2022 Annual Results

Forecast 2022/23 Season Farmgate Milk Price Fonterra Dairy for life 2020/2021 Season 2021/2022 Season 2022/2023 Season Forecast (US$/MT) Forecast Farmgate Milk Price $8.50 - $10.00 per kgMS Midpoint of $9.25 per kgMS reflects: o constrained supply as growth from key milk producing regions expected to remain low 。 continuing strong underlying demand The wide range reflects several risks, such as COVID-19 and macroeconomic factors, including global inflation, global economic growth and volatility in foreign exchange markets 4,000 $7.54 3,000 31 May 20 $9.30 31 May 21 Reference product shipment price $9.25 31 May 22 30 Nov 22 -> Reference contract product shipment price' Average reference product shipment price for the season Source: Global Dairy Trade. Data is up to GDT event 315 on 6 September 2022 1. Reference product shipment price is represented by a weighted average of the WMP, SMP, AMF and butter prices 2. 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. The contracted shipment price is the weighted average shipment price of GDT contracts won 1 to 5 months prior on the GDT 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 18

View entire presentation