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>Infratil has announced that it will acquire the remaining ~50% of One NZ (formerly Vodafone NZ) that it doesn’t already own.</li><li>The transaction will be funded by an NZ$850m equity raise with the remainder funded by debt and cash on hand.</li><li>Infratil is paying 9.3x EV/EBITDA (9.8x adding back one off marketing and SaaS capitalisation) in-line with Sparks multiple and in-line with our current valuation of One NZ for our NAV calculations.</li></ul>

Infratil has announced that it will acquire the remaining ~50% of One NZ (formerly Vodafone NZ) that it doesn’t already own.The transaction will be funded by an NZ$850m equity raise with the remainder funded by debt and cash on hand.Infratil is paying 9.3x EV/EBITDA (9.8x adding back one off marketing and SaaS capitalisation) in-line with Sparks multiple and in-line with our current valuation of One NZ for our NAV calculations.

Infratil (IFT): Purchase Remaining 50% of One NZ and Capital Raise

Infratil Ltd

Infratil (IFT): Purchase Remaining 50% of One NZ and Capital Raise