2022 Annual Results

Our strategy positions us well OUR STRATEGIC CHOICES $ Focus on Aotearoa New Zealand Milk PERFORMANCE TARGETS 40-50% EBIT increase from FY21 ~9-10% Return on capital Increase dividends to ~40-45 cents per share Aspiration to be Net zero by 2050 l INVESTMENT Be a leader in dairy Innovation & science ~$1 billion 2 in sustainability ~$1 billion invested in moving more milk to higher value products ~$160m per annum in R&D 逝 DISTRIBUTION OF FUNDS Be a leader in ~$1 billion Intended to be distributed to shareholders after asset sales ~$2 billion for mix of investment in further growth and return to shareholders Sustainability Note: These targets are based on assumptions and risks that are set out in the Appendix to the booklet Our Path to 2030, including the assumption of an average Farmgate Milk Price for the decade of $6.50 - $7.50 per kgMS. We are aiming to achieve these targets and they should not be taken as forecasts or guarantees of returns. They are subject to successfully completing a number of business initiatives. 16

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