Fonterra Financial Overview

Fonterra's New Zealand milk collections 90 90 80 60 Volume (m litres/day) 70 60 60 50 50 Fonterra Dairy for life Peak Day Milk • Fonterra's NZ season to date milk collection, June - February, was 1,160 million kgMS, 4.0% behind last season Cold and wet spring with limited sunshine affecting pasture growth and collections early in the season Very dry and warm conditions from the beginning of January have led to declining soil moisture and lack of feed in the North Island Collections in the second half of February were supported by more normal conditions. Full season forecast of 1,480 million kgMS, down 3.8% on last season 30 Season 30 Total Milk Solids (kgMS) 20 20 2019/20 1,517m (down 0.4%) 83m litres 2020/21 1,539m (up 1.5%) 83m litres 10 2021/22 1,480m (down 3.8%) 80m litres 0 Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 40 40 1. Current full season forecast 18

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