Pursuant to section 331 of the Financial Markets Conduct Act 2013, the Financial Markets Authority on 8 February 2018 approved rule changes for the licensed market operated by NZX, as contained in the notice Financial Markets Conduct (Fonterra Shareholders’ Market Rules) Approval of Rule Change Notice 2018.

The following rule change has been approved:

1. Amendment of the definition of “Disqualifying Relationship” contained in Rule 1.7.1 of the Fonterra Shareholders’ Market Rules has been approved as rule changes for the private market operated by NZX for the trading of Fonterra shares by persons permitted to hold shares under the Rules and the Constitution of Fonterra.

The approved rule change will come into effect from 8 February 2018 or as otherwise determined by NZX.

Copies of the notice are available on the Financial Markets Authority’s website: www.fma.govt.nz.

Copies are also available for purchase on request to the Financial Markets Authority, Level 2, 1 Grey Street, Wellington, or Level 5, Ernst & Young Building, 2 Takutai Square, Britomart, Auckland, or by post to PO Box 1179, Wellington 6140.