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>Price remains management's key lever: Unit revenue gains continue. Average container pricing was up +8% against the prior year, boosted by the introduction of a fuel recovery charge in 2H22, and partly offset by adverse mix.</li><li>Cost inflation remains elevated: Opex inflation remains a key feature at NPH, with an +18% increase in 1H23 against the prior year</li><li>Near-term volume shortfall: Volumes slowed materially as a result of Cyclone Gabrielle through 2Q23</li></ul>

Price remains management's key lever: Unit revenue gains continue. Average container pricing was up +8% against the prior year, boosted by the introduction of a fuel recovery charge in 2H22, and partly offset by adverse mix.Cost inflation remains elevated: Opex inflation remains a key feature at NPH, with an +18% increase in 1H23 against the prior yearNear-term volume shortfall: Volumes slowed materially as a result of Cyclone Gabrielle through 2Q23

Napier Port: 1H23 — Looking Beyond Gabrielle Hangover