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's revised FY23 guidance is a +40% upgrade on original guidance provided in June 2022, reflecting the ongoing favourable stream returns (product pricing relativities) </li><li>Fonterra remains committed to its long-term earnings and returns targets.</li><li>Solid progress continues to be made but we currently take a more conservative stance until we see ongoing signs of execution</li></ul>

Fonterra's revised FY23 guidance is a +40% upgrade on original guidance provided in June 2022, reflecting the ongoing favourable stream returns (product pricing relativities) Fonterra remains committed to its long-term earnings and returns targets.Solid progress continues to be made but we currently take a more conservative stance until we see ongoing signs of execution

Fonterra Shareholders Fund

Fonterra: Streams Returning