Fonterra Co-operative Group Limited · NZX:FCG
Fonterra Co-operative — Fonterra Shareholders' Fund — Shareholder Meeting (November 2024)
32 slides from Fonterra Co-operative's shareholder meeting presentation, Nov 18, 2024
Slide 1: Fonterra Shareholders' Fund 2024 Annual Meeting
Fonterra Shareholders’ Fund 2024 Annual Meeting 18 November 2024
Slide 2: Welcome and Introduction
01 MJ Daly FSF Chair Welcome and Introduction
Slide 3: Online question process
Online question process Unit holder & Proxyholder Q&A Participation Written Questions: • Questions may be submitted ahead of the meeting • If you have a question to submit during the live meeting, please select the Q&A tab on the right half of your screen at anytime • Type your question into the fie
Slide 4: Online voting process
Online voting process Unit holder & Proxyholder Voting • Once the voting has been opened, the resolution and voting options will allow voting • To vote, simply click on the Vote tab, and select your voting direction from the options shown on the screen • Your vote has been cast when the tick appears
Slide 5: Agenda
Agenda 01 02 03 04 05 06 07 MJ MJ Peter Miles MJ MJ MJ Daly Daly McBride Hurrell Daly Daly Daly Welcome and FSF Fonterra Fonterra Questions Resolution General Introduction Management Chair’s Chief to re-elect Business Company address Executive Alastair Chair’s Officer’s Hercus address address 5
Slide 6: Board of Directors and Fonterra Team
Fonterra Shareholders’ Fund Board of Directors MJ Daly Carlie Eve Alastair Hercus John Nicholls Andy Macfarlane Chair Fonterra Team Peter McBride Miles Hurrell Richard Whiteman Selena Robb Jackie Floyd 6
Slide 7: FSF Management Company Chair's address
02 MJ Daly FSF Chair FSF Management Company Chair’s address
Slide 8: Continued strong performance in 2024
FSF Management Company Chair's address Continued strong performance in 2024 Continuing operations’ Continuing operations’ Total cash profit after tax¹ earnings per share2 distribution $1.17 billion 70 cents $0.55 per unit from $1.24b from 75c from 50c Note: For the year ended 31 July 2024. 1.
Slide 9: Total Shareholder Return for past 12-months
Total Shareholder Return for past 12-months • FSF Total Shareholder Return (TSR) since 2023 AGM is 94.6% • Comparatively, FCG and the S&P NZX50 Index TSR for the same period are 150.6% and 13.5%, respectively NZX FSF FCG 180% 160% 140% 120% 100% 80% 60% 40% 20% 0% (20)% Nov 23 Dec 23 Jan 24 Jan 24 F
Slide 10: Unit register analysis
Unit register analysis • Continued increase of Institutions and private wealth holders • Unit holders located in Australia remain stable at 7%. However, 96% of units are traded on the New Zealand stock exchange (NZX), supporting the decision to move to a sole listing on the NZX Investor Type Investo
Slide 11: Key Fund statistics
Key Fund statistics as at 15 November 2024 Units on Issue¹ no change Fund Market Capitalisation¹ $259m Fonterra Market Capitalisation¹ $4.3b Fund Size¹,² no change Unit Price 12-month High/Low³ (14 Nov 24) / (5 Dec 23) 1. At 15 November 2024, relative to 15 November 2023. 2. Fonterra Shareholders’ F
Slide 12: Fonterra Chair's address
03 Peter McBride Fonterra Chair Fonterra Chair’s address
Slide 13: Our context is changing so we're changing too
Our context is changing so we’re changing too vaio The world we've come from Where we're heading Defining features of the past Defining features of the future + Global co-operation and trade Nationalism and protectionism + Rise of Asia and China Game-changing tech + Energy abundance Asia and China a
Slide 14: Providing stability to New Zealand dairy industry
end-to-end “hi ar cage ed Providing stability to New Zealand dairy industry stability | l = | De-risking farm assets and earnings 7 On-farm . : risk TEE SSS: Fs Enabling the maximum sustainable Farmgate 4 . Farmgate Milk Price through efficient ' Milk Price : collection and processing of milk \ ' ‘
Slide 15: Financial performance measures
from 16.3% from 15.7% from (3.9%)
Slide 16: Share price and returns
from $8.72 from 12.4% from $3.00 from 28.8% *Share price as at 15 November.
Slide 17: Fonterra Chief Executive Officer's address
04 Miles Hurrell Fonterra CEO Fonterra Chief Executive Officer’s address
Slide 18: FY24 results highlights
from 1,755m from 75c from $0.50 from 28.8% from 12.4% from $8.22 per kgMS cents per share
Slide 19: Our Co-operative vision and choices
\A tie Our Co-operative, empowering people, to create goodness for generations. You, me, us together. Tatou, tatou. OUR VISION ' . The source of the world’s most valued dairy Ne OURCHOICES t ba t Unleash our Keep Invest in Build on our Innovate to i pi a Ingredients momentum in _ operations for sust
Slide 20: Expand our successful Foodservice business in and beyond China
Expand our successful Foodservice business in and beyond China to grow earnings
Slide 21: A strong Co-op, creating value
A strong Co-op, creating value OUTCOMES TARGETS & POLICY SETTINGS FY18-23 AVERAGE <b Dairy for life ~~ Return on capital! 1 O = ? Ws 8.6% Shereholler Dividend policy 60 = 8 Oys 50% returns Capital distributions Guided by Resource Allocation Framework ~- 5 Gearing ratio 3 O - 40 HE 9 Stable aes fo) 3
Slide 22: Targeting a significant capital return
Targeting a significant capital return Cantera) if Consumer business divested Oar forte Bemimm QAnchor ©fernleat
Slide 23: Questions
05 Questions
Slide 24: Resolution and Voting
06 Resolution and Voting
Slide 25: Resolution 1: Re-election of Alastair Hercus
Resolution 1: Re-election of Alastair Hercus
Slide 26: Resolution 1
Resolution 1 To re-elect Alastair Hercus, who retires by rotation, and stands for re-election as a director of the Manager of the Fund
Slide 27: Proxy Voting
Proxy Voting Alastair Hercus 0.8% 89.6% 1.5% 8.9% Board 15.1m units 0.1m units 1.4m units 8.1% FOR AGAINST DISCRETIONARY Non-Board As at 9am Saturday 16 November 2024
Slide 28: Fonterra Shareholders' Fund 2024 Annual Meeting
Fonterra Shareholders’ Fund 2024 Annual Meeting 18 November 2024
Slide 29: Voting
Voting • In respect of the resolution, please tick the “for”, “against” or “abstain” box. • Once you have completed your voting, please place your vote in a ballot box. • Please raise your hand if you require a pen. • Results will be announced to the NZX and ASX as soon as they are available. 29
Slide 30: Fonterra Shareholders' Fund 2024 Annual Meeting
Fonterra Shareholders’ Fund 2024 Annual Meeting 18 November 2024
Slide 31: General Business
07 General Business
Slide 32: Thank you, meeting closed
Thank you, meeting closed
Fonterra Shareholders' Fund — Shareholder Meeting (November 2024) on 6ix