D&O Ongoing Disclosure Notice

2829728 v1
ONGOING DISCLOSURE NOTICE
Disclosure of Directors and Senior Managers Relevant Interests
Sections 297(2) and 298(2) Financial Markets Conduct Act 2013

To NZX Limited; and

Name of listed issuer: FSF Management Company Limited
Date this disclosure made: 30 October 2019
Date of last disclosure: 16 November 2018


A Director or senior manager giving disclosure

Full name(s): Donna Maree Smit
Name of listed issuer: Fonterra Shareholder Fund
Name of related body corporate (if applicable):
Position held in listed issuer: Director

B Summary of acquisition or disposal of relevant interest (excluding specified
derivatives

Class of affected quoted financial products: Ordinary Units in the Fonterra Shareholders’ Fund
Nature of the affected relevant interest(s): Director and Shareholder of Seven Mile Farms Limited
For that relevant interest:
Number held in class before acquisition or disposal: 3,063
Number held in class after acquisition or disposal: 2,502
Current registered holder(s): Seven Mile Farms Limited
Registered holder(s) once transfers are registered:

C Summary of acquisition or disposal of specified derivatives relevant interest (if
applicable)

Type of affected derivative:
Class of underlying financial products:
Details of affected derivative-
The notional value of the derivative (if any) or the
notional amount of underlying financial products (if
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:

2829728 v1
2
For that derivative,-
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:


D Details of transactions giving rise to acquisition or disposal

Total number of transactions to which notice relates:

1
Details of transactions requiring disclosure-


Date of transaction: 07/10/2019
Nature of transaction: Conversion of Units to Shares
Name of any other party or parties to the transaction (if
known):

The consideration, expressed in New Zealand dollars,
paid or received for the acquisition or disposal. If the
consideration was not in cash and cannot be readily by
converted into a cash value, describe the
consideration:
$-
Number of financial products to which the transaction
related:
561
If the issuer has a financial products trading policy that
prohibits directors or senior managers from trading
during any period without written clearance (a closed
period) include the following details—

Whether relevant interests were acquired or disposed
of during a closed period:
No
Whether prior written clearance was provided to allow
the acquisition or disposal to proceed during the closed
period:
NA
Date of the prior written clearance (if any): NA

E Summary of other relevant interests after acquisition or disposal:

Class of quoted financial products: Units in the Fonterra Shareholder Fund
Nature of relevant interest: Director and Shareholder
For that relevant interest,-
Number held in class: 9,917
Current registered holder(s): Corona Farms Limited
For a derivative relevant interest,-
Type of derivative:
Details of derivative,-
The notional value of the derivative (if any) or the
notional amount of underlying financial products (if
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's
specified
terms
(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:
For
that derivative relevant intercst,-
Parties to
the derivative:
lf the director
or
senior manager is not a
party
to the
derivative,
the nature of the
relevant interest in
the
derivative:
I
certifo 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.
f)ri rr\\
Signature
of
director
or
officer:
K"U{-O\ I
Date
of signature:
3a ltol
)o
lc
F Certification
Signature of
person
authorised to sign on behalf of
director
or
officer:
Date of
signature:
Name and
title of
authorised
person:
Notes
Use this
form
to disclose all
the acquisitions and disposals by a
director
or senior
manager of
a
listed issuer,
or of a
related body corporate, or
in
specified
derivatives. The disclosure
must be
made within-
(a)
20 working
days after
the first acquisition or disposal
disclosed in this
notice
if the
acquisitions or disposals
are of
a
kind referred
to
in
section
297(2)(a) of the Financial
Markets Conduct Act 2013; or
(b)
in
any
other
case,
5 trading days after the
first acquisition or disposal
disclosed in this
notice.
3