2022 Annual Results

Higher dairy prices and favourable price relativities Monthly Milk Prices (NZ$) 10.00 8.00 6.00 31 May 31 Aug (US$/MT) Reference and non-reference price relativities on GDT 6,000 5,000 4,000 3,000 Fonterra Dairy for life H1 FY22 H2 FY22 30 Nov 28 Feb 31 May 31 Jul 21 31 Jan 22 31 Jul 22 Monthly Milk Price 2020/2021 Season -Monthly Milk Price 2021/2022 Season Consistently higher monthly milk price across the 2021/22 season compared to prior season The average of the monthly milk prices are equivalent to $7.54 and $9.30 for 2020/21 and the 2021/22 seasons, respectively 1. Source: GlobalDairy Trade Reference product shipment price Non-reference product shipment price²,4 Narrow price relativities in the first half; strong increase in non-reference product prices improving price relativities in second half More favourable than expected price relativities contributed to stronger fourth quarter earnings 2. The shipment price is a weighted average price of GDT contracts struck 1 to 5 months prior to the agreed shipment month. Shipment month is the month in which the sale would be deemed for financial reporting purposes to have been completed, and will normally be the month in which the sale is invoiced and the product is shipped 3. Reference product shipment price is represented by a weighted average of the WMP, SMP, AMF and butter prices achieved on GDT 4. Non-reference product shipment price is represented by the cheddar prices achieved on GDT 3

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