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

Precinct Properties New Zealand / Equity Bottom-Up

<ul><li>We reinstate our rating on PCT at OUTPERFORM with a NZ$1.30/share 12 month target price.</li><li>Following the issuance of its convertible notes, PCT has one of the lowest geared balance sheets in the sector and has capital to invest in opportunities within its growing capital partnerships.</li><li>PCT has c.NZ$1.8bn (built value) of assets under management and believes it has a pathway to &gt;NZ$4.0bn, with the Auckland Downtown Carpark redevelopment a significant driver.</li></ul>

We reinstate our rating on PCT at OUTPERFORM with a NZ$1.30/share 12 month target price.Following the issuance of its convertible notes, PCT has one of the lowest geared balance sheets in the sector and has capital to invest in opportunities within its growing capital partnerships.PCT has c.NZ$1.8bn (built value) of assets under management and believes it has a pathway to &gt;NZ$4.0bn, with the Auckland Downtown Carpark redevelopment a significant driver.

Precinct Properties NZ - Growing the Partnerships