Fonterra Financial Overview

2022 earnings outlook Forecast Earnings 25-35c per share • Maintained current range: 。 Ingredients' pricing across the portfolio continues to support earnings Fonterra Dairy for life FY21 FY21 FY22 H1 H2 H1 FY22 H2 (US$/MT) 4,000 3,000 。 Pressure remains on Foodservice and Consumer margins due to higher input costs 31 Jul 20 Source: GlobalDairy Trade. Data is up to GDT event 301 on 1 February 2022 31 Jan 21 31 Jul 21 Reference product shipment price' Non-reference product shipment price¹,4 Reference product contract shipment price 31 Jan 22 30 May 22 -Non-reference product contract shipment price²,4 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 2. The contracted shipment price is the weighted average shipment price of GDT contracts won 1 - 5 months prior on the GlobalDairyTrade platform. These contracts are yet to be shipped or invoiced and the weighted average price will change closer to the actual shipment date as new contracts are written 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 12

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