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

New Zealand King Salmon / Equity Bottom-Up

<ul><li>New Zealand King Salmon (NZK) CEO Grant Rosewarne has resigned effective immediately after 13 years with the company</li><li>We think the read through for the company is negative, given Mr. Rosewarne was a key driver of the business and proponent for the Blue Endeavour project.</li><li>Our current target price for NZK is NZ$0.22 for the core business, with an additional NZ$0.02 option value for Blue Endeavour execution.</li></ul>

New Zealand King Salmon (NZK) CEO Grant Rosewarne has resigned effective immediately after 13 years with the companyWe think the read through for the company is negative, given Mr. Rosewarne was a key driver of the business and proponent for the Blue Endeavour project.Our current target price for NZK is NZ$0.22 for the core business, with an additional NZ$0.02 option value for Blue Endeavour execution.

New Zealand King Salmon (NZK): CEO Resignation