Notice of Strike Price for Dividend Reinvestment Plan

1 October 2020

NOTICE OF STRIKE PRICE FOR DIVIDEND REINVESTMENT PLAN



Fonterra Co-operative Group Limited advises that the strike price for the shares issued under the dividend reinvestment
plan (DRP) operating in respect of the 2020 final dividend payable on 15 October 2020 has been set at NZD $3.880 per
share and confirms that it is not aware of any material adverse information at this time.

This strike price will apply in calculating the number of shares to be issued to participants who have elected to receive
additional shares rather than cash.

The strike price has been determined in accordance with the terms of the DRP and is calculated inclusive of a 2.5%
discount to the average of the individual daily volume weighted average sale prices on all price-setting trades of units in
the Fonterra Shareholders' Fund for the five trading day period from 24 September 2020 to 30 September 2020.

Correspondingly, under the terms of the Fonterra Shareholders’ Fund distribution reinvestment plan, FSF Management
Company Ltd advises that the same strike price of NZD $3.880 per unit has been set for the units issued under the
distribution reinvestment plan operating in respect of the 2020 final distribution payable on 15 October 2020.



-ENDS-

For further information contact:
Simon Till
Director Capital Markets
Phone: +64 21 777 807