Fonterra Financial Overview

Strong demand for dairy reflected in prices Monthly price of reference products on GDT (US$/MT) 2020/2021 Season 4,000 3,000 31 May 20 30 Nov 20 31 May 21 Reference and non-reference price relativities on GDT 2021/2022 Season (US$/MT) H1 FY21 H2 FY21 H1 FY22 4,000 3,000 31 Jan 22 31 Jul 20 " Reference product shipment price 2020/2021 Season Reference product shipment price 2021/2022 Season ' Operating with significant increase in dairy prices due to strong demand and constrained supply • Average GDT WMP shipment prices in H1 were 28% higher than H1 prior year Source: GlobalDairy Trade 2. 1. 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. Fonterra Dairy for life 31 Jul 21 31 Jan 22 31 Jan 21 Non-reference product shipment price Reference product shipment price > • Price relativities improved in Q2 relative to Q1 Price relativities up from prior year's Q4, but less favourable than H1 last year Reference product shipment price is represented by a weighted average of the WMP, SMP, AMF and Butter prices achieved on GDT Non-reference product shipment price is represented by the cheddar prices achieved on GDT 3

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