Fonterra Financial Overview

Important information and disclaimer This presentation may contain forward-looking statements, financial targets and ambitions ("Forward Statements"), each of which is based on a range of assumptions, including (in the case of our 2030 strategy) the assumptions noted in the Appendix of the booklet titled Our Path to 2030 which is available on our website. None of the Forward Statements is intended as a forecast, estimate or projection of the outcome that will, or is likely to, eventuate. They should not be taken as forecasts or a guarantee of returns to shareholders. There can be no certainty of outcome in relation to the matters to which the Forward Statements relate. Our ability to achieve the outcomes described in the Forward Statements is subject to a number of assumptions, each of which could cause the actual outcomes to be materially different from the events or results expressed or implied by such Forward Statements. The Forward Statements also involve known and unknown risks, uncertainties and other important factors that could cause the actual outcomes to be materially different from the events or results expressed or implied by such Forward Statements. Those risks, uncertainties, assumptions and other important factors are not all within the control of Fonterra Co-operative Group Limited ("Fonterra") and its subsidiaries (the "Fonterra Group") and cannot be predicted by the Fonterra Group. The Forward Statements in this presentation reflect views held only at the date of this presentation. While all reasonable care has been taken in the preparation of this presentation, none of Fonterra, the Fonterra Group, or any of their respective subsidiaries, affiliates and associated companies (or any of their respective officers, employees or agents) (together "Relevant Persons”) makes any representation or gives any assurance or guarantee as to the accuracy or completeness of any information in this presentation or the likelihood of fulfilment of any Forward Statement or any outcomes expressed or implied in any Forward Statement. Accordingly, to the maximum extent permitted by law, none of the Relevant Persons accepts any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of any Forward Statements or for any loss, howsoever arising, from the use of this presentation. Statements about past performance are not necessarily indicative of future performance. Except to the extent (if any) as required by applicable law or any applicable Listing Rules (including the Fonterra Shareholders' Market Rules), the Relevant Persons disclaim any obligation or undertaking to update any information in this presentation. This presentation does not constitute investment advice or opinions, or an inducement, recommendation or offer to buy or sell any securities in Fonterra or the Fonterra Shareholders' Fund. Fonterra Dairy for life 40

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