2022 Annual Results

2023 earnings outlook Forecast Earnings 45-60c per share • The range reflects: FY22 H1 FY22 H2 FY23 H1 (US$/MT) 5,000 。 continuing strong underlying demand sustained favourable price relativities between our reference and non-reference portfolios 4,000 31 Jul 21 protein portfolio contract rate well positioned for this stage of the season 31 Jan 22 Fonterra Dairy for life 31 Jul 22 31 Jan 23 Reference product shipment price' Non-reference product shipment price¹,4 Reference product contract shipment price Non-reference product contract shipment price 2,4 Source: GlobalDairy Trade. Data is up to GDT event 315 on 6 September 2022 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 to 5 months prior on the GlobalDairy Trade 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 19

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