Fonterra Financial Overview

Forecast 2021/22 Season Farmgate Milk Price Fonterra Dairy for life Forecast Farmgate Milk Price $9.30 -$9.90 per kgMS 2019/2020 Season 2020/2021 Season 2021/2022 Season Forecast (US$/MT) $9.60 4,000 • Reflects higher commodity prices at a time of strong demand and constrained global supply $7.54 $7.14 3,000 • Risks include commodity price volatility, and disruption of global markets and supply chain due to COVID-19 and geopolitical events 31 May 19 31 May 20 31 May 21 31 Jan 22 Reference product shipment price Farmgate Milk Price for the season Source: GlobalDairy Trade 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. Reference product shipment price is represented by a weighted average of the WMP, SMP, AMF and Butter prices achieved on GDT 11

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