FONTERRA AMENDS MASTER TRUST DEED

1 NOVEMBER 2018
FONTERRA AMENDS MASTER TRUST DEED
Pursuant to a deed of amendment and restatement dated 1 November 2018 between Fonterra
Co-operative Group Limited (Fonterra) and The New Zealand Guardian Trust Company Limited
(Deed of Amendment and Restatement), Fonterra has amended the master trust deed dated
18 November 2002 (as amended and restated from time to time) (Master Trust Deed).

The definition of “tax resident” in the Master Trust Deed has been amended to reflect
amendments to the definition of non-resident passive income in the New Zealand Income Tax
Act 2007 and the audit requirements for the register maintained by Computershare have been
amended, as permitted under the Financial Marked Conduct Regulations 2014.

Fonterra is amending the Master Trust Deed without the consent of Holders (as defined in the
Master Trust Deed) pursuant to clause 21.2 of the Master Trust Deed on the basis that the
amendments are being made to reflect the modification of the requirements of applicable law or
are of a minor, formal, administrative or technical nature. Fonterra is of the opinion that such
amendments will not be materially prejudicial to the interests of Holders generally.

The Deed of Amendment and Restatement and the amended and restated Master Trust Deed
can be viewed on Fonterra’s website at: https://www.fonterra.com/nz/en/investors/debt-
investors.html.

-end-

Simon Till
Director Capital Markets, Fonterra
Phone: (09) 374 9344