New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

Fonterra Shareholders Fund / Equity Bottom-Up

<ul><li>Fonterra reported a solid FY22 result slightly ahead of the top end of its NZ25-35cps guidance and above both our and consensus expectations</li><li>Australia and Chile strategic updates the key news from the FY22 result</li><li>FY23 guidance and long-term targets retained; we continue to take a more conservative stance long-term</li></ul>

Fonterra reported a solid FY22 result slightly ahead of the top end of its NZ25-35cps guidance and above both our and consensus expectationsAustralia and Chile strategic updates the key news from the FY22 resultFY23 guidance and long-term targets retained; we continue to take a more conservative stance long-term

Fonterra Shareholders Fund

Fonterra: FY22 Result — Green Pastures