Monthly Allotment/ Redemption Notice

Fonterra Shareholders' Fund
Monthly Allotment / Redemption Notice

01 April 2023
Issued in reliance on the Fund's waiver from NZX Main Board Listing Rule 3.13.1 dated 24 June 2019. A copy of this waiver can be found at https://
www.fonterra.com/nz/en/investors/fonterra-shareholders-fund.html.

Please be advised that during the month of March 2023 the following allotments and
redemptions of units were made in the Fonterra Shareholders' Fund. Each unit was allotted or
redeemed in consideration of the transfer of one share in Fonterra Co-operative Group Limited to
or by Fonterra Farmer Custodian Limited.


(a) Class of Security and ISIN: FSF Units, ISIN: NZFSFE0001S5

(b) Number of Securities:
Allotted: 0

Redeemed: 0

Net Allotment 0

(c) Percentage of total Class of Securities:
Allotted: 0.0000000%

Redeemed: 0.0000000%

Net Allotted % 0.0000000%


(d) Reason for Redemption: Each unit was allotted or redeemed in consideration of
the transfer of one share in Fonterra Co-operative Group Limited to or by Fonterra Farmer
Custodian Limited.

(e) Specific authority for Redemption: Fonterra Shareholders' Fund Unit Trust Deed
between FSF Management Company Limited, the New Zealand Guardian Trust
Company Limited and Fonterra Co-operative Group Limited, and the Custody Trust Deed
for the Fonterra Economic Rights Trust between FSF Management Company Limited, the
New Zealand Guardian Trust Company Limited, Fonterra Co-operative Group Limited
and Fonterra Farmer Custodian Limited.

(f) Terms or details of the Redemption: The units allotted rank pari-passu with
the existing units on issue.

(g) Number of Securities of the Class in existence at close on 31/03/2023 after
the allotment (exclusive of Treasury Stock):
(h) Previous number of Securities of the Class in existence at close on
28/02/2023 before the allotment (exclusive of Treasury Stock):
Andrew Cordner



107,410,984


107,410,984
On behalf of the Fonterra Shareholders' Fund. FSF Management Company Ltd (Australian Registered Business Number 190 539 935,
incorporated in New Zealand) is the manager of the Fonterra Shareholders' Fund.
taf@fonterra.com
Phone +64 9 374 9000
Private Bag 92032, Auckland, 1142, 109 Fanshawe Street, Auckland Central, Auckland, 1010 New Zealand
www.fonterra.com