Fonterra Financial Overview

New Zealand sourced Ingredients product mix Fonterra Dairy for life 2021 2022 Sales Volume ('000 MT)'¹ Reference products 870 793 Non-reference products 419 415 Revenue¹ $ billion $ per MT $ billion $ per MT Reference products 4.2 4,784 4.7 5,916 Non-reference products 2.3 5,372 2.6 6,221 Cost of Milk Reference products 3.2 3,676 3.7 4,702 The average reference product sales price per metric tonne has increased 24%: WMP has been the significant contributor The average non-reference product sales price per metric tonne has increased 16%: o Casein and whey products have increased significantly Other products, such as cheese, that are typically more stable or have a non-spot pricing arrangement increased at a slower rate Non-reference products 1.4 3,294 1.7 4,144 Cost of milk increased 28% and 26% for reference products and non-reference products, respectively 1. Excludes bulk liquid milk. Bulk liquid milk for the six months ended 31 January 2022 was 34,000 MT of kgMS equivalent (the six months ended January 2021 was 36,000 MT of kgMS equivalent) Note: Figures represent Fonterra-sourced New Zealand milk only. Reference products are products used in the calculation of the Farmgate Milk Price - WMP, SMP, BMP, Butter and AMF. Milk solids used in the products sold were 441 million kgMS in reference products and 207 million kgMS non-reference products (previous comparative period 488 million kgMS reference products and 205 million non-reference products) 25

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