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>We initiate full coverage of AFT Pharmaceuticals (AFT) with a 12 month target price of NZ$5.00 and an OUTPERFORM rating</li><li>AFT is a growing multinational pharmaceutical business, its modus operandi is making known and approved products and/or compounds better rather than seeking to discover new compounds</li><li>We think the market under appreciates AFT's core Australia business</li></ul>

We initiate full coverage of AFT Pharmaceuticals (AFT) with a 12 month target price of NZ$5.00 and an OUTPERFORM ratingAFT is a growing multinational pharmaceutical business, its modus operandi is making known and approved products and/or compounds better rather than seeking to discover new compoundsWe think the market under appreciates AFT's core Australia business

AFT Pharmaceuticals: A Picture of Health; OUTPERFORM