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>Investore (IPL) reported 1H23 adjusted funds from operations (AFFO) +14% on the prior period and in line with our expectations</li><li>IPL is managing its balance sheet with gearing towards the middle of its target range and heightened property valuation uncertainty</li><li>IPL currently trades on attractive gross yield of 7.8% and a 33% discount to its book value</li></ul>

Investore (IPL) reported 1H23 adjusted funds from operations (AFFO) +14% on the prior period and in line with our expectationsIPL is managing its balance sheet with gearing towards the middle of its target range and heightened property valuation uncertaintyIPL currently trades on attractive gross yield of 7.8% and a 33% discount to its book value

Investore: 1H23 Result — Shopping for Value

Investore Property

Investore: 1H23 Result — Shopping for Value