Outlook from pres:There is no material change to the FY22...

Outlook from pres:

There is no material change to the FY22 position as outlined at the FY21 August results announcement are seeing a different mix of our business, favouring English label IMF

English label IMF sales in 1Q22 were down on 1 however, we Q21, but were significantly up on 4Q21, which was constrained to reduce channel inventory levels.

English label IMF sales are expected to be down in 1H22 vs expectations • pcp , but ahead of As flagged in our FY21 results release, China label IMF sales in 1Q22 have been constrained to reduce channel inventory levels further with sales significantly down on 1Q21 and 4Q21.

Whilst distributor offtake and retailer sales were up double digits during 1Q22 vs 1Q21, they are lower than expected. As a result, China label IMF sales are now expected to be significantly down in 1H22 vs pcp • • • IMF

Tier 1 distributor inventory levels are now at required levels for both English label and China label ANZ fresh milk volumes were up in 1Q22 vs 1Q21, in part benefitting from extended lockdowns 1Q22 were flat vs 1Q21 due to FX movementshowever, sales in US liquid milk volumes were down in 1Q22 vs 1Q21 due mainly to an expected reduction in ranging by a club channel customer.

Separately, distribution cost pressures continue in the US market • 157 MVM nutritional demand has reduced and active steps are being taken to secure additional volume