2022 Annual Results

FY23 Integrated Scorecard Fonterra Dairy for life People Providing a safe, healthy and inclusive place to work. Able to attract and retain the best talent in the world. Continuously developing people's skills for meaningful careers within the ever-changing nature of work. Nature Leading the transition to net-zero GHG emissions for dairy nutrition. Demonstrating that dairy can be a net-positive contributor to nature. Relationships (Farmers, customers, New Zealand, consumer, government etc.) Strong relationships with customers and consumers through the provision of high-quality, innovative products and services and sustainability credentials. Processor of choice for farmers through competitive returns on their investment and value-adding support and services. Trusted relationships with stakeholders, playing our part for positive social, environmental and economic outcomes that are recognised by New Zealanders. Intellectual Capital (What we know) Leveraging our IP to deliver extra value for the Co-op. Assets & Infrastructure (How we do dairy) Operational assets are resilient and can efficiently deliver our most valuable portfolio of products and services, with an ever-decreasing environmental footprint. Financial (Our Performance) Consistently attractive for farmers to be members of the Co-op, both as suppliers and shareholders. Key Metrics People Serious harm Gender diversity (Band 12+) Nature GHG emissions (Scope 1,2) FY21 FY22 FY23 Scorecard 9 8 5 36.3% 37.6% 38.8% (6.6)% (11.2)% (10.6)% FEP adoption 53% 71% 84% (New Zealand) Water Improvement Plans in place 37.5% (18 sites) Relationships Share of New Zealand milk collected 79.0% 79.1% 79.0% Intellectual Capital EBIT from New Zealand value-add businesses ($ million) Assets & Infrastructure Cost of quality (% of cost of goods sold) Return on capital Financial Farmgate Milk Price ($) 1. Relative to FY18 Baseline. Long-term will include Scope 3 but for now Scope 1&2 including farms under our operational control 2. EBIT consists of Consumer, Foodservice, Active Living excluding Brazil, Australia and Chile 616 307 388 0.45% 0.44% 0.35% 6.6% 6.8% 7.0% to 7.5% 7.54 9.30 $9.503 3. The latest announced Forecast Farmgate Milk Price range is $8.50-$10.00 per kgMS, with a mid-point of $9.25 per kgMS (26 August 2022)

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