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>Revenue: June 2022 daily passenger revenue was ~69% of June 2019 (up from ~63% in May 2022)</li><li>RASK: June 2022 group RASK was up +68% against June 2019 albeit still heavily influenced by mix given the stronger recovery to-date in higher RASK domestic services</li><li>Capacity: June 2022 total capacity was 41% of June 2019 levels (after adjusting for three fewer trading days)</li></ul>

Revenue: June 2022 daily passenger revenue was ~69% of June 2019 (up from ~63% in May 2022)RASK: June 2022 group RASK was up +68% against June 2019 albeit still heavily influenced by mix given the stronger recovery to-date in higher RASK domestic servicesCapacity: June 2022 total capacity was 41% of June 2019 levels (after adjusting for three fewer trading days)

Air New Zealand

Air New Zealand: Demand Exceeding Supply