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

Thematic (Sector/Industry)

New zealand Utilities / Thematic (Sector/Industry)

<ul><li>Development pipeline goes to the next level: the headline sector generation development pipeline increased +8.2TWh (+38%) in February 2023, mainly due to MEL revealing a big increase in early stage options</li><li>1H23 results deliver strong earnings growth as expected, dividend growth more muted</li><li>Operating conditions continue to favour North Island hydro generators: February 2023 North Island hydro generation was +47% above average, a continuation of recent trends</li></ul>

Development pipeline goes to the next level: the headline sector generation development pipeline increased +8.2TWh (+38%) in February 2023, mainly due to MEL revealing a big increase in early stage options1H23 results deliver strong earnings growth as expected, dividend growth more mutedOperating conditions continue to favour North Island hydro generators: February 2023 North Island hydro generation was +47% above average, a continuation of recent trends

Power Points: Developing Overbuild Risk — March 2023