Offer of financial products of same class

21 September 2020

CLEANSING NOTICE

Fonterra Co-operative Group Limited – Offer of financial products of same class

Fonterra Co-operative Group Limited ("Fonterra") gives notice under clause 20(1)(a) of Schedule 8 of the
Financial Markets Conduct Regulations 2014 ("Regulations") that it proposes to issue up to 909,464 new co-
operative shares in Fonterra ("New Shares") to shareholders eligible to participate in the 2020 Farm Source
Dollars for Shares Offer ("Offer").

Under the Offer, eligible shareholders may apply to use their Farm Source Dollars ("FS$") to acquire new
shares. To be eligible, a shareholder must have a registered address in New Zealand, need to acquire shares
to meet the minimum shareholding requirement for the 2020/21 season and apply to redeem at least FS$500.
The Offer will be available from 21 September to 2 October 2020.

The Offer is being made to shareholders in reliance upon the exclusion in clause 19 of Schedule 1 of the
Financial Markets Conduct Act 2013 ("FMCA").

The Offer is for co-operative shares in Fonterra, and therefore the New Shares are of the same class as those
already quoted on the Fonterra Shareholders' Market for the purposes of the FMCA and the Regulations.

As at the date of this notice, Fonterra is in compliance with:

• the continuous disclosure obligations (as defined in the Regulations) that apply to it in relation to the co-
operative shares; and
• its financial reporting obligations (as defined in the Regulations).

As at the date of this notice, there is no information that is excluded information (as defined in the Regulations).

The Offer is not expected to have any effect on the control of Fonterra within the meaning set out in clause 48
of Schedule 1 of the FMCA.


-ENDS-

For further information contact:

Megan Bawden
General Manager, Governance
Phone: +64 21 0818 4742