D&O Ongoing Disclosure Notice

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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: Fonterra Co-operative Group Limited
Date this disclosure made: 13 March 2020
Date of last disclosure: 9 September 2019


A Director or senior manager giving disclosure

Full name(s): John Richard Nicholls
Name of listed issuer: Fonterra Co-operative Group Limited
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:
Acquired 2,846 Ordinary Units through a distribution in
accordance with the Contract Fee Trust to Akitu Dairies
Limited. For further information about the Contract Fee
Trust see the market announcement dated 14 August
2019.
Nature of the affected relevant interest(s): Shareholder and Director
For that relevant interest:
Number held in class before acquisition or disposal: 0
Number held in class after acquisition or disposal: 2,846
Current registered holder(s):
Registered holder(s) once transfers are registered: Akitu Dairies Limited

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):

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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, -
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: 27 February 2020
Nature of transaction: Acquired 2,846 Ordinary Units through a distribution in
accordance with the Contract Fee Trust to Akitu Dairies
Limited
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:
2,846 units
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:
Yes
Whether prior written clearance was provided to allow
the acquisition or disposal to proceed during the closed
period:
Not required as distribution of Units in accordance with
the Contract Fee Trust
Date of the prior written clearance (if any): N/A

E Summary of other relevant interests after acquisition or disposal:

Class of quoted financial products: Ordinary Shares in Fonterra Co-operative Group
Limited
Nature of relevant interest: Director and Shareholder
For that relevant interest,-
Number held in class: 2,148,864
Current registered holder(s): Fairmont Farms Limited, Delarbe Farm Limited, Ma
Taua Dairies Limited, Mahanga Dairies Limited, Kairoa
Dairies Limited Akitu Dairies Limited and D&D Dairies
Limited
For a derivative relevant interest,-