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>FY23 result was largely irrelevant: APL reported a slight loss for FY23 with adjusted funds from operations (AFFO) of -NZ$0.3m.</li><li>Converting assets to cash: After a busy 12 months APL is now effectively a single asset vehicle</li><li>Capital return the most likely scenario: The key message from the result was a broad indication that a return of capital is the most likely outcome following the sell down of assets.</li></ul>

FY23 result was largely irrelevant: APL reported a slight loss for FY23 with adjusted funds from operations (AFFO) of -NZ$0.3m.Converting assets to cash: After a busy 12 months APL is now effectively a single asset vehicleCapital return the most likely scenario: The key message from the result was a broad indication that a return of capital is the most likely outcome following the sell down of assets.

Asset Plus: FY23 Result — A Capital Return Equation