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>Pacific Edge (PEB) reported a 1H23 reported revenue result ahead of our expectations with revenue of NZ$13.6m versus our NZ$9.4m driven by strong fx gains and higher interest income</li><li>Updates on the all-important Novitas LCD process provided little new information versus what has been previously communicated</li><li>PEB’s view that the proposal is unlikely to be finalised remains unchanged</li></ul>

Pacific Edge (PEB) reported a 1H23 reported revenue result ahead of our expectations with revenue of NZ$13.6m versus our NZ$9.4m driven by strong fx gains and higher interest incomeUpdates on the all-important Novitas LCD process provided little new information versus what has been previously communicatedPEB’s view that the proposal is unlikely to be finalised remains unchanged

Pacific Edge (PEB): 1H23 Result – Initial Impressions