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>Chorus' FY22 result was in-line with guidance and our estimates, with the key news relating to a steeper than previously guided dividend path</li><li>We walk away from CNU's results with three key takeaways; (1) commercial/technology uncertainty is fading; (2) there is upside potential to the guided minimum dividend for FY24; (3) it remains difficult to envisage a meaningful deviation from a ~NZ50–55cps dividend for the foreseeable future</li><li>We view CNU as a solid, reasonably valued, low risk infrastructure stock but with limited room to grow.</li></ul>

Chorus' FY22 result was in-line with guidance and our estimates, with the key news relating to a steeper than previously guided dividend pathWe walk away from CNU's results with three key takeaways; (1) commercial/technology uncertainty is fading; (2) there is upside potential to the guided minimum dividend for FY24; (3) it remains difficult to envisage a meaningful deviation from a ~NZ50–55cps dividend for the foreseeable futureWe view CNU as a solid, reasonably valued, low risk infrastructure stock but with limited room to grow.

Chorus Ltd

Chorus: FY22 Result — Clear Air