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>FY23 is set to be a record year for Fonterra: 1H23 was a stellar period for Fonterra</li><li>Capital management initiatives confirmed — NZ$800m tax-free capital return in late CY23</li><li>Capital structure implementation process is nearly over</li></ul>

FY23 is set to be a record year for Fonterra: 1H23 was a stellar period for FonterraCapital management initiatives confirmed — NZ$800m tax-free capital return in late CY23Capital structure implementation process is nearly over

Fonterra Shareholders Fund

Fonterra: 1H23 Result — Milking It