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>Initiated coverage on Fonterra with a NEUTRAL rating and a target price of NZ$6.00, reflecting a balanced investment view.</li><li>Concerns over the Mainland Group's valuation and performance, particularly in Australia, which has shown poor returns on capital and cash flow generation.</li><li>Increased confidence in Fonterra's core Ingredients and Foodservice earnings and returns profile, potentially supporting dividends of NZ30cps post-Mainland divestment.</li></ul>

Initiated coverage on Fonterra with a NEUTRAL rating and a target price of NZ$6.00, reflecting a balanced investment view.Concerns over the Mainland Group's valuation and performance, particularly in Australia, which has shown poor returns on capital and cash flow generation.Increased confidence in Fonterra's core Ingredients and Foodservice earnings and returns profile, potentially supporting dividends of NZ30cps post-Mainland divestment.

Fonterra - Mainland and Beyond—Initiate at NEUTRAL