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>Significant impact from Cyclone Gabrielle: Cyclone Gabrielle created significant disruption to NPH's key cargo trades due to damage to regional infrastructure (in particular road and rail) and export commodities.</li><li>First half trade volumes mixed; cruise resumption supportive: 1H23 volume data for NPH shows mixed performance against a very weak comparative</li><li>Valuation discount to POT has narrowed: NPH's one year forward EV/EBITDA discount to POT is currently -40% on our adjusted estimates.</li></ul>

Significant impact from Cyclone Gabrielle: Cyclone Gabrielle created significant disruption to NPH's key cargo trades due to damage to regional infrastructure (in particular road and rail) and export commodities.First half trade volumes mixed; cruise resumption supportive: 1H23 volume data for NPH shows mixed performance against a very weak comparativeValuation discount to POT has narrowed: NPH's one year forward EV/EBITDA discount to POT is currently -40% on our adjusted estimates.

Napier Port

Napier Port: After the Storm