

Purchase

Ordinary shares

32,023

196,480.32

NZD

Monday, 11 September 2017
Investment Custodial
Services Limited

Purchase

Ordinary shares

6,127

37,755.95

NZD

Friday, 15 September 2017
Citibank N A Hong
Kong

Sale

Ordinary shares

135,000

825,943.50

NZD

Friday, 15 September 2017
Citibank N A Hong
Kong

Purchase

Ordinary shares

32,821

200,536.31

NZD

Friday, 15 September 2017
Citicorp Nominees Pty
Limited (New Zealand)

Purchase

Ordinary shares

3,400

20,774.00

NZD

Wednesday, 20 September 2017
Citibank N A Hong
Kong

Purchase

Ordinary shares

3,740

22,851.40

NZD

Monday, 25 September 2017
Investment Custodial
Services Limited

Purchase

Ordinary shares

25,131

154,288.61

NZD

Thursday, 28 September 2017
Citicorp Nominees Pty
Limited (Australia)

Sale

Ordinary shares

52,319

325,307.83

NZD

Friday, 29 September 2017
Citibank N A Hong
Kong

Purchase

Ordinary shares

12,455

77,719.20

NZD

Thursday, 5 October 2017
Citibank N A Hong
Kong

Purchase

Ordinary shares

2,482

15,487.68

NZD

Friday, 6 October 2017
Citicorp Nominees Pty
Limited (New Zealand)

Purchase

Ordinary shares

1,676

10,223.60

NZD

Thursday, 12 October 2017
Citicorp Nominees Pty
Limited (New Zealand)

Purchase

Ordinary shares

912

5,627.04

NZD

Friday, 20 October 2017
Citibank N A Hong
Kong

Purchase

Ordinary shares

69,223

412,986.22

NZD

Friday, 20 October 2017
Citicorp Nominees Pty
Limited (New Zealand)

Purchase

Ordinary shares

7,847

46,818.20

NZD

Friday, 20 October 2017
Citicorp Nominees Pty
Limited (New Zealand)

Sale

Ordinary shares

7,847

47,775.68

NZD

Friday, 20 October 2017
Citibank N A Hong
Kong

Sale

Ordinary shares

69,224

421,463.40

NZD

Friday, 20 October 2017
Investment Custodial
Services Limited

Purchase

Ordinary shares

457

2,723.80

NZD

Friday, 20 October 2017
Investment Custodial
Services Limited

Purchase

Ordinary shares

120

718.00

NZD

Friday, 20 October 2017
Investment Custodial
Services Limited

Purchase

Ordinary shares

179

1,066.60

NZD

Friday, 20 October 2017
Investment Custodial
Services Limited

Purchase

Ordinary shares

183

1,091.80

NZD

Friday, 20 October 2017
Investment Custodial
Services Limited

Purchase

Ordinary shares

173

1,030.00

NZD

Friday, 20 October 2017
Investment Custodial
Services Limited

Purchase

Ordinary shares

685

4,102.60

NZD

Friday, 20 October 2017
Citibank N A Hong
Kong

Purchase

Ordinary shares

30,464

181,753.40

NZD

Tuesday, 24 October 2017
Investment Custodial
Services Limited

Purchase

Ordinary shares

110

712.55

NZD

Thursday, 26 October 2017
Investment Custodial
Services Limited

Purchase

Ordinary shares

733

4,603.37

NZD

Thursday, 26 October 2017
Northern Trust
Company

Purchase

Ordinary shares

34,914

195,169.26

AUD

100080615/3821102.1 5




Thursday, 26 October 2017
State Street Global
Advisors (Australia)
Limited


Purchase


Ordinary shares


29,253


163,524.27


AUD

Thursday, 26 October 2017
Citibank N A Hong
Kong

Purchase

Ordinary shares

34,439

192,514.01

AUD

Thursday, 26 October 2017
Citicorp Nominees Pty
Limited (Australia)

Purchase

Ordinary shares

90,365

505,140.35

AUD

Thursday, 26 October 2017
Citibank N A Hong
Kong

Purchase

Ordinary shares

42,013

234,852.67

AUD

Thursday, 26 October 2017
Citicorp Nominees Pty
Limited (Australia)

Purchase

Ordinary shares

19,016

106,299.44

AUD

Friday, 27 October 2017
Citicorp Nominees Pty
Limited (Australia)

Purchase

Ordinary shares

76,062

425,962.41

AUD

Friday, 27 October 2017
Citibank N A Hong
Kong

Purchase

Ordinary shares

168,054

941,136.01

AUD

Friday, 27 October 2017
Northern Trust
Company

Purchase

Ordinary shares

139,658

782,112.73

AUD


Friday, 27 October 2017
State Street Global
Advisors (Australia)
Limited


Purchase


Ordinary shares


117,013


655,296.20


AUD

Friday, 27 October 2017
Citibank N A Hong
Kong

Purchase

Ordinary shares

137,756

771,461.15

AUD

Friday, 27 October 2017
Citicorp Nominees Pty
Limited (Australia)

Purchase

Ordinary shares

361,461

2,024,253.89

AUD

Friday, 27 October 2017
Citicorp Nominees Pty
Limited (New Zealand)

Sale

Ordinary shares

2,065

12,968.20

NZD

Monday, 30 October 2017
Citibank N A Hong
Kong

Purchase

Ordinary shares

9,126

51,449.65

AUD

Monday, 30 October 2017
Northern Trust
Company

Purchase

Ordinary shares

9,252

52,160.00

AUD


Monday, 30 October 2017
State Street Global
Advisors (Australia)
Limited


Purchase


Ordinary shares


7,752


43,703.45


AUD

Monday, 30 October 2017
Citicorp Nominees Pty
Limited (Australia)

Purchase

Ordinary shares

23,947

135,006.00

AUD

Monday, 30 October 2017
Citibank N A Hong
Kong

Purchase

Ordinary shares

11,134

62,770.15

AUD

Monday, 30 October 2017
Citicorp Nominees Pty
Limited (Australia)

Purchase

Ordinary shares

5,039

28,408.37

AUD

Monday, 30 October 2017
Northern Trust
Company

Purchase

Ordinary shares

70,696

446,395.75

NZD

Tuesday, 31 October 2017
Citicorp Nominees Pty
Limited (Australia)

Purchase

Ordinary shares

34,742

196,667.51

AUD

Tuesday, 31 October 2017
Citibank N A Hong
Kong

Purchase

Ordinary shares

76,759

434,517.35

AUD

Tuesday, 31 October 2017
Citibank N A Hong
Kong

Purchase

Ordinary shares

4,758

30,308.46

NZD


Tuesday, 31 October 2017
State Street Global
Advisors (Australia)
Limited


Purchase


Ordinary shares


53,446


302,547.12


AUD

Tuesday, 31 October 2017
Northern Trust
Company

Purchase

Ordinary shares

63,789

361,096.77

AUD

Tuesday, 31 October 2017
Citicorp Nominees Pty
Limited (Australia)

Purchase

Ordinary shares

165,098

934,586.76

AUD

Tuesday, 31 October 2017
Citibank N A Hong
Kong

Purchase

Ordinary shares

62,920

356,177.54

AUD

Monday, 6 November 2017
Citibank N A Hong
Kong

Sale

Ordinary shares

13,820

87,342.40

NZD

Friday, 10 November 2017
Citicorp Nominees Pty
Limited (New Zealand)

Purchase

Ordinary shares

12,426

78,123.50

NZD

Friday, 10 November 2017
Citibank N A Hong
Kong

Purchase

Ordinary shares

107,570

676,303.35

NZD

Monday, 13 November 2017
Citibank N A Hong
Kong

Purchase

Ordinary shares

59,021

336,118.69

AUD

Monday, 13 November 2017
Citicorp Nominees Pty
Limited (Australia)

Purchase

Ordinary shares

32,579

185,534.15

AUD

Tuesday, 14 November 2017
Investment Custodial
Services Limited

Sale

Ordinary shares

5,512

34,549.53

NZD

Tuesday, 14 November 2017
Investment Custodial
Services Limited

Sale

Ordinary shares

5,642

35,364.38

NZD

Tuesday, 14 November 2017
Investment Custodial
Services Limited

Sale

Ordinary shares

5,323

33,364.87

NZD

Tuesday, 14 November 2017
Investment Custodial
Services Limited

Sale

Ordinary shares

21,198

132,870.28

NZD

Tuesday, 14 November 2017
Investment Custodial
Services Limited

Sale

Ordinary shares

14,076

88,229.17

NZD

Tuesday, 14 November 2017
Investment Custodial
Services Limited

Sale

Ordinary shares

3,710

23,254.50

NZD

Tuesday, 14 November 2017
Investment Custodial
Services Limited

Sale

Ordinary shares

4,192

26,275.73

NZD

Tuesday, 14 November 2017
Investment Custodial
Services Limited

Sale

Ordinary shares

3,744

23,467.64

NZD

Tuesday, 14 November 2017
Investment Custodial
Services Limited

Sale

Ordinary shares

7,092

44,453.13

NZD

Tuesday, 14 November 2017
Investment Custodial
Services Limited

Sale

Ordinary shares

3,991

25,015.85

NZD

Tuesday, 14 November 2017
Investment Custodial
Services Limited

Sale

Ordinary shares

3,968

24,871.69

NZD

Tuesday, 14 November 2017
Investment Custodial
Services Limited

Sale

Ordinary shares

3,908

24,495.61

NZD

Tuesday, 14 November 2017
Investment Custodial
Services Limited

Sale

Ordinary shares

16,727

104,845.99

NZD

Tuesday, 14 November 2017
Investment Custodial
Services Limited

Sale

Ordinary shares

2,993

18,760.33

NZD

100080615/3821102.1 6



Tuesday, 14 November 2017
Investment Custodial
Services Limited

Sale

Ordinary shares

6,868

43,049.09

NZD

Tuesday, 14 November 2017
Investment Custodial
Services Limited

Sale

Ordinary shares

5,383

33,741.01

NZD

Tuesday, 14 November 2017
Investment Custodial
Services Limited

Sale

Ordinary shares

4,578

28,695.21

NZD

Tuesday, 21 November 2017
Citicorp Nominees Pty
Limited (Australia)

Purchase

Ordinary shares

23,240

132,309.97

AUD

Tuesday, 21 November 2017
Citibank N A Hong
Kong

Purchase

Ordinary shares

50,195

285,770.17

AUD

Tuesday, 21 November 2017
Northern Trust
Company

Purchase

Ordinary shares

41,706

237,440.60

AUD


Tuesday, 21 November 2017
State Street Global
Advisors (Australia)
Limited


Purchase


Ordinary shares


34,888


198,624.36


AUD

Tuesday, 21 November 2017
Citibank N A Hong
Kong

Purchase

Ordinary shares

42,080

239,569.86

AUD

Tuesday, 21 November 2017
Citicorp Nominees Pty
Limited (Australia)

Purchase

Ordinary shares

107,891

614,245.04

AUD


Wednesday, 22 November 2017
State Street Global
Advisors (Australia)
Limited


Purchase


Ordinary shares


63,982


365,868.27


AUD

Wednesday, 22 November 2017
Northern Trust
Company

Purchase

Ordinary shares

76,486

437,369.89

AUD

Wednesday, 22 November 2017
Citibank N A Hong
Kong

Purchase

Ordinary shares

77,172

441,292.65

AUD

Wednesday, 22 November 2017
Citicorp Nominees Pty
Limited (Australia)

Purchase

Ordinary shares

197,865

1,131,451.43

AUD

Wednesday, 22 November 2017
Citibank N A Hong
Kong

Purchase

Ordinary shares

92,054

526,392.39

AUD

Wednesday, 22 November 2017
Citicorp Nominees Pty
Limited (Australia)

Purchase

Ordinary shares

42,620

243,713.95

AUD