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>Break-even result with operating losses on the horizon: APL delivered a break-even 1H23 adjusted funds from operations (AFFO), down -NZ$2.1m on the prior period</li><li>Converting assets to cash: APL announced that it will be marketing Stoddard Road for sale in the first quarter of 2023, expecting to realise the asset at or close to NTA (NZ$43.5m)</li><li>What might a 'return of capital' scenario look like?: The contracted sale of Graham St dictates the timing of any capital return, with first potential settlement date in December 2023 and the second a year later</li></ul>

Break-even result with operating losses on the horizon: APL delivered a break-even 1H23 adjusted funds from operations (AFFO), down -NZ$2.1m on the prior periodConverting assets to cash: APL announced that it will be marketing Stoddard Road for sale in the first quarter of 2023, expecting to realise the asset at or close to NTA (NZ$43.5m)What might a 'return of capital' scenario look like?: The contracted sale of Graham St dictates the timing of any capital return, with first potential settlement date in December 2023 and the second a year later

Asset Plus: 1H23 Result — A Plus Sized Opportunity