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

<div><ul><li>Locking in a bigger option but at a relatively higher price: Consents on Kaiwera Downs were due to lapse in 2023, so MCY's decision to build Kaiwera Downs locks in the option to build the larger stage two (200MW)</li><li>Development indicates MCY is confident South Island demand will remain</li><li>Forecast changes brings forward Kaiwera Downs and lifts medium-term wholesale electricity price assumptions</li></ul></div>

Locking in a bigger option but at a relatively higher price: Consents on Kaiwera Downs were due to lapse in 2023, so MCY's decision to build Kaiwera Downs locks in the option to build the larger stage two (200MW)Development indicates MCY is confident South Island demand will remainForecast changes brings forward Kaiwera Downs and lifts medium-term wholesale electricity price assumptions

Mercury NZ Ltd

Mercury: Winding Up Kaiwera Downs