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>CNU has reported a solid FY22 result, with EBITDAF of NZ$675m at the mid-point of its guidance range of NZ$665m-685m and slightly below our NZ$685m forecast</li><li>The final dividend of NZ 21cps (taking the FY22 dividend to NZ 35cps) was in line with guidance and our forecast.</li><li>We see the raised dividend path as a clear net positive given that both us and consensus had stuck to CNU’s minimum path in our dividend forecasts</li></ul>

CNU has reported a solid FY22 result, with EBITDAF of NZ$675m at the mid-point of its guidance range of NZ$665m-685m and slightly below our NZ$685m forecastThe final dividend of NZ 21cps (taking the FY22 dividend to NZ 35cps) was in line with guidance and our forecast.We see the raised dividend path as a clear net positive given that both us and consensus had stuck to CNU’s minimum path in our dividend forecasts

Chorus (CNU): FY22 Result − Initial Impressions

Chorus Ltd

Chorus (CNU): FY22 Result − Initial Impressions