GDT AUCTIONS. From September 2010 GDT auctions were held twice a month.

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1 GDT AUCTIONS After much controversy, in July 2008, NZ dairy giant Fonterra launched a monthly dairy product auction. They set up a subsidiary globaldairytrade to oversee the auction which was contracted out to Boston, Mass.-based US Charles River Associates (CRA International Inc.). At the first auction, in July 2008, for WMP only, 11,000t was sold for an average price of US$4,395/tonne but the auction coincided with a sharp downturn in international dairy markets. There was then sharp criticism, notably in NZ, that the mere existence of the auction was depressing prices. In November 2009 Fonterra launched an auction for anhydrous milk fat (AMF/butteroil) and in March 2010 they launched an auction of skimmed milk powder (SMP). In May 2010 they started publishing an overall monthly index to record movements in combined product prices. They began trading buttermilk powder in August 2010 and Cheddar cheese in July 2011 and butter in February From September 2010 GDT auctions were held twice a month. From the start, Fonterra said they wanted other dairy companies to sell product on the GDT platform. Initially this was slow but picked up quickly in 2013: 2011 Dairy America started trading SMP at the auction in Oct They started trading butter in In Nov 2011, Murray Goulburn of Australia said they would start trading lactose in April Arla Foods started trading German SMP and BMP on the GDT auction in In April 2013, the Indian GCMMF co-op (Amul) started selling SMP and WMP on GDT. In July 2013, Euroserum, part of French dairy co-op Sodiaal started selling SMP via the GDT auction. In December 2013, Arla Foods UK started selling SMP on the GDT auction as from that month. In December 2013, US dairy co-op Land O Lakes said they would offer SMP on the GDT auction from March 2014 and would sell butter on GDT later in the year In October 2014, GDT/Fonterra announced that they had revised their rules on the publication of winning prices. They said they had made this change based on legal advice to ensure compliance with the developing global anti-trust framework. Under the new rules, they would continue to publish all winning prices which exceed their starting prices. However, from now on they would not publish a result where a winning price was equal to the product s starting price. In these cases, the website will show n.p. (not published). Winning prices cannot be below starting prices. Sellers are encouraged to set their starting prices low so that prices always rise during a trading event to discover what the market is. In March 2014, Land O'Lakes joined GDT, the second US firm to do so. In September 2014, Germany co-op Molkerei Ammerland announced that they wanted to sell sweet whey powder on the GDT platform In April 2015 Ammerland announced their withdrawal from the GDT auction. In June 2015, GDT announced a strategic review of the trading platform with a view to strengthening transparency, independence and liquidity. Initial results in August showed support for all proposals, including amending the market rules to allow seller forecast guidelines, additional GDT data and larger pools of demand and supply. A fourth proposal to establish an oversight board is also underway.

2 In August 2015, Fonterra announced they would cut the amount of SMP they sell on GDT by 10% over the following 12mths, to 404,380 tonnes, down from 449,580t predicted on July 30. The volume of all dairy products offered by Fonterra at the auction will drop by 56,045t over the following year. Also in August, Land O'Lakes abandoned the GDT platform after just over a year of trading. Arla started offering instant medium heat SMP on the GDT platform on November 3. Fonterra announced they will begin selling Enhanced Age WMP and SMP, starting at the December 1 GDT trading event. Specifically they will sell NZ WMP aged less than 90 days at date of shipment and SMP aged less than 120 days. In December 2015 the GDT Oversight Board was established, replacing the previous Advisory Board with effect from the trading event on January 5, The board would comprise an independent chairperson and a balanced representation of GDT participants and financial market members. Members will meet 3-4 times a year to monitor GDT s compliance with governance practices and to vote on any proposed changes to the GDT Market Rules. An independent Rulings Panel has also been established for assessing formal complaints In April 2016, GDT appointed commodity market expert Bill Shields as the inaugural chairman of the new independent GDT oversight board. A new financial member class was added to the board. The three representative positions are to be filled by FC Stone International (US), NZX and OM Financial (NZ). The GDT oversight board comprises 11 members. Also in April, GDT announced they would be offering traders the chance to buy and sell dairy products every day of the year, in addition to the twice-monthly auction. The new 24/7 trading platform, GDT Marketplace, will offer products via fixed price or closed tender listings and prices will be kept confidential. The system, offering a wider range of products, would be soft launched over the next 12mths, with Fonterra the first seller. GDT envisage other NZ sellers following suit and are in discussion with potential sellers in Europe and the US. The auction will now be called GDT Events, and will include a new cream grouping. GDT are also overhauling the data generated from the twice monthly auctions, most of it to be made available only on a subscription basis, as GDT Insight. There are three subscription levels: the Market Pack (post-event summary data and historical results) for US$2,400 pa; the Analyst Pack (the same, plus demand/supply ratios by product group, average prices by product group and contract period, and comparisons with previous Event) for US$4,800 pa; and the Trading Pack (everything, in real time) for US$12,000 pa. On April 24, the GDT Events Oversight Board, with Bill Shields as chairman, held its first physical meeting, in Chicago. On June 23, GDT Marketplace, the new dairy trading platform launched by GDT, opened for trading. In October, new governance principles to monitor GDT auctions were voted in by the GDT Events Oversight Board to improve monitoring, aimed at ensuring conflicts of interest are identified and disclosed; providing transparency on the methods used in the price discovery process; ensuring appropriate control and reporting processes are in place; maintaining anti-trust compliance and market surveillance practices; and providing regular audit and review principles. GDT announced on Nov 1 that they are removing 110 bidders from their approved bidders list, leaving 510 qualified bidders, after reviewing bidders who had actively participated in the auction over the past 18mths In April, GDT announced Singapore-based milk powder blender Asian Blending were to offer chocolate and vanilla flavoured milk powders on GDT Marketplace. The company, who manufacture food ingredient blends, are longstanding Marketplace buyers and take the number of sellers to five. In June, a year after GDT Marketplace started trading, the 24/7 dairy trading platform reported 165 registered buyers, transacting with five major sellers, and more than 1,500

3 listings completed across a broad product range from generic ingredients like WMP and cheese to more specialist offerings such as flavoured milk powders and calcium caseinates used in sports nutritional products. In August, The NZ Commerce Commission called for Fonterra to be more forthcoming about sales outside the GDT dairy trading platform which are becoming more important to the NZ company, by far the world s largest dairy exporter. It was the first time the regulator looked to include sales of reference products outside the GDT platform in their price monitoring regime to ensure Fonterra aren t abusing their market dominance. Also in August, the GDT Events Oversight Board voted to adopt three rule changes which extend the cessation notification period, enable the establishment of multi-seller pools and expand the conditions under which GDT winning prices are published. GDT will provide 6mths notice of any intention to discontinue the trading platform and sellers whose winning prices are used to settle financial instruments will provide 6mths notice of any intention to cease offering. A suite of rule changes allows sellers to offer supply of standard product specifications in one or more multi-seller pools. The first pool is expected to be launched for US-sourced lactose later this year. GDT will also increase the number of prices published. GDT launched their first multi-seller pool, with US-sourced lactose products from Agropur, Hilmar Ingredients and Valley Queen Cheese in September. Polish Dairy joined GDT as a new seller in October, offering a range of products including WMP, SMP, butter and lactose. Three new sellers signed up to GDT Marketplace: Glanbia Ireland (who will offer premium UHT milk in Tetra Edge aseptic packaging); NY co-op Cayuga Milk Ingredients (SMP in UHT packaging); and Milligans Food Group of NZ (1kg packaged WMP and SMP, and powder blends including 1kg instant calcium enriched powder and soft serve ice cream blends). GDT Marketplace claimed rapid growth in recent months, reaching 11 registered sellers and 239 registered buyers in the US, Western Europe, Oceania and Asia. FONTERRA AUCTIONS (US$/tonne) WMP 2008 July 4,395 Aug 3,843 Sep 3,306 Oct 2,917 Nov 2,585 Dec 2,223 AVGE* 3, WMP AMF Jan 2,017 Feb 1,851 Mar 2,158 Apr 2,235 May 2,144 Jun 1,886 Jul 1,829 Aug 2,301 Sep 2,858 Oct 3,022 Nov 3,437 4,757 Dec 3,560 4,349 AVGES* 2,441 4, WMP AMF SMP BMP Jan 3,309 4, Feb 3,256 4, Mar 3,281 3,959 2,927 - INDEX

4 Apr 3,969 4,827 3, % May 3,932 5,020 3, % Jun 3,790 5,324 3, % Jul 3,224 4,620 3, % Aug 2,974 4,302 2,770 3, % Sep 3,522 4,681 3,197 3, % 3,602 5,189 3,229 2, % Oct 3,521 5,256 3,221 3, % 3,484 5,196 3,027 3, % Nov 3,495 5,394 3,021 3,011 nc 3,447 5,341 3,096 3, % Dec 3,556 5,333 3,060 3, % 3,620 5,380 3,128 3, % AVGES* 3,499 4,909 3,178 3, % 2011 WMP AMF SMP BMP MPC70 Rennet Cheese Index - casein Jan 3,750 5,984 3,492 3, % 3,780 5,946 3,579 3, % Feb 4,017 6,486 3,974 3, % 4,320 6,324 3, % Mar 4,619 6,424 3, % 4,105 6,111 3, % Apr 3,878 5,985 3, % 3,912 5,951 3, % May 3,859 5,670 3, % 3,863 5,340 3,824-6,133 9, % Jun 3,780 5,669 4,372-6,430 10, % 3,888 5,346 3,994-6,409 10, % Jul 3,638 5,278 3,704-6,174 10, % 3,475 4,614 3,488-5,525 9,992 4, % Aug 3,474 4,297 3,479 3,319 5,632 9,498 4, % 3,385 4,273 3,438 3,420 5,965 9,473 4, % Sep 3,314 4,353 3,444 2,988 6,263 9,547 4, % 3,345 3,846 3,230 2,985 6,692 8,828 4, % Oct 3,309 3,703 3,193 3,075 6,713 8,181 3, % 3,503 3,645 3,299 3,019 6,295 7,040 3, % Nov 3,487 3,309 3,292 2,934 5,608 9,182 3, % 3,574 3,571 3,354 3,039 6,247 8,420 3, % Dec 3,637 4,013 3,424 3,410 6,280 8,721 3, % 3,589 4,183 3,312 3,280 5,860 8,122 3, % AVGES* 3,729 5,013 3,626 3,269 6,148 9,147 3, %unweighted 2012 WMP AMF SMP BMP MPC70 RennetCheddar Lactose Index casein cheese Jan 3,554 3,982 3,269 3,585 5,986 7,796 3, % 3,562 4,084 3,351 3,430 5,880 8,069 3, % Feb 3,533 3,942 3,296-5,569 7,715 3, % 3,421 3,546 3,259-5,571 7,730 3, % Mar 3,409 3,631 3,194-5,131 7,519 3, % 3,316 3,284 3,125-4,345 6,545 3, % Apr 3,227 3,583 3,078-4,705 7,280 3,371 1, % 2,847 3,304 2,871-4,520 6,424 2, % May 2,776 2,852 2,730-3,990 6,395 2,940 2, % 2,546 2,499 2,573-3,940 6,244 2, % Jun 2,763 3,096 3,011-4,339 6,890 3,189 1, % 2,886 3,092 2,834 2,509 4,214 6,788 3, % Jul 2,760 2,745 2,599-4,065 6,433 3, % 2,584 2,845 2,727-4,157 6,333 2, % Aug 2,675 2,804 2,805 2,416 4,637 6,807 3,159 1, % 2,870 3,173 3,023-5,351 7,100 3, %

5 Sep 2,978 3,530 3,211 3,091 6,193 7,828 3,593 2, % 3,036 3,199 3,339-5,953 8,145 3, % Oct 3,162 2,982 3,309-5,872 7,361 3, % 3,421 2,879 3,325 3,289 6,117 7,254 2, % Nov 3,352 3,026 3,449 3,510 6,159 7,912 3, % 3,276 3,066 3,402 3,615 6,040 7,916 3, % Dec 3,170 3,197 3,362 3,615 5,958 7,926 3, % 3,147 3,180 3,419 3,600 6,039 8,477 3, % AVGES* 3,095 3,230 3,107 3,266 5,197 7,371 3,308 1, % 2013 WMP AMF SMP BMP MPC70 RennetCheddar Lactose Butter Index casein cheese Jan 3,199 3,169 3,572-6,122 8,401 3, % 3,288 3,253 3,552 3,405 5,995 8,479 3, % Feb 3,468 3,500 3,554-6,070 8,766 3, % 3,654 3,635 3,592 3,318 6,088 8,829 3,554-3, % Mar 4,298 3,820 3,759 4,200 6,749 8,930 3,827-4, % 5,116 4,416 4,050 3,904-9,242 4,315-4, % Apr 5,100 4,695 5,142 4,595-9,489 4,622-4, % 5,245 4,964 4,757 3,982-10,060 4,753-4, % May 4,721 4,675 4,280 4,500-9,745 4,800-4, % " 4,722 4,598 4,252 3,876-10, , % Jun 4,643 4,478 4,164 4, ,878-3, % 4,668 4,589 4,284 4, ,578-3, % Jul 4,757 4,645 4,441 4,610-10,259 4,395-3, % 5,058 4,742 4,566 4,826-9,744 4,475-3, % Aug 5,021 4,612 4,451 4,641-9,904 4,335-3, % 5,124 4,931 4,426 4,689 7,828 10,085 4,375-3, % Sep 5,058 5,109 4,420 4,566 7,613 9,864 4,257 1,359 3, % 5,096 4,940 4,330 4,805 7,569 9,825 4,295-3, % Oct 5,208 5,062 4,491 4,695 7,279 9,753 4,389 1,550 3, % 5,058 5,007 4,541 4,680 7,401 9,880 4,326-3, % Nov 4,891 5,343 4,559 4,524 7,738 9,926 4,380 1,622 3, % 4,870 5,255 4,583 4,753 7,787-4,584-3, % Dec 5,035 5,395 4,791 4,630 8,242 11,011 4,501 1,730 3, % 4,958 5,668 4,868 5,070 8,568 11,770 4,569-4, % AVGES* 4,677 4,604 4,409 4,363 7,218 9,717 4,291 1,565 3, % 2014 WMP AMF SMP BMP MPC70 RennetCheddar Lactose Butter Sweet Index casein cheese whey Jan 4,934 5,538 4,688 4,539 9,010 11,903 4,656 1,826 4, % " 4,943 5,641 4,698 5,244 9,657 12,390 5,133-4, % Feb 5,005 5,569 4,746 4,775 9,334 11,876 4,935 1,780 4, % 4,999 5,314 4,780 5,355 8,824 11,461 4,845-4, % Mar 4,703 5,126 4,658 4,792 8,524 11,791 4,837-4, % 4,439 4,578 4,584 5,253 8,837 10,533 4,641-4, % Apr 4,033 4,062 4,126 4,211 8,436 11,105 4,438-4, % " 3,990 4,086 3,969 4,075 7,824 10,630 4,273-3, % May 3,928 4,170 3,873 3,713-11,353 4,195-3, % 3,877 4,255 3,733 3,950-11,861 4,108-3, % Jun 3,594 4,058 3,863 3,628-10,672 4,236-3, % 3,658 3,898 3,855 4,535-11,155 4,381-3, % Jul 3,459 3,606 3,810 4,135-10,789 4,226-3, % 3,088 3,250 3,516 4,426-9,761 4,164-3, % Aug 2,725 3,457 3,264 3,852-9,701 3,742-2, % " 2,804 3,566 2,874 3,886-9,601 3,453-2, % Sep 2,670 3,360 2,600 3,174-8,232 3,275-2, % 2,692 3,264 2,619 3,140-8,343 3,077-2,698 1,295 ND Oct 2,443 3,117 2,540 2,723-8,224 3,028-2,514 1, %

6 2,503 3,346 2,462 2,685-7,780 3,007-2,614 1, % Nov 2,522 3,292 2,457 2,426-7,608 2,728-2,505 np** -0.3% 2,400 3,490 2,299 2,511-6,681 2,861-2,656 np** -3.1% Dec 2,229 3,817 2,423 2,560-7,225 3,017-2, % 2,270 4,200 2,320 2,466-7,570 3,002-3,145 np** +2.4% AVGES* 3,496 4,086 3,532 3,836-9,927 3,927 1,803 3,502 Net index in % 2015 WMP AMF SMP BMP Rennet Cheddar Lactose Butter Sweet Index casein cheese whey Jan 2,307 4,493 2,386 2,736 7,911 3,090-3, % 2,402 4,286 2,389 2,559 8,159 2,961-3,564 1, % Feb 2,874 4,067 2,598 2,436 8,776 2,636-3, % 3,272 4,314 2,744 2,674 8,897 3,054-3, % Mar 3,241 4,237 2,935 2,681 8,694 3,377-3, % 2,928 3,877 2,731 2,635 7,507 3,130-3, % Apr 2,538 3,663 2,467 2,130 6,980 2,787-3, % 2,446 3,744 2,253 2,208 6,949 2, , % May 2,386 3,505 2,048 1,748 6,094 3,012-3, % 2,390 3,337 1,992 1,930 6,067 2, , % Jun 2,309 3,112 1,982 1,795 5,789 3, , % 2,327 2,814 1,978 1,975 6,126 3, , % Jul 2,054 2,855 1,875 1,878 5,901 3,060-2, % 1,848 2,621 1,702 1,794 5,430 2, , % Aug 1,590 2,253 1,419 1,700 4,289 2, , % 1,856 2,724 1,521 1,400 5,441 2, , % Sep 2,078 3,029 1,698-5,779 2, , % 2,495 3,440 1,992-5,807 3, , % Oct 2,824 3,763 2,267 1,945 6,048 3, , % 2,694 3,856 2,178 2,064 6,178 3, , % Nov 2,453 3,647 2,018 1,844 5,469 2,987-2, % 2,148 3,430 1,851 1,825 5,250 2, , % Dec 2,260 3,519 1,918 1,729 4,046 2, , % 2,304 3,721 1,891 1,564 4,541 2, , % AVGES* 2,418 3,513 2,118 2,057 6,339 2, ,040 - Net index in % 2016 WMP AMF SMP BMP Rennet Cheddar Lactose Butter Index casein cheese Jan 2,210 3,644 1,890 1,586 4,736 2, , % 2,188 3,724 1,835 1,620 4,405 2, , % Feb 1,952 3,486 1,792 1,513 4,362 2, , % 1,890 3,527 1,762 1,496 3,852 2, , % Mar 1,974 3,254 1,802 1,452 4,569 2, , % 1,971 3,014 1,731 1,545 4,083 2, , % Apr 2,013 3,203 1,721 1,395 4,438 2, , % 2,156 3,240 1,727 1,460 4,724 2, , % May 2,176 3,195 1,676 1,366 5,024 2, , % 2,252 3,340 1,658 1,545 5,060 2, , % Jun 2,205 3,444 1,867 1,765 5,035 2, , % 2,118 3,619 1,901 1,695 5,116 2, ,910 ND July 2,062 3,621 1,938 1,552 5,227 2, , % 2,079 3,628 1,927 1,565 5,286 2, ,687 ND Aug 2,265 3,797 1,965 1,661 6,161 2, , % 2,695 4,148 2,028 1,983 6,326 3, , % Sep 2,793 4,769 2,224 2,070 6,720 3, , % 2,782 4,998 2,293 2,276 6,893 3, , % Oct 2,681 4,954 2,209 2,408 6,574 3, , % 2,760 5,007 2,204 2,583 6,286 3, , % Nov 3,317 5,146 2,329 2,248 6,025 3, , %

7 3,243 5,348 2,562 2,623 6,040 3, , % Dec 3,593 5,500 2,570 2,408 6,201 3, , % 3,568 5,367 2,621 2,874 6,473 3, , % AVGES* 2,456 3,915 2,010 1,862 5,485 3, ,262 Net index in % 2017 WMP AMF SMP BMP Rennet Cheddar Lactose Butter Index casein Jan 3,294 5,352 2,660 2,670 6,234 3, , % 3,283 5,528 2,612 2,783 6,470 3, , % Feb 3,314 5,765 2,608 2,254 6,445 3, , % 3,189 5,693 2,574 2,090 6,135 3, , % Mar 2,782 5,653 2,118 1,846 5,678 3, , % 2,855 5,799 1,948-5,927 3, , % Apr 2,924 5,936 1,913 1,586 6,260 3, , % 2,998 5,930 2,044 1,720 6,020 3, , % May 3,233 6,185 1,982 1,859 6,775 3, , % 3,312 6,631 1,998 1,980 6,259 3, , % June 3,143 6,569 2,156 2,092 6,849 4, , % 3,022 6,885 2,218-6,104 4, , % July 3,111 6,596 2,090 2,264 6,133 4, , % 3,114 6,577 2,024-6,358 4, , % Aug 3,155 6,289 1,966 2,198 6,122 3, , % 3,143 6,199 1,968-6,255 4, , % Sep 3,100 6,402 1,944 2,026 6,316 4, , % 3,122 6,764 1,920-6,036 4, , % Oct 3,037 6,504 1,895 1,804 6,123 4,109-5, % 3,014 6,841 1,797-5,612 4,107-5, % Nov 2,852 6,894 1,818 1,931 5,465 4,001-5, % 2,778 6,887 1,701-4,644 3,831-5, % Net index in % **Not published as price did not exceed starting price; see See elsewhere on this website for full details of the GlobalDairyTrade auctions itemised by commodity. *Averages are unweighted

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