Fonterra Bond Offer Final Terms Sheet Released

8 NOVEMBER 2018
FINAL TERMS SHEET RELEASED
Further to Fonterra Co-operative Group Limited’s announcement earlier today, the final Terms
Sheet relating to the offer of unsubordinated, unsecured fixed rate bonds is attached.
-end-

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

ANZ CBA
0800 269 476 0800 272 633

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Final
Terms Sheet
Fixed Rate Bonds
Maturing 14 November 2025

IssuerArranger
Fonterra Co-operative Group Limited
109 Fanshawe Street
Auckland 1010
ANZ Bank New Zealand Limited
Level 25, 23-29 Albert Street
Auckland 1010
Computershare Investor Services Limited
Postal address:
Private Bag 92119
Victoria Street West
Auckland 1142
Physical address:
Level 2, 159 Hurstmere Road
Takapuna
Auckland 0622
Joint Lead Managers
Registrar
ANZ Bank New Zealand Limited
Level 25, 23-29 Albert Street
Auckland 1010
Commonwealth Bank of Australia
(acting through its New Zealand Branch)
ASB North Wharf
12 Jellicoe Street
Auckland, 1010
Address details
Important notice
The offer of debt securities (Offer) by Fonterra Co-operative Group Limited (Fonterra) is made in reliance upon the exclusion
in clause 19 of schedule 1 of the Financial Markets Conduct Act 2013 (FMCA).
The offer contained in this Terms Sheet is an offer of bonds that have identical rights, privileges, limitations and conditions
(except for the interest rate and maturity date) as Fonterra’s:
(a) 4.33% NZ$350,000,000 fixed rate bonds maturing on 20 October 2021 which are currently quoted on the NZX Debt
Market under the ticker code FCG030; and
(b) 4.42% NZ$150,000,000 fixed rate bonds maturing on 7 March 2023 which are currently quoted on the NZX Debt Market
under the ticker code FCG040,
(together, Quoted Bonds). The Bonds (defined below) are of the same class as the Quoted Bonds for the purposes of the
FMCA and the Financial Markets Conduct Regulations 2014 (FMC Regulations).
Fonterra is subject to a disclosure obligation that requires it to notify certain material information to NZX Limited (NZX) for
the purpose of that information being made available to participants in the market and that information can be found by
visiting www.nzx.com/companies/FCG.
Investors should look to the market price of the Quoted Bonds referred to above to find out how the market assesses the
returns and risk premium for those bonds.
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Fonterra Co-operative Group Limited - Final Terms Sheet

8 November 2018
This Terms Sheet sets out the key terms of the offer by Fonterra of NZ$100,000,000 of fixed rate bonds maturing on
14 November 2025 (Bonds) under its master trust deed dated 18 November 2002 (as amended from time to time) as modified
and supplemented by the supplemental trust deed dated Monday 5 November 2018 entered into between Fonterra and The
New Zealand Guardian Trust Company Limited (Trustee) (together, Trust Documents).
Fixed Rate Bonds
Terms Sheet
IssuerFonterra Co-operative Group Limited
Description of the
Bonds
The Bonds constitute unsecured, unsubordinated, fixed rate debt obligations of Fonterra. The Bonds
will rank equally and without any preference among themselves and equally with all other unsecured
and unsubordinated indebtedness of Fonterra, except indebtedness preferred by law.
Use of proceedsThe net proceeds from the issue of the Bonds will be used for general business purposes.
Ratings
The ratings referred to in this Terms Sheet are not a recommendation to buy, sell or hold the Bonds,
and each rating may be subject to revision or withdrawal at any time by S&P Global or Fitch, as the
case may be. Any downward revision or withdrawal of a rating may have an adverse effect on the
market price of the Bonds. Neither S&P Global nor Fitch has been involved in the preparation of this
Terms Sheet.
Opening DateTuesday, 6 November 2018, following the release on the NZX of the notice in connection with the
Offer required by the FMC Regulations.
Closing Date2.00pm on Thursday, 8 November 2018
Rate Set DateThursday, 8 November 2018
Issue Date and
Allotment Date
Wednesday, 14 November 2018
Maturity DateFriday, 14 November 2025
Issue AmountNZ$100,000,000
Interest Rate4.15 per cent per annum, being the aggregate of the Base Rate plus the Margin on the Rate Set Date.
Margin1.35 per cent per annum.
Base Rate2.80 per cent per annum, being the semi-annual mid-market rate for an interest rate swap of a
term matching the period from the Issue Date to the Maturity Date as calculated by the Arranger
according to market convention with reference to the Bloomberg page ‘ICNZ4’, rounded to 2 decimal
places, if necessary, with 0.005 being rounded up.
Issuer Credit RatingIssue Rating
S&P GlobalA- (stable)A -
FitchA (stable)A
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Fonterra Co-operative Group Limited - Final Terms Sheet

Principal Amount
and Issue Price
$1.00 per Bond.
Interest Payment
Dates
14 May and 14 November of each year up to and including the Maturity Date, with the first Interest
Payment Date being 14 May 2019.
Interest will be payable semi-annually in equal amounts in arrear
Record DateThe date 10 calendar days before an Interest Payment Date or, if not a Business Day, the immediately
preceding Business Day.
Business DayA day (other than a Saturday or Sunday) on which registered banks are generally open for business
in Auckland and Wellington.
If an Interest Payment Date or the Maturity Date falls on a day that is not a Business Day, the due
date for any payment to be made on that date will be the next following Business Day.
Settlement Price
Formula
RBNZ Bond Basis.
Minimum
subscription
amount and
minimum holding
$5,000 and multiples of $1,000 thereafter.
ISINNZFCGDG005C4
New Zealand
Registrar
Computershare Investor Services Limited
NZX Debt Market
Ticker Code
FCG050
Expected date of
initial quotation
and trading on the
NZX Debt Market
Thursday, 15 November 2018
QuotationApplication has been made to NZX for permission to quote the Bonds on the NZX Debt Market.
Early repaymentUpon the occurrence of any of the events of default (as set out in the Trust Documents) the Trustee
may, and immediately upon being directed to do so by an extraordinary resolution of bondholders
must, declare the Bonds to be immediately due and payable.
If the Bonds are declared due and payable prior to their Maturity Date, interest will be payable at the
Interest Rate from the most recent Interest Payment Date to and excluding the date of repayment.
Further issuesFonterra may from time to time without the consent of the bondholders issue further notes so as
to form a single class with the Bonds. Fonterra may also from time to time without the consent
of bondholders issue notes having different terms to those applicable to the Bonds. There is no
restriction on the amount of debt which Fonterra may issue or guarantee.
Repo-eligibilityFonterra intends to apply to the Reserve Bank of New Zealand for the Bonds to be included as eligible
securities for domestic market operations.
Governing lawNew Zealand
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Fonterra Co-operative Group Limited - Final Terms Sheet

NZX waiversNZX has approved the inclusion of transfer restrictions in the Trust Documents permitting Fonterra
to refuse a transfer of the Bonds if the transfer is not in multiples of $1,000 and/or results in the
transferor or transferee holding an aggregate principal amount of less than the minimum holding of
$5,000 (other than zero).
NZX has granted Fonterra a waiver from NZX Listing Rule 5.2.3 (as modified by NZX’s ruling on
Rule 5.2.3 issued on 29 September 2015) to enable Fonterra to apply for quotation on the NZX Debt
Market even though the Bonds may not initially be held by at least 100 members of the public holding
at least 25% of the Bonds issued. The waiver has been granted for a period of six months from the
quotation date of the Bonds. The effect of the waiver from NZX Listing Rule 5.2.3 is that initially the
Bonds may not be widely held and there may be reduced liquidity in the Bonds. To the extent that
there is a material reduction in the spread of the Bonds, Fonterra will notify NZX accordingly.
Who may applyAll of the Bonds are reserved for clients of the Joint Lead Managers, Primary Market Participants
(e.g. broking firms accredited by NZX to participate in NZX markets) and other persons invited to
participate in the bookbuild process for the Bonds.
There will be no public pool for the offer.
Retail investors should contact any Primary Market Participant for details as to how they may
acquire the Bonds. You can find a Primary Market Participant by visiting www.nzx.com/investing/
find_a_participant.
Applications
Fonterra reserves the right to refuse all or any part of any application for the Bonds without giving
any reason. Fonterra in consultation with the Arranger reserves the right to scale at its discretion.
How to applyThere is no public pool for the offer, with 100% of the Bonds reserved for clients of the Joint Lead
Managers, Primary Market Participants and other persons invited to participate in the bookbuild
process. Investors wishing to purchase the Bonds should contact the Joint Lead Managers, their
broker or financial advisor.
Fonterra, in its sole discretion, will determine allocations. Fonterra reserves the right to refuse to
make any allotment (or part thereof) without giving any reason.
Each investor’s broker will be able to advise them as to what arrangements will need to be put in
place for the investor to trade the Bonds including obtaining a common shareholder number (CSN),
an authorisation code (FIN) and opening an account with a Primary Market Participant as well as the
costs and timeframes for putting such arrangements in place.
Selling restrictionsIt is a term of the offer of the Bonds that the selling restrictions included in this Terms Sheet apply.
Joint Lead
Managers
ANZ Bank New Zealand Limited and Commonwealth Bank of Australia (acting through its
New Zealand Branch)
Arranger and
Organising
Participant
ANZ Bank New Zealand Limited
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Fonterra Co-operative Group Limited - Final Terms Sheet

Fonterra, in conjunction with the Arranger, may change the dates or times set out in this Terms Sheet. Fonterra has the right
in its absolute discretion and without notice to close the offer early, to extend the Closing Date, or to choose not to proceed
with the offer. If the Closing Date is changed, other dates (such as the Issue Date, the Maturity Dates and the Interest Payment
Dates) may be changed accordingly.
Any internet site addresses provided in this Terms Sheet are for reference only and, except as expressly stated otherwise, the
content of any such internet site is not incorporated by reference into, and does not form part of, this Terms Sheet.
Copies of the Trust Documents will be made available by Fonterra for inspection during usual business hours by any bondholder
at Fonterra’s registered office listed above (or such office as Fonterra may notify the bondholders from time to time).
Investors are personally responsible for ensuring compliance with all relevant laws and regulations applicable to them
(including any required registration). Investors should seek qualified, independent financial and taxation advice before
deciding to invest.
For further information regarding Fonterra, visit www.nzx.com/companies/FCG.
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Fonterra Co-operative Group Limited - Final Terms Sheet

Selling restrictions
The Bonds may only be offered for sale or sold in New Zealand in conformity with all applicable laws and regulations in
New  Zealand. No Bonds may be offered for sale or sold in any other country or jurisdiction except in conformity with all
applicable laws and regulations of that country or jurisdiction and the selling restrictions contained in this Terms Sheet. This
Terms Sheet may not be published, delivered or distributed in or from any country or jurisdiction except under circumstances
which will result in compliance with all applicable laws and regulations in that country or jurisdiction and the selling restrictions
contained in this Terms Sheet.
Without limiting the generality of the above, the following selling restrictions apply in respect of each relevant jurisdiction:
United States of America
The Bonds have not been and will not be registered under the Securities Act of 1933, as amended (Securities Act) and may
not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation
S under the Securities Act (Regulation S)) except in accordance with Regulation S or pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the Securities Act.
None of Fonterra, the Joint Lead Managers, nor any person acting on its or their behalf has engaged or will engage in any
directed selling efforts in relation to the Bonds, and each of Fonterra and the Joint Lead Managers have complied and will
comply with the offering restrictions in Regulation S.
The Bonds will not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of
their distribution at any time, or (ii) otherwise until 40 days after the completion of the distribution of all Bonds of the Tranche
of which such Bonds are part, as determined and certified by the Arranger or the Joint Lead Managers except in accordance
with Rule 903 of Regulation S. Any Bonds sold to any distributor, dealer or person receiving a selling concession, fee or other
remuneration during the distribution compliance period require a confirmation or notice to the purchaser at or prior to the
confirmation of the sale to substantially the following effect:
“The Bonds covered hereby have not been registered under the United States Securities Act of 1933, as amended (the
Securities Act) or with any securities regulatory authority of any state or other jurisdiction of the United States and
may not be offered or sold within the United States, or to or for the account or benefit of, U.S. persons (as defined in
Regulation S under the Securities Act) (i) as part of their distribution at any time or (ii) otherwise until 40 days after
the later of the commencement of the offering of the Bonds and the closing date except in either case pursuant to a
valid exemption from registration in accordance with Regulation S under the Securities Act. Terms used above have
the meaning given to them by Regulation S.”
Until 40 days after the completion of the distribution of all Bonds or the Tranche of which those Bonds are a part, an offer
or sale of the Bonds within the United States by the Joint Lead Managers or any dealer or other distributor (whether or not
participating in the offering) may violate the registration requirements of the Securities Act if such offer or sale is made
otherwise than in accordance with Regulation S.
Relevant Member States of the European Economic Area
In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a
Relevant Member State), with effect from and including the date on which the Prospectus Directive is implemented in that
Relevant Member State (the Relevant Implementation Date) no Bonds have been offered and no Bonds will be offered that
are the subject of the offering contemplated by this Terms Sheet in relation thereto to the public in that Relevant Member
State except that an offer of Bonds to the public in the Relevant Member State may be made with effect from the Relevant
Implementation Date:
(a) to any legal entity which is a qualified investor as defined in the Prospectus Directive;
(b) to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Directive) subject
to obtaining the prior consent of the Joint Lead Managers nominated by Fonterra for any such offer; or
(c) in any other circumstances falling within Article 3(2) of the Prospectus Directive,
provided that no such offer of the Bonds shall require Fonterra or the Joint Lead Managers to publish a prospectus pursuant
to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive.
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Fonterra Co-operative Group Limited - Final Terms Sheet

For the purposes of this provision, the expression an offer of the Bonds to the public in relation to any Bonds in any Relevant
Member State means the communication in any form and by any means of sufficient information on the terms of the offer
and the Bonds to be offered so as to enable an investor to decide to purchase or subscribe for the Bonds, as the same may be
varied in that Relevant Member State by any measure implementing the Prospectus Directive in that Relevant Member State,
and the expression Prospectus Directive means Directive 2003/71/EC (as amended, including by Directive 2010/73/EU) and
includes any relevant implementing measure in the Relevant Member State.
United Kingdom
No communication, invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial
Services and Markets Act 2000 (FSMA)) has been or may be made or caused to be made or will be made in connection with
the issue or sale of the Bonds in circumstances in which section 21(1) of the FSMA applies to Fonterra.
All applicable provisions of the FSMA with respect to anything done in relation to the Bonds in, from or otherwise involving
the United Kingdom must be complied with.
Japan
The Bonds have not been and will not be registered in Japan pursuant to Article 4, Paragraph 1 of the Financial Instruments
and Exchange Act of Japan (Act No. 25 of 1948, as amended, the FIEA) in reliance upon the exemption from the registration
requirements since the offering constitutes the small number private placement as provided for in “ha” of Article 2, Paragraph
3, Item 2 of the FIEA. A Japanese Person who transfers the Bonds shall not transfer or resell the Bonds except where the
transferor transfers or resells all the Bonds en bloc to one transferee. For the purposes of this paragraph, Japanese Person shall
mean any person resident in Japan, including any corporation or other entity organised under the laws of Japan.
France
The Bonds have not been offered or sold, and will not be offered or sold, directly or indirectly, to the public in France, and
this Terms Sheet or any other offering material relating to the Bonds has not been, and will not be, distributed to the public
in France. Any such offers, sales and distributions in France will only be to (a) providers of investment services relating to
portfolio management for the account of third parties, and/or (b) qualified investors (investisseurs qualifiés), all as defined in,
and in accordance with, articles L.411-1, L.411-2 and D.411-1 of the French Code monétaire et financier.
Singapore
Singapore Securities and Futures Act Product Classification – Solely for the purposes of its obligations pursuant to
sections 309B(1)(a) and 309B(1)(c) of the Securities and Futures Act (Chapter 289 of Singapore) (the SFA), Fonterra has
determined, and hereby notifies all relevant persons (as defined in Section 309A of the SFA) that the Bonds are “prescribed
capital markets products” (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and
Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS
Notice FAA-N16: Notice on Recommendations on Investment Products).
This Terms Sheet has not been and will not be registered as a prospectus with the Monetary Authority of Singapore. Accordingly,
this Terms Sheet and any other document or material in connection with the offer or sale, or invitation for subscription or
purchase, of the Bonds may not be circulated or distributed, nor may the Bonds be offered or sold, or be made the subject
of an invitation for subscription or purchase, whether directly or indirectly, to any person in Singapore other than (a) to an
institutional investor (as defined in Section 4A of the SFA) pursuant to Section 274 of the SFA, (b) to a relevant person (as
defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the
SFA, and in accordance with the conditions specified in Section 275 of the SFA or (c) otherwise pursuant to, and in accordance
with the conditions of, any other applicable provision of the SFA.
Where the Bonds are subscribed or purchased under Section 275 of the SFA by a relevant person which is:
(a) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to
hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited
investor; or
(b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary
of the trust is an individual who is an accredited investor,
securities (as defined in the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that
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Fonterra Co-operative Group Limited - Final Terms Sheet

trust shall not be transferred within six months after that corporation or that trust has acquired the Bonds pursuant to an offer
made under Section 275 of the SFA except:
(1) to an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or to any person arising from an
offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA;
(2) where no consideration is or will be given for the transfer;
(3) where the transfer is by operation of law; or
(4) as specified in Section 276(7) of the SFA.
Hong Kong
No Bonds have been offered or sold or will be or may be offered or sold in Hong Kong, by means of any document other than
(a) to professional investors as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong (the SFO) and any
rules made under the SFO; or (b) in other circumstances which do not result in the document being a Prospectus as defined
in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong (the C(WUMP)O) or which
do not constitute an offer to the public within the meaning of the C(WUMP)O.
No advertisement, invitation or document relating to the Bonds may be issued or in the possession of any person or will be
issued or be in the possession of any person in each case for the purpose of issue, whether in Hong Kong or elsewhere, which
is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do
so under the securities laws of Hong Kong) other than with respect to the Bonds which are or are intended to be disposed of
only to persons outside Hong Kong or only to professional investors as defined in the SFO and any rules made under the SFO.
The People’s Republic of China
The Bonds may not be offered or sold directly or indirectly within the People’s Republic of China (for such purposes, not
including Hong Kong and Macau Special Administrative Regions or Taiwan) (PRC). This Terms Sheet or any information
contained or incorporated by reference herein does not constitute an offer to sell or the solicitation of an offer to buy any
securities in the PRC. This Terms Sheet, any information contained herein or the Bonds have not been, and will not be,
submitted to, approved by, verified by or registered with any relevant governmental authorities in the PRC and thus may not
be supplied to the public in the PRC or used in connection with any offer for the subscription or sale of the Bonds in the PRC.
The Bonds may only be invested in by PRC investors that are authorised to engage in the investment in the Bonds of the
type being offered or sold. Investors are responsible for informing themselves about and observing all legal and regulatory
restrictions, obtaining all relevant governmental approvals, verifications, licences or registrations (if any) from all relevant
PRC governmental authorities, including, but not limited to, the State Administration of Foreign Exchange, the People’s Bank
of China, the China Securities Regulatory Commission, the China Banking and Insurance Regulatory Commission and/or other
relevant regulatory bodies, and complying with all relevant PRC regulations, including, but not limited to, any relevant foreign
exchange regulations and/or overseas investment regulations.
The Netherlands
No Bonds have been or will be offered in the Netherlands other than to persons or entities which are qualified investors
(gekwalificeerde beleggers) as defined in article 1:1 of the Dutch Financial Supervision Act (Wet op het financieel toezicht).
The Joint Lead Managers have represented and agreed with the Issuer that they have not offered or sold and will not offer or
sell any of the Bonds in The Netherlands other than through one or more investment firms acting as principals and having the
Dutch regulatory capacity to make offers or sales of financial instruments in The Netherlands.
Australia
No prospectus or other disclosure document (as defined in the Corporations Act 2001 of Australia (Corporations Act)) in
relation to the Bonds has been, or will be, lodged with, or registered by, the Australian Securities and Investments Commission
(ASIC) or any other regulatory authority in Australia. No person may:
(a) make or invite (directly or indirectly) an offer of the Bonds for issue, sale or purchase in, to or from Australia (including an
offer or invitation which is received by a person in Australia); and
(b) distribute or publish, any Terms Sheet, information memorandum, prospectus or any other offering material or
advertisement relating to the Bonds in Australia,
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Fonterra Co-operative Group Limited - Final Terms Sheet

unless:
(i) the aggregate consideration payable by each offeree or invitee is at least A$500,000 (or its equivalent in an alternative
currency and, in either case, disregarding moneys lent by the offeror or its associates) or the offer or invitation
otherwise does not require disclosure to investors in accordance with Part 6D.2 or Part 7.9 of the Corporations Act;
(ii) the offer or invitation is not made to a person who is a “retail client” within the meaning of section 761G of the
Corporations Act;
(iii) such action complies with all applicable laws, regulations and directives; and
(iv) such action does not require any document to be lodged with ASIC or any other regulatory authority in Australia.
By applying for the Bonds under this Terms Sheet, each person to whom the Bonds are issued (an Investor):
(a) will be deemed by the Issuer and the Joint Lead Managers to have acknowledged that if any Investor on-sells the Bonds
within 12 months from their issue, the Investor will be required to lodge a prospectus or other disclosure document (as
defined in the Corporations Act) with ASIC unless either:
(i) that sale is to an investor within one of the categories set out in sections 708(8) or 708(11) of the Corporations
Act to whom it is lawful to offer the Bonds in Australia without a prospectus or other disclosure document lodged
with ASIC; or
(ii) the sale offer is received outside Australia; and
(b) will be deemed by the Issuer and the Joint Lead Managers to have undertaken not to sell those Bonds in any circumstances
other than those described in paragraphs (a)(i) and (a)(ii) above for 12 months after the date of issue of such Bonds.
This Terms Sheet is not, and under no circumstances is to be construed as, an advertisement or public offering of any Bonds
in Australia.
Switzerland
The Bonds shall not be publicly offered, sold, advertised, distributed or redistributed, directly or indirectly, in or from
Switzerland, and neither this Terms Sheet nor any other solicitation for investments in the Bonds may be communicated,
distributed or otherwise made available in Switzerland in any way that could constitute a public offering within the meaning of
Articles 652a and 1156 of the Swiss Code of Obligations (CO) or of Article 3 of the Swiss Federal Act on Collective Investment
Schemes (CISA) unless the legal and regulatory conditions imposed on a public offering under the CO or CISA are satisfied.
This Terms Sheet does not constitute a public offering within the meaning of Articles 652a, respectively 1156, of the CO and
of Article 5 of the CISA and may not comply with the information standards required thereunder, and in particular with the
guidelines on informing investors about structured products as published in September 2014 by the Swiss Bankers Association,
as applicable.
The Bonds do not constitute collective investments within the meaning of the CISA. Accordingly, holders of the Bonds do not
benefit from protection under the CISA or from the supervision of the Swiss Financial Market Supervisory Authority. Investors
are exposed to the default risk of the Issuer.
Indemnity
By its subscription for or purchase of the Bonds, each bondholder agrees to indemnify Fonterra, the Arranger, the Joint Lead
Managers and the Trustee and each of their respective directors, officers and employees for any loss, cost, liability or expense
sustained or incurred by Fonterra, the Arranger, the Joint Lead Managers or the Trustee, as the case may be, as a result of the
breach by that bondholder of the selling restrictions set out above.
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Fonterra Co-operative Group Limited - Final Terms Sheet