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

<ul><li>Synlait Milk (SML) has announced its intentions to divest its Dairyworks and Talbot Forest Cheese (TFC) businesses as part of its asset/capital structure review</li><li>Strategically, we think it broadly makes sense for SML to focus on its Advanced Nutrition, Ingredients and Foodservice businesses.</li><li>Albeit we do note Dairyworks has been one of SML’s few strong performing business units over the past 12 months – however, with its elevated current gearing positon its hand has been forced.</li></ul>

Synlait Milk (SML) has announced its intentions to divest its Dairyworks and Talbot Forest Cheese (TFC) businesses as part of its asset/capital structure reviewStrategically, we think it broadly makes sense for SML to focus on its Advanced Nutrition, Ingredients and Foodservice businesses.Albeit we do note Dairyworks has been one of SML’s few strong performing business units over the past 12 months – however, with its elevated current gearing positon its hand has been forced.

Synlait Milk (SML): Dairyworks Sale Initiated