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

Channel Infrastructure NZ Ltd / Equity Bottom-Up

<ul><li>CHI has upgraded its FY23 revenue and EBITDA guidance +NZ$8.5m (+7%) and +NZ$4.0m (+5%) respectively at the midpoint of the guidance range</li><li>FY23 guidance upgrade due to strong PPI and new storage contract, partially offset by rising costs</li><li>Government decides to increase strategic reserve levels, CHI in pole position to provide most of the required storage</li></ul>

CHI has upgraded its FY23 revenue and EBITDA guidance +NZ$8.5m (+7%) and +NZ$4.0m (+5%) respectively at the midpoint of the guidance rangeFY23 guidance upgrade due to strong PPI and new storage contract, partially offset by rising costsGovernment decides to increase strategic reserve levels, CHI in pole position to provide most of the required storage

Channel Infrastructure: Producing Another Guidance Upgrade