NZMP Product Results Report - All Products

143

144

145

146

147

148

149

150

151

152

153

154

155

156

157

158

159

160

161

162

163

164

165

0K

1K

2K

3K

4K

5K

6K

Weighted Average Price

-2.1%15.0%-0.5%

NZMP/Fonterra GDT Product Results Report

1. The data used in this report is sourced directly from gDT. As such any prices or volumes are subject to change from time to time.2. Volumes given are based on bidding amounts only. Actual shipping volumes may differ slightly on these figures3. Fonterra Co-operative Group Limited has provided this report for informational purposes only. It does not constitute recommendations for purposes of making financial decisions including the purchase of dairy products and trading ofdairy commodities. The information contained herein is based on available gDT data Although every effort is made to ensure accuracy of reproducing and interpreting such information, no warranty or representation of such ismade.Fonterra Co-operative Group Limited shall not have any liability for errors contained herein or for any use of this document by any party in the formulation of any business decisions.

Weighted averageproduct prices atlatest event

-0.9%2.4%14.2%3.1%$2,669$2,762$1,765$3,444

$2,205$1,882$5,035MPC70 RENCAS SMP WMP

AMF BMP BUTTER CHEDDAR

Fonterra GDT prices overlast twelve months

143

144

145

146

147

148

149

150

151

152

153

154

155

156

157

158

159

160

161

162

163

164

165

1500

2000

2500

3000

3500

WEIGHTED AVERAGE PRICE

Product GroupAMF

BMP

Butter

SMP

WMP

Weighted average NZMP product prices - powders & fats

Weighted average NZMP product prices - proteins & cheeseProduct GroupChed

MPC70

RenCas

NOTOFFERED

Notes and Disclaimer

Event Date Range1/07/2015 to 30/06/2016

WMP PRODUCT RESULTS - TE165

NZMP/Fonterra GDT Product Event Results Report

-2.1%

WMP

1. The data used in this report is sourced directly from gDT. As such any prices or volumes are subject to change from time to time.2. Volumes given are based on bidding amounts only. Actual shipping volumes may differ slightly on these figures3. Fonterra Co-operative Group Limited has provided this report for informational purposes only. It does not constitute recommendations for purposes of making financial decisions including the purchase of dairy products and trading ofdairy commodities. The information contained herein is based on available gDT data Although every effort is made to ensure accuracy of reproducing and interpreting such information, no warranty or representation of such ismade.Fonterra Co-operative Group Limited shall not have any liability for errors contained herein or for any use of this document by any party in the formulation of any business decisions.

Trends over last twelveevents

Forward pricing forFonterra WMP offeredat the last four GDTevents

PRICE CHANGE(on weighted average Fonterra price from

previous event)

PRICE(Weighted average price of all

Fonterra WMP)

$2,205

155

156

157

158

159

160

161

162

163

164

165

-10%

-5%

0%

5%

% Difference in WeightedAverageProductPrice

May16 Jul16 Sep16 Nov16Shipping Month (ETD ex NZ)

2100

2150

2200

2250

2300

WEIGHTED AVERAGE PRICE

163

162

164

165

GDT forward pricing for NZMP WMP

WMP prices by contract period and spec

Event May16 Jun16 Jul16 Aug16 Sep16 Oct16 Nov16 Dec16

162

163

164

165 $2,213$2,209

$2,288

$2,225

$2,186

$2,286

$2,218

$2,294

$2,216

$2,284

$2,242

$2,331

$2,214

$2,262

$2,218

$2,249

$2,193

$2,249

$2,163

$2,194

$2,198

$2,113

$2,104$2,139

Average prices on GDT for Fonterra and non-Fonterra WMPNB - These averages are simple averages and thus not volume-weighted

Fonterra WMP price changes on previous eventPrice changes are given as the percentage change in the weighted average price at the last event

1 2 3 4 5 6

Instant

Regular

UHT $2,290

$2,195

$2,245

$2,260

$2,185

$2,235

$2,245

$2,170

$2,220

$2,275

$2,200

$2,250

$2,270

$2,195

$2,245

$2,255

$2,180

$2,230

Average prices on GDT for Fonterra & non-Fonterra WMPNB - These averages are simple averages and thus not volume-weighted

This graph and supporting table show the weighted average price for C1-C6 WMP at thelast four Fonterra GDT events.

NB - Product is not always offered by Fonterra under every contract period at everyevent

Key stats from last event

Prices are given as weightedaverages, USD/MT, FASunless otherwise specified

The line graph shows theaverage prices achievedby each of the sellers onGDT across the last sixmonths. This is supportedby the accompanyingtable.

The bar chart shows thechange in weightedaverage prices on theprevious event for NZMPproduct on GDT.

Event155

Event156

Event157

Event158

Event159

Event160

Event161

Event162

Event163

Event164

1950

2000

2050

2100

2150

2200

2250

AVERAGE PRICE (USD/MT, FAS)

GDT Fonterra NZ

Data Source Event 155 Event 156 Event 157 Event 158 Event 159 Event 160 Event 161 Event 162 Event 163 Event 164

GDT Fonterra NZ $2,271$2,217$2,233$2,058$2,032$2,027$1,936$2,002$2,267$2,245

DIFFERENCE(Average Fonterra Price (WMP) - AveragePrice of all other GDT Sellers per MT)

VOLUME OFFERED(MT of WMP offered by Fonterra

at last GDT event )

10,712

(Change in MT of WMP offered by Fonterracompared to previous event)

MT

This graph and table detailsthe weighted average pricepaid for C1 - C6 product(where offered) at the lastfour Fonterra GDTtrading events.

Notes and disclaimer

94.8%USD/MT, FAS USD/MT, FASLatest Event Parameter

165

Date Range1/01/2016 to 30/06/2016

SMP PRODUCT RESULTS - TE165

NZMP/Fonterra GDT Product Event Results Report

15.0%

SMP

1. The data used in this report is sourced directly from gDT. As such any prices or volumes are subject to change from time to time.2. Volumes given are based on bidding amounts only. Actual shipping volumes may differ slightly on these figures3. Fonterra Co-operative Group Limited has provided this report for informational purposes only. It does not constitute recommendations for purposes of making financial decisions including the purchase of dairy products and trading ofdairy commodities. The information contained herein is based on available gDT data Although every effort is made to ensure accuracy of reproducing and interpreting such information, no warranty or representation of such ismade.Fonterra Co-operative Group Limited shall not have any liability for errors contained herein or for any use of this document by any party in the formulation of any business decisions.

Trends over last twelveevents

Forward pricing forFonterra SMP offeredat the last four GDTevents

PRICE CHANGE(on weighted average Fonterra price from

previous event)

PRICE(Weighted average price of all

Fonterra SMP)

$1,882

155

156

157

158

159

160

161

162

163

164

165

-5%

0%

5%

10%

15%

% Difference in WeightedAverageProductPrice

May16 Jul16 Sep16 Nov16Shipping Month (ETD ex NZ)

1600

1700

1800

1900

2000

WEIGHTED AVERAGE PRICE

165

164163

GDT forward pricing for NZMP SMP

SMP prices by contract period and spec

Event May16 Jun16 Jul16 Aug16 Sep16 Oct16 Nov16 Dec16

162

163

164

165 $1,912$1,906

$1,767

$1,762

$1,882

$1,870

$1,723

$1,881

$2,039

$1,752

$1,700

$1,800

$1,785

$1,605

$1,650

$1,772

$1,850

$1,585

$1,610

$1,700

$1,614

$1,673

$1,687$1,750

Average prices on GDT for Fonterra and non-Fonterra SMPNB - These averages are simple averages and thus not volume-weighted

Fonterra SMP price changes on previous eventPrice changes are given as the percentage change in the weighted average price at the last event

1 2 3 4 5 6

HH Heat Stable

Low Heat

Med HeatGuaranteed ATOD

Medium Heat

UHT $1,975

$1,900

$1,975

$1,950

$1,900

$1,910

$1,930

$1,855

$1,880

$1,905

$2,155

$1,895

$2,115

$1,895

$1,785$1,850

Average prices on GDT for Fonterra & non-Fonterra SMPNB - These averages are simple averages and thus not volume-weighted

This graph and supporting table show the weighted average price for C1-C6 SMP at thelast four Fonterra GDT events.

NB - Product is not always offered by Fonterra under every contract period at everyevent

Key stats from last event

Prices are given as weightedaverages, USD/MT, FASunless otherwise specified

The line graph shows theaverage prices achievedby each of the sellers onGDT across the last sixmonths. This is supportedby the accompanyingtable.

The bar chart shows thechange in weightedaverage prices on theprevious event for NZMPproduct on GDT.

Event155

Event156

Event157

Event158

Event159

Event160

Event161

Event162

Event163

Event164

1600

1800

2000

2200

2400

2600

2800

AVERAGE PRICE (USD/MT, FAS)

GDT Fonterra NZ

GDT Amul

GDT Arla

GDT Fonterra Australia

Data Source Event 155 Event 156 Event 157 Event 158 Event 159 Event 160 Event 161 Event 162 Event 163 Event 164

GDT Fonterra NZ

GDT Amul

GDT Arla

GDT Fonterra Australia $1,658

$2,803

$1,747

$1,669

$1,890

$2,895

$1,715

$1,723

$2,815

$1,773

$1,746

$1,815

$1,738

$1,678

$1,781

$1,701

$1,820

$1,774

$1,779

$1,723

$1,812

$1,739

$1,868

$1,711

$1,938

DIFFERENCE(Average Fonterra Price (SMP) - AveragePrice of all other GDT Sellers per MT)

VOLUME OFFERED(MT of SMP offered by Fonterra

at last GDT event )

4,800

(Change in MT of SMP offered by Fonterracompared to previous event)

MT

This graph and table detailsthe weighted average pricepaid for C1 - C6 product(where offered) at the lastfour Fonterra GDTtrading events.

Notes and disclaimer

-7.2%USD/MT, FAS USD/MT, FASLatest Event Parameter

165

Date Range1/01/2016 to 30/06/2016

AMF PRODUCT RESULTS - TE165

NZMP/Fonterra GDT Product Event Results Report

3.1%

AMF

1. The data used in this report is sourced directly from gDT. As such any prices or volumes are subject to change from time to time.2. Volumes given are based on bidding amounts only. Actual shipping volumes may differ slightly on these figures3. Fonterra Co-operative Group Limited has provided this report for informational purposes only. It does not constitute recommendations for purposes of making financial decisions including the purchase of dairy products and trading ofdairy commodities. The information contained herein is based on available gDT data Although every effort is made to ensure accuracy of reproducing and interpreting such information, no warranty or representation of such ismade.Fonterra Co-operative Group Limited shall not have any liability for errors contained herein or for any use of this document by any party in the formulation of any business decisions.

Trends over last twelveevents

Forward pricing forFonterra AMF offeredat the last four GDTevents

PRICE CHANGE(on weighted average Fonterra price from

previous event)

PRICE(Weighted average price of all

Fonterra AMF)

$3,444

155

156

157

158

159

160

161

162

163

164

165

-8%

-6%

-4%

-2%

0%

2%

4%

6%

% Difference in WeightedAverageProductPrice

May16 Jul16 Sep16 Nov16Shipping Month (ETD ex NZ)

3200

3300

3400

3500

WEIGHTED AVERAGE PRICE

164

163

162

165

GDT forward pricing for NZMP AMF

AMF prices by contract period and spec

Event May16 Jun16 Jul16 Aug16 Sep16 Oct16 Nov16 Dec16

162

163

164

165 $3,432$3,408

$3,414

$3,239

$3,429

$3,299

$3,253

$3,275

$3,454

$3,288

$3,195

$3,231

$3,460

$3,269

$3,199

$3,226

$3,442

$3,344

$3,148

$3,225

$3,533

$3,248

$3,254$3,231

Average prices on GDT for Fonterra and non-Fonterra AMFNB - These averages are simple averages and thus not volume-weighted

Fonterra AMF price changes on previous eventPrice changes are given as the percentage change in the weighted average price at the last event

1 2 3 4 5 6

Premium 210kgdrum

Premium 1000kg bin

Regular 210kg drum $3,405

$3,480

$3,400

$3,505

$3,385

$3,485

$3,460

$3,395

$3,525

$3,470

$3,410

$3,485

$3,395

$3,470

Average prices on GDT for Fonterra & non-Fonterra AMFNB - These averages are simple averages and thus not volume-weighted

This graph and supporting table show the weighted average price for C1-C6 AMF at thelast four Fonterra GDT events.

NB - Product is not always offered by Fonterra under every contract period at everyevent

Key stats from last event

Prices are given as weightedaverages, USD/MT, FASunless otherwise specified

The line graph shows theaverage prices achievedby each of the sellers onGDT across the last sixmonths. This is supportedby the accompanyingtable.

The bar chart shows thechange in weightedaverage prices on theprevious event for NZMPproduct on GDT.

Event155

Event156

Event157

Event158

Event159

Event160

Event161

Event162

Event163

Event164

3000

3100

3200

3300

3400

3500

3600

3700

AVERAGE PRICE (USD/MT, FAS)

GDT Fonterra NZ

GDT Fonterra Australia

Data Source Event 155 Event 156 Event 157 Event 158 Event 159 Event 160 Event 161 Event 162 Event 163 Event 164

GDT Fonterra NZ

GDT Fonterra Australia $3,340

$3,401

$3,177

$3,254

$3,207

$3,305

$3,219

$3,307

$3,029

$3,112

$3,240

$3,328

$3,479

$3,561

$3,450

$3,531

$3,669

$3,759

$3,595

$3,685

DIFFERENCE(Average Fonterra Price (AMF) - AveragePrice of all other GDT Sellers per MT)

VOLUME OFFERED(MT of AMF offered by Fonterra

at last GDT event )

3,400

(Change in MT of AMF offered by Fonterracompared to previous event)

MT

This graph and table detailsthe weighted average pricepaid for C1 - C6 product(where offered) at the lastfour Fonterra GDTtrading events.

Notes and disclaimer

4.6%USD/MT, FAS USD/MT, FASLatest Event Parameter

165

Date Range1/01/2016 to 30/06/2016

BUTTER PRODUCT RESULTS - TE165

NZMP/Fonterra GDT Product Event Results Report

2.4%

BUTTER

1. The data used in this report is sourced directly from gDT. As such any prices or volumes are subject to change from time to time.2. Volumes given are based on bidding amounts only. Actual shipping volumes may differ slightly on these figures3. Fonterra Co-operative Group Limited has provided this report for informational purposes only. It does not constitute recommendations for purposes of making financial decisions including the purchase of dairy products and trading ofdairy commodities. The information contained herein is based on available gDT data Although every effort is made to ensure accuracy of reproducing and interpreting such information, no warranty or representation of such ismade.Fonterra Co-operative Group Limited shall not have any liability for errors contained herein or for any use of this document by any party in the formulation of any business decisions.

Trends over last twelveevents

Forward pricing forFonterra BUTTER of-fered at the last fourGDT events

PRICE CHANGE(on weighted average Fonterra price from

previous event)

PRICE(Weighted average price of all

Fonterra BUTTER)

$2,762

155

156

157

158

159

160

161

162

163

164

165

-8%

-6%

-4%

-2%

0%

2%

4%

% Difference in WeightedAverageProductPrice

May16 Jul16 Sep16 Nov16Shipping Month (ETD ex NZ)

2600

2700

2800

2900

WEIGHTED AVERAGE PRICE

165

164

162

163

GDT forward pricing for NZMP BUTTER

BUTTER prices by contract period and spec

Event May16 Jun16 Jul16 Aug16 Sep16 Oct16 Nov16 Dec16

162

163

164

165 $2,900$2,735

$2,630

$2,685

$2,730

$2,595

$2,625

$2,892

$2,750

$2,590

$2,571

$2,849

$2,810

$2,690

$2,608

$2,785

$2,780

$2,800

$2,578

$2,718

$2,706

$2,651

$2,731$2,690

Average prices on GDT for Fonterra and non-Fonterra BUTTERNB - These averages are simple averages and thus not volume-weighted

Fonterra BUTTER price changes on previous eventPrice changes are given as the percentage change in the weighted average price at the last event

1 2 3 4 5 6

Salted 25kg

Unsalted 25kg $2,900$2,735$2,730

$2,730

$2,750$2,810

$2,810

$2,765

$2,825

Average prices on GDT for Fonterra & non-Fonterra BUTTERNB - These averages are simple averages and thus not volume-weighted

This graph and supporting table show the weighted average price for C1-C6 BUTTER atthe last four Fonterra GDT events.

NB - Product is not always offered by Fonterra under every contract period at everyevent

Key stats from last event

Prices are given as weightedaverages, USD/MT, FASunless otherwise specified

The line graph shows theaverage prices achievedby each of the sellers onGDT across the last sixmonths. This is supportedby the accompanyingtable.

The bar chart shows thechange in weightedaverage prices on theprevious event for NZMPproduct on GDT.

Event155

Event156

Event157

Event158

Event159

Event160

Event161

Event162

Event163

Event164

2700

2800

2900

3000

3100

3200

AVERAGE PRICE (USD/MT, FAS)

GDT Fonterra NZ

Data Source Event 155 Event 156 Event 157 Event 158 Event 159 Event 160 Event 161 Event 162 Event 163 Event 164

GDT Fonterra NZ $2,676$2,637$2,796$2,749$2,820$2,812$2,864$2,917$3,188$3,194

DIFFERENCE(Average Fonterra Price (BUTTER) - AveragePrice of all other GDT Sellers per MT)

VOLUME OFFERED(MT of BUTTER offered by Fonterra

at last GDT event )

2,250

(Change in MT of BUTTER offered by Fonterracompared to previous event)

MT

This graph and table detailsthe weighted average pricepaid for C1 - C6 product(where offered) at the lastfour Fonterra GDTtrading events.

Notes and disclaimer

12.5%USD/MT, FAS USD/MT, FASLatest Event Parameter

165

Date Range1/01/2016 to 30/06/2016

CHEDDAR PRODUCT RESULTS - TE165

NZMP/Fonterra GDT Product Event Results Report

-0.9%

CHEDDAR

1. The data used in this report is sourced directly from gDT. As such any prices or volumes are subject to change from time to time.2. Volumes given are based on bidding amounts only. Actual shipping volumes may differ slightly on these figures3. Fonterra Co-operative Group Limited has provided this report for informational purposes only. It does not constitute recommendations for purposes of making financial decisions including the purchase of dairy products and trading ofdairy commodities. The information contained herein is based on available gDT data Although every effort is made to ensure accuracy of reproducing and interpreting such information, no warranty or representation of such ismade.Fonterra Co-operative Group Limited shall not have any liability for errors contained herein or for any use of this document by any party in the formulation of any business decisions.

Trends over last twelveevents

Forward pricing forFonterra CHEDDARoffered at the lastfour GDT events

PRICE CHANGE(on weighted average Fonterra price from

previous event)

PRICE(Weighted average price of allFonterra CHEDDAR)

$2,669

155

156

157

158

159

160

161

162

163

164

165

-10%

-5%

0%

5%

10%

15%

20%

25%

% Difference in WeightedAverageProductPrice

May16 Jun16 Jul16 Aug16 Sep16 Oct16Shipping Month (ETD ex NZ)

2600

2700

2800

2900

WEIGHTED AVERAGE PRICE

163

164

162 165

GDT forward pricing for NZMP CHEDDAR

CHEDDAR prices by contract period and spec

Event May16 Jun16 Jul16 Aug16 Sep16 Oct16 Nov16 Dec16

162

163

164

165 $2,560$2,759$2,955

$2,686

$2,733

$2,595

$2,740

$2,645

$2,660$2,750

Average prices on GDT for Fonterra and non-Fonterra CHEDDARNB - These averages are simple averages and thus not volume-weighted

Fonterra CHEDDAR price changes on previousevent..

1 3 4

Frozen

Young $2,560

$2,635

$2,740

$2,790

$2,955

Average prices on GDT for Fonterra & non-Fonterra CHEDDARNB - These averages are simple averages and thus not volume-weighted

This graph and supporting table show the weighted average price for C1-C6 CHEDDARat the last four Fonterra GDT events.

NB - Product is not always offered by Fonterra under every contract period at everyevent

Key stats from last event

Prices are given as weightedaverages, USD/MT, FASunless otherwise specified

The line graph shows theaverage prices achievedby each of the sellers onGDT across the last sixmonths. This is supportedby the accompanyingtable.

The bar chart shows thechange in weightedaverage prices on theprevious event for NZMPproduct on GDT.

Event155

Event156

Event157

Event158

Event159

Event160

Event161

Event162

Event163

Event164

2500

2600

2700

2800

2900

3000

AVERAGE PRICE (USD/MT, FAS)

GDT Fonterra NZ

Data Source Event 155 Event 156 Event 157 Event 158 Event 159 Event 160 Event 161 Event 162 Event 163 Event 164

GDT Fonterra NZ $2,725$2,712$2,664$2,803$2,450$2,530$2,558$2,993$2,874$2,974

DIFFERENCE(Average Fonterra Price (CHEDDAR) - Average

Price of all other GDT Sellers per MT)

VOLUME OFFERED(MT of CHEDDAR offered by Fonterra

at last GDT event )

490

(Change in MT of CHEDDAR offered by Fonterracompared to previous event)

MT

This graph and table detailsthe weighted average pricepaid for C1 - C6 product(where offered) at the lastfour Fonterra GDTtrading events.

Notes and disclaimer

63.3%USD/MT, FAS USD/MT, FASLatest Event Parameter

165

Date Range1/01/2016 to 30/06/2016

BMP PRODUCT RESULTS - TE165

NZMP/Fonterra GDT Product Event Results Report

14.2%

BMP

1. The data used in this report is sourced directly from gDT. As such any prices or volumes are subject to change from time to time.2. Volumes given are based on bidding amounts only. Actual shipping volumes may differ slightly on these figures3. Fonterra Co-operative Group Limited has provided this report for informational purposes only. It does not constitute recommendations for purposes of making financial decisions including the purchase of dairy products and trading ofdairy commodities. The information contained herein is based on available gDT data Although every effort is made to ensure accuracy of reproducing and interpreting such information, no warranty or representation of such ismade.Fonterra Co-operative Group Limited shall not have any liability for errors contained herein or for any use of this document by any party in the formulation of any business decisions.

Trends over last twelveevents

Forward pricing forFonterra BMP offeredat the last four GDTevents

PRICE CHANGE(on weighted average Fonterra price from

previous event)

PRICE(Weighted average price of all

Fonterra BMP)

$1,765

155

156

157

158

159

160

161

162

163

164

165

-10%

-5%

0%

5%

10%

15%

% Difference in WeightedAverageProductPrice

Jun16 Jul16 Aug16Shipping Month (ETD ex NZ)

1400

1500

1600

1700

WEIGHTED AVERAGE PRICE

162

163

164

165

GDT forward pricing for NZMP BMP

BMP prices by contract period and spec

Event May16 Jun16 Jul16 Aug16 Sep16 Oct16 Nov16 Dec16

162

163

164

165 $1,765

$1,545

$1,330

$1,500$1,475

Average prices on GDT for Fonterra and non-Fonterra BMPNB - These averages are simple averages and thus not volume-weighted

Fonterra BMP price changes on previous eventPrice changes are given as the percentage change in the weighted average price at the last event

2

UHT $1,765

Average prices on GDT for Fonterra & non-Fonterra BMPNB - These averages are simple averages and thus not volume-weighted

This graph and supporting table show the weighted average price for C1-C6 BMP at thelast four Fonterra GDT events.

NB - Product is not always offered by Fonterra under every contract period at everyevent

Key stats from last event

Prices are given as weightedaverages, USD/MT, FASunless otherwise specified

The line graph shows theaverage prices achievedby each of the sellers onGDT across the last sixmonths. This is supportedby the accompanyingtable.

The bar chart shows thechange in weightedaverage prices on theprevious event for NZMPproduct on GDT.

Event155

Event156

Event157

Event158

Event159

Event160

Event161

Event162

Event163

Event164

1300

1350

1400

1450

1500

1550

1600

AVERAGE PRICE (USD/MT, FAS)

GDT Fonterra NZ

GDT Arla

Data Source Event 155 Event 156 Event 157 Event 158 Event 159 Event 160 Event 161 Event 162 Event 163 Event 164

GDT Fonterra NZ

GDT Arla

$1,545

$1,410

$1,330

$1,380

$1,488

$1,310

$1,470$1,548$1,450$1,493$1,523$1,620

$1,605

$1,598

DIFFERENCE(Average Fonterra Price (BMP) - AveragePrice of all other GDT Sellers per MT)

VOLUME OFFERED(MT of BMP offered by Fonterra

at last GDT event )

250

(Change in MT of BMP offered by Fonterracompared to previous event)

MT

This graph and table detailsthe weighted average pricepaid for C1 - C6 product(where offered) at the lastfour Fonterra GDTtrading events.

Notes and disclaimer

-16.7%USD/MT, FAS USD/MT, FASLatest Event Parameter

165

Date Range1/01/2016 to 30/06/2016

RENCAS PRODUCT RESULTS - TE165

NZMP/Fonterra GDT Product Event Results Report

-0.5%

RENCAS

1. The data used in this report is sourced directly from gDT. As such any prices or volumes are subject to change from time to time.2. Volumes given are based on bidding amounts only. Actual shipping volumes may differ slightly on these figures3. Fonterra Co-operative Group Limited has provided this report for informational purposes only. It does not constitute recommendations for purposes of making financial decisions including the purchase of dairy products and trading ofdairy commodities. The information contained herein is based on available gDT data Although every effort is made to ensure accuracy of reproducing and interpreting such information, no warranty or representation of such ismade.Fonterra Co-operative Group Limited shall not have any liability for errors contained herein or for any use of this document by any party in the formulation of any business decisions.

Trends over last twelveevents

Forward pricing forFonterra RENCAS of-fered at the last fourGDT events

PRICE CHANGE(on weighted average Fonterra price from

previous event)

PRICE(Weighted average price of all

Fonterra RENCAS)

$5,035

155

156

157

158

159

160

161

162

163

164

165

-10%

-5%

0%

5%

10%

15%

20%

% Difference in WeightedAverageProductPrice

May16 Jun16 Jul16 Aug16 Sep16Shipping Month (ETD ex NZ)

4700

4800

4900

5000

5100

5200

WEIGHTED AVERAGE PRICE

163

162

165

164

GDT forward pricing for NZMP RENCAS

RENCAS prices by contract period and spec

Event May16 Jun16 Jul16 Aug16 Sep16 Oct16 Nov16 Dec16

162

163

164

165 $5,065$4,998

$4,935

$4,784

$5,076

$5,101

$5,216

$4,690

$5,190

$5,142

$4,729$4,901

Average prices on GDT for Fonterra and non-Fonterra RENCASNB - These averages are simple averages and thus not volume-weighted

Fonterra RENCAS price changes on previousevent..

1 2 3

30# 12% 25kg

90# 12% 25kg $4,890

$5,245

$4,815

$5,350

$4,815

$5,090

Average prices on GDT for Fonterra & non-Fonterra RENCASNB - These averages are simple averages and thus not volume-weighted

This graph and supporting table show the weighted average price for C1-C6 RENCAS atthe last four Fonterra GDT events.

NB - Product is not always offered by Fonterra under every contract period at everyevent

Key stats from last event

Prices are given as weightedaverages, USD/MT, FASunless otherwise specified

The line graph shows theaverage prices achievedby each of the sellers onGDT across the last sixmonths. This is supportedby the accompanyingtable.

The bar chart shows thechange in weightedaverage prices on theprevious event for NZMPproduct on GDT.

Event155

Event156

Event157

Event158

Event159

Event160

Event161

Event162

Event163

Event164

4000

4200

4400

4600

4800

5000

5200

AVERAGE PRICE (USD/MT, FAS)

GDT Fonterra NZ

Data Source Event 155 Event 156 Event 157 Event 158 Event 159 Event 160 Event 161 Event 162 Event 163 Event 164

GDT Fonterra NZ $5,115$5,191$5,053$4,511$4,425$4,724$4,029$4,540$4,520$4,791

DIFFERENCE(Average Fonterra Price (RENCAS) - AveragePrice of all other GDT Sellers per MT)

VOLUME OFFERED(MT of RENCAS offered by Fonterra

at last GDT event )

205

(Change in MT of RENCAS offered by Fonterracompared to previous event)

MT

This graph and table detailsthe weighted average pricepaid for C1 - C6 product(where offered) at the lastfour Fonterra GDTtrading events.

Notes and disclaimer

2.5%USD/MT, FAS USD/MT, FASLatest Event Parameter

165

Date Range1/01/2016 to 30/06/2016