Monthly Allotment / Redemption Notice

Issued in reliance on the Fund's waiver from NZX Main Board Listing Rule 7.12.1 dated 3 September 2014. A copy of this waiver can be found at
https://www.fonterra.com/nz/en/Financial/Fonterra+Shareholders+Fund.

Please be advised that during the month of December 2017 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: FSF Units, ISIN: NZFSFE0001S5

(b) Number of Securities: Allotted:
1,838,018
Redeemed: 745,968
Net Allotment: 1,092,050

(c) Percentage of total Class of Securities: Allotted: 1.3256610%
Redeemed: 0.5380256%
Net Allotted % 0.7876354%

(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/Redemption]: 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,
together with the terms of the Fonterra Shareholders' Fund Distribution Reinvestment Plan.

(f) Terms or details of the [Allotment/Redemption]: The units allotted rank pari-passu with the existing
units on issue.

(g) Number of Securities of the Class in existence at close on 29/12/2017 after the
[Allotment/Redemption] (exclusive of Treasury Stock):
139,741,224

(h) Previous number of Securities of the Class in existence at close on 30/11/2017 before the
[Allotment/Redemption] (exclusive of Treasury Stock): 138,649,174

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, Fonterra Centre, 109 Fanshawe Street, Auckland, 1010 New Zealand
www.fonterra.com



3 January 2018