Pokeno Institutional Investor Site Tour

-.5 03/04 0 04/05 05/06 .5 06/07 07/08 1 60/80 Milk production (m' kgMS) 2 1.5 09/10 MILK SUPPLY Milk production is flat, while milk processors are rising. New Zealand milk production volume 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23 YOY production 100% change (%) 90% 20 80% 70% 15 60% 10 50% 40% 5 30% 20% 0 10% -5 0% 03/04 04/05 05/06 Processor share of New Zealand milk pool MILK FLOWS HAVE BEEN RELATIVELY FLAT FOR SEVERAL YEARS ... AND SYNLAIT HAS RETAINED ITS 4% MARKET SHARE. 06/07 07/08 60/80 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23 Fonterra Synlait Other POKENO INSTITUTIONAL INVESTOR SITE TOUR

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