Update to Appendix 3A.1

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Update Summary
Entity name
FONTERRA SHAREHOLDERS' FUND
Security on which the Distribution will be paid
FSF - ORDINARY UNITS FULLY PAID FOREIGN EXEMPT NZX
Announcement Type
Update to previous announcement
Date of this announcement
Monday October 12, 2020
Reason for the Update
Update Section 4A.6 with DRP Strike Price of NZD 3.880
Update Section 2A.9a, 2A.9c, 2B.2a, 2B.2b, with AUD/NZD FX rate information
Refer to below for full details of the announcement

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Announcement Details
Part 1 - Entity and announcement details
1.1 Name of +Entity
FONTERRA SHAREHOLDERS' FUND
1.2 Registered Number Type
ARSN
Registration Number
160941542
1.3 ASX issuer code
FSF
1.4 The announcement is
1.4a Reason for update to a previous announcement
Update Section 4A.6 with DRP Strike Price of NZD 3.880
Update Section 2A.9a, 2A.9c, 2B.2a, 2B.2b, with AUD/NZD FX rate information
1.4b Date of previous announcement(s) to this update
Thursday October 1, 2020
1.5 Date of this announcement
Monday October 12, 2020
1.6 ASX +Security Code
FSF
ASX +Security Description
ORDINARY UNITS FULLY PAID FOREIGN EXEMPT NZX
Part 2A - All dividends/distributions basic details
2A.1 Type of dividend/distribution
2A.2 The Dividend/distribution:
relates to a period of twelve months
Ordinary
Update/amendment to previous announcement

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2A.3 The dividend/distribution relates to the financial reporting or payment period ending ended/ending (date)
Friday July 31, 2020
2A.4 +Record Date
Friday September 25, 2020
2A.5 Ex Date
Thursday September 24, 2020
2A.6 Payment Date
Thursday October 15, 2020
2A.7 Are any of the below approvals required for the dividend/distribution before business day 0 of the timetable?
Security holder approval
Court approval
Lodgement of court order with +ASIC
ACCC approval
FIRB approval
Another approval/condition external to the entity required before business day 0 of the timetable for the
dividend/distribution.
2A.8 Currency in which the dividend/distribution is made ("primary currency")
NZD - New Zealand Dollar
2A.9 Total dividend/distribution payment amount per
+security (in primary currency) for all
dividends/distributions notified in this form
NZD 0.05000000
Estimated or Actual?
2A.9a AUD equivalent to total dividend/distribution
amount per +security
AUD 0.04586300
2A.9b If AUD equivalent not known, date for information
to be released
Monday October 12, 2020
Estimated or Actual?
2A.9c FX rate (in format AUD 1.00 / primary currency
rate): AUD
AUD 1.00
FX rate (in format AUD rate/primary currency rate)
Primary Currency rate
NZD 1.09020000
2A.10 Does the entity have arrangements relating to the
currency in which the dividend/distribution is paid to
securityholders that it wishes to disclose to the market?
2A.11 Does the entity have a securities plan for
dividends/distributions on this +security?
2A.11a If the +entity has a DRP, is the DRP applicable to
this dividend/distribution?
2A.11a(i) DRP Status in respect of this
dividend/distribution
Full DRP
Yes
We have a Dividend/Distribution Reinvestment Plan (DRP)
Yes
Actual
Actual
No

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2A.12 Does the +entity have tax component information
apart from franking?
2A.13 Withholding tax rate applicable to the dividend/distribution (%)
15.000000 %
Part 2B - Currency Information
2B.1 Does the entity default to payment in certain currencies dependent upon certain attributes such as the
banking instruction or registered address of the +securityholder? (For example NZD to residents of New Zealand
and/or USD to residents of the U.S.A.).
2B.2 Please provide a description of your currency arrangements
Paid in NZD to NZ holders.
Paid in AUD to holders with Australian bank details recorded at the Registry.
2B.2a Other currency/currencies in which the dividend/distribution will be paid:
CurrencyPayment currency equivalent amount per security
AUD - Australian DollarAUD 0.91726000
2B.2b Please provide the exchange rates used for non-primary currency payments
AUD 1: NZD 1.09020
2B.2c If payment currency equivalent and exchange
rates not known, date for information to be released
Monday October 12, 2020
Estimated or Actual?
2B.3 Can the securityholder choose to receive a currency different to the currency they would receive under the
default arrangements?
Part 3A - Ordinary dividend/distribution
3A.1 Is the ordinary dividend/distribution estimated at
this time?
3A.1a Ordinary dividend/distribution estimated amount
per +security
NZD
3A.1b Ordinary Dividend/distribution amount per
security
NZD 0.05000000
3A.2 Is the ordinary dividend/distribution franked?
No
No
No
Actual
Yes
NoNo

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3A.3 Percentage of ordinary dividend/distribution that is
franked
0.0000 %
3A.4 Ordinary dividend/distribution franked amount per
+security
NZD 0.00000000
3A.5 Percentage amount of dividend which is unfranked
100.0000 %
3A.6 Ordinary dividend/distribution unfranked amount
per +security excluding conduit foreign income amount
NZD 0.05000000
Part 3F - NZD declared dividends/distributions - supplementary dividend/distribution
3F.1 Is a supplementary dividend/distribution payable?
3F.2 Is the supplementary dividend/distribution
estimated at this time?
3F.2a Supplementary dividend/distribution estimated
amount per +security
NZD
3F.2b Supplementary dividend/distribution amount per +security
NZD
3F.3 Is the Supplementary dividend/distribution franked?
3F.4 Percentage of Supplementary dividend/distribution
that is franked
%
3F.5 Supplementary dividend/distribution franked
amount per +security
NZD
3F.6 Percentage of Supplementary dividend/distribution
that is unfranked
%
3F.7 Supplementary dividend/distribution unfranked amount per security
NZD
Part 4A - +Dividend reinvestment plan (DRP)
4A.1 What is the default option if +security holders do not indicate whether they want to participate in the DRP?
4A.2 Last date and time for lodgement of election
notices to share registry under DRP
Monday September 28, 2020 18:00:00
4A.3 DRP discount rate
2.5000 %
4A.4 Period of calculation of reinvestment price
Do not participate in DRP (i.e. cash payment)
No
Yes

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Start Date
Thursday September 24, 2020
End Date
Wednesday September 30, 2020
4A.5 DRP price calculation methodology
Average of daily VWAP over five days in accordance with the DRP Terms published
4A.6 DRP Price (including any discount):
NZD 3.87982
4A.7 DRP +securities +issue date
Thursday October 15, 2020
4A.8 Will DRP +securities be a new issue?4A.8a Do DRP +securities rank pari passu from +issue
date?
4A.9 Is there a minimum dollar amount or number of +securities required for DRP participation?
4A.9a Minimum number of +securities required for DRP
participation

4A.9b Minimum amount for DRP participation
NZD
4A.10 Is there a maximum dollar amount or number of +securities required for DRP participation?
4A.11 Are there any other conditions applying to DRP participation?
4A.11a Conditions for DRP participation
Only unit holders who have an address in New Zealand or Australia are eligible to participate.
4A.12 Link to a copy of the DRP plan rules
https://www.fonterra.com/nz/en/investors/dividends.html
4A.13 Further information about the DRP
Part 5 - Further information
5.1 Please provide any further information applicable to this dividend/distribution
5.2 Additional information for inclusion in the Announcement Summary
Yes
No
Yes
Yes
Yes