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>Mainfreight's (MFT) Annual Shareholder Meeting trading update was worse than feared.</li><li>The magnitude of the surprise leads us to revisit our investment case, yet our rating remains OUTPERFORM, underpinned by a number of truths.</li><li> <span style="text-decoration: underline;">Truth #1:</span> MFT is not losing customers, it is winning new customers, though volumes are down materially.</li></ul>

Mainfreight's (MFT) Annual Shareholder Meeting trading update was worse than feared.The magnitude of the surprise leads us to revisit our investment case, yet our rating remains OUTPERFORM, underpinned by a number of truths. Truth #1: MFT is not losing customers, it is winning new customers, though volumes are down materially.

Mainfreight Ltd

Mainfreight - Bruising