Fonterra announces Q3 result and F27 Farmgate Milk Price

28 May 2026

Sustained performance in Q3 as Fonterra executes on strategy; announces 2026/27
Farmgate Milk Price

• Total Group operating profit: NZ $1.8 billion, up $103 million relative to prior year

• Underlying earnings per share: 57 cents per share, up from 53 cents

• FY26 full year forecast earnings range lifted and narrowed to: 60-70 cents per share, up from
50-65 cents per share

• 2025/26 season forecast Farmgate Milk Price narrows: NZ $9.60-$9.80 per kgMS, from $9.40-
$10.00, with the midpoint unchanged at $9.70 per kgMS

• Announced opening 2026/27 season forecast Farmgate Milk Price of $9.75 within a range of
$8.00 – $11.00 per kgMS

• Season to date milk collections: 1,489m kgMS, up 4% on last season

Fonterra has today released its FY26 Q3 business update, demonstrating sustained performance
and progress on the Co-op’s strategy, with year to date Total Group operating profit of $1.8 billion,
up $103 million on this time last year.

The Co-operative has lifted and narrowed its full year forecast earnings range to 60-70 cents per
share, due to confidence in the Co-op’s contracted sales position for FY26 and our ability to
navigate ongoing supply chain disruption.

The forecast Farmgate Milk Price midpoint for the current season is unchanged at $9.70 per kgMS,
with the range narrowing to $9.60-$9.80 per kgMS.

The Co-operative has also announced an opening forecast Farmgate Milk Price for the 2026/27
season of $9.75 with a range of $8.00-$11.00 per kgMS to reflect potential impacts across the
season from ongoing geopolitical risks and inflationary pressures.

CEO Richard Allen says, “Today, we’ve delivered another strong result. Milk production is up
considerably this season, and despite disruption in global supply chains, our sales book is well
contracted and our shipping volumes are strong, with the highest third quarter shipment volumes in
a decade.

“As we look ahead to next season, we expect milk collections to remain high, in line with this
season. Our in-market sales teams are anticipating solid demand from across the regions despite
potential volatility, and this is reflected in our opening forecast range."

Fonterra Co-operative Group
Page 2

Business performance

A disciplined focus on strategy has driven a Total Group year to date operating profit of $1.8 billion,
up from $1.7 billion the prior year, and profit after tax of $1.1 billion, equivalent to 65 cents per
share.

Adjusting for Mainland’s result to reflect the Co-operative's underlying business, the Co-op
delivered $946 million profit after tax, equivalent to earnings per share of 57 cents, up from 53
cents this time last year.

The Ingredients business benefited from ongoing protein demand in the US and Europe, while
Foodservice continued to achieve both volume and margin growth.

Strategy execution

Mr Allen says the Co-op is committed to delivering on its strategy and growing value for farmer
owners as a global B2B dairy provider.

“During the quarter, we completed the sale of Mainland Group and returned $3.2 billion to
shareholders and unit holders. This marked a significant step in the delivery of our strategy, with
the Co-operative firmly focused on growing our high-value Ingredients and Foodservice
businesses.

“We advanced work on our new $35 million pastry butter sheet capacity at Edgecumbe, reached
product validation stage on our $75 million Studholme protein hub, and made good progress on
our $75 million butter expansion at Clandeboye and $150 million UHT cream build at Edendale.

“I’m also pleased to announce that we’ll be progressing with the planned expansion of our organic
business into the South Island, following strong interest from farmers wanting to join our successful
organic programme.

“Our forecast Organic Milk Price range for the current season is $13.90 - $14.10 per kgMS, with a
record midpoint of $14.00 per kgMS. Our opening forecast for the 2026/27 season is $13.00 -
$15.00 per kgMS, also with a $14.00 per kgMS midpoint, reflecting the value customers see in our
organic farmers’ milk.

“These initiatives all reflect real momentum in the Co-op’s performance as we head into the final
quarter of the financial year.”

Outlook

“Looking ahead, Fonterra has strong foundations and a clear strategy to deliver value through our
global Ingredients and Foodservice businesses,” says Mr Allen.

“Our full year earnings guidance reflects the strong shipment volumes expected in the final quarter
of the year.

“However, we acknowledge the uncertainty caused by the ongoing conflict in the Middle East. Like
our farmers, and others around the world, we are experiencing cost inflation and shipping
disruptions.

“We are confident that our deep relationships with customers and logistics partners will continue to
help us navigate these challenges.”

ENDS

Note
Underlying earnings: Adjusted for Mainland Group's result to reflect the Co-operative's underlying business.

Fonterra Co-operative Group
Page 3


Non-GAAP financial information
Fonterra uses several non-GAAP measures when discussing financial performance. Non-GAAP measures are not
defined or specified by NZ IFRS.

Management believes that these measures provide useful information as they provide valuable insight on the underlying
performance of the business. They may be used internally to evaluate the underlying performance of business units and
to analyse trends. These measures are not uniformly defined or utilised by all companies. Accordingly, these measures
may not be comparable with similarly titled measures used by other companies. Non-GAAP financial measures should
not be viewed in isolation nor considered as a substitute for measures reported in accordance with NZ IFRS.

Non-GAAP measures are not subject to audit unless they are included in Fonterra’s audited annual financial statements.


For further information contact:

Fonterra Communications
24-hour media line
Phone: +64 21 507 072

---

Fonterra Co-operative Group
2026 Q3 Results

Our Strategy

2026 Third Quarter Business Update
Operating profit
$1,764m
from 1,661m
3
Earnings per share
65c
 from 66c
•FY26 YTD Total Group operating profit is $1.8b, up $103m relative to prior year, due to:
–Ingredients underlying operating profit¹ down $208m, or (18)%, to $965m, strong protein demand driving higher
in-market margins offset by lower attribution from Core Operations reflecting the higher cost of protein being expensed
–Foodservice underlying operating profit¹ up $304m, or 143%, to $516m, pricing and product mix supporting
in-market margins, in addition to a higher attribution from Core Operations reflecting the lower cost of fat being expensed
–Discontinued operations of $283m includes Mainland Group performance and costs associated with the divestment
•FY26 YTD profit after tax is $1,076m, down $6m, improved operating profit offset by higher costs associated with the
Mainland divestment, relative to prior year
•FY26 YTD underlying profit after tax¹ up $70m to $946m, equivalent to 57 cents per share
•FY26 YTD Capital invested is $612m and forecast to be $1b for full year, reflecting completion of Studholme protein hub; and
ongoing build of Edgecumbe pastry butter sheet capacity, Clandeboye butter expansion and Edendale UHT cream plant
•Balance sheet remains strong, full year debt metrics on track to be in line with FY25 underlying¹ metrics previously disclosed
in the Notice of Special Meeting 2025
•Increased and narrowed FY26 underlying earnings range¹ to 60 – 70 cents per share from 50 – 65 cents, reflecting
confidence from the high FY26 contract levels and Co-op’s ability to navigate ongoing supply chain disruption
•Narrowed current 2025/26 season forecast Farmgate Milk Price range to $9.60 – $9.80 per kgMS from
$9.40 – $10.00 per kgMS
•Announced opening 2026/27 season forecast Farmgate Milk Price of $9.75 within a range of $8.00 – $11.00 per kgMS
•Confirmed expansion of organic business in South Island, and announced opening 2026/27 season forecast Organic Milk
Price of $14.00 per kgMS, within a range of $13.00 – $15.00 per kgMS
3
Profit after tax
$1,076m
 from 1,082m
Key metrics
1. Underlying performance is Fonterra’s continuing operations represented as if the Mainland transaction had occurred for the full period to provide a comparative of
Fonterra’s continuing operations and align with the Pro forma historical financial information disclosed in the Notice of Special Meeting 2025 (29 September 2025).
Underlying earnings per share¹
57c
 from 53c

-
10
20
30
40
50
60
70
80
90
JunJulAugSeptOctNovDecJanFebMarAprMay
2023/242024/252025/26
•Season to date collections as at 30 April are 1,489m kgMS,
4.0% above last season. Expect final season production to be 5-
10m kgMS above forecasted 1,565m kgMS
•End of season production has been performing above
expectations, driven by:
–Favourable weather conditions in early 2026 supporting
North Island milk production
–Record South Island collections for March due to strong
pasture growth extending later into the season
•Focused on milk processing network stability to manage higher
end of season milk collections:
–Manufacturing metrics of milk utilisation, product made right
first time and cost of quality continue to track favourably
–Prioritising the operation of manufacturing plants for higher
value products later into the season to utilise late season milk
Continued focus on milk processing performance to manage higher
end of season milk collections
4
Fonterra New Zealand milk collections
Volume (million litres per day)

1,082(206)
876
(65)
193(31)
(27)
946
1301,076
FY25
Total Group
profit after tax
Mainland and
other
discontinued
operations
FY25
underlying
profit after tax
Core Operations
gross profit
In-market
gross profit
Operating
expenses
Other, net finance
costs and tax
FY26
underlying
profit after tax
Mainland and
other
discontinued
operations
FY26
Total Group
profit after tax
Underlying profit increased, Total Group profit lower due to costs
associated with Mainland divestment
FY25 YTD Q3 to FY26 YTD Q3 profit after tax¹
($ million)
53c EPS
66c EPS
57c EPS
65c EPS
Mainland profit
removed to present
underlying
profit after tax
Lower benefit from
hedging activity relative
to prior year
Lower contribution
relative to prior year
due to incurring majority
of costs associated with
Mainland divestment
5
Reflects planned $21m
increase in ERP system
spend, with $108m for
FY26 year to date
Higher in-market prices
achieved in both
Ingredients and
Foodservice channels
Gross profit
$128m 
1
1
1. Underlying performance is Fonterra’s continuing operations represented as if the Mainland transaction had occurred for the full period to provide a comparative of Fonterra’s continuing operations and align with the Pro
forma historical financial information disclosed in the Notice of Special Meeting 2025 (29 September 2025).

Strong in-market demand driving improved operating profit
6
IngredientsFoodserviceTotal
External sales volume
(million kgMS)
1,015
2.7% 
198
1.0% 
1,213
2.1% 
Operating Profit contribution from underlying operations (excluding Mainland)¹
Core
Operations
$
137m
$342m 
$
186m
$192m 
$
323m
$150m 
In-market
$
828m
$134m 
$
330m
$112m 
$
1,158m
$246m 
Total
$
965m
$208m 
$
516m
$304m 
$
1,481m
$96m 
1. Underlying performance is Fonterra’s continuing operations represented as if the Mainland transaction had occurred for the full period to provide a comparative of Fonterra’s continuing operations and align with the Pro
forma historical financial information disclosed in the Notice of Special Meeting 2025 (29 September 2025).

255
485
433
91
137
423
405
14.8%
14.2%
13.6%
8.1%
11.2%
12.0%
11.8%
-80.0%
-70.0%
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10. 0%
20. 0%
0
100
200
300
400
500
600
700
800
900
1000
FY25 Q1FY25 Q2FY25 Q3FY25 Q4FY26 Q1FY26 Q2FY26 Q3
Underlying operating profit ($ million)
Gross margin (%)
1,173(342)
18
94
22965
FY25 Q3
underlying
operating
profit
Core
Operations
VolumeMarginOperating
expenses
and other
FY26 Q3
underlying
operating
profit
Key performance drivers
Underlying operating profit¹ ($ million)
9-months to 30 April
In-market performance
Quarterly performance
•Ingredients operating profit is down $208m, due to:
–lower attribution from Core Operations reflecting higher cost of protein being
expensed through FY26 relative to prior year
–favourable in-market margins, with higher protein prices in Europe and US
•Allocated ERP upgrade costs included in Core Operations’ attribution
•390m kgMS shipped in FY26 Q3, 15m more than FY26 Q2 and 35m higher than FY25 Q3
•Elevated sales volumes are planned in FY26 Q4 and second half gross margins are
expected to be broadly in line with first half
7
Ingredients: Improved functional protein margins in-market
$134m 
11
FY26 YTD
1. Underlying performance is Fonterra’s continuing operations represented as if the Mainland transaction had occurred for the full period to provide a comparative of Fonterra’s continuing operations and align with the Pro
forma historical financial information disclosed in the Notice of Special Meeting 2025 (29 September 2025).

58
114
107
(44)
152
220
144
14.9%
18.6%
19.5%
10.8%
21.1%
25.2%
24.3%
-80.0%
-60.0%
-40.0%
-20.0%
0.0%
20. 0%
40. 0%
-200
0
200
400
600
800
1000
FY25 Q1FY25 Q2FY25 Q3FY25 Q4FY26 Q1FY26 Q2FY26 Q3
Underlying operating profit ($ million)
Gross margin (%)
212
192-
81
31516
FY25 Q3
underlying
operating
profit
Core
Operations
VolumeMarginOperating
expenses
and other
FY26 Q3
underlying
operating
profit
FY26 YTD
Foodservice: End-to-end margin growth as input costs ease
8
•Foodservice operating profit is up $304m, due to:
–higher attribution from Core Operations reflecting easing in milkfat costs expensed
–in-market volumes flat, with growth in Quick Service Restaurant sector offset by
rationalising residual Consumer business
–pricing and product mix supporting margins while input cost pressures have
continued to ease over the year to date
–improved operating expenses, reflecting rationalising of the residual
Consumer business in Greater China
•Gross margin in Q4 is expected to remain strong with volumes and prices holding firm
•Prior year Q4 operating profit of (44)m impacted by impairments and one-offs, including
realignment of the retained Greater China Consumer business
In-market performance
$112m 
Key performance drivers
Underlying operating profit¹ ($ million)
9-months to 30 April
Quarterly performance
1
1
1. Underlying performance is Fonterra’s continuing operations represented as if the Mainland transaction had occurred for the full period to provide a comparative of Fonterra’s continuing operations and align with the Pro
forma historical financial information disclosed in the Notice of Special Meeting 2025 (29 September 2025).

9
2025/26 Season
Organic Milk Price Forecast
FY26 Outlook
2025/26 Season
Forecast Farmgate Milk Price
2026 Full Year
Forecast underlying earnings range¹
$9.70 per kgMS60-70 cents per share
The increased and narrowed forecast range reflects:
–FY26 volumes are nearly fully contracted
–Co-op’s ability to navigate ongoing supply chain disruption and limited exposure
to this year’s earnings, notwithstanding a significant escalation
Narrowed range to $9.60 - $9.80 per kgMS reflecting:
–FY26 sales volumes well contracted and confidence in Co-op’s ability to
navigate ongoing supply chain disruption
–As nearing end of season, reduced exposure to the ongoing global geopolitical
uncertainty and volatility in the USD/NZD exchange rate
$13.90-$14.10 per kgMS
1. Underlying performance is Fonterra’s continuing operations represented as if the Mainland transaction had occurred for the full period to provide a comparative of Fonterra’s continuing operations and align with the Pro
forma historical financial information disclosed in the Notice of Special Meeting 2025 (29 September 2025).

Opening FY27 Forecast Farmgate Milk Price
10
The forecast range reflects:
•Co-op’s milk collections are expected to be broadly in line with the
2025/26 season
•Limited new-season production contracted, consistent with this time of the year
•Demand remains steady across key markets, with ongoing geopolitical tension
widening the range of possible outcomes
•Continued volatility in input costs, mitigation actions have helped contain
near-term impacts, but risks increase if Middle East conflict persists into peak
production season
–Ongoing mitigating measures include hedging exposure to fuel and energy
costs, and leveraging the Co-op’s strong customer partnerships and resilient
supply chain to maintain product delivery despite shipping disruption
2026/27 Season
Forecast Farmgate Milk Price
$9.75 per kgMS
2026/27 Season
Organic Milk Price Forecast
$13.00-$15.00 per kgMS
Opening range of $8.00 - $11.00 per kgMS

Appendix

FY26 Integrated Scorecard
as at 30 April 2026
Key MetricsFY24 ActualFY25 ActualFY26 ScorecardFY26 YTD
PeopleSerious harm¹16
653
Quality of post-Health, Safety and Wellbeing incident actions
0.410.400.600.72
Culture Measure
79818078
NatureGHGemissionsreduction (Scope1,2)²
(17.4)%(20.3)%(27.0)%(27.2)%
Additional percentage of New Zealand supplying Farms achieving Emissions Excellence
–(2.2)%6%³–
Relationships
Share of NewZealand milk collected for the season to 31 May78.1%77.8%78%77.8%
Delivered in full, on time (DIFOT, at time of arrival)66.1%73.7%77%80.8%
Financial / Assets
& Infrastructure
Cash operating expenses per kgMS (real)⁴1.111.121.081.06
Core Operations manufacturing cash costs per kgMS (real)⁵2.712.722.652.74
Return on capital (FY)11.3%10.9%10%-12%On track
Farmgate Milk Price ($)$7.83$10.16$9.00-$11.00$9.60-$9.80⁶
Alignment Rights
FCG Share Price (volume weighted average price)⁷
Dividends Paid
$2.66
$0.55
$4.70
$0.57
Not Available$5.54
$0.40
On-farm profitability ($ per hectare)⁸$2,845–Not AvailableNot Available
12
1.Includes contractors.
2.Relative to the FY18 base year, restated to exclude Mainland Group. This follows internationally accepted reporting
standards where performance is restated for acquisitions and divestments, to report on a like-for-like basis.
3.Additional 490 farms with minimum of 270 reducing footprint. FY26 performance available at completion of season.
4.Continuing operations, based on New Zealand milk solids, FY26 base year.
5.Based on New Zealand milk solids collected. Excludes the cost of milk. FY26 base year.
6.Latest Forecast Farmgate Milk Price announced 28 May 2026 with midpoint of $9.70 per kgMS.
7.FY26 YTD is the 12-month VWAP to 13 May2026 and is unadjusted for the Mainland Capital Return.
8.DairyNZ Economic Survey 2023-2024 (Owner-Operator). Publication of 2025 survey expected in July 2026.

Fonterra uses several non-GAAP measures when discussing financial performance. Non-GAAP measures are not defined or specified by NZ IFRS.
Management believes that these measures provide useful information as they provide valuable insight on the underlying performance of the business.
They may be used internally to evaluate the underlying performance of business units and to analyse trends. These measures are not uniformly
defined or utilised by all companies. Accordingly, these measures may not be comparable with similarly titled measures used by other companies.
Non-GAAP financial measures should not be viewed in isolation nor considered as a substitute for measures reported in accordance with NZ IFRS.
Non-GAAP measures are not subject to audit unless they are included in Fonterra’s audited annual financial statements.
Please refer to the Glossary for definitions of non-GAAP measures referred to by Fonterra.
13
Non-GAAP Measures
Attributable to equity holders of the Co-operative
is used to indicate that a measure or sub-total excludes amounts
attributable to non-controlling interests
Average capital employed
is a 13-month rolling average of capital employed
Bulk liquids
means bulk raw milk that has not been processed and bulk
separated cream
Capital employed
is adjusted net debt less the cash adjustment (used in calculating
adjusted net debt), plus cash and cash equivalents held by
subsidiaries for working capital purposes, plus equity excluding
hedge reserves and net deferred tax assets
Capital invested
is capital expenditure plus right of use asset (e.g. leases)
additions and business acquisitions, including equity
contributions, long-term advances, and other investments
Cash operating expenses per kgMS
is continuing operations operating expenses, less non-cash costs
(depreciation, amortisation and impairments. Shown by kilogram
of New Zealand and Australia milk solids collected
Consumer
is the channel of branded consumer products, such as powders,
yoghurts, milk, butter and cheese
Continuing operations
means operations of the Group that are not discontinued
operations
Core Operations
represents core operating functions including New Zealand milk
collection and processing operations and assets, supply chain,
Fonterra Farm Source retail stores, and the physical and
financial commodity portfolio management function
Core Operations’ attribution
when attributing the results of Core Operations to the Ingredients
and Foodservice channels, the principle is for the end-to-end
contribution to reflect the underlying transaction between
Fonterra and the customer, where possible. If costs are not
directly linked to transactions, such as overheads, attributions
are activity based where appropriate e.g. Information Technology
and Research and Development. If none of these principles
applies, the attribution uses the share of product
sold/manufactured in the region as the base of allocation
Core Operations manufacturing cash costs per kgMS
is the logistics costs, variable and fixed costs of the COO
business unit less non-cash costs (depreciation, amortisation and
impairment) shown by kilogram of New Zealand milk solids
collected. Excludes milk, ocean freight and farm costs.
Debt to EBITDA
is adjusted net debt divided by Total Group normalised earnings
before interest, tax, depreciation and amortisation (Total Group
normalised EBITDA) excluding share of profit/loss of equity
accounted investees, net foreign exchange gains/losses and any
normalised EBITDA relating to entities divested during the year
Discontinued operations
means a component of the Group that is classified as held for
sale (or has been sold) and represents, or is part of a single
coordinated plan to dispose of, a separate major line of business
or geographical area of operations, or is a subsidiary acquired
exclusively with a view to resale
Eliminations
represents eliminations of inter-business unit sales
Gearing ratio (%)
is adjusted net debt divided by total capital. Total capital is equity
excluding hedge reserves, plus adjusted net debt
Glossary

Glossary
Ingredients
represents the channel comprising bulk and specialty dairy
products such as milk powders, dairy fats, cheese and proteins
manufactured in New Zealand, Australia and Europe, or
sourced through our global network, and sold to food producers
and distributors
Net debt
is calculated as total borrowings, plus bank overdraft, less cash
and cash equivalents, plus a cash adjustment for 25% of cash
and cash equivalents held by the Group’s subsidiaries, adjusted
for derivatives used to manage changes in hedged risks on
debt instruments. Amounts relating to disposal groups held for
sale are included in the calculation
Non-Reference Products
means all NZ milk solids processed by Core Operations, except
for Reference Commodity Products
Normalisation adjustments
means adjustments made for certain transactions that meet the
requirements of the Group’s Normalisation Policy. These
transactions are typically unusual in size and nature.
Normalisation adjustments are made to assist users in forming
a view of the underlying performance of the business.
Normalisation adjustments are set out in the Non-GAAP
Measures section. Normalised is used to indicate that a
measure or sub-total has been adjusted for the impacts of
normalisation adjustments. E.g., ‘Normalised EBIT’
Price relativities
refers to the difference in the weighted average price (in USD)
between the Reference Product portfolio and Non-Reference
Product portfolio. The difference between these two weighted
average prices is a key driver of the Ingredients’ gross margin
Reference Products
are the five commodity groups used to calculate the Farmgate
Milk Price, being Whole Milk Powder (WMP) and Skim Milk
Powder (SMP), and their by-products Butter, Anhydrous Milk
Fat (AMF) and Buttermilk Powder (BMP)
Total Group
is used to indicate that a measure or sub-total comprises
continuing operations, discontinued operations and non-
controlling interests. E.g., ‘Total Group operating profit’
Trade working capital
is total trade and associate receivables plus inventories, less
trade and associate payables and accruals. It excludes
amounts owing to suppliers and employee entitlements and
includes trade working capital classified as held for sale
Working capital days
is calculated as 13-month rolling average working capital
divided by revenue from the sale of goods (excluding impact of
derivative financial instruments) multiplied by the number of
days in the period. The working capital days calculation
excludes other receivables, prepayments, other payables and
includes working capital classified as held for sale
Foodservice
represents the channel selling to businesses that cater for out-
of-home consumption; restaurants, hotels, cafés, airports,
catering companies etc. The focus is on customers such as;
bakeries, cafés, Italian restaurants, and global quick-service
restaurant chains. High performance dairy ingredients including
whipping creams, mozzarella, cream cheese and butter sheets,
are sold in alongside our business solutions under the Anchor
Food Professionals brand
14

Forward looking statements
This presentation contains certain forward-looking statements. There are risks (both known and unknown), uncertainties, assumptions and other important factors that could cause the
actual conduct, market conditions, results, performance or achievements of Fonterra to be materially different from the future conduct, market conditions, results, performance or
achievements expressed or implied by the forward looking statements, or that could cause future conduct to be materially different from historical conduct. Deviations as to future
conduct, market conditions, results, performance and achievements are both normal and to be expected.
Forward looking statements generally may be identified by the use of forward looking words such as ‘target’, ‘targeting’, ‘aim’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘forecast’,
‘foresee’, ‘future’, ‘intend’, ‘likely’, ‘may’, ‘planned’, ‘potential’, ‘should’, or other similar words.
Any estimates or projections as to events that may occur in the future (including EBITDAF, revenue, profit, underlying profit, dividends, margin, expenses, earnings, assets, liabilities
and performance) are based upon the best judgement of Fonterra from the information available as of the date of this presentation. A number of factors could cause actual results or
performance to vary materially from the estimates or projections. No person (including Fonterra and its directors, officers, employees and advisers) gives or makes any representation,
warranty, assurance or guarantee that the occurrence of the events expressed or implied in any forward looking statements in this presentation will actually occur or, except to the
extent (if any) required by applicable law or any applicable Listing Rules, assumes any obligation to provide any additional information or update these forward looking statements for
events or circumstances that occur subsequent to the date of this presentation. No reliance should be placed on any forward looking statements.
Not financial advice
This presentation does not take into account the individual investment objectives, financial situation or needs of any shareholder. Shareholders must make their own decisions and seek
their own advice in this regard. The information contained in this presentation does not constitute, and should not be taken as constituting, financial advice, financial product advice,
investment advice, tax advice or legal advice. In particular, this presentation does not constitute a recommendation or offer to buy or sell securities in Fonterra or the Fonterra
Shareholders’ Fund.
Important Cautions and Disclaimer
15