2022 Annual Results

Investing in sustainability Doing what's right for customers, the planet and our Co-op Total GHG emission in Fonterra's value chain¹² Fonterra Dairy for life 26,867 2,201 25,931 2,115 25,572 2,043 24,480 1,944 24,456 23,622 23,328 22,353 FY18 - baseline FY20 Farming Manufacturing FY21 FY22 ■Distribution and other Manufacturing GHG emissions² 2,201 2,115 2,043 1,944 1,310 1,221 1,248 1,178 Reducing annual manufacturing emissions by converting coal boilers to wood biomass: completion of Te Awamutu in FY21 reduced our emissions from coal by more than 9%³. The project cost $11 million Stirling to be completed during FY23 will reduce our emissions from coal by about 2%³. The project is expected to cost $30 million one boiler at Waitoa to be completed in FY24. Expected to reduce our emissions from coal by more than 5%³. The project is expected to cost $102 million 891 FY18 - baseline Coal Other 894 795 766 FY20 FY21 FY22 1. Farming and Manufacturing emissions do not add to Total GHG emissions. Distribution and other emissions are not displayed, these are less than 1% of our total emissions 2. Measured in 000's tCO2-e 3. Relative to FY18, the baseline year 14

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