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>Pricing benefits flowing: We estimate average realised unit container revenue grew ~+14% in FY22, more than mitigating cost inflation</li><li>Modest volume growth: Total trade tonnage was flat during FY22 with a modest mix benefit</li><li>Higher capex over next few years: Capex is due to rise in FY23 after several subdued years</li></ul>

Pricing benefits flowing: We estimate average realised unit container revenue grew ~+14% in FY22, more than mitigating cost inflationModest volume growth: Total trade tonnage was flat during FY22 with a modest mix benefitHigher capex over next few years: Capex is due to rise in FY23 after several subdued years

Port of Tauranga: FY22 — Earnings Cruising, Valuation Anchored