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>We downgrade Channel Infrastructure (CHI) to NEUTRAL from OUTPERFORM.</li><li>Whilst we continue to like CHI's long-term prospects, we see it as trading at fair value relative to other defensive stocks following CHI's strong share price run since the beginning of 2024 (CHI has outperformed Property and Infrastructure stocks ~+15%).</li><li>The temporary share price dip following BP's exit is not significant enough to maintain our previous rating.</li></ul>

We downgrade Channel Infrastructure (CHI) to NEUTRAL from OUTPERFORM.Whilst we continue to like CHI's long-term prospects, we see it as trading at fair value relative to other defensive stocks following CHI's strong share price run since the beginning of 2024 (CHI has outperformed Property and Infrastructure stocks ~+15%).The temporary share price dip following BP's exit is not significant enough to maintain our previous rating.

Channel Infrastructure - Two Down, One to Go: Downgrade to NEUTRAL