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>Increasing interest expense may sharpen the focus on the next few years of free cash flow</li><li>Connections and capex: CNU has released its fiscal 2Q (calendar 4Q) connections showing +37k connections versus FY22 (30 June 2022)</li><li>EBITDA guidance of NZ$655–675m likely maintained — weather and cost inflation versus cost out in focus</li></ul>

Increasing interest expense may sharpen the focus on the next few years of free cash flowConnections and capex: CNU has released its fiscal 2Q (calendar 4Q) connections showing +37k connections versus FY22 (30 June 2022)EBITDA guidance of NZ$655–675m likely maintained — weather and cost inflation versus cost out in focus

Chorus: 1H23 Preview — Limited Room for Error

Chorus Ltd

Chorus: 1H23 Preview — Limited Room for Error