D&O Ongoing Disclosure Notice

ONGOING DISCLOSURE NOTICE
Disclosure of Directors and Senior Managers Relevant Interests
Sections 297(1) and 298(1) Financial Markets Conduct Act 2013
To NZX Limited; and
Name of listed issuer:
Fonterra Shareholders Fund
Date this disclosure made:
16 March 2020
Date of last disclosure:
14 January 2020
A
Director or senior manager giving disclosure
Full name(s):
Donna Maree Smit
Name of listed issuer:
Fonterra Shareholders 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:
Acquired 1,124 Ordinary Units through a distribution in
accordance with the Contract Fee Trust to Seven Mile
Farms
Limited.
For further information
about the
Contract Fee Trust see the market announcement
dated 14 August 2019.
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:
0
Number held in class after acquisition or disposal:
1,124
Current registered holder(s):
Registered holder(s) once transfers are registered:
Seven Mile Farms 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):
2829728 v1

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:
lf
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 acquisitaon or disposal
E Summary of
other
relevant interests after acquisition or
disposal:
Total number
of
transactions
to
which notice relates:1
Details of transactions requiring disclosure-
Date
of transaction:
27 February 2O2O
Nature
of transaction:
Acquired 1,124
Ordinary
Units through
a
distribution in
accordance
with
the Contract
Fee Trust
to
Seven Mile
Farms 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.
lf
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:
1,124
units
lf the issuer has
a
financial
products
trading
policy
that
prohibits
dircctors or senior managers
from
trading
duing any
period
without wiften clearance
(a
closed
penoQ
include
the
following defarls-
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
Class of
quoted
financial
products:
Units in
Fonterra
Shareholders
Fund
Nature of relevant interest:
Director
and Unitholder
For that relevant interest,-
Number
held in
class:
9,317
Current registered
holder(s):
Corona Farms Ltd
Type
of
derivative:
For a deivative relevant interest,-
Details
of derivative,-
2829728 v1
2

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 deivative relevant
interest,-
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
Signature of
director or officer:
FCertification
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.
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