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>Solid FY22 result: Slightly ahead of expectations with underlying EPS of NZ35.2cps (FB; NZ33.5cps and consensus NZ33.9cps) and underlying EBIT of NZ$991m (FB; NZ$928m and consensus NZ$919m)</li><li>Dividend the key area of strength: Fonterra declared a final dividend of NZ15pcs taking the full year dividend to NZ20cps</li><li>Strategic updates: Fonterra stated the sale of its Chilean Soprole business is “progressing” however has now stated it will maintain full ownership of its Australian business which was previously earmarked as a divestment opportunity</li></ul>

Solid FY22 result: Slightly ahead of expectations with underlying EPS of NZ35.2cps (FB; NZ33.5cps and consensus NZ33.9cps) and underlying EBIT of NZ$991m (FB; NZ$928m and consensus NZ$919m)Dividend the key area of strength: Fonterra declared a final dividend of NZ15pcs taking the full year dividend to NZ20cpsStrategic updates: Fonterra stated the sale of its Chilean Soprole business is “progressing” however has now stated it will maintain full ownership of its Australian business which was previously earmarked as a divestment opportunity

Fonterra: FY22 Result – Initial Impressions