Fonterra reference product cost of milk in New Zealand 2017-2018

* Forecasted.

The Farmgate milk price is the price for milk supplied in New Zealand to Fonterra by farmer shareholders.

One New Zealand dollar is equal to approximately 0.66 U.S. dollars and 0.59 euros (as of June 2019).

Note: Reference products are products used in the calculation of the Farmgate Milk Price – WMP, SMP, BMP, Butter, AMF; Milk solids used in the products sold were 997m kgMS reference and 328m kgMS non-reference (year ended 31 July 2017 was 1,061m kgMS reference and 441m non-reference); Excludes bulk liquid milk volumes of 68,000 MT of kgMS equivalent (year ended 31 July 2017 was 76,000 MT); Excludes Foodservice volumes to China, Latin America and Quick Service Restaurants of 198,000 MT (year ended 31 July 2017 was 143,000 MT)